I have been using Commbank Diamond Credit Card for past 15 months and have managed approximately 50k points which equate to around $250 for redemption at Flight Centre.
I I'd like to know from OzBners what credit card so you use to maximise your points? I don't think Commbank gives the best return for the amount of points.
$395…? that's a lot of money for credit card annual fees.
You do get $400 travel credit back and the free points up front. That's dependent on how important are those points to you of course. If you couldn't care less then of course it's pricey.
I've all but given up on the accumulation of these points.
I've gone to a Coles card for my main card. Accrues FlyBuys points (2 per $1 spent) to use back at Coles … 2,000 points gives $10 off. The way I see it then is that I'm effectively just getting 1% off everything I buy and am redeeming it more or less immediately (i.e. the next time I'm at Coles).
I know this is very unlikely to be the best deal out there, but in terms of actually using the points it works for me. Over the years I've accumulated hundreds of thousands of points on other cards that turn into QFF points that I've then had great difficulty in using and are basically just depreciating over the years. Given up on that. I'm not only interested in arrangements where it is basically an instant reward.
My approach, basically
Earn from actually spend is slow. I have a CBA platinum on the way, but I only got that because there's no annual fee with my mortgage package. I think my CommBank Awards is at around 200k, will probably wait until the next bonus 15% Velocity offer to transfer them over, which is usually November
I try to focus on velocity point earns through bonuses i.e. the BUPA offer, the Energy Aus offer, the current Virgin Money Flyer credit card offer (20k points per month for the 1st 3 months when you spend $1500/month). Annual fee is $63 - that's the easiest 60k velocity going at the moment.
Also time to threaten to cancel my Amex to see if I can get points!
You will get points if you threaten to leave. I got 8000 QFF when I told them that I am leaving. They made me stay for a while but eventually cancelled the card.
I did threaten a few weeks back, they said they couldnt offer points. Card rolls over to a new year in 2 weeks so will call the day before with an ultimatum. I've heard 24k velocity being offered
The question is why do you want credit card reward points? If you want to maximise the value you receive forgot about Flight Center gift cards and start accumulating Qantas or Virgin points to use on business class classic flight rewards. As an example some credit cards currently have a 75,000 point sign up bonus. This is enough for a business class reward flight to Asia - worth about $3k. Much more valuable then spending a year waiting for only $250 of rewards. I say cancel Comm Bank today and sign up for one of the Qantas affiliated cards which has a good sign on bonus.
The QFF earning credit cards generally charge a hefty annual fee. E.g. There is an offer for ANZ currently where you can earn 75000 QFF points and annual fee will be waived after a year. But what after that? They start charging big fees.
And if I cancel the card before the first year it may affect my credit rating as they can easily see that I had signed up only to get the points. Correct me if I am wrong.
Start churning cards then if you don't mind your credit file getting multiple hits in a year.
it may affect my credit rating
Not likely to affect it much at all if you are only doing one a year.
You're wrong.
The recent government issued change to bank issued AMEX cards have severely diminished the capacity to earn points. Before August of this year many banks offered good point returns when using the amex card, and less so on the visa/mastercard that also came with the account.
They also placed very low point earning caps on the cards too, restrciting the amount of points you can get each month regardless of amount bought.
Now pretty much all bank point schemes are crap.
If you are looking to earn good points now, it is best to stick with an amex direct issued card, such as the amex explorer.
Also it is a good idea to keep another card (visa or mastercard) from somewhere else (like the coles one) for places that will not accept amex.
Also keep an eye out for bonus sign up points offers, amex run 100k sign up bonuses all the time.
Best to avoid QFF points rewards, as velocity and its star alliance partners offer a much better value for points.
FlyBuys are a good top up too, if you happen to shop at coles. Keep any eye on their offers and promos.
A would also recommend getting a card that does not transfer the points automatically (like the velocity branded ones) as velocity quite often offer bonus points on transfer (15-25%) and you will miss out on this if you can't accumulate and transfer when the promos are running.
Most of the good point earning cards have hefty annual fees, so keep an eye out for offers where they waive the 1st year, then after the 1st year is up call them and tell them you are thinking of closing the account due to the fee - they tend to waive it for you again.
Also these cards tend to have something to help offset this, such as free flights.
And if you happen to have a homeloan with someone they tend to waive the annual fee on the card too.
Keep an eye on https://www.pointhacks.com.au/ as well.
Thank you. Very informative. Will try to keep an eye on Amex Explorer and see if they come up with the first free year.
I think QFF is a premium product which is why less value for money. It has become a status symbol to have soooo many QFF points.
Don't underestimate Velocity! I've recently flown a380 first class suites to sydney to paris recently by transferring to Kris Flyer, great value.
What's the use of all these points if they can't be used!
Can anyone recommend a good Velocity card?
Amex Explorer is the current hotness. CBA Diamond has shit woeful earn rates.