Is your credit card working hard enough for you?

From frequent flyer rewards to travel insurance and VIP concierge services, credit cards are packed with extra incentives. But are those benefits really worth the fees? 

With some banks charging more than $200 per year for a premium card, it’s worth adding up the value you get in return. When used wisely, your credit card can also help you get more out of life. So here are seven things we think your credit card should do for you.

1. Keep tabs on your budget

Does your credit card highlight just how much you spent last month on dinners out or that new pair of shoes? While no one likes a nag, those SMS alerts and spending dashboards from the Macquarie banking app can help you set some healthier spending habits. It intuitively learns your spending patterns, automatically allocating your transactions to categories such as groceries, travel, leisure, food and drink or technology.  

Top tip: Worried about identity theft? Your Macquarie credit card comes with an embedded chip that makes it harder to copy – but if you have any concerns about recent transaction alerts, call 1300 150 300.

2. Earn maximum points

Not all frequent flyer reward cards are equal, so check the points earned per dollar spent. As many banks have recently introduced a tiered points system where your earn rates vary between types of spend – such as groceries, fuel or travel – it can be harder to figure out exactly what value you’re getting. 

“Work out roughly how much you’ll spend per month across those different categories, then convert that into points to compare how quickly you’ll accrue enough for your next trip,” suggests Lorenzo Schirru, Head of Credit Cards for Macquarie’s Banking and Financial Services Group. 

Top tip: make sure you know how to protect your card from theft while you’re travelling.  

3. Indulge in retail therapy

Macquarie gives you the option of joining the Macquarie Rewards program, which offers 2 points per $1 spent using a Macquarie Black and 1.25 points per $1 spent for a Macquarie Platinum Card on eligible purchases. You can then redeem those points for eGift cards from over 50 popular retailers – from Jetstar and MYER to Woolworths.

Find out more about Macquarie Rewards

“We worked out most people choose to redeem gift cards through their loyalty program, but they have to wait several days to get them back in the mail,” says Schirru. “So we created a fully digital rewards program.” 

While you’re browsing in store, you can log into your Macquarie banking app, select the store you’re in, and convert your points to an eGift card towards your purchase on the spot. 

Spending $4,000 a month with a Macquarie Black Card on eligible purchases will give you almost $500 a year in eGift cards to spend with popular Australian and global merchants. Think of it as a helping hand with the Christmas budget – or justification for that new handbag. 

Top tip: Last minute gift giving just got even easier – redeem points to send your gift card via email. 

4. Protect what matters most with complimentary insurance

When you use your Macquarie Black or Platinum credit card to pay for your flights, the travel insurance on your card lets you travel with confidence.That’s one less thing to worry about.  

“It can also protect your spouse and dependent children if they’re travelling with you – whether it’s interstate or overseas,” says Schirru, who says common claims include flight cancellations or delays, postponed trips due to illness, accidents and lost luggage.1

Macquarie also has complimentary Product Security and Extended Warranty insurances that can help protect your purchases from loss, theft or damage.1 So if your new laptop is stolen just a few months after you buy it, you could be reimbursed for replacement. 

Top tip: Save your receipts into your Macquarie banking app to make warranty claims even easier. 

5. Pay off your home loan sooner

If your Macquarie credit card is part of your home loan package, you can make it really work for you. By using your credit card for your everyday spending, you benefit from keeping money in your offset account. Just make sure you pay off the balance in full each month.2

Best of all, once you pay your annual home loan package fee the credit card annual fee is waived. Add up to four additional cardholders for your family – with no annual fee.

Top tip: Set up a direct debit from your offset account to pay your monthly statement in full – don’t undo those savings with unnecessary credit card interest.

6. Your personal assistant – on demand

It’s a little-known perk that can make all the difference when you’re busy and under pressure. If you have a Macquarie Platinum and Black credit card, call your very own concierge on +61 2 7907 0816, and ask them to book your travel arrangements – from flights to airport pick-ups. They can also help with emergency medical appointments while you’re away.

Top tip: Your Concierge can even secure discounted access to an airport lounge outside Australia – so if you’re heading overseas make sure you have something extra special to look forward to.

7. Taking control of your finances

Doesn’t everyone want to feel confident with their finances? Keep it simple and merge your credit cards into one – check out our current balance transfer offers on our website.

You’ll be eligible for up to 55 days interest free on your purchases if you have a balance transfer that’s still within the promotional period.

Once that promotional period ends your total balance will be subject to the standard variable interest rate.

Top tip: Commit to paying off your balance within the promtional period, so you can start again with a clean slate – and start making the most of all these credit card benefits.

For more tips on how to improve your financial wellbeing, read our 30 day guide to financial wellness.

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Additional information

Unless stated otherwise, this information has been prepared by Macquarie Bank Limited ABN 46 008 583 542 AFSL & Australian Credit Licence 237502 and does not take into account your objectives, financial situation or needs. Before making any financial investment decision or a decision about whether to acquire a credit or lending product, a person should obtain and review the terms and conditions relating to that product and also seek independent financial, legal and taxation advice. All applications are subject to Macquarie’s standard credit approval criteria.

Overseas Travel Insurance, Interstate Flight Inconvenience Insurance, Transport Accident Insurance, Purchase Security Insurance, Extended Warranty Insurance and Global Hire Car Excess Waiver are underwritten by Chubb Insurance Australia Limited (ABN 23 001 642 020, AFSL No. 239687) (Chubb) and are subject to the terms, conditions and exclusions contained in the Macquarie Card policy of insurance between Macquarie Bank Limited (ABN 46 008 583 542 AFSL No. 237502) (MBL) and Chubb This information doesn't take into account your objectives, financial situation or needs. It is important for you to read the relevant Insurance Terms and Conditions available by calling 1300 150 300 and consider the appropriateness of that insurance in relation to your individual requirements.

2 The 0% pa interest rate applies to balances transferred with this offer for the first 14 months from the date your account is approved and then reverts to the standard variable interest rate for purchases, which is currently 20.70% pa for the Macquarie Black Card. Interest rates are subject to change and Macquarie Card Services credit criteria. Minimum repayments are required. Card repayments will be applied last to the repayment of transferred balances that are in the promotional interest rate period. For further details refer to the Balance Transfer Terms and Conditions.