The Bankwest More MasterCard is the most basic of the Bankwest credit cards with rewards.

On any purchases you make you’ll be charged 18.24% p.a. in interest, unless of course you pay your balance in full each month and can take advantage of up to 55 days interest free. Cash advances earn a little more interest at 20.99% p.a. which is unfortunately at the higher end of the cash advance interest rate scale. Balance transfers are available; however there isn’t an introductory rate like on a lot of other balance transfer credit cards. Instead Bankwest just offers the same interest rate as purchases, 18.24% p.a.

The Bankwest More MasterCard has over 2,800 rewards (including cash back) available for redemption with Bankwest’s More Rewards points and to boost your initial points total, Bankwest gives all new More MasterCard holders 5,000 bonus More rewards points when you activate your credit card.

Every dollar spent on your More MasterCard will earn you 1.5 rewards points. While there is no set rate at which rewards are priced (as some rewards with the same values have varying points prices), a $100 voucher on the Bankwest More Rewards program will in most cases cost you 22,150 points.

That’s a spend of just under $15,000. A point to take note of however is that it seems as if the more ‘expensive’ the rewards are the more value you’ll get from your points. For example, you can redeem 12,000 More Rewards points in exchange for a $50 Woolworths voucher. So by standard logic you would then expect a $100 voucher to cost 24,000 points, but this is not the case. It is actually cheaper, at $22,150.

If you are spending a lot of money on your credit card quite regularly then it might be worth holding out for the higher value rewards. If not then opt for the lower points more regularly as the general redemption rate is quite high in comparison to other credit cards’ rewards programs.

For a basic credit card with rewards, Bankwest’s More Rewards credit card has quite an expensive annual fee and interest rates, without any other benefits to justify these prices. And despite there being a huge range of rewards to choose from, the redemption rate is not quite competitive enough to make this card a valuable addition to your wallet.

See our top credit card picks in the Editor’s Choice category