Credit Card for a Large Purchase?

Grazz989 on 17/01/2022 - 20:12
Last edited 17/01/2022 - 20:53

Hi all,

I need to make a large (>$8,000) purchase in a couple weeks, and I'm interested in getting my first credit card with purely for that purchase (probably to be canceled later if it has a big yearly fee or whatever).

So I'm looking for a card with the best 'spend $X in Y days' signon bonus deal - I have zero clue whether the points at one place are worth the same as any other place, let alone what I can do with them.

I've got a ~$89,000 salary in a Govt. job with $50,000 in savings, zero credit history whatsoever. No Mortgage, no car, other major expenses other than rent etc. Not sure if there's any other major factors.

Cheers for any recommendations.

Financial Credit Card

Comments

  • avoidfullprice on 17/01/2022 - 20:24

    I've got a ~$89,000 salary in a Govt. job with $50,000 in savings, zero credit history whatsoever. Not sure if there's any other major factors.

    Yes, your non discretionary expenses, so they can calculate serviceability of repayment.

    • Grazz989 on 17/01/2022 - 20:50

      I'd be very confident that my expenses would be considered modest. If it's any indication, that $50k was saved up in about 3-4 years (I was getting a postgraduate degree before that). It's pretty much just rent and food when it comes to non-discretionary, I don't even drive a car.

      • cloudy on 17/01/2022 - 21:00

        When i was reading modest, i thought you were gonna say in 2 years. But then saw 3-4 and thought, MMM

        • Grazz989 on 18/01/2022 - 04:12

          I'm not sure what you mean exactly? I would've thought that saving up 50K in the first 3.5 years of work is pretty decent.

          • cloudy on 18/01/2022 - 05:22

            @Grazz989: Well of course I don’t know your life situation…

      • avoidfullprice on 17/01/2022 - 21:27

        You are justifying to the bank, not to me.

        For all the bank cares, that 50k is a gift or you could gamble that away tomorrow.

        The bank would be interested you can still service 1.3k repayment per month. If so 8k limit sounds achievable.

        • Grazz989 on 18/01/2022 - 04:12

          Okay, great - But in that case, going back to the original question, what's the best card to aim for? i.e. the best sign up bonus.

  • bobbified on 17/01/2022 - 20:26

    So I'm looking for a card with the best 'spend $X in Y days' deal - I have zero clue whether the points at one place are worth the same as any other place

    Why? It's not even worth the effort! 8,000 points or even 12,000 points (where they might give you 1.5 points per $) will get you nowhere. The annual fee will be added to your first statement as an amount due. That'll probably negate whatever points you get.

    You don't say what you're buying or who you're buying from but the supplier/vendor/merchant might charge you extra fees for paying by credit card (extra fees for them). And if they don't charge those fees (because they've factored it into the cost), then you might be able to negotiate a discount with cash or direct deposit instead.

    • afoveht on 17/01/2022 - 20:34
      +2

      I think they're looking for a sign up bonus, often 100000+ points.

      • Grazz989 on 17/01/2022 - 20:46

        This is correct. Just the signup bonus.

        As for what I'm buying, it's actually a cancer surgery for a parent. I can afford it out of savings, obviously, but if I can claw some of it back, I don't see why I shouldn't.

      • bobbified on 17/01/2022 - 20:48

        You could be right - although OP says that they want it "purely for that purchase (probably to be canceled later if it has a big yearly fee or whatever)" and I don't think they give the bonus points in the first month. Usually it's spending a certain amount within the first three months and then they'll give the points. So they'll have to have the card for at least three months and cop the annual fee.

    • coffeeinmyveins on 17/01/2022 - 20:49
      +2

      Why? It's not even worth the effort! 8,000 points or even 12,000 points (where they might give you 1.5 points per $) will get you nowhere. The annual fee will be added to your first statement as an amount due. That'll probably negate whatever points you get.

      Signup bonuses dude.

      This will instantly do the requirements for any signup bonus on a card available at the moment.

      I just wrapped up $800 on the ANZ Rewards Black and $1200 on the Amex on too. These bonuses are too good to be passing up.

      The points from spends mean jack all though.

  • Transient on 17/01/2022 - 20:38

    I'm looking at the Westpac platinum or black card at the moment.

  • coffeeinmyveins on 17/01/2022 - 20:50

    https://www.pointhacks.com.au/

    pick one that has a bonus you like. If you want FF points, get one of those.

    do you have a mortgage? that will affect it.

    • Grazz989 on 17/01/2022 - 20:51

      Thanks! - No mortgage. I'll edit the OP for that.

      • coffeeinmyveins on 17/01/2022 - 20:55

        No worries.

        Having a mortgage limits your possibilities, so that's good. If you have a good credit score you should be good.

        Get a limit that is close to your purchase eg $10k. don't get a 50k limit, you're likely to be rejected.

        • Grazz989 on 17/01/2022 - 20:59

          Well that's just the thing - " zero credit history whatsoever."

          I have none, good or bad.

          The limit matters not at all to me, I'd just apply for the lowest one - I'll cover anything else with cash.

          • coffeeinmyveins on 17/01/2022 - 21:01

            @Grazz989:

            I have none, good or bad.

            Yes you do.

            Google how to get your credit report (for free). Or do it via the Finder app.

            I didn't have a single credit card, debt or anything, and I had a credit score of 840.

          • RockyRaccoon on 17/01/2022 - 21:08
            +1

            @Grazz989: Did you check with Surgeon/hospital if you arent going to be charged a surcharge for credit card payment? That can sometimes negate any points gained.

  • Ughhh on 17/01/2022 - 21:40

    I have zero clue whether the points at one place are worth the same as any other place, let alone what I can do with them.

    Thats something you need to look up yourself, get the basic info at least, not very hard.

    • Grazz989 on 18/01/2022 - 04:14

      There are literally a hundred+ cards out there though. Surely OzB of all places would have a shortlist of cards good for this type of situation …

  • Danstar on 18/01/2022 - 06:35
    +1

    There's an Amex offer for 120k QANTAS points, it has a $450 annual fee, where you get $450 credit to spend on QANTAS travel. Also $100 cash back

    https://www.americanexpress.com/au/credit-cards/qantas-ultim…

  • El-Rhi on 18/01/2022 - 06:39
    +1

    ANZ Frequent Flyer Black is a good option with 100k Qantas points. Downside is it has a $15k minimum limit (should be no issue based on your situation) and an annual fee which is partly reduced to $170.

    Or one of the Amex cards, just be aware of any annual fee.

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