Credit Card Reward Point Beginner Queries

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  pantsparty on 08/06/2018 - 09:12

  +1

  What is your aim with credit card reward points? To fly business/first class? To get free hotels? Other?

  • 

    Dadidalol on 08/06/2018 - 18:03

    Good question, I didn't really have a goal in mind. It's more like if I'm buying things, I may as well accrue some points on the side. Business/ first class upgrades would be nice, though I'm not really inclined to change my regular spending habits to achieve them.

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  MathNerd on 08/06/2018 - 10:32

  +3

  If you've amassed only 25k MR points in 11 months of holding your AmEx, you need to play the points game a bit harder. Saying this because to get anything worthwhile out of the points you're going to have to spend way more.
  A great way to do it is to pay your friends'/parents'/partner's etc bills, and just get a Bank Transfer for the amount. You'll be getting points for others' spend, which is literally a zero cost to the points.

  • 

    Dadidalol on 08/06/2018 - 18:11

    Tbh I only collected 5k :)
    The first 20k was a sign up bonus…
    I still live at home and don't own a car, so my expenses are truly minimal. The single greatest monthly expense is my mortgage payment, and next biggest would be my public transport fare.
    That on the side, I like your idea to pay for the family's bills, though it might be a bit of a hassle to set up initially.

    • 

      MathNerd on 08/06/2018 - 19:26

      Tbh I only collected 5k

      Where was your spend directed at? Was the 5k from supermarket spend, fuel spend or other 'random' spend?

      The first 20k was a sign up bonus

      Well done, free points!

      The single greatest monthly expense is my mortgage payment, and next biggest would be my public transport fare.

      Mortgage repayment can't be paid with CC, so that's out the window. Public Transport fare, assuming this is myki, doesn't accept AmEx. However, you can do topups at 7-Eleven, which counts as "fuel" spend, so you can get 2 Ascent points per dollar. If this is a big portion of your spend, you can get some good points here!

      That on the side, I like your idea to pay for the family's bills, though it might be a bit of a hassle to set up initially.

      True, don't go out of your way to do it, but if you see a family bill coming up due, offer to pay it and then get a Bank Transfer done a bit later.

      Hope this helps!

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  Sapz on 08/06/2018 - 10:40

  +4

  Hi

  Given that you have an Amex Ascent points, they cant be transferred to Qantas.
  Under your circumstance, I would transfer them to Velocity given that you already have a velocity account with some balance.
  By saying that, it's not always the good idea to collect points in few different currencies, it makes your total balance less valuable. especially when they are not interchangeable. And the same time, don't waste any earning possibilities as well. First, try to collect them in the best possible single currency, if not collect them in any way possible.

  FYI, I'm collecting them in Amex Ascent Premium and Qantas (best value and earning potential in Aus for me)
  Next, best is Amex Ascent + Qantas ( For someone without Amex Platinum Charge Card)
  FYI, I Alway redeem them for reward tickets as its the best value for me.
  Again, its always come to the personal preference and circumstances.

  some thoughts on your first question,

  As you already have an Amex, no chance of getting another bonus for next 18 months ( after cancelling)
  Generous bonus points offers in the market right now are,
  Nab Qantas premium Signature With 115K Qantas point ( through Point hack referral )
  https://www.pointhacks.com.au/credit-cards/nab-qantas-credit…
  St.George Amplify Signature Visa with 90K (think theirs a chance to reduce annual fee through point hack referral. Not sure its exclusive to them though)(Also, not the best bank to bank with. heard they're taking forever to credit their bonus points)
  https://www.pointhacks.com.au/credit-cards/amplify-signature…
  (*** I'm not connected to Point Hacks in any way nor receiving any commissions, just pointing out whats out there.)
  There was a good offer with ANZ for 75k Qantas points with no annual fee first year. But I think they have taken it off. But please do look into it.

  A word of advice before you cancel your Amex platinum Edge card.
  Its very good card with huge potential in the market right now, 3 point per supermarkets and 2 points for fuel. Something to think about in long run.

  If you Do decide to cancel, Book your hotel or experiences using 200 travel credits and once your reservation is paid & confirmed and then and only go for cancellation hence it won't affect your reservations.

  Happy research
  Cheers

  • 

    Dadidalol on 08/06/2018 - 18:16

    +1

    Thanks for your detailed reply mate! Exactly the kind of advice I'm after & plenty for me to think about.
    I did see the ANZ offer earlier in the week but didn't apply in time. Hopefully a similar deal will pop up towards the end of the financial year.
    Cheers

    • 

      Sapz on 08/06/2018 - 19:18

      You are welcome

• 

  donkcat on 08/06/2018 - 19:50

  Is there a reason you have only earned 5k points in 11 months? With 3 points per dollar for supermarket spend, 2 points for fuel I would expect to see a much higher figure. Fair enough if you prefer/find it cheaper shopping at Aldi who don't take Amex and fuel is cheaper at a station that won't accept Amex or you don't own a car, but if not this is a wasted opportunity. I mean realistically if possible you want to be purchasing gift cards from supermarkets if for example you have something you need to purchase from bunnings etc to get that 3 points earn rate.

  The Platinum Edge is a very good card, great earn rate, travel credit makes up for a good proportion of the annual fee and of course having an AMEX card means you can utilize the great offers that run frequently throughout the year (shop small, cash back offers). But the negative to holding one is that you're not eligible for any other great AMEX sign up bonuses that are often 100k points on their high end cards. So I would be asking yourself is the trade off to not having an AMEX card for 18 months worth the 100k point deals you will open yourself up for.

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  starburstyellow on 08/06/2018 - 20:07

  Would be good to know your current salary before giving advice as to which card to churn to.

  My advice to you would be to stick to 1 i.e. Qantas or Velocity, or more specifically One World or Star Alliance. My personal view, because you are based in VIC, is to go Qantas/One World route.