Help Me Revamp My Credit Cards

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  Shadowsfury on 18/01/2023 - 10:04

  +1

  The short answer is I don't have a preferred provider - as much as possible any spend I have each month should be going towards minimum spends on credit card(s)

  Yes you will need a non-Amex card to get started - with any Amex offers you see it is only available if you have not had an Amex in the last 18 months

  Maybe a site like rwrds.com.au would be less overwhelming as all it really shows are the best sign up offers

  Joint card - generally yes you are right - not hard to add an additional cardholder but keep in mind this often has an additional fee - you might be able to get away without it if one of you keeps the physical card and the other puts the card in Google Wallet/Apple Pay

  • 

    Charlatan on 18/01/2023 - 10:15

    Thanks, I will have a look at that site. Will I need to use or convert my AmEx points before moving on from them, or will they hang around until I come back?

    • 

      Shadowsfury on 18/01/2023 - 10:52

      Yes you will need to use them up before closing Amex if you want to get another in >18m time

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  p1 ama on 18/01/2023 - 10:06

  Just a request for the benevolence of those knowledgeable in these matters. I'd like to become more savvy when it comes to credit card usage and points-collecting and exploiting those regular join-for-bonus-points offer. I'm aware of Pointhacks but find the website somewhat overwhelming, to be honest. I think some simple advice will start me off well.

  It's not that hard - spend more, get more points; look for offers, apply to offers, get bonus points

  • 

    Charlatan on 18/01/2023 - 10:15

    I'm sure it is - I just want to make sure I get started right I suppose. I was afraid, for example, that if I have AmEx points banked up, that that means I should never leave AmEx and just concentrate on getting a good card with them and not worrying about sign-up offers and so on.

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  cashless on 18/01/2023 - 10:41

  +2

  This is probably the best place to start reading

  • 

    archieduh on 18/01/2023 - 11:22

    WOW. thanks

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  ddhar on 18/01/2023 - 10:59

  +1

  If I were you, I'd apply for a second (non-AmEx) card and keep the current AmEx card for the Offers.

  Firstly, figure out if you want QFF, VFF or a flexible bank reward program. It helps to significantly narrow down the choices (and confusion).

  You didn't mention how much you spend per month. If high, a card with annual fee can make sense as it tends to earn more points (and provide extra benefits) than no-annual-fee cards. The value of those extra points can offset the annual fee.

  • 

    Charlatan on 18/01/2023 - 13:34

    I'll have a think about this. Maybe I should look at getting a better AmEx card with better return rates (assuming I can get value given the fees) and go for the second card like you said.

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  Autonomic on 18/01/2023 - 12:05

  +1

  Simple guide:

  1. Sign up to a card with a good sign up bonus (SUB).
  2. Redeem the points as you want (e.g. transfer to FF program or redeem for gift cards) BEFORE you close the card.
  3. Cancel card and ask for annual fee refund to try your luck
  4. Sign up to a new card.

  Depending on your income and financial situation you can have 1,2 or 3 cards at once. You could add a step 0 in that you should figure out what you want before choosing what card to sign up with. No point in wanting to fly Singapore business class and signing up to a QFF earning card.

  If this is the case, how do people who have 'chosen' AmEx as their preferred points-system continue to earn points while churning away from them as a provider?

  Earning points on regular spend is dwarfed by SUBs. Don't bother holding on to a card unless you have some other reason to do so.

  • 

    Charlatan on 18/01/2023 - 13:33

    Thanks Autonomic - is the idea then you'd probably want to have a plan for spending your points before you're due to cancel a card if you want to get value out of them and be able to later get another offer from the same provider later on?

    • 

      Shadowsfury on 18/01/2023 - 13:59

      Not necessarily but should have a rough plan - some redemptions will simply cost more points than you'll get for one credit card (e.g. MEL-SYD is 8000 points + taxes with Qantas, but if you want a round the world first class ticket its 455,000 points + taxes)

      I wouldn't unnecessarily hoard points either though - they should just be used as and when required

      I peaked at about 1.6m Qantas points (and half that in Virgin Velocity - nearly lost these through COVID). But e.g. if the most I will ever redeem at once is 2x first class round the world then anything over 910,000 points should be spent asap to avoid them getting devalued over time

    • 

      Autonomic on 18/01/2023 - 15:14

      If you don't redeem your points before you close your card you lose them. Once they've been transferred out then you're safe.