Suncorp Credit Cards

About Suncorp Credit Cards

Suncorp Bank is one of the largest banking and insurance institutions in Australia, offering an attractive range of standard, gold and platinum credit cards. Each card features a different package of rates, benefits and rewards, so take the time to use our comparison table to find the card that’s right for you.

Suncorp’s History

Suncorp Bank is part of Suncorp Group, Australia’s largest general insurance group and one of the country’s largest banks. The group was formed on December 1st 1996 when Suncorp, Metway Bank and the Queensland Industry Development Corporation (QIDC) merged into the Suncorp Metway group.

Suncorp was established in 1916 in Brisbane, Queensland, as the State Accident Insurance Office, later called the State Government Insurance Office (SGIO). SGIO became a major insurance operation, offering life and general insurance, and compulsory third party, and later expanded to provide superannuation, building society and other finance services. At the time of the 1996 merger, Suncorp was entirely owned by Queensland Government with $10 billion in assets.

Metway Bank opened in 1959 as the Metropolitan Permanent Building Society, converting to bank status in 1988. By 1996 Metway was the largest locally based bank in the region, also operating in Victoria and New South Wales, with assets of $7.1 billion. The other component of the merger, QIDC, developed from the Queensland Agricultural Bank, which opened in 1902. The bank initially specialised in rural finances, but would later extend to commercial lending to small and medium sized businesses.

The 1996 merger was an initiative of Queensland State Government, with the intention of creating a financial institution equipped to compete on the broader Australian market, and resulted in the fifth largest listed financial services group in the country. In 2002, the group shortened its name to Suncorp, to cover all the group’s operations in Queensland, across Australia and beyond. Another merger in 2007 with Promina Group raised the group’s total customers to more than 7 million, assets to $84.9 billion, and further diversified its insurance and financial services across Australia and New Zealand.

Suncorp Today

Currently, Suncorp is Australia’s largest general insurance group by gross written premium and the country’s fifth largest bank, employing 18,000 staff. Around 35% of Australian households make use of Suncorp’s financial services, and the group has a well-established reputation for insurance and investment management. Suncorp services and products include personal, commercial, employee compensation and compulsory third-party insurance; everyday personal banking, saving and home loans; business accounts and lending, as well as specialist agribusiness banking for farmers.

It has 200 branches in Australia, each offering skilled staff and teller areas. Customers have access to 2,000 Suncorp ATMs located across the country, and can make use of their award-winning telephone and internet banking services.

Suncorp Rewards

Suncorp Rewards is a loyalty scheme available to Suncorp Gold and Platinum credit card users. Each time you spend on your card you earn points that can be redeemed for a wide variety of products selected from Suncorp’s online catalogue, with items starting at 5,000 points. Points can be earned and redeemed at retail outlets, petrol stations and restaurants, and for bigger expenses such as flights and home furniture. Suncorp Rewards points can also be used for KrisFlyer and Velocity rewards, giving customers access to a variety of partnership companies.

One of the benefits of Suncorp rewards is Points Plus Pay, which means that you can use a combination of points and payments in exchange for rewards, so you don’t need to wait until you have accumulated enough points to receive the rewards you want.

Further Details & Information

Q: Who are Suncorp cards best for? A: Suncorp offers a selection of credit cards to suit different types of users, so it’s a good idea to be aware of how you want to use your card and your own financial circumstances before applying.

Their standard card is a great value option for regular Australians who want to use their card for everyday transactions and enjoy low purchase rates while saving on the annual fee for the first year. This card doesn’t have all the features and benefits of other offers, but offers real value for money.

The gold card is designed for those who want to enjoy superior benefits and are comfortable paying higher rates and annual fees while their platinum card is designed for Australians on higher incomes with good credit history. These cards do attract higher fees and rates, but users enjoy extra benefits and exclusive rewards, and often receive bonus reward points for signing up.

Q: Can you transfer a balance from another Suncorp account? A: Suncorp allows new customers to transfer balances from third party financial institutions, but not from other Suncorp accounts.

Q: Do Suncorp charge a fee to transfer one or more balances? A: No, they do not charge any administrative fees to transfer the amount of money you owe.

Q: How can I earn more Suncorp Rewards points? A: Suncorp Rewards points are earned every time you use your card, so naturally it follows that the more payments you make with your card the more your points grow. Points can also be earned on any direct debits linked to your card such as utility bills.

Q: What can points be redeemed for? A: You can redeem points for a wide range of merchandise, vouchers and travel rewards. Suncorp’s online catalogue offers more than 200 items including home cinema systems, personal entertainment and outdoors equipment. Shopping vouchers are also available and can be used at leading retailers such as Myer, Rebel Sport, Freedom Furniture and Target, amongst others.

Reward points can also be used for Take Flight Cashback, which allows you to book flights with any travel agent or booking service of your choice and then redeem points to re-credit your card against the flight payment. As a Suncorp cardholder you gain access to the KrisFlyer and Velocity frequent flyer programs, meaning you can redeem points for flights with more than 30 airline partners to hundreds of domestic and international destinations.

Q: Do they cap points? A: Capping on Suncorp Rewards points depends on how you use your card, maintaining enrolment in the scheme and whether you keep your account in good order. As with any credit card, it is important to read all the small print, terms and conditions before you apply.

Q: Can points expire? A: Generally there is no expiry date on Suncorp Reward points, but you will lose your points if you fail to keep up monthly repayments or your membership ends. Again, it is essential you familiarise yourself with all the terms and conditions before applying.