Credit card options

Discussion in 'Wealth Creation & Management' started by StewyD32, Jan 5, 2020.

  1. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    I currently have a credit card from a main bank which doesn't do anything for me apart from charge me a yearly fee and travel insurance (which I would imagine would be loosely worded).
    From time to time I hear that people change their credit card provider as there are attractive new customer perks offered with little of no strings attached when compared to the standard bank options from other porviders.
    I'm curious if anyone have any recommendations of options that they have went with or are currently with, any feedback is appreciated.
     
  2. SteelHand

    SteelHand Well-Known Member Silver Stacker

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  3. Silverling

    Silverling Well-Known Member Silver Stacker

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    Hi Stewy, it depends on what you want but for me and my wife I need one that provides free travel insurance as we do a few trips a year. But if that insurance is of little use to you to then maybe a free yearly fee is the way to go.

    28 Degrees Platinum card free, no yearly fees. You can get some kind of free wi-fi around the world. The big advantage of this card is no conversion fees when you use it oversees but not for cash advances.

    Coles Mastercard, free, no yearly fees but no perks either apart from 1 flybuy point for every $2 spend.

    For my free travel insurance I use a NAB Qantas Platinum card (my yearly fees scrapped due to a perk years ago) but you go on a cruise or on any holiday up to 90 days and you spend $500 or more on your trip then you are covered. I constantly look for deals to swap my NAB one for something better but I get squeezed out by income levels. ie. I'm retired so have a low income and I can not get a nice new deal so I leave it.

    If you have a good income you should be able to get a pretty good Qantas credit Card and build up your points. They have deals all the time, like a 120,000 Qantas points if you swap over but I can't get them. Link here: https://www.qantas.com/au/en/freque...king/compare-credit-cards.html#/uses=Personal

    For me free travel insurance is most important, 3 or 4 different trips a year really starts costing you money for separate travel insurance policies. Hope that helps.
     
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  4. leo25

    leo25 Well-Known Member Silver Stacker

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    I get good value out of the ANZ Rewards Travel Adventures card.

    It cost $225 per years, but you get a free return domestic flight which is worth about $400 for me, 2 free virgin lounge passes, plus with the accumulated points another free flight. Also no overseas transaction fees, a true exchange rate, free travel insurance and a once off 75,000 Velocity points.
     
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  5. SteelHand

    SteelHand Well-Known Member Silver Stacker

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    I have this one as well which is great for any overseas purchases I make and I have the Amex Velocity Platinum as well as both of them give me Velocity points which don't expire unlike Qantas (as long as you make at least 1 transaction a year from memory)

    I managed to make 209,000 Velocity points last year (sitting at 509,000 currently) from normal spending and flybuys offers as I'll be using the points for a European return flight for 2 in a few years time (I'll be transferring the points to Singapore Airlines KrisFlyer and going Business Class)
     
  6. Oddjob

    Oddjob Well-Known Member Silver Stacker

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    Before making the leap to change credit card providers, call your provider first and ask them what they can do for you re both interest rate and extras. Have some competitor info on hand to quote to ensure you put them on the spot. Many years back, I rang my bank who provided my credit card and told them if I moved to X bank / provider I'd get zero interest for 12 months and no fees. They rolled over straight away and matched the offer....worth a try if you haven't called them already.

    Sadly the banks, electricity providers, pay TV companies to name a few assume existing customers will just continue along as is and can be screwed over and never offer them a better deal....when you front them on what's in the market it's amazing what you may get.
     
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  7. GF

    GF Well-Known Member Silver Stacker

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    ANZ Qantas visa....120000 if you spend 4K in the first 3 months - Qantas points dollar for point to 7k per month and 1/2 a point thereafter. Discounted annual fees and travel insurance.
     
  8. leo25

    leo25 Well-Known Member Silver Stacker

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    Once you go Business for international flight you never go back :D
     
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  9. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    ^^^ This!!!!
    I churn credit cards in tandem wih my better half, and combined we earn about 1.5 million QFF and Velocity points per annum.
    That gets me and the missus each, 2 x business class round-the-world flights per year (total 4).
    It is the most lucrative freebie I have had the luck to discover (because I haven't tried welfare yet :p).
     
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  10. alor

    alor Well-Known Member Silver Stacker

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    any card that pays you to keep it, else cut it out
     
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  11. SteelHand

    SteelHand Well-Known Member Silver Stacker

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    I've flown Singapore Business Class before (on points) and I heartily recommend it :D:D:D
     
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  12. spannermonkey

    spannermonkey Well-Known Member Silver Stacker

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    here there everywhere
    What's a "credit card " ?
     
  13. JulieW

    JulieW Well-Known Member Silver Stacker

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    You probably know it as a "Debt Card"
     
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  14. Tin Can

    Tin Can Active Member

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    The regulation on credit cards was changed about 12-18 months ago (RBA regulation?).
    Credit card providers can no longer offer an incentive to keep a card if you indicate you might cancel a card.
    Charge cards (e.g. AMEX or DC) are not covered by these regulations (I think).
     
  15. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    Didn't make much difference - just extended the sign-on bonus' from around 3 months to about 6 months.
    In fact, the sign-on bonus' became more lucrative on a lot of cards because they staggered the bonus payments, but increased the total.
    Means more bang-for-your-credit-rating when churning.
     
  16. StewyD32

    StewyD32 Well-Known Member Silver Stacker

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    Thanks for all the replies so far.

    Thanks for the link Steelhand, will go though this more at the weekend and compare.

    I can give this a try but not sure that the bank extra they could give would be. As far as the interest rate goes, the card is always paid off at the end of the month before they snag me with the interest.

    To be honest I think the points flying will more than likely be wasted on me as I donel't fly much (maybe one interstate and one long haul international a year if that). So with the high annual fee and not using the points as frequently, I don't think this would be of advantage to me unless the points don't expire.

    What is the amount of points you need to offset a flight?
    It seems like most people are attracted to the Qantas points.
     
  17. wrcmad

    wrcmad Well-Known Member Silver Stacker

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    All this info available online, however, in short:
    Points don't expire if account stays active.
    Sydney to London Return Economy about 110,000 pts + taxes.
    Virgin points on par with Qantas, because you can convert to Singapore Airlines. But Qantas points useable on Emerates - I run accounts for both.
     
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  18. Silverling

    Silverling Well-Known Member Silver Stacker

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    So far I have 3 return flights to Asia, bought a PVR, bought Bose speakers for my PC and bought a Caribee (special cabin luggage) all with Qantas points. The good thing is you don't need to use it for travel, it is a pretty good online shop the Qantas shop.

    And this. I make a profit out of my credit card, every year. Although I don't have fees, even if I did I would be way out in front as I always pay all debt off every Month (I pay no interest ever). It's just a way and means of doing all my transactions cashless, then getting the points and then eventually spending them. All for free.:D:p
     
  19. alor

    alor Well-Known Member Silver Stacker

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    I never consider free lunch, when we don't pay for a card, it is the other people paying their charges, that got subsidized as free gift, as a marketing target
    their fee and charges are sky high... and little benefit that we can get away with, being a partner in crime
    i would still cut out more cards this year 2020

    pay 1 month fee in discount to get 11 month of discount, will work just fine for me
     
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  20. Tin Can

    Tin Can Active Member

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    My error. The RBA regulation has to do with credit card interchange fees.
    The regulation about offering incentives to not cancel a card is amendments to the National Consumer Credit Protection Act 2009.
    Section 133BW (2): "The licensee who is the credit provider under the credit card contract must take reasonable steps to ensure that the request is given effect to as soon as practicable."

    So if you contact your credit card provider, they must cancel the card if you indicate that is your intention.

    If, however, you state you do not think the card has limited value for the fees and interest rate charged, they might offer an incentive to keep the card.
     
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