Bank of Sydney will no longer offer Credit Cards and existing Bank of Sydney Platinum and Classic Mastercard accounts will no longer be available for use from 25 May 2024.
Please note that Bank of Sydney Platinum Mastercard reward balances will be paid out to account holders in full upon account closure.
As this is an important change, Bank of Sydney Credit Card account holders may be contacted by a member of our team to discuss the closure of their Credit Card account.
Please note that if your Credit Card account is not closed prior to 25 May 2024, Bank of Sydney will proceed to do so and the account holder will be required to pay any outstanding balance at the time.
Bank of Sydney will exit our existing Credit Card product from the credit card market to focus on our strategic priorities in Deposits and Lending.
Note that Bank of Sydney Credit Cards have predominately been used for transactions which may be supported by alternative products and services available.
It is also acknowledged many of our existing credit card customers also have a credit card with another Financial Institution.
In January 2024, all Primary Credit Card holders were advised in writing (via direct mail) that their Bank of Sydney Credit Card will no longer be available from 25 May 2024, providing 4 months’ notice.
You can continue to use your current Bank of Sydney Credit Card until 25 May 2024. However, your Bank of Sydney Credit Card (including your Credit Card Number) will no longer be available from 25 May 2024, impacting any existing direct debits, regular payments or other frequent transactions.
It is recommended that you pay down your outstanding balance and close your Bank of Sydney Credit Card Account. Alternatively, we may discuss debt management options applicable to your individual circumstances.
Existing Bank of Sydney customers will continue to earn rewards on their spend until your Credit Card is no longer available from 25 May 2024, at which time your reward balance will be paid out to you in full.
The Expect More Home Loan Annual Package Fee is currently under review. Bank of Sydney Credit Card customers who are currently paying the Expect More Home Loan package fee will be advised separately, prior to the Credit Card Exit date of 25 May 2024.
At this stage Credit Cards will not be offered by Bank of Sydney in the foreseeable future.
Please take a moment to read through the below information:
General Banking Fees & Charges
Terms & Conditions for Credit Cards (Mastercard)
Platinum Mastercard Insurance Policy
More information about our product and services is available here.