Macquarie Bank removes international transaction fees on its credit cards

Macquarie will no longer charge international transaction fees on overseas purchases across its Macquarie branded credit cards, to support customers travelling and making purchases online. 

The change brings Macquarie’s credit cards in line with its award-winning transaction account which offers zero fees on overseas card purchases. 

Head of Personal Banking for Macquarie’s Banking and Financial Services Group, Ben Perham, said the change meant Macquarie customers would benefit from a leading travel experience all packaged within their everyday banking accounts. 

“We know many of our customers travel overseas and we’re always looking at ways to improve their experience. We understand that international transaction fees are frustrating, so we’re delighted to announce this change so our customers can use their Macquarie credit card more effectively on the go, wherever they are in the world.” 

Macquarie is also making further changes across its credit card range in line with its commitment to improving the financial wellbeing of its customers. 

From 1 July 2019:

• Macquarie will block credit card transactions registered under a gambling and lottery merchant code. 
• Macquarie will remove the international fee of 3% charged on overseas cash withdrawals on Macquarie credit cards. The standard cash withdrawal fee will still apply. 
• The standard cash advance interest rate will be reduced to match the standard purchase interest rate on Macquarie credit cards. 
   

Further changes include:

• Macquarie will cap cash advance balances at $1,000 from the end of August. 
• Macquarie is introducing up to 55 days interest free on purchases made while customers have a balance transfer within the promotional period. This will take effect from late October. Currently customers must repay their balance in full, including any balance transfer amount, before they receive 55 days interest free on purchases. This change means that customers could pay less interest on purchases while retaining the promotional rate on their balance transfer. 

“We’re being proactive in helping our customers manage their finances effectively and avoid problematic credit card debt,” Mr Perham said. 

“The blocking of transactions that are registered under a gambling and lottery merchant code, as well as capping cash advance balances, are just some of the important steps we’re taking to support the financial wellbeing of our customers when they bank with Macquarie.” 

Macquarie is also notifying customers on their monthly statements when they’re approaching the end of a promotional period on their balance transfer, making it simpler for customers to keep track of their credit card balance and stay on top of their repayments.