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Macquarie Rewards Program: Is it worth it?
Got a Macquarie Rewards credit card? Here’s how you earn points and what they're really worth.
Key takeaways
- Macquarie Rewards earns points on Macquarie credit cards that can be redeemed for gift cards or cash back.
- Gift cards represent much better value.
- Our expert says they're a nice extra perk but not compelling on their own.
How can I earn Macquarie Rewards points?
The Macquarie Platinum or Macquarie Black credit cards offer the following earn rates for Macquarie Rewards.
| Card type | Reward points earn rate | Points cap |
|---|---|---|
| Macquarie Platinum | Earn 1 points per $1 spent on eligible purchases. | 1,000,000 points per year |
| Macquarie Black | Earn 2 points per $1 spent on eligible purchases. | None |
What counts as "eligible purchases"?
Most everyday transactions are eligible to earn points, including dining out, petrol, clothes and groceries. Transactions that don't earn points include BPAY payments, cash advances, balance transfers, credit card rates and fee costs, any refunded transactions and government charges. Once you've reached the annual cap, you won't earn any more points.
What rewards can you get with your Macquarie Rewards points?
Currently, you have two ways to redeem Macquarie Rewards points:
- eGift cards. You can redeem your points for digital gift cards from leading brands including Bunnings Warehouse, Myer, JB Hi-Fi and Woolworths. Redemptions start from 4,255 points for a $20 digital gift card.
- Cashback. You can redeem Macquarie Rewards points for cashback to an eligible Macquarie account, starting from $20 cashback for 6,250 points.
How much are Macquarie Bank credit card rewards points worth?
Finder analysis shows that 1,000 Macquarie Rewards points are worth:
- $4.70 when redeemed for an eGift card
- $3.20 when redeemed for cashback
Note that the value in both cases remains constant no matter how many points you redeem - you don't get more if you redeem a larger total.
Bottom line: eGift cards represent a much better use of the points.
These values change regularly, so double-check when redeeming. In 2023, the values for Macquarie Rewards were higher.
Is Macquarie Rewards worthwhile?
Both the Macquarie Black and Platinum credit cards have an annual fee, so you'll need to weigh up whether the value of the rewards you're likely to receive will offset this cost.
Finder analysis shows that you'd need to spend:
- $25,532.00 in a year on Macquarie Platinum to earn enough in gift card redemptions to offset the annual fee. That's $2,127.67 a month.
- $26,585.50 in a year on Macquarie Black to earn enough in gift card redemptions to offset the annual fee. That's $2,215.46 a month.
Our expert says: Why you'd consider Macquarie Rewards
"The reality is you probably wouldn't sign up to Macquarie Rewards purely for the rewards points - the value on Macquarie credit cards comes from the travel insurance and concierge services that are included. Using the points for gift cards is a handy bonus, but earning points into a frequent flyer program is likely to give you more bang for your buck."
How to redeem Macquarie Rewards points
You can redeem your Macquarie Rewards points through the Macquarie Mobile Banking app or Macquarie Online. Once you have logged in to your account, you will be able to see your point balance and browse rewards from the following two categories:
Steps to redeem Macquarie Rewards points
- Log into your account through Macquarie Online Banking or the Macquarie Mobile Banking app.
- Click through to Macquarie Marketplace.
- Choose between Cashback and eGift cards, then follow the prompts to complete your redemption.
More resources on Finder
More guides on Finder
-
Macquarie Black Card
The Macquarie Black credit card earns 2 points per $1 spent, which you can use to get digital gift cards or cash back on your account.
-
Macquarie Platinum Credit Card
The Macquarie Platinum gives you access to rewards, complimentary travel insurance and a concierge service.
-
Macquarie RateSaver Card
This low-cost credit card has the same interest rate for purchases and cash advances.
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