20K Qantas Points offer but received 100K instead? Should I close the card now?

Jamesrulez1 on 18/01/2020 - 21:17
Last edited 19/01/2020 - 02:22 by 1 other user

TL;DR Signed up for ANZ basic frequent flyer card with the 20k sign up bonus. Hit eligibility criteria but was given 100k points instead.

Questions
1. Can I close the card now without any negative repercussions? I know that I'll take a slight hit on my credit score so should I hold onto the card for a while longer?
2. What could have caused the bonus 80K points to happen? Or could it be human error? Or a hidden promotion I didn't know about?

Full Story
I applied for the ANZ Black Frequent Flyer card as I've been a customer with ANZ for 8+ years but I was rejected. I asked Ozbargain and was told it was probably because i was still in my probationary period with a new employer (less than one month with company).
They instead offered the basic frequent flyer card with a 20K point offer which I accepted at the time because I wanted to start churning some points.

I spent the $2k limit within a week (hit the eligibility offer) and topped back up to $2k and spent the next $2K limit the week after.

One month later I have 100K "Bonus Points" from ANZ. I haven't used the card ever since the first two top ups.

Additional Info
After the ANZ card, I applied for the Qantas FF (120K points) card and was approved and have been using that ever since as the points per $ is much better than ANZ. I've also been conditionally approved for the 120K points offer with NAB (pending salary verification).

ANZ FF Black card rejection thread: https://www.ozbargain.com.au/node/507728

Financial

Related Stores

ANZ
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Comments

  • oscargamer on 18/01/2020 - 21:21
    +2
    1. yes. you actually get a positive on your credit score for voluntarily closing a card.
    2. who cares
    • [Deactivated] on 18/01/2020 - 21:31

      +1. For #2

    • LemonShapedRock on 18/01/2020 - 22:10

      My experience has seen my Credit Score drop (sometimes a lot) post closing a credit card - I've never fully gotten why this happens.

      • mini2 on 20/01/2020 - 14:34

        Credit utilisation.

  • Muzeeb on 18/01/2020 - 21:30

    What is 100k qantas points actually worth?

    • TheMindsetTraveller on 18/01/2020 - 21:33

      Depending how one uses them; anywhere from zero to around $3,000.

      • Muzeeb on 18/01/2020 - 21:35

        Sheesh. Cancel and run.

      • Jamesrulez1 on 18/01/2020 - 22:02

        What are the optimal ways to use them? I was just planning on selling them for a cent each.

        • pantsparty on 19/01/2020 - 06:32

          You maximise their value by redeeming classic flight rewards in business class with them. That is enough points to fly business one way to Japan, Hong Kong, lots of other good places.

  • bohn on 18/01/2020 - 21:45
    +1

    Close it.
    Enjoy

  • TheMindsetTraveller on 18/01/2020 - 21:47

    Hi OP, I know with ANZ cards that the points automatically transfer over to Qantas once per month, so make sure the points hit your Qantas account before closing your card. That said, if this was me, I wouldn't close my ANZ account once the points hit my Qantas account - it might raise a few questions why you are closing it so quickly after.

    I know from personal experience that if ANZ reverses your points and you have no points to take off, your points balance actually goes into negative. There is no dramas at that point, they never chase you for them. Wait a few months and then close it then.

    • bohn on 18/01/2020 - 21:59
      +3

      it might raise a few questions why you are closing it so quickly after.

      It won't.
      I have had about 5 credit cards in the last six months. No one has ever asked anything.. and I closed my amex with over 50,000 negative points.

      • ontoastrye on 19/01/2020 - 12:23

        wow. are you for real?
        1. Have you noticed any type of dramatic decline in your scores and
        2. Other than more CC, have you during that time of closure or are you intended to make large purchases like home/ investments property?

        Apologies if this is too personal.
        For reference myself:
        1. The declines are minimal from 850 to 750. (still in very good range)
        2. No near future investments as was 'chicken-sh!t' of what this cycling of credit card would do to my credit and impact. So #2 isnt a worry.

        Ref:
        i've closed 4 cards in the last 12 months. Have 14 credit enquiries and 12 credit accounts.

        Credit Savvy, GetCreditScore + wiscredit rates my score ~750.
        But credit simple shows <500.
        Not too sure why the disparity and what to think.

    • Jamesrulez1 on 18/01/2020 - 22:02

      I was planning on going with the "your card has lower point rates than my other cards" if they asked why i'm closing.

      The points hit my Qantas account already.

      I didn't know ANZ could reverse points back from Qantas. Could you share the personal experience?

      • Numlock on 19/01/2020 - 00:06

        I didn't know ANZ could reverse points back from Qantas. Could you share the personal experience?

        You don't need personal experience to explain it to you. If you buy thousands of dollars worth of stuff from a mate on your rewards credit card, claim the points and then refund the purchases at a later date, you are not entitled to all those points. Any credit card provider will automatically reclaim the points you were awarded.

        My advice would be to close the card and wait a few months before you use the points. They can still correct errors after you close the card for the reason above.

  • Mechz on 19/01/2020 - 02:38

    Spend the points, then just leave the card dormant in case they decide to offer you better points or an upgrade to a better card to entice usage.

  • chillybags on 19/01/2020 - 09:41
    +1

    Cancel the card and move onto the next. From my experience once the points are in your qantas or velocity account there is nothing they will do. I have had a negative points balance in some cards when ive cancelled them and they didnt remove the points from my qantas or velocity account.

    • ontoastrye on 19/01/2020 - 12:25

      how did you get negative points? was this an intentional refund and thus they clawed back the points?

      i just prepaid my expenses and bought some vouchers which was expecting to spend.

  • Choc83 on 21/01/2020 - 14:05

    Personally, if something like this were to happen to me, I'd keep it quiet. You don't think ANZ trawls these forums?

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