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Suggestions for a Credit Card

Discussion in 'Finance & Banking' started by Property WA, 5th Nov, 2007.

  1. Property WA

    Property WA Active Member

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    31st Jul, 2007
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    Perth, WA
    Hey all,

    I'm searching for a credit card and with these parrametres in mind:

    a) A good reward programme - frequent flyer points, cashback and vouchers
    b) Low or No annual fee
    c) Interest rate doesnt matter too much as I'd pay it before it starts to accumulate
    d) I'd only spend about $6,000 - $10,000 a year on it.

    Any suggestions?

    Thanks. :)
     
  2. Simon Hampel

    Simon Hampel Co-founder Staff Member

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  3. coopranos

    coopranos Well-Known Member

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    As Sim said, you will cop an annual fee, it just depends if you get any benefit out of the rewards program.
    The qantas program is going to be the best for flights if that is your game.
    Wait until you get a nice sign on bonus with one of the american express providers (I got 25,000 points on my amex when i signed up). You can get 1.25 or 1.5 points per dollar using amex. but...not everyone takes amex, and many people charge extra to use it
    So you get yourself another card (visa/master) that gives you some good points per dollar for when they dont take amex.
    Put all your expenses on your card, then pay it off each month, using the amex first, if that is no good go the visa.
    You will pay a few hundred a year in fees though
     
  4. tailcat

    tailcat Well-Known Member

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    What do you want to use the card for?

    As said before a), b) and d) are basically mutually exclusive. If you are only spending $10000 pa then the rewards are basically trivial.

    Would a visa/mastercard Debit card be better for your needs?

    Bendigo Bank have a pretty good product, especially if you want to run it as a `secure' separate card (and account) for internet purchases.

    Tailcat.
     
  5. Property WA

    Property WA Active Member

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    Thanks for the replies,

    Think I'll check out info-choice and keep digging. Unfortunately I'm finding that, as you've all said, one want cancels out another.

    I could probably spend a little more on the card and just pay it off straight away and a slightly higher annual fee might just be something I need to wear.

    I'll keep searching so plz keep the thoughts/options posting.
     
  6. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    My suggestion is to go the no-frills option ... forget the rewards completely (they are actually quite expensive unless you spend quite large sums per year).

    Do you actually need a credit card ? As previously mentioned - consider a VISA debit card ... all the purchasing benefits of a VISA card without any of the cost. If you were going to pay it off in full at the end of the month anyway, then it's largely the same net result without any of the hassle (and no hit on your loan servicability either!)
     
  7. Property WA

    Property WA Active Member

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    See where your coming from Sim and an interesting thought. But with the way I've got things setup financially I do need a credit card (helps with cashflow arrangements too).

    If I can't find anything that adds up I might just go the no frills option however.
     
  8. Simon Hampel

    Simon Hampel Co-founder Staff Member

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    Do you actually carry a balance on your credit card at all ?
     
  9. Property WA

    Property WA Active Member

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    Zero to minimal Sim.
     
  10. Rod_WA

    Rod_WA Well-Known Member

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    I use Westpac Altitude with Amex attached, zero annual fee (as long as my PPOR mortgage remains with Westpac), between 1 and 2 points per dollar spent, decent rewards program. I channel virtually all our spending through the card, $11k limit, haven't paid a cent of interest or fees in five years, pay it off by funds transfer on the due date each month.

    Every few months I cash in our points, around 7k points a month, which buys us about $600 worth of David Jones vouchers a year. Last month I bought a new jacket and shirt, and my wife picked up a couple of pretty things. Very fulfilling. Rewarding, even.
     
  11. thinkbig

    thinkbig Member

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    I use the same as Rod_WA,

    Westpac brought in the AMEX arrangement when they 'adjusted' (read: halved) the altitude->FF conversion). They subsequently tied an AMEX back in which gains double the points ....

    You have 2 cards effectively linked to the 1 account, so 1 statement, and 1 limit.

    I just try the AMEX first everywhere, if they dont take it, they'll always take the mastercard.

    It generally covers at least half the airfares for our family holiday every year although you do have to plan ahead to be able to book rewards flights in peak times (there's a couple of tricks to that too!).
     
  12. DaveA

    DaveA Well-Known Member

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    if your looking for shopping vouchers. The new Myer card is actually quite reasonable.

    Its 1 point per $ & 2000 points gets you a $20 voucher, So its $2000 for $20 voucher (1% basically). Only downfall is limit of 2000 points at non myer stores per month. So not fantastic as a huge spending card but good to back up a seperate amex card though.

    Otherwise the BP Mastercard is good as it gives you 1% back of your purchases in cash a month.

    The bank cards are great if you get a pro pack with the bank so annual fee is free. However if you pay $150 per year, it takes alot of spending to get the fee back.