Each week, Mozo's credit card guru gives a frequent flyer reward credit card a grilling. This time round we turn up the heat on the Macquarie Gold Card, to see how this fresh-faced credit card provider stacks up. So how does it fare? Let's find out...

Who it's good for

Some of us find a good airline and stick with it, while others are more promiscuous. Many of the best credit card rewards programs tie you down to the one carrier, so the Macquarie Gold Card will appeal to the uncommited flyer.

The points conversion is — to be honest — not crash hot. In fact, it's well behind for an annual spend between $20,000 and $40,000. But the benefits sweeten the deal considerably, and if you're more concerned about insurance and extended warranties than free flights, this could be the credit card for you.

How much you have to spend to earn a free flight

You'll need to spend $12,750 to earn a Sydney to Melbourne flight, which is way down the leaderboard. The American Express Velocity Gold Card asks for a spend of just $7,840 for the same commute, and various platinum cards are better yet.

However, the Macquarie Gold Card does pack a punch on the benefits, which are generous for a gold card, yet attract a fairly reasonable annual fee of $100.

Earning limits

Points are capped at 130,000 a year, and if you're spending that kind of money, this isn't really the card for you. However, one upside is that there's no expiry on points, which is always a good thing in our books.

Balance transfer special offers

Macquarie Gold Card's market-leading balance transfer offer of 0% for 6 months is a definite draw-card, and makes for a huge saving if you're keen to knock over a bit of credit debit. But bear in mind that this is not a purchase-debt friendly card, with its sky-high interest rate of 20.7%.

You'll need to pay off the monthly balance rigorously to get value out of this card and the 55 days' interest-free period should help with that.

Other card benefits

This is where the Macquarie Gold Card shines, with travel insurance, extended warranty, purchase protection, as well as transport accident insurance & interstate flight inconvenience insurance.

The costs of using it overseas

The foreign exchange margin is 3%, which is standard, but the cash advance fee of 3% plus the associated interest rate of 21.95% will turn you off pulling money out of the card.

How it compares to other cards

If free flights are all you care about, then this probably isn't the card for you, as it's well behind on rewards-for-spend value. But its outstanding benefits are usually associated with the platinum card level, and the top-of-the-range balance transfer might just seal the Macquarie Gold Card deal.

The free overseas travel insurance

• Medical coverage is terrible -- although it is "unlimited", the big catch is that no expenses beyond $1,500 will be covered unless authorised in advance by the insurer. If you have a medical emergency outside of Sydney business hours, this means your medical insurance is effectively limited to $1,500. 
• Coverage for trips of up to 90 days for return tickets. No coverage for one way trips.
• Flights must be purchased on the Macquarie Gold card to be covered, however tickets booked with reward points originally earned on the gold card are covered too.
• The excess on claims is either $0 or $100 depending on the type of claim.
• Cancellation cover is unlimited, except travel agent cancellation fees, which are limited to the lesser of 15% of the trip value or $500.
• Rental vehicle excess cover is good at $5,000.
• Coverage for delays is excellent - after only a six hour delay, reasonable costs reimbursed up to $500 per person, or up to $900 per family.
• Pre-existing medical conditions may be covered on application to ACE Insurance.
• Property coverage of up to $15,000 per person, or $20,000 for all people. Average per-item limits: $3,000 per item of clothing and personal valuables, cameras. Up to $5,500 for a laptop.
• Items left in a car overnight after 9pm will not be covered.
• $500 per person (max $1,000 per family) coverage for lost cash, credit cards, etc.
• Emergency replacement of clothing & toiletries: $500 per person, up to $1,000 for a family.
• You will not be covered if you ignore government warnings or media reports, or should have known of a danger.
• If you lose an item, it is not covered.
• The insurance is provided by ACE Insurance.

More info: full travel insurance policy document for the Macquarie Gold Card.

Who it's issued by

Macquarie Bank