Macquarie Bank hopes to boost its appeal to travellers and online shoppers, with the announcement that it has removed international transaction fees on overseas purchases. The change applies to all Macquarie branded credit cards.
Macquarie says its transaction account is already fee-free for overseas purchases.
Macquarie is also removing a 3 per cent fee for overseas cash withdrawals on credit cards. The standard cash withdrawal fee will still apply.
The cash advance interest rate on credit cards has been reduced to match the standard purchase interest rate. Macquarie will cap cash advance balances at A$1000 at the end of August.
It is also blocking credit card transactions registered under a gambling or lottery merchant code, which it says is a consumer protection measure.