Coles Fly Buy credit card

Discussion in 'Other Investments' started by Ipv6Ready, Dec 26, 2016.

  1. Silverling

    Silverling Well-Known Member Silver Stacker

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    Interesting thread. I took out a no fee Coles Credit card only because because they offered me $100 to spend in store. Got the card and spent the free bee and then put the card in my draw and didn't use it again for a while.

    I have a NAB Qantas Platinum Visa and Amex Card. Not only do I pick up Qantas points but I also swipe my flybuys card as well when in Coles, gets points with both. So far I flown for free 4 times with Qantas and accumulated several $100 credits through flybuys. I make a profit out of my NAB credit card as I always pay my outstanding balance at the end of the Month in full. Credit cards can work in your favour if you use it wisely and pay off your balance each Month. :D
     
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  2. JOHNLGALT

    JOHNLGALT Well-Known Member

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    I'm just guessing that one of the pitfalls would be that 'SOMEBODY' has an electronic record of everything you buy, with a date & time stamped record of it.

    The Police when investigating a crime in our local community went to the Supermarket to check for the persons activity. Just sayin' _JLG.
     
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  3. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    Even if I did something legal or even for just for kicks, anyone checking my shopping habits wouldn't find it that interesting. Hahahhaha
     
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  4. JOHNLGALT

    JOHNLGALT Well-Known Member

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    WTB 4 to 6 grams of pure gold. Don't care if it is coin, bar or granules. Near spot, suits anyone who has been tempted to open a certicard or just have some granules to make a ring

    Sorry mate, I've got the grams of gold that I panned & sluiced @ Taradale & Enfield in Victoria. & it won't be sold until the main stuff is depleted.

    I remember the weekends of hard labor spent getting it in the 1980's - remember them $850 per oz. I didn't get it mining(?) it as in $#[email protected]!N. _JOHNLGALT.

    p.s. Not off-topic, just that it was under your profile on the message. Cheers.
     
  5. JOHNLGALT

    JOHNLGALT Well-Known Member

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  6. Ipv6Ready

    Ipv6Ready Well-Known Member Silver Stacker

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    After 14 months of “points” I have accumulated 270,000 velocity points and become a full convert.

    Few updates just before Coles annual fee was due I cancelled my Coles MasterCard, anz low rate, and got two different rewards cards, an Amex velocity personal card and ANZ rewards visa card, still have my GE mastercard, but has zero balance and no annual fee.

    In brief... (all points are after converting to Velocity miles) why velocity because I had 50,000 points from work related flying over the years.

    The tally last year and three months
    150,000 points from one years of worth of Coles MasterCard turnover and flybuys bonus on Coles shopping
    100,000 sign up velocity bonus points from Amex in Jan 2018 which gives me 1.5 points per dollar.
    14,000 sign up velocity (converted) bonus from ANZ Rewards which gives me 1 point per dollar.

    So far 282,000 points get me (Inc Amex spend)

    One and half return business class tickets to LA (100,000 points each way)
    Or
    Three return economy class tickets to LA

    Total cost $nil fees ie all first year annual fees are waived, and Coles card I cancelled before renewal.

    Note: I carry a zero balance

    Each month i turnover about $4000 to $8000 combination work expenses and day to day living meaning I accumulate 6000 to 12,000 extra velocity points direct from Amex and when I shop at Coles I still use flybuys for extra points.

    So if one is disciplined with finances I totally encourage looking into it. For me it is like $3000 worth of value per annum and I haven’t changed my spending habits. Thinking back I prided in using saving and cash, that was silly.

    Note I did take radio8tiv advice and stopped converting points for gift cards. Spending some time calculating the conversion value, it is so much better to leave it in velocity till required and velocity points are forever.

    Note two, I always thought there was a big fee for using Amex or visa but it turns out now very few places I shop at charges a fee at all. The very few places that do charge a 2% fee or don’t accept Amex, I use Anz visa rewards or cash. But as it turns out it’s so few places (unless it’s bullion dealers lol) its not mentioning.

    Considering next year I’ll need to pay $500 annual fee for Amex, I am looking at what other high sign up bonus card to change it to next year, might look into a hotel connected card. I seen Hilton cards that offer 2 or 3 nights free as sign up bonus with nil first year annual fee promos.

    But I do stress to anyone looking into it, I’m still learning, but the number 1rule is all the turnover on the card should be your normal spend, that you would have spent regardless.
    Spending extra because you got a new card is false economy.
     
    Last edited: Mar 14, 2018
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