My friend of a friend who works at Suncorp just sent me this offer for family and friends of staff (but apparently anyone can actually apply).
Its $0 Annual Fee for Life on the Suncorp Platinum Credit Card. And you can also get 0% for 6 months on purchases and balance transfers.
Is this a good deal?
Thanks Shonky…. it has a very different insurances and notice they have Qantas rewards as well. agree that no annual fee is hard to go past
No Qantas points on that card.
Qantas can only be earned on direct earn cards now. You have to have a direct earn card and looks like that costs $49/year
seems they just copied what citi was offering. not creative at all. make it 24months 0% balance transfer and im in.
anz has 16 months
Balance transfer is a very specific part of the product. I always pay off my cards in full every month so pushing a few $k around doesn't do much for me.
hmm sorry but do you aware of citibank balance transfer where they give you cheque so you can deposit it to mortgage account.
What's the point of that?
So you don't pay off the other credit card like you're supposed to, but put it into your mortgage where you would have a lower interest rate than the other credit card?
Pay off your higher interest rate debts first.
@erwinsie:
Well not really what you said. If it's a balance transfer then you pay off the existing credit card.
If you don't owe money on an another credit card and are just taking a cheque from the new card at 0% then that's not a balance transfer.
If you're moving money around to "create" a temporary debt on a credit card I'd consider that somewhat fraudulent in terms of the application.
It looks exactly the same as the Citibank Platinum card. The warranties is also backed by Zurich and looks identical to the Citibank.
Suncorp credit cards are all issued by Citibank
I have both cards and yes they are pretty much identical down to the internet banking screens (credit card section anyway).
I use Citibank one as it has slightly better giftcard redemption rate compared to Suncorp. Not surprising as Suncorp CC are issued by Citibank like powerhead mentioned.
There are several other no annual fee cards kicking around. Two of them are: 28 Degrees Mastercard and Source Mastercard (Coles). So, nothing remarkable about the Suncorp deal
Are there any rewards cards that are no annual fee for life ? The Citibank card has a minimum income of 75k p.a whereas this has 35k p.a, so it might be useful for some.
Note - a point is worth roughly 0.0053 - 0.0056 cents for this Suncorp card.
I have the suncorp platinum card for a few years (was staff up until 8 weeks ago).
Got a letter about 6 weeks ago saying as im no longer staff next anniversary they will charge me $199 annual fee (so was planning on cancelling before the anniversary date).
Lucky i saw this as i contacted them and they coukd also offer the fee free for life to me as an existing customer.
I got the same letter too. However I'm still jobless so I will have to see how i go on that next bit.
Just a real quick feature comparison between the Citibank Platinum and the Suncorp Platinum. Skim read the insurance brochures and the rewards. Apologies for any mistakes.
| Citibank Platinum | Suncorp Platinum | |
|---|---|---|
| Reward Scheme | Yes | Yes |
| Concierge Service | Yes | Yes |
| Guaranteed Pricing Scheme | Yes | Yes |
| Purchase Cover Insurance | Yes | Yes |
| International Travel Insurance | Yes | Yes |
| Extended Warranty Insurance | Yes | Yes |
| Transit Accident Insurance | Yes | Yes |
| Interstate Travel Insurance | No | Yes |
| Free bottle of wine | Yes | No |
Notes: Insurance Excess is the same for both cards
NOTABLE DIFFERENCES
Purchase Cover
- Suncorp covers up to $5000 whilst Citibank covers up to $10000 in a single claim.
Rewards Schemes
- Citibank offers better value points per dollar gift-card redemption.
- Citibank also offers gift card denominations of $10, $20 whilst Suncorp is minimum $50.
- Suncorp offers opt-in on Qantas FF reward scheme for $49 per year. Citibank does not.
It seems that the Suncorp is a tad bit more useful than the Citibank Platinum especially with Interstate Travel Insurance. Citibank would be good if you're waiting for an opportunity to upgrade to signature.
Anyone know of any pitfalls of the Suncorp compared to the Citibank? Can anyone compare the rewards schemes in more depth?
If I pay the $49 opt in for QF points, anyone know what is per dollar reward rate?
Can you pass me the referrer details. Suncorp will not give me 0% on purchases unless there is someone who has refered me.
You can send me a private message for this informaiton
Thanks for this OP!
Just made the phone call as an existing customer, and they have waived the annual fee for life! Very happy!
Hard to go wrong if it's free.
Has the travel insurance stuff but read the PDS to understand how good it really is.
Points are probably not all that useful - I try to funnel as much as I can to one rewards program from various cards etc.