The
last time we reviewed a Suncorp credit card, we remarked upon the difficulty of locating detailed terms and conditions on their website. Not surprisingly, nothing has changed. It makes it very difficult to give an objective opinion about the card either way.
For example, the Suncorp website states the Gold comes with travel insurance, but the footnote simply directs readers to www.citibank.com.au. We've scoured that website and have had no luck locating any further information on the travel insurance policy.
It may be great cover. It may not. For all we know, Suncorp's 'complimentary overseas travel insurance' covers you for $500 worth of medical expenses with a $450 excess.
The included purchase security insurance is even more cryptic. The cover provides protection for lost, stolen or damaged goods up to $125,000, but the footnote simply says that an excess applies. No information on how much that excess may be or any additional conditions regarding the purchased items.
The Gold offers a balance transfer period of 1.9% for 15 months. Unfortunately, after the expiration of that period, the rate reverts to the cash rate.
There is a rewards program where you can earn one point per dollar spent toward vouchers, flights and cash back. It's the same rewards program as the other Suncorp cards and it's awful. The earn rate is poor, the redemption value is worse and Take Flight is a joke: of the terms and conditions we were able to locate, we found that only travel purchases greater than $3,000 were eligible for redemption.
You can opt to earn points toward your Qantas Frequent Flyer account instead. It will cost an additional $19 and you'll earn two points per three dollars spent. There was no detail (surprise!) about whether these points were over-and-above any Suncorp reward points you might earn, but we doubt it.
The interest rate and cash rate (20.25% and 20.75% respectively) are both high, but it's difficult to say whether they're appropriate for the included features. The same goes for the $99 annual fee: while the card does come with purchase security and travel insurance, the value of these products can't be determined without more information on the level of coverage and excess.
The card does come with 55 days interest free, which is quite good.
The verdict: you wouldn't enter a contract without fully understanding the terms and conditions and a credit card arrangement is no different. If Suncorp will not provide their potential customers will full disclosure, you'd be crazy to sign anything.
The rewards program is pointless, unless you opt for Frequent Flyer points, in which case the earn rate isn't very good anyway.
