FEATURES SUMMARY

• Annual fee: $190
• Purchase rate: 17.99% p.a.
• Cash Advance rate: 20.99% p.a.
• Balance Transfer rate: 17.99% p.a.
• Interest-free days: Up to 55
• Extras:
  • Apply online
  • Cashback

• • Price Guarantee
  • Extended warranty
  • MasterCard moments
  • Phone/Internet banking
  • 24/7 Concierge Service
  • Rewards (plus bonus points)
  • Purchase Protection insurance

With the Bankwest More Gold MasterCard being pretty good value, the pressure is on for the More Platinum MasterCard to prove itself just as worthy. So let’s see what it has to offer.

It’s only fair that first we point out the annual fee, which is $70 more than the Gold card at $190. This is pretty average for a platinum credit card, but do the features and benefits measure up to this increase in annual fee?

Well, let’s see. The interest free period (up to 55 days) and the cash advance rate (20.99%) are the same as the Gold card. But then we see a nice little decrease in the purchase rate, bringing it down to 17.99% p.a. This in turn decreases the balance transfer rate to 17.99% p.a. as well, so both are lower than their Gold card counterparts.

Rewards points are earned at a rate of two points for every dollar spent, with a maximum of 400,000 points able to be earned per year. To reach this maximum you’d need to spend $200,000 on your credit card in a year (or nearly $17,000 a month) so we think you should be ok! As a nice little bonus, Bankwest increases the bonus points given to platinum cardholders, with 15,000 bonus points when your More Platinum credit card is activated. As a result this credit card is the #2 place getter in the Editor’s Choice – Rewards Credit Cards category.

It also comes with all the same travel and insurance benefits, plus another addition to sweeten the deal. Your international travel insurance covers you for up to six months of travel and for things such as rental vehicle excess, unexpected travel delays or cancellations, medical expenses and even (we hate to say it) funeral costs.

Purchase security insurance also gives platinum cardholders at Bankwest up to $30,000 in claims for damaged, stolen or lost credit card purchases. Warranties of less than one year are doubled and warranties from one to four years are extended by 12 months under Bankwest’s extended warranty insurance.

It also allows up to $15,000 in claims per year. Price guarantee insurance on the platinum card means you can be refunded up to $500 on any one item that is reported within 21 days of purchase. You’ll also get a 24/7 personal concierge service as part of the rewards credit card’s benefits.

So judging by the lower interest rates, the annual fee and the additions to the many travel and insurance benefits available, we think it would be fair to say that the More Platinum Rewards credit card from Bankwest really does step up to the mark, with benefits that are most definitely proportionate to its price.

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