Rewards Credit Cards

Brianqpr on 06/06/2023 - 12:07

So our long standing credit card is being discontinued and moved to Macquarie Platinum in August if we don't do anything before then. Existing card limit is $10k.

Just wondered what people's thoughts are on the best reward cards out there. We probably spend about $8k a month on the card and pay it off each payday. The existing card probably produced maybe $500-$600 a year in the form of a Woolworths gift card (could also be used in Big W and a few others) and the annual fee is/was $59.

The Macquarie card as a $99 fee and it seems benefits in the form of egift cards would be fairly similar to what we get now. Any better deals out there?

Financial Credit Card

Comments

  • Bargainitis on 06/06/2023 - 12:47
    +1

    $8K a month is decent spend - thats almost $100K a year.

    YMWV but amex platinum converts 2.25 points per $ which is probably the better ratio out there (other than Centurion) but not all places take amex so depends on how you get to your $8K p.m.

    Otherwise Citi has been good especially with the Payall feature - plenty of guides here on it.

    • soan papdi on 06/06/2023 - 21:01

      For all Citi PayAll payments set up between 1 April 2021 to 31 October 2023 (the Period), the Citi PayAll fee will be reduced to 0%.*

      Any recurring Citi PayAll payments set up during the Period will not incur the Citi PayAll fee for the duration in which those payments are scheduled to occur. Any recurring Citi PayAll payments set up prior or after the Period will be charged the standard Citi PayAll fee of 2% of the amount of the Citi PayAll payment. This fee will apply to all recurring payments made for the duration in which those payments are scheduled to occur.

  • kekw on 06/06/2023 - 13:15

    at 8k each month (holy shet btw) you should move into the top tier cc. Yes high annual fee but you get much more.

    • Brianqpr on 06/06/2023 - 13:38
      +3

      We pay pretty much everything through there, bills, insurance, groceries etc and only use cash where there's no alternative. Family of 4 with teenage kids in Sydney, not a cheap life! The idea being that salary can offset home loan for as long as possible, although it probably doesn't make a huge difference.

  • soan papdi on 06/06/2023 - 14:41
    +2

    I still feel ColesMC is the best deal. They lower the earnings after $3000 but still alright. For you, I put in $250/week at Coles and $1750/week elsewhere. it works out to $65/mo in Flybuys dollars. Some transactions will be excluded, so definitely worth a look. Fee is also $99/yr which is reasonable.

    EDIT: Forgot to mention that you also have 0% forex fee, most cards have a 3% charge.

  • autonomate on 06/06/2023 - 21:06
    +4

    You would have been much better off churning, if you can be bothered. I wouldn't have gone with ANZ had I known how much of a nightmare their KYC and AML process was. Worse than HSBC.

    On $100K/yr, you would have had $600 gift cards every 3 months.

    • drhip on 07/06/2023 - 12:55

      Agree, ANZ process is the worst, I have been churning CC all year long

  • [Deactivated] on 14/06/2023 - 23:52

    I agree with the previous comment. You should have been credit card churning rather than using spending to chase points. If you spend 8k per month and are able to pay of your credit card in full every month then you can basically go through a full signup bonus every month or so as most banks will pay you signup rewards on the first month. That’s 100k of points nearly every month. Also you should know that gift cards are the worst way to spend your points. Best to save them for flights.
    However if you are after a card to keep long term then ANZ Frequent flyer black, Citi or coles Mastercard is the way to go. Coles Mastercard if you want gift cards is your best option as you can stack points with flybuys.

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