I just saw this brochure last night, then went to the shop this morning to apply this card. The reps told me that I will get my card within 3 days, and I need to spend at least $1 outside DJ store and then I call their hotline ASAP to redeem my points for my DJ gift card.
He also tole me that annual fee $99 will be charge next year.
So if you still keep this AMEX card, you still make $101 free.
the deal is u might get $200 or $101 gift cards, read again on my post above.
2 weeks ago they were giving $50 for applying + $200 if successful.
i wish that happen to me today
What would happen if I cancelled it after i got my bonus?
the guys just told me that annual fee will be charge later, but not in the first month. i haven't found on their term and condition said they will charge other fee to close this account.
don't forget - applying for a credit card means AMEX doing a credit check which goes on your file. Not that theres antyhing wrong with this, just something to be aware of for the potential benefit of $200
thanks for the heads up! haha
for whatever reasons :)
well, if you have more credit cards - the less banks will lend you. Also if you have an excessive amount of "credit checks" recorded on your credit profile, this will also affect your chances of getting a loan.
You can also request a credit check (www.mycreditfile.com.au) - you can do it for free but might have to find it on the site - they don't make the "free" option very easy to find.
Nothing to do with the deal per se - but just a heads up.
What if you cancel all but 1 or 2 of the credit cards just before you want to take out a loan?
How many "credit checks" is considered excessive?
@proudwanderer: if u want to know exactly how the credit card limit impact the loan amount that u can borrow, just use the bank loan simulator, you can put your total credit card limit, then u can playing around and u can get the answer
if u don't need that credit card, close it, it will record to your credit history as well. I close all other credit card that i don't use anymore before I applying my loan before. And it doesn't impact loan amount that I need it.
Rule of thumb every $1k on your credit card will reduce around $5k of loan that you can borrow. That was 4 years ago, not sure now.
Again, the purpose of this is get the gift card, if u don't like, u know what u have to do.
Make it simple. Take it and go.
@dragonrabit: oh crap … i've been upping my credit limit every time I receive an invitation from my bank to up the limit
@proudwanderer: do u always use up to the limit? i don't like increase this limit, coz if i lost this card, also increase my risk someone use it.
@dragonrabit: nowhere near it …. lol … probably about 30% of it max
If say, in the future I want to take a loan …. can I decrease my credit limit … before asking for the loan?
Or am I done for …. and can't change anything
I've got 3 credit cards …. all with big limits of varying degrees …. one of those credit cards I hardly ever use ….. it's free so I haven't cancelled it
@proudwanderer: u can reduce it, but normally they will tell u that it hard for you to get increase, which is bs for me, coz i have done many times, reduce it, then a month later or so got another letter saying, u are eligible to increase ur limit.
i always paid off the balance every month, may be thats another reason.
i suggest u reduce ur limit a month before u apply the loan
@dragonrabit: Doesn't cancelling a credit card, reduce you credit score? It's better to close a credit card that you've only had for a few month. Don't close a credit card that you've had for a long time, doing that will reduce your score.
@jammyfox: mate, we are in australia, in australia we don't have credit score system like in usa
in usa they have credit score rating. if u got more credit card, u get good credit rating etc….
in here. if u have 0 credit card, never apply any loan. but based on assessment on your income that u can pay your loan, the bank more than happy to give you loan than person got many credit card. in here (australia) as i said in other part of this forum, every 1k limit reduce your borrowing capacity around $5k, thats what i have been told by my lender and also my loan simulator that i was playing around before.
Is there a reason why so many people like AMEX?
Almost every place you shop at will impose a surcharge on the purchase.
and a very high surcharge at that. Usually ~ +4%. Whatever measly amount they give you to fool you in to this deal, you pay back very quickly.
Alternatively it's $200 worth of David Jones vouchers, for $99 + some time + 1 little purchase …
there are many big retailers not charging surcharge at all.
I wish every place charged for the use of AmEx, because if they're not, Amex's exorbitant rate will be built into the prices which everyone pays, whether they use a credit card or not.
go to woolworth/safeway or coles, they don't charge any surcharge, if u don't like it, after u got the gift card, close it. simple thing don't make it complicated.
be positive, u will get reward
be negative like u, got nothing
I think 4% is an exaggeration, the most is around 3% with many around the 1-2% mark. Also, AMEX has already made deals with a lot of business to bring down their surcharge to something close to Mastercard and Visa in exchange for that retailer to stop imposing a surcharge on the customer. How do I know this? I am one of those retailers who got offered that deal.
yup, when purchase my ticket in the past, flight centre want to charge me extra if i am paying with amex (visa/master already waived at that time), in the last 1 year, they have waived the surcharge for me if i used my amex card. and i got extra point using my amex compare than my visa card.
and i paid my balance in full every month. so i don't worry too much for interest rate. and my bank also waive my annual fee in the last 3 years. i am with nab velocity.
-> lplau
Just reread your message … what do you mean by Amex is so popular? :P
-> thechengman
So, if we complain to Amex about stores we go to, charging more … they might chat with them and offer to reduce the charges for them?
Similarly, it's in a store's insterests to charge the surcharge and advise the clients, if they talk to Amex, Amex might drop the charge? :)
@SomeGuyOnOzB: I believe Amex is already contacting stores themselves. We use to have a surcharge for Amex in our shop but an Amex rep popped into our shop and said if we agreed to remove the surcharge he'll reduce the transaction costs (to about 1%) which is just above Mastercard and Visa. We had to sign the agreement so I guess we would be breaching a contract if we continued ask for a surcharge.
If a shop has no deal with Amex on this then it would definitely be in their interest to charge and advise of a surcharge, but I'm guessing they would be able to get the same deal as I have just by calling up Amex and getting a rep over there to speak to them.
Also, if you're with a professional association that has a deal with amex, you may get no annual fee at all.
I use Amex because it is double the points.
If you have a combo card like the Westpac Altitude card or Earth branded cards you get both an Amex and a Mastercard on the same account.
I use the Mastercard where the company imposes a surcharge, everywhere else… there is the Amex.
Points systems are a scam. AMEX typically offers 2 points per $1 spent. You can redeem 3400 points for a $20 gift card. That means for every $1700 you spend, you get $20 back, so roughly 1%. But you don't even get that tiny saving because the retailers jacked up their prices by 1% to compensate.
All of these points systems - reward cards, 4c petrol vouchers, etc - are designed to create complexity, because they know not everyone will reclaim their points/vouchers/rewards, so those people are paying an extra "tax". If you reclaim your "rewards" then you are simply paying full price; you aren't really getting a "reward" because you paid for that reward with jacked up prices. Without the "rewards" systems you would pay 1% less in the first place and you wouldn't have to redeem points for junk you don't really want.
And of course the credit card companies make even more money because people overuse their credit cards trying to "rack up points", then end up paying interest and/or fees. If you incur even one overdraft fee, you've just negated $7000 worth of "rewards spending".
This is definitely not a bargain. This is free advertising for a points scam that any sensible society would have outlawed.
because u are not smart, thats why u make something simple to be complicated.
this is same as cash rebate m***.
do u say cash rebate scam as well?
if u like $200, do a little work, don't like the card? don't use it, just call them to cancelled it.
who simple is that. in your mind has too many analysis. skeptic person like u won't get any reward from SANTA hahahhaah
poor guy
"who simple is that. in your mind has too many analysis. skeptic person like u won’t get any reward from SANTA hahahhaah"
The credit card companies certainly know their target market.
@[Deactivated]: as i said many times, u like it, use it, don't like it close it.
don't be milky cow for this credit card company, be a cowboy for this company.
play smart, play safe with them
You can still get good value from DJs (using your gift cards) by buying during a sale or price matching when others are having a sale.
Woolworths have reduced the complexity of their fuel vouchers by issuing a everyday rewards card so you won't need to carry the paper vouchers anymore. You can also check how many vouchers you still have online.
Spedning money on the credit card and not paying it off is the responsibility of the buyer. If you don't think that you can manage your finances then don't get a credit card.
If you can manage to pay your statements on time then you would have a financial gain over those who pay by cash as you would get the vouchers plus any interest earned in the bank during your interest free days. I don't see this as a scam.
"Woolworths have reduced the complexity of their fuel vouchers by issuing a everyday rewards card so you won’t need to carry the paper vouchers anymore. "
I'm not talking about the "complexity" of keeping a paper voucher in your wallet. The price has been artificially jacked up to pay for that voucher. The voucher is simply bringing the price down to what it would be paying normally. You're not getting a "free gift" from Woolworths/Coles. You're paying for that 4c/L voucher through artificially higher prices on groceries. The complexity is in the misdirection; you think you're getting the voucher as a "bonus". In reality you've already paid for it. It's a temporal and spatial trick; the payment and reward are distanced, so you don't easily see the connection.
"If you don’t think that you can manage your finances then don’t get a credit card."
Wow, you just dove straight into the passive aggressive insults. I can manage my finances just fine. Am I allowed to point out the deviousness of the system, without you immediately implying that I'm an inferior being? Or is that too much to ask?
@[Deactivated]: just tell the truth that you can't manage. only person can not manage their finance would said this is complicated. i have done many times hit and run with this credit card company, which is reward me a lot of gift card.
i never paying a single cent on annual fee on credit card, and i haven't paid any single cent on interest as well (i got money from them from their 0% balance transfer promotion, u might think how person not paying interest has balance on their cc? hahahha this is my secret)
again if u are smart, u can trick the system, but if u are not?? ehm ehm
same as thechengman, i only bought items on special in the supermarket, never paid the normal price. example timtam, where u can buy in the normal store for $1.85 or $2? tell me. thats only available when the supermarket has promotion.
or coke/fanta/sprite 2 ltr for $2?
again if u are not able to manage ur finance, don't assume other people can not manage as well.
complex if u can't manage ur finance. it is straight forward for me. take it $200, then if i don't like it, close it. it is simple. don't like the interest charge on this card, don't use it.
too much analysis paralysis, this is what happen to u.
Just be noted that the redeemed gift card only has three months expiry.
Not sure if one can still cancel the card without incurring the annual fee after claiming the gift card…
I applied last month with the 27000 bonus points and $50 gift card… guess cannot have the whole world…:)
where do u get information that 3 months expiry? The reps told me that the gift cards has 2 years expiry from the card issue date.
just call their cs today to redeem my point, he remind me that this gift card has 2 years expiry date.
yeah guys. be careful with this one. We got sucked into getting similar deal with david jones where they gave free $150 voucher. However, it had $99 anual fee. So, you might think its still profit of $50. But then you are sort of force to spend that $150 in david jones on item that are overprices anyways. Plus you have the hassle of cancelling the card. In my mind not worth it.
when they charge you this $99 annual fee (a month later or a year later)? My bos got that $150 gift card then close a month later without paying the annual fee.
i dont know where people are getting some of this information from.Firstly the gift cards are valid for two years and not three months as some people have mentioned.Secondly the david jones prices might not always be as competitive but you can get them to price match so you are not spending anymore than you would need to.
Also there is no cancellation fee. The deal basically is once the card is approved shop outside david jones , you will receive 27,000 points to be redeemed for gift cards or towards travel.In the first month you will be charged the annual fee of 99, but as the original poster said you still are up by $101.People need to stop being so suspicious and instead look at how they can take advantage of offers for their own benefit.nhand42 is right credit card companies do make money of people overspending on their credit cards, but they are the impulsive and idiotic people , if you are smart enough you will either get the gift cards and cancel it or just use the card on all the expenses that you would have usually put on your debit card or non-reward based credit card and get those gift points to benefit themselves.
and yes i do have a card and its been really worthwhile, it might not be for everyone but its still is a good deal to make some free money with a bit of effort required.
You can always call up DV to threat to cancel the card because of the annual fee, most likely they will then offer to waive your annual fee for you not to cancel the card. That's what I did last year with their promotion. But they gave only $100 gift card last year, damn, now it's $200.
unfortunately it did not work for me today.
that 200+50 deal was better. Just wait for next year.
not many places take amex
just letting you guys know
first, u don't have to keep this card. if u don't like it close it, at least u still make money $101 extra from $99 investment of annual fee
second, a lot of place accept amex, but a lot of place also charge a bit extra. read again other posting about merchant.
but if u want get free of charge, just go to big supermarket, they don't charge extra.
guys remember, make it simple please.
This application will go on your credit profile. I've done this thing before and when you go for a loan they say, "Sir - I see you have 13 credit-cards?". Not worth the pain for me, even though I am not an Amex fanboy in the first place.
have u read my post above? if u don't need it close it.
i also post tips how to trick the system before u apply hl.
read plssssssss.
went to DJs at lunch… the $99 fee comes out on 1st statement.
not sure if this is working or not
got the card, activate, spend it outside dj, call their hotline to redeem the point, wait for 1-2 week to get the dj gift cards, then call them
immidiately to close the account, may be at that time we still haven't got charge for the annual fee.
even if they charge you, you still making $101 free gift card.
or what i can say is that you are only paying half for DJ voucher.
Below are the terms & conditions from the "turn points into gift card" page, and last sentence clearly say that the "David Jones Gift Cards are valid for three months from the date of issue".
I am happy to see someone prove that I am wrong.
Terms and Conditions:
You have selected to redeem for a reward and your Gift Point account will be adjusted accordingly.
You acknowledge that you have read the Gift Point section of your David Jones American Express Cardmember agreement.
Delivery of David Jones Gift Cards will be delivered by Australia Post to the Cardmember's address within 5 business days.Gift vouchers valued over $600 will be delivered by registered post or courier. Please provide a street address when making your redemption. If you are not home to accept delivery, a card will be left in your letterbox advising collection details.
Terms and conditions relating to the David Jones Gift Card will be listed on the back of the David Jones Gift Card. David Jones Gift Cards are valid for three months from the date of issue unless otherwise indicated.
Has anyone successfully gotten the annual fee waived or cashed in their gift cards and closed their account without having to pay the $99 annual fee? After getting back from a 7 WEEK holiday the card was sitting in my mail box even though i had called and told them to hold my application until i returned. so i missed out in getting the points since i couldn't use the card within 7 days and had a statement due for the $99 annual fee even though i hadn't yet activated it thus i closed it and they wrote off the $99 annual fee. I was told that i could call up and reactivate the card within 2 months with out having to reapply. I'm just hoping that the $50 bonus gift card and 27,000 deal or better reappears within 2 months.
Well, I haven't heard a thing since I applied, thought they would at least be kind enough to issue a rejection letter :(
So whats the deal with doing this, then canceling you card will there be a fee or something?
Cheers