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When it comes to choosing the ideal credit card, it makes sense to have your own wishlist against which any card’s features can be checked. So if yours reads something like this – Rewards Points, Bonus Points, Flexibility, Complimentary Benefits, Security – you need to seriously consider the Westpac Altitude Platinum Credit Card. Prepare to be surprised at how much you get for a fee that’s probably lower than you expect, and waived altogether in the first year.
So let’s roll out the wishlist.
Tick this one off right away, because this is a rewards card account. You can choose between Westpac’s proprietary Altitude Rewards points or Qantas Frequent Flyer points. Here are the relevant earning rates, not the highest available, but quite reasonable for the price of the card:
Altitude points never expire as long as you hold an Altitude card, and Qantas points won’t expire provided you don’t go longer than 18 months without earning or using some points, even if it’s just a few.
There are no points caps, or thresholds beyond which the earning rate declines, in contrast to the restrictive caps or thresholds found on many competing rewards points or Qantas points cards.
When you first start collecting points, accumulating enough of them to redeem your first reward can seem like climbing a mountain. Credit card issuers have recognised this, and many cards now have a sign-up or first purchase bonus designed to give your points account a kickstart and boost your enthusiasm.
So here’s another wish you can fulfil. The bonus with this card is a very generous 80,000 points, earned by spending $3,000 in 90 days of holding it. That’s not such a high target – $1,000 per month – especially when the $30,000 minimum recommended income, as a basis for card application, is taken into account.
Since you have a choice, the bonus is particularly substantial if you start by selecting the more valuable Qantas points rather than Altitude points. You can switch later if you want to.
This card comes with plenty of options.
Firstly, you can choose between Altitude and Qantas points: opt for one program when you first apply for the card and switch to the other at a later stage, if you wish. You can change your mind as often as you like, subject to the time it takes to process your request. Any points already earned will remain in the program where they were earned.
Secondly, both loyalty programs are loaded with redemption possibilities.
Qantas points redemption options
Qantas gives you award flights, not just with Qantas but with more than 50 affiliated airlines, including Jetstar. This is by far the most cost effective way to use points. Those 80,000 points will get you all the way from Australia’s east coast to New York or Europe (80,000 points).
But it doesn’t stop there. You can also use Qantas points for Qantas flight upgrades, and merchandise and retail gift cards from the Qantas store (although these last two options don’t deliver anywhere near as much value per point as air travel does).
Added flexibility is granted by the Points + Pay option, in case you don’t have quite enough points for your chosen redemption and wish to pay the balance in cash. Plus, you can earn one bonus point, on top of the normal points, for every dollar you spend with the card on purchasing Qantas flights.
Altitude points redemption options
Not to be outdone, Altitude also lets you fly with your points, allowing you to convert them into frequent flyer points with four partner airlines: Singapore Airlines, Cathay Pacific, Air New Zealand and Malaysian Airlines. Even more airlines can be accessed through Altitude Travel. The Altitude online store also has a range of merchandise and gift cards similar to those found at Qantas, but generally requiring lower card spending for the equivalent redemption.
Your platinum card wishlist wouldn’t be complete without some platinum lifestyle complimentary benefits. Here’s what you’ll get with this card:
Although security may be last on your list, it should perhaps come first, because you won’t be able to take advantage of any of the benefits if you’re hesitant about using the card because of concerns about fraud. But Westpac gives you a Fraud Money Back Guarantee (provided you follow a few simple precautions).
If you download the Westpac mobile banking app to your Samsung smartphone you will transform your phone into a digital wallet for tap & go™ payments (because using the card itself for Tap & Go is so last century). You can also use a secure fingerprint log-in on your phone for card payments, get a Quick Balance for your card account or points account in seconds, and put your account on hold with a few taps if you temporarily misplace the card (saving you the annoyance of having to cancel a card you later find).
If you truly want to pay on the go, you also have the option of paying with a Westpac PayWear waterproof wristband or your Fitbit.
Here’s a benefit that’s probably not on your list because you didn’t know it existed. If you manage to run up a balance on your card that you are struggling to repay, or if you make a major purchase that you’ll need time to clear from your account, you can choose to commit to a SmartPlan monthly repayment program and take advantage of an interest rate that’s lower than the advertised purchase interest rate – 18.24% p.a instead of the normal 20.49% p.a. You’ll also be able to retain your up to 45
interest-free days on purchases if your unpaid balance is totally covered by one or more SmartPlans.
High foreign transaction fees
Something that certainly won’t be on your 'most wanted’ list is a foreign transaction fee, but it’s an unfortunate reality. The transaction fee for foreign currency payments, and overseas merchant fees even if in Australian dollars, is 3% of the amount spent.
None of this will be a problem if you don’t intend to use the card overseas or online, but it’s something you need to be aware of (and most cards do charge a foreign transaction fee of up to 3%).
Typical interest rates
The 20.49% purchase interest rate and 21.49% cash advance rate are fairly standard for a platinum rewards card. If you think you will need to pay interest on your purchases on a relatively regular basis, don’t choose a rewards credit card. Look for a low interest rate card instead.
How does it compare with similar platinum rewards cards?
'Platinum Rewards’ is one of the most popular varieties of credit cards. You can check out all the competing cards and list them side-by-side on our 'All rewards’ page in our Features Section.
A card that ticks all the boxes
Looking back at that credit card wishlist, with most cards you may find it difficult to tick everything off without paying more than you were prepared for. But this card has the advantages of a satisfactory points earning rate, an upfront points bonanza, significant platinum benefits, security and hi-tech convenience, and an acknowledgment that sometimes you may need to change your mind about which kind of points you want to earn without changing your card.
I’ve used this card for years. The annual fee was waived for some reason (I probably complained about something and they waived it) so it’s great value for me with the extra points on the AmEx. Rewards are OK. I don’t claim anything too often though, as there isn’t anything that is really great value.
My Westpac Altitude Platinum credit card supplies all my needs on a daily basis. I first got this and an American Express card when I refinanced my home loan to purchase an investment property. Unlike the property, my card has weathered the storm of me losing my job. As long as you are careful with spending, the linked cards with my savings and home loan work well together.
I would not hesitate to recommend this card or Westpac in general to anyone.
The rewards are great. Having the Visa and AmEx combo is another nice feature, but I don’t like the annual fee and slightly higher interest rates.
I signed up for this card when j had a home loan package so the annual fee was waived, but I no longer have a home loan so have to pay.
I’m very happy with the Visa, but the American Express does not have a chip and sometimes does not go through. Why is this, do you think? I would be even more happy with the Altitude Platinum Credit Card if a chip was provided on both the Visa and the Amex.
I would also prefer it if the second card had a different number on it so one could tell who had used the credit card, the primary cardolder or the secondary cardholder
I channel all my spending through this card and pay it off in time to avoid interest.
The annual fee is more than covered by the rewards I receive.
The bank has resolved fraud issues very well in the past and I appreciate the extra benefits like travel insurance cover when I pay for travel with the card.
I find this card has very high fees, or the bank has made error after error. I have only a $3500 limit. I once paid $5000 into my account, thus paying the outstanding balance and having additional funds just sitting in the card. I still managed to receive $60 in interest fees over that month. I will be deactivating this card. Debit MasterCard is much better.
I believe the fees to be quite high, especially for loyal long-term customers with a great credit rating.
I think the Interest rate is too high, and obscene for any cash advances given current interest rates.
Loyal long-term customers should be considered for better interest rates on the odd occasion they may be charged for not paying on time.
We were offered this particular credit card as a result of over 50 years of being a loyal customer with both personal, business and retirement accounts over this time.
We pay no annual fees on this card, which includes comprehensive travel insurance when using the card to purchase air fares, cruises and overseas accommodation. We also accumulate frequent flyer points on practically every purchase made with this card.
I do not believe this offer would be possible with any other credit card provider.
It was hard to connect this card to my Westpac profile. I was told I had to do it online, then there was a trip into the branch. They were clueless, but I was helped.
But my gripe was that I got this card on the assumption that points would flow automatically to my Qantas FF program, only to find you can’t transfer online but have to call in each transfer, and the transfer rate is slashed. Phone service was very slow and had to call three numbers before I got someone to help. Feel misled by the advertising.
I am very happy with this card. I was an original Westpac Ignite cardholder and Westpac upgraded me, so I can now earn reward points with no annual fees. I have always paid out my card in full each month, so I have never had to pay any interest.
|Cash advances||1.79%||21.49% p.a.|