MacBank flashing platinum Visa card

Less than a month after copping a market pasting in the wash-up from the US sub-prime mortgage crisis, they are offering their shell-shocked shareholders credit cards.

“Founding members” will get a platinum Visa card that “leverages the strength of Macquarie Bank” and “harnesses the global acceptance of Visa”.

Shareholders are offered an initial credit limit of $20,000 but the bank will “happily consider giving you a higher credit limit once we issue your card and upon assessment of further information we collect from you”.

There are also some of those handy little enticements like a free first year, zero per cent balance transfer, up to 55 days interest free on purchases and 1.25 reward points for every dollar spent.

The annual fee for the card is $200, which is fairly competitive for a platinum card.

Unfortunately for many Macquarie shareholders, the card will come too late to help bolster their margin loan accounts after the bank’s share price tanked by more than 20 per cent.