Credit Card Rewards Schemes

Discussion in 'Money Management & Banking' started by MBT, 8th Feb, 2016.

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  1. Heinz57

    Heinz57 Well-Known Member

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    Just filled up at my local servo, been going there for years, except now I get 100Velocity points
     
  2. Cactus

    Cactus Well-Known Member

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    If you filled up with an Amex Plat Reserve credit card you would have got another 100Velocity points.
     
  3. dabbler

    dabbler Well-Known Member

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    You have them back to front, it went from HSBC I think I read
     
  4. dabbler

    dabbler Well-Known Member

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    There is a minimum limit, if your not changing your limit, use ANZ site and look for change product or similar, should be just a swap of product if no increase you would think ?
     
  5. dabbler

    dabbler Well-Known Member

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    You swipe for 100 velocity and pay with another card, so is possible to get 100 on each going to BP.......
     
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  6. S0805

    S0805 Well-Known Member

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    That's much better MBT. I've missed that. In fact i wasn't even aware of benefits for rewards card. So currently, bit hesitant of having extra credit hit. As breakfree package customer there is no annual fees as well...

    I think they offered me that option coz I am not changing my limit, but advised if I do that then i won't get bonus points on sign up.

    Just wondering, is it the big deal having that extra credit hit? I think somewhere in this forum I was advised not all lenders care about that or even goes in detail to find out what the credit hit was for?
     
  7. dabbler

    dabbler Well-Known Member

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    You will be telling about the card anyway, or they know anyway, or if asked, tell them, I would not do it in the middle of a purchase......
     
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  8. Tony Fleming

    Tony Fleming Well-Known Member

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    Considering changing my cc to a frequent flyer one. What sort of points are you looking at to get a decent overseas flight to America?
     
  9. peastman

    peastman Well-Known Member

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    Just checked qantas. Cheapest economy mel-lax return I could find was just over 100k points
     
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  10. albanga

    albanga Well-Known Member

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    I actually crunched the numbers on this recently and the most value is definitely in flights.

    From memory I had 130k QFF points and my option was cash that out in vouchers which equated to around $850 or use it instead on a flight which I did and it was valued at around $1,400.

    So back to Vietnam in 5 weeks I go.
     
  11. Tony Fleming

    Tony Fleming Well-Known Member

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    Excellent. I assume you already need to be a member to see the points value?
     
  12. peastman

    peastman Well-Known Member

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    I don't know if you have to be a member first, but as a member I logged in.

    I still reckon the best use for points are upgrades, eg economy to business. I flew melbourne -perth just last week and upgraded to business for just 20k points. List price was well over $1000 more if I booked business to begin with.
     
  13. mrdobalina

    mrdobalina Well-Known Member

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    All the banks calculate their points to rewards differently. I found the best way to compare is the $ spent to rewards conversion rate. Based on your previous rewards program with 1.5 points for $1 spent, it looks like you had to spend $200k to receive rewards of $700 (0.35% conversion rate). That's quite low. My current card has a 1% conversion rate ($100 spend for $1 of cash back rewards).

    I tend to get Westfield gift vouchers and get new gadgets every few months. When my wife complains, I just tell her they were FREE!
     
  14. sash

    sash Well-Known Member

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    I use the CBA Diamond card...have accumulated just over 200k in points in abotu15 mths.

    Work really well as it is dual AMEX/Mastercard .....
     
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  15. albanga

    albanga Well-Known Member

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    I got to say I do question the whole "free" points theory though. Don't get me wrong I love the system but I do often wonder if I have overspent on the accessibility of credit versus if I was handing over my own cash (even though technically when I pay it off I am anyways).
     
  16. Cactus

    Cactus Well-Known Member

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    Nice paying the building deposits with no surcharge on your card always helps. I put $35k on mine recently.

    It used to be worth paying taxes but my ANZ black has been "enhanced".

    I racked up about 1.5M velocity points in the last 24 months. But it's getting harder.
     
  17. Ardi

    Ardi Well-Known Member

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    With
    The amex, with the additional surcharge that normally goes on them. Is it worth it for the additional points?
    I have same card with cba but have never activated the amex.
     
  18. Cactus

    Cactus Well-Known Member

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    It costs you nothing to activate and keep in your wallet. You use it as a first preference unless they say there is a surcharge. Definitely worth it.
     
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  19. Greyghost

    Greyghost Well-Known Member

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    Being that height I guess even first class may have uncomfortable moments!
     
  20. Cactus

    Cactus Well-Known Member

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    Oh I think I could manage.
     
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