Review: Macquarie Black Card (Visa Signature)

By Chris C., April 10 2018

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The information provided on this page is purely factual and general in nature. You should seek independent advice and consider your own personal circumstances before applying for any financial product.

Notes

The Good

Earn up to 1 Qantas Point per $1 of everyday spend
Extra points on Qantas flight bookings

The Bad

Can't convert Macquarie Rewards points into airline frequent flyer points
Higher annual fee to opt for Qantas Points instead

Added Value

No points capping (although tiering applies)

View similar cards

Introduction

Delivering up to two Qantas frequent flyer points per dollar spent is the Macquarie Black Visa Signature credit card: served in two flavours, either with Qantas Points on top or a helping of Macquarie Rewards points on the side.

Sweetening the deal is a bonus of 40,000 Qantas Points or 60,000 Macquarie Rewards points for new customers, plus free international travel insurance for eligible customers.

Macquarie Black Card: fast facts

Grade/tier: Black
Card type: Visa Signature
Loyalty program: Qantas Points or Macquarie Rewards
Qantas Points earned per dollar: 1.0 up to $4,000 per statement period, then 0.5 thereafter
Bonus points earned per dollar on eligible Qantas spend: 1
Alternatively, Macquarie Rewards points earned per dollar: 2
Points capping: Uncapped, but tiering applies when earning Qantas Points, as above

Fees, charges and interest:

Annual fee: $99 in the first year, then $249 with Macquarie Rewards or $299 with Qantas Points
Supplementary cardholder fee: $0 (max. 4)
Interest rate on purchases: 20.70% p.a.
Interest-free days on purchases: Up to 55
Interest rate on cash advances: 21.95% p.a.
International transaction fee: 3.0%
Minimum income requirement: $70,000 p.a.
Minimum credit limit: $15,000

Earning points for free flights:

Although Macquarie Rewards points can be used to book flights with a variety of airlines through the bank itself, the value of those becomes tied to the commercial price of the ticket – so for travel, you're generally much better off earning Qantas Points, where the redemption rates are fixed year-round.

The bank's current sign-up deal delivers 40,000 Qantas Points to new customers who spend at least $3,000 within 60 days of approval, which is enough for four one-way upgrades (covering two return trips) from flexible economy to business class on cross-country routes like Sydney-Perth, Melbourne-Perth and Brisbane-Perth.

Use your bonus points to fly in a Qantas Business Suite to Perth...

Added to that, with an earn rate of one Qantas Point per dollar spent, you're in good shape to earn points for free flights and further upgrades to business class, provided you spend less than $4,000 per month on the card to take advantage of the highest earning rates.

Airport lounge access:

Complimentary airport lounge access is not a perk provided by this card.

Inclusive travel insurance:

Use your Macquarie Black Card to pay for a return international flight before leaving Australia and you may be covered by the bank's free travel insurance policy on that trip, provided your journey is of 90 days or less and you meet the other eligibility criteria – check the policy documents for more information.

Other covers including interstate flight inconvenience insurance, extended warranty cover, purchase security insurance and transit accident insurance are also provided.

Macquarie Black Card: the verdict

From a purely frequent flyer perspective, the Macquarie Black Card with Qantas Rewards sits in the middle of the range.

Competing cards such as the ANZ Frequent Flyer Black Visa do offer more points (1 Qantas Point per $1 spent up to $7,500 per month, 0.5/$1 thereafter), but while ANZ's ongoing annual fee is higher at $425, ANZ waives this in the first year and also provides a higher 75,000 bonus Qantas Points for eligible new customers who apply and meet the bank's spending criteria.

However, with a marginally lower income requirement of $70,000 per year compared to $75,000 with ANZ, Macquarie Bank's card could be a good option for those who are just short of qualifying for ANZ's card, or other high-tier cards.