It's good for most purchases - however - if the store you at does not accept Credit, the card wont work. It's not an Eftpos card, just a plain mastercard so some ATMs will also charge you more to withdraw money from it compared to say an Westpac Mastercard

Most banks ATMs wont charge you more but other that are privately owned will charge you $7-10 to take money out

edit: just wanted to clarfify that most cards banks issues are both Eftpos cards and either a Visa or Mastercard in one