Bankwest More World Mastercard

What do you want this card for?
Save money
Earn points
My rate: 
17%
 
My annual fee: 
$90
 
Transfer: 
$5,000
 
From: 
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Offer
Card features
balance transfer
purchase rate
annual fee
Money saved
Bankwest More World Mastercard
115,000 annual bonus points when you spend $84,000 on eligible purchases in the year.
Earn up to 2.5 pts per $1 spent on eligible purchases.
Unlimited airport lounge access with LoungeKey.
Add to comparison
6 months
0% p.a.
then 19.99%
with a 1% fee
19.99% p.a.
ongoing
$270
ongoing

Pros & cons

What's good?

What's not so good?

115,000 annual bonus points when you spend $84,000 on eligible purchases in the year.
Earn up to 2.5 pts per $1 spent on eligible purchases.
0% p.a. on balance transfers for 6 months.
Complimentary credit card international travel insurance for you and family travelling with you.
Unlimited airport lounge access at over 850 LoungeKey lounges worldwide for you and unlimited guests.
Use your points for webjet flights, hotels, gift cards and the latest merchandise.
Interstate flight inconvenience insurance and international vehicle insurance excess insurance.
Worldwide emergency card replacement.
Up to 3 additional cardholders for free.
1% balance transfer fee.
The $270 p.a. annual fee.

Our review

Our review of the Bankwest More World MastercardReviewed by Yvonne Taylor

High income earners prepared to route all possible personal expenses through a credit card can reap hefty annual benefits with a Bankwest More World Mastercard. Competing cards usually shower you with bonus rewards points only once, for signing up to the card and spending a target amount during the first two or three months. But Bankwest will give you a huge number of bonus points in every year when you can reach an admittedly high spending target.

Even if you fail to meet the target in some years, you’ll still have a card with high ongoing rewards points and multiple complimentary benefits designed to make travelling more secure and enjoyable.

Potential for 115,000 bonus points every year

Make no mistake, this isn’t a card for low income earners. To get the most out of it you’ll probably be earning over $100,000 per year. (Bankwest sets a minimum eligibility requirement of $76,000 per year.) If you can channel through your credit card almost every expense except your mortgage repayments, avoiding BPAY, you stand a good chance of meeting the $84,000 spending requirement in order to earn 115,000 More Rewards bonus points, not just in the first year but in every single year that you reach the target.

Points earning is absolutely unlimited by any cap or threshold, so if you have any major expenditure planned, now is the time to do it and this is the card to do it with.

Regular points earning rate is also elevated

The standard points earning rate is uncomplicated and satisfyingly high: 2.5 More Rewards points per dollar spent on eligible purchases.

Cash advances, balance transfers, interest charges and other card fees are not eligible purchases and will not earn points. Other exclusions include the purchase of foreign currency and traveller’s cheques, as well as payments made by BPAY. Try to avoid BPAY utility bill payments, and opt for a direct debit to your credit card account instead, to maximise points earning and improve your chances of reaching the bonus spending target.

Sadly, you can’t earn points on your tax bill either: government charges don’t earn points.

Spend $84,000, earn 325,000 points per year, worth far more than the annual fee

If you can meet the $84,000 annual spending requirement, you’ll earn a massive 325,000 points. The More Rewards online store has all the usual redemption options, including retail, hotel, entertainment and movie gift cards, cashback to your account, and general consumer merchandise. Travellers have a variety of options, including Virgin Australia and Flight Centre gift vouchers and the ability to pay your account with points at Webjet.com.au.

The general conversion rate of points to dollars for high denomination gift cards (e.g. a David Jones $500 card) is around 0.29 cents per point. Those 325,000 points are therefore worth at least $940. It’s certainly a target worth aiming for, transforming your credit card from an expense into a source of income, since the annual fee of $270 is far less than the amount you would earn.

Meets travellers’ needs on several levels

Recognising that high income earners often have a travelling lifestyle, Bankwest has not stinted on card benefits designed to make the traveller more comfortable. Among the complimentary benefits that cardholders will receive are:

  • Annual multi-trip travel insurance covering overseas emergency medical expenses, overseas car rental insurance excess waiver, domestic and overseas cover for flight and luggage delays, unavoidable trip cancellation and loss, theft or damage of personal items.
  • Unlimited airport lounge access to more than 1,000 LoungeKey lounges worldwide. (These are usually genuine lounges, although in some Australian airports they are instead restaurants and bars where cardholders will be given a substantial discount – e.g. $36 – on their bill.)
  • 24/7 global concierge service to assist with travel, dining and entertainment bookings and recommendations.
  • No foreign transaction fees on either online purchases or in-person transactions made while travelling overseas. (Other banks can charge as much as 3.5 percent of the AUD value, and Bankwest itself charges 2.95 percent on other cards.)
  • Exclusive Mastercard offers on travel and dining options, worldwide.

More benefits closer to home

The advantages are not limited to travellers, however. When you make major purchases as you work towards your bonus points target, you can relax in the knowledge that you are protected by:

  • Extended warranty cover, doubling the warranty on purchases, up to a maximum of 12 additional months.
  • Purchase security insurance, providing cover against loss, theft or accidental damage for three months from purchase date.
  • Price guarantee insurance for goods purchased at a physical store, providing a refund if you see the item advertised locally and in print at more than $75 below your original purchase price.

There’s an extra bonus for Perth residents and visitors, in the form of food and beverage discounts at Perth’s RAC Arena, plus access to the arena’s Bankwest Lounge.

Interest-free balance transfer for six months

If you like the sound of this card, but need to clear a balance on your existing card first, you could consider transferring your balance to your new Bankwest card and paying 0 percent p.a. interest for the first six months, with a 1 percent upfront fee. This could give you the required breathing space to set about paying off your debt while saving money.

Just remember that having an unpaid balance transfer on your account means that you’ll temporarily sacrifice the normal 44 interest-free days granted each month. As a result, you’ll want to avoid using your card for purchases during the first six months, making it unlikely that you’ll reach the $84,000 spending target in the first year.

The revert interest rate, if you can’t pay off your transferred balance within the six months allowed, is the 19.99 percent p.a. purchases rate, not the higher 21.99 percent cash advance rate.

Check out competing rewards cards

Rewards credit cards come in lots of flavours: Qantas, Virgin Velocity, flybuys, Woolworths Rewards, and every bank’s own in-house rewards brand. Points earning rates, redemption rates and redemption options also vary, and you need to find the one that will deliver the best return for the lowest cost, based on your particular spending pattern.

You can compare them all on the ‘All Rewards’ page in our Features section.

Big spending travellers apply here

There’s absolutely no point in spending big just to earn rewards points. If you can’t afford to pay off your account balance every month, you’ll end up parting with far more in interest charges than the value of the points you’ll earn.

However, if your income, lifestyle and existing commitments see you spending at least $84,000 per year on goods and services expenditure that you could channel through a credit card, the Bankwest More World Mastercard will be a net source of income rather than an expense, while smoothing your path as a world traveller.

User reviews

4.0 out of 5.0 based on 4 reviews100% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Great gold card

Reviewed and recommended by Doug on 02 Jul 2016

I have had the Bankwest More Gold MasterCard for about 5 years now. Not only do I enjoy great rewards, but the card is accepted everywhere. If anything happens the bank ring you to check, like, for example, if something was purchased overseas or for a large amount. A great card with great service.

Bankwest are great

Reviewed and recommended by Ariane on 02 Jul 2016

This credit card is fabulous and I never have had any problems wit it. The fee is reasonable and it is accepted everywhere I go. The rewards program is good and they have plenty of rewards from gift cards to appliances. Rewards are delivered promptly too with no delivery fees, which is great. Points are accumulated on your monthly spend.

Best of the many I've tried

Reviewed and recommended by Glad to show my hand on 03 Oct 2013

I like the points system that encourages you to utilize the card for everything. Since having the card we’ve benefited greatly from the points accumulation and redeemed them for all sorts of things (petrol, gifts, vouchers and utensils). The only downside is that the petrol vouchers suck more and more points each year – but we offset that by using our cards for everything under the sun.

Best credit card ever

Reviewed and recommended by Cheryl E on 21 Sep 2013

I love this credit card because there is no annual fee and about 60 days interest free. BankWest always has the best products and their customer service is excellent. Have had other cards, but this is the best one for people who want to save money. Top class credit card.

Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Single
Card tier
Gold
Card type
MasterCard
Card use
Personal
Credit rating
N/A
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
$76,000
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
More Rewards
Temporary residents
No

Cardholders

Additional cardholders
3
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$12,000
Maximum credit limit
$25,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 44 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months1%95% of credit limit19.99% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
95% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the Bankwest More World Mastercard at the promotional balance transfer rate from:

  • Bankwest

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers0% p.a.6 months1%95% of credit limit 19.99% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.83% 21.99% p.a.
Purchases 1.67% 19.99% p.a.

Fees

Annual fee
$270 p.a.
Cash advance fee
2%
Dishonour fee
$10
Duplicate statement fee
$1.25
Foreign exchange fee
0%
Late payment fee
$25
Over limit fee
$30
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$4
Overseas emergency card replacement fee
$0
Transaction verification fee
$12

Rewards & points

Rewards program basics

First purchase bonus
N/A
Reward points expiry
N/A
Rewards program
More Rewards
Sign up bonus
N/A
Spend required for bonus points
$84,000 in 1 year

Earning points with this card

Frequent flyer points
N/A
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
N/A
Points earned on ATO payments
N/A
Reward points
2.5 pts per $1 spent

Additional benefits

Airport lounge access
Yes
Complimentary flight voucher
No
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $1,341

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
$10
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Travel
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,341
Annual fee$270
Net customer value$1,071
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $76,000 per year
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are not eligible
Age Pension is acceptable.
Disability Pension, Overseas Pension, Veteran's Pension and Widower's Pension are not acceptable.
Income from pensions is not allowed
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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