MyCard Rewards Velocity
Churn value: $1 in gift cards.
You pay $249 in first-year fees.Spend $5,000 in 90 days.You get $250 in Coles gift cards.
The recorded minimum requirements are that you can take a credit limit of at least $2,000. Meeting them does not guarantee approval.
It is only worth it if you pay in full each month and close the card before the next $249 fee.
Available
This page is my best effort to summarise the card's terms from the information I found. Read the bank's terms for full details, or contact the bank if you have questions.
I'd like to use my bonus for:
Can I get this?
This offer is advertised to the public. Bonus conditions and the bank’s approval requirements still apply.
Can I get this bonus if I have held a card before?
I have not checked the waiting period for this bonus. No fixed waiting period. MyCard's terms say the bonus is "only available when you apply for a new" card and "not available when closing or transferring from another MyCard branded credit card account." Whether closing one MyCard and immediately applying for another qualifies isn't spelled out — confirm with MyCard.
See the waiting rules for every Australian bank →What must I spend?
$5,000 within 90 days — about $1,667 per month.
Can I get the card?
The minimum credit limit is $2,000. This is the least the bank may let you borrow.
I do not have a minimum income for this card.
Meeting the bonus rules does not mean the bank will approve your application. The bank must assess and approve the card separately.
How long is this available?
I do not have an end date for this offer.
What do I do, step by step?
- Apply. Check the income and waiting rules in “Can I get this?” first. If you do not pass those, the bonus does not come.
- Spend $5,000 in 90 days on bills and shopping you had to pay anyway. Do not buy extra things just to hit the number.
- Pay in full each month. Interest can eat the whole bonus. The churn value at the top assumes you never pay interest.
- Use the points for gift cards. Points you never use are worth zero.
- Close the card before the next fee — keeping it costs $249 a year. The next section helps you decide if keeping it is worth it.
When this is not worth it
- You pay interest, or you cannot pay in full each month.
- You buy things you do not need to hit the spend target.
- You have no trip or use in mind for the points.
- You keep the card into year two out of habit and pay the fee again.
Should I keep it after the first year?
Keeping the card costs $249 each year ($249 annual fee) — the first year was $249.
The year-two bonus is 20,000 Velocity points.
Ongoing earn: 0.40x Velocity points per $1.
Keeping pays off only if you meet the second-year conditions and use the points and benefits enough to cover $249/yr.
What else makes the card useful?
Reward use
Ways to turn points into value.
- Points Transfer Benefits Compare across cards →Earn MyCard Reward Points (1 point per $1; domestic spend capped at $10,000 per statement period, international spend uncapped) redeemable as Pay with Points, gift cards, or transferred to loyalty partners including Flybuys and Velocity Frequent Flyer
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Earn MyCard Reward Points (1 point per $1; domestic spend capped at $10,000 per statement period, international spend uncapped) redeemable as Pay with Points, gift cards, or transferred to loyalty partners including Flybuys and Velocity Frequent Flyer
Purchase protection
Cover on things you buy with the card. Limits, excesses, and activation conditions apply.
- Purchase Protection Insurance Compare across cards →Eligible items charged in full to the card account are covered against theft, accidental damage or permanent loss for 90 days; up to the purchase price (jewellery, watches and new works of art limited to $5,000 per claim), max $200,000 per card account per 12 months
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Eligible items charged in full to the card account are covered against theft, accidental damage or permanent loss for 90 days; up to the purchase price (jewellery, watches and new works of art limited to $5,000 per claim), max $200,000 per card account per 12 months
- Extended Warranty Insurance Compare across cards →Extends the manufacturer's Australian warranty by up to one year on eligible items charged in full to the card account (no cover where the manufacturer's warranty exceeds five years); up to $10,000 per item, max $40,000 per card account per 12 months
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Extends the manufacturer's Australian warranty by up to one year on eligible items charged in full to the card account (no cover where the manufacturer's warranty exceeds five years); up to $10,000 per item, max $40,000 per card account per 12 months
- Mobile Phone Insurance Compare across cards →Covers accidental damage or theft of the mobile phone when the prior month's postpaid mobile plan bill is paid in full with the card; up to $1,000 per occurrence, $1,650 annual aggregate, $50 excess
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Covers accidental damage or theft of the mobile phone when the prior month's postpaid mobile plan bill is paid in full with the card; up to $1,000 per occurrence, $1,650 annual aggregate, $50 excess
Travel
Travel cover and perks. Most need qualifying bookings or payment with the card.
- Hotel Benefits Compare across cards →Up to 15% off eligible Luxury Escapes hotels (max discount $250 per transaction), 10% off selected Expedia hotels, and 10% off selected Wotif hotels when booked and paid with the card
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Up to 15% off eligible Luxury Escapes hotels (max discount $250 per transaction), 10% off selected Expedia hotels, and 10% off selected Wotif hotels when booked and paid with the card
Account management
Tools for running the account — repayment helpers, not reward value.
- Installment Plans Compare across cards →MyCard Instalment Plan lets cardholders pay back large credit card expenses in monthly instalments using part of their existing credit limit, subject to eligibility
This is a repayment plan. It does not add reward value.
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MyCard Instalment Plan lets cardholders pay back large credit card expenses in monthly instalments using part of their existing credit limit, subject to eligibility
- Balance Transfer Offers Compare across cards →0% p.a. for 12 months on balance transfers (3% balance transfer fee), reverting to the 22.99% p.a. cash advance rate after the promotional period
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0% p.a. for 12 months on balance transfers (3% balance transfer fee), reverting to the 22.99% p.a. cash advance rate after the promotional period
- Interest Free Periods Compare across cards →Up to 44 interest-free days on retail purchases
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Up to 44 interest-free days on retail purchases
$250 in Coles gift cards (53,590 of 62,000 Velocity points; 8,410 left over) − $249 card fee. Assumes you earn the bonus and pay in full; extra spend or interest changes the outcome.
This offer is open now (terms from 2 Oct 2026).
What this calculation assumes
- You make the required purchases and the bonus is paid.
- You pay the balance in full — any interest changes the outcome.
- The required spend is ordinary planned spending, not extra cost.
- You close the card before the next annual fee, or you decide keeping it is worth that fee.
- Gift card prices can change. I check them again at renewal time.
Did this help you make a decision?
Terms and evidence
Full current terms
Offer terms
First Year Points
60,000 points
Velocity
Second Year Points
20,000 points
With $249 annual fee
Minimum Spend
$5,000
within 90 days (about 3 months)
Ongoing Earn Rate
0.40x points per $1 spent
Fees
First Year Annual Fee
$249
Ongoing Annual Fee
$249
From year 2 onwards
Purchase Interest Rate
22.49% p.a.
The value above assumes you pay in full and never pay this. Any interest changes the outcome.
Benefit history (8 changes)
- Purchase Protection InsuranceUpdated May 2026
- Extended Warranty InsuranceUpdated May 2026
- Mobile Phone InsuranceUpdated May 2026
- Installment PlansUpdated May 2026
- Balance Transfer OffersUpdated May 2026
- Interest Free PeriodsUpdated May 2026
- Hotel BenefitsUpdated May 2026
- Points Transfer BenefitsUpdated May 2026
Offer terms history (4 versions — old terms, for checking)
These are published versions of this offer's terms. Each version preserves the conditions available at that time.
Published 2 Oct 2026
Changes from terms version 3
Changes from terms version 2
Changes from terms version 1
First recorded terms
Captures behind the selected terms record — evidence for these terms, not a complete history of the named offer.
Discussion
About the current terms (published 2 Oct 2026).
Community and personal tools
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