Qantas Cash Card (not a real credit card)

Discussion in 'Money Management & Banking' started by Otie, 10th Feb, 2017.

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  1. Otie

    Otie Well-Known Member

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    Has anyone else got one of these?
    I have one and had never used it, thought I probably should start taking advantage of it.
    It is basically a prepaid MasterCard which you load your money into and use as a credit card (well really a debit card, but accepted anywhere MasterCard is). You earn 1 qantas point per $2AUD spent on it. Its free to load it and has no fees if you bank transfer your funds into it. Only fees apply are the master card surcharges retailers/merchants charge if applicable like with any credit card.
    Has anyone used this before? Im interested to know what you think of it.
    I currently don't have a points earning credit card, but we travel overseas 3-4 times each year so I really should get one, but Im waiting until after I go for finance for our next IP before I get a real credit card as I don't want to affect my serviceability.
    Is this card a good option for earning points without a real card? It seems to be but would like to hear opinions.
     
    Otie, 10th Feb, 2017
    #1
  2. Bran

    Bran Well-Known Member

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    Yep. Til it expired and they never sent a new one
    No opinion. Just joined the other dozen in my wallet whose pins I don't remember rendering them useless :/
     
    Bran, 10th Feb, 2017
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  3. The Y-man

    The Y-man Moderator Staff Member

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    It's not bad for travelling - but have gone over to Citibank plus based on posts in Property Chat :)

    Whether the Q card of Citi, I prefer debit cards as the max you can get scammed is what is in the account, plus you can top up if you have internet access (and don't get your account / password scammed of in the process!) - although be careful if you need a sms text sent to your mobile and you are not roaming!

    Just to prove it to myself, when I cleared immigration in Vietnam last year, the first thing I did was to beeline to the Citi ATM and withdrew some cash. No fees! Citi FX rates. Woo hoo!

    The Y-man
     
    The Y-man, 10th Feb, 2017
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  4. The Y-man

    The Y-man Moderator Staff Member

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    Ok - found the thread! It was back in the somersoft days! Time flies.....

    Travel Cash cards

    The Y-man
     
    The Y-man, 10th Feb, 2017
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  5. Otie

    Otie Well-Known Member

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    I'm not too concerned about using it overseas, more so just for everyday purchases to rack up points rather than paying for stuff and getting nothing
     
    Otie, 10th Feb, 2017
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  6. The Y-man

    The Y-man Moderator Staff Member

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    In that case, heaps of better alternatives I think

    No annual fee credit card

    The Y-man
     
    The Y-man, 10th Feb, 2017
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  7. moridog

    moridog Well-Known Member

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    I'm currently overseas and have been for three months, a friend recommended this to me, I was a bit dubious but it has been terrific. It costs AUD $2 to get cash out at an ATM, regardless of amount and nothing when you use it as a credit, or debit card. I had USA dollars left on it so just transferred them to the next denomination I needed. I can BPay over money as I need it, it takes a couple of days to clear or if you pay a fee you can load it faster than that, not sure how many points I have accrued but I've been more than happy with it, no problems anywhere accepting it.
     
    moridog, 11th Feb, 2017
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  8. wombat777

    wombat777 Well-Known Member

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    I have a bankwest Qantas credit card and have no foreign transaction fees. Provided convenience like using contactless payment on the Tube in London.

    I put $2k to $3k through it each month to retain funds in offset, although I should start putting my IP rates bills through the card as well ( $800/qtr ). Card balance is automatically paid each month. I book quite a bit of travel too and also put it on this card to significantly boost points.

    In 6 months I have added 22,148 points to my Frequent Flyer Account. Almost enough for a return trip to Denpasar or Dunedin.

    IMG_7657.PNG
     
    wombat777, 11th Feb, 2017
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  9. Otie

    Otie Well-Known Member

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    How many points does the bankwest give you per $1aud spent? The qantas cash one is only 1 point per $2
     
    Otie, 11th Feb, 2017
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  10. wombat777

    wombat777 Well-Known Member

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    wombat777, 11th Feb, 2017
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  11. albanga

    albanga Well-Known Member

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    Just make sure the points value on the card is worth interest saved on your home loan.

    Meaning you could transfer $10,000 across into the card, spend and accumalte 5000 points.
    Last time I did a rough calculation it was $7 for every 1000 points meaning in this case $35.

    I have a high earning credit card and just pay for EVERYTHING on that, I get points accumulated and I keep my money in my offset account saving interest. I then just pay it off at months end so get best of both worlds.
     
    albanga, 13th Feb, 2017
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  12. RSC

    RSC Member

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    It is a shocking card - actually has the worst bid-ask spread of any of the pre-paid cards when loading currency.

    Eg. based on current rates, they are buying USD at 0.7739 and selling at 1.2195. Say I have AUD 1,000 and convert it in to USD (get USD773.9), and then convert those USD back into AUD, I end up with AUD894.99.

    So crossing the FX spread two ways loses you 10.5% of your cash, or ~5.25% each way.

    That is a diabolical spread. Much better options out there from pretty much everyone.
     
    RSC, 13th Feb, 2017
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  13. Juggernaut

    Juggernaut New Member

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    Hi Otie,
    I'm new here but thought I would add my 2c as my first post.

    So I cut up my credit card. Sometimes people forget that while cc give great points, they seriously crimp borrowing (and servicing) power.

    I find that the Qantas cash card gives the convenience of payWave plus paying bills online. Plus I really do seem to notice more when it is my money I am spending!! Great for budgeting a set amount as I can load how much I am allowed for the week etc. and I don't have to completely give up the points by going all cash.

    Lastly, the digital transaction record is useful to load into budget software vs all cash and trying to keep track of paper receipts.

    Justthought I would add my experience as it seems really different to most other opinions so far :)
     
    Juggernaut, 14th Feb, 2017
    #13