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Up to 30,000 Bonus Qantas Points with Jetstar Platinum MasterCard

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Up to 30,000 Bonus Qantas Points with Jetstar Platinum MasterCard
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Lgolfer dad on 28/07/2013 - 09:53 jetstar.com (581 clicks)
Last edited 28/07/2013 - 11:13 by 1 other user

Receive 15,000 Qantas Points if you make an eligible purchase by 11.59pm AEST 30 September 2013 and a further 15,000 Qantas Points if you spend $5,000 by 11.59pm (AEST) 30 September 2013

Plus you’ll also receive two Qantas Club Lounge invitations‡ to be used in 2013 if you make an eligible purchase on the card by 30 September 2013~

And you will pay just 2.99% p.a. for 9 months on the balances transferred.

Annual fee for the Jetstar Platinum MasterCard® is $149

Hi,

I have a Westpac home loan whereby both 100% of our salary goes into each month and we only withdraw for cash and monthly debit to pay off in full our credit card which we use for all living expenses (55 days interest free). I've just applied for the Jetstar Platinum credit card as there's reduced annual fee, up to 30,000 FF points and 2.99%pa interest rate on balance transfer from another credit card for 9 months.

I'm thinking of taking up the balance transfer as on the transferred amount, I will be paying 2.99pa interest rate instead of the Westpac std variable home loan rate (above 5.65%). At the expiry of the 2.99% period, I will pay off the full amount from my home loan. Is my logic correct and I should ended up paying less interest on the transferred amount?

Will appreciate any feedback from anyone that have used these balance transfer offers or who works in the financial field. Thanks in advance.

Financial Credit Card Reward Points

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closed Comments

  • smackus on 28/07/2013 - 09:56
    +4

    wrong place. Try the forum.

  • cornucopia on 28/07/2013 - 10:00
    +1

    Right deal, wrong tag line. The deal is in the 30000 bonus points. The balance transfer deal all the cards are doing, some better than this at 0%!!(ANZ)

  • Snoop on 28/07/2013 - 10:05
    +1

    I think you'll find that it's only for existing 'Credit Card' balances. And unless you purchased the house on a credit card they won't accept it!
    What you have sounds more like a home loan offset account.

    • petestrash on 28/07/2013 - 11:27

      It does depend on the Terms and Conditions. I did the same last month with Citibank (1.9% for 6 months). Even though it was advertised as a "balance transfer offer" you could just ask for a cheque made out to any name. In the fine print it also says that it can be for any purpose.

  • MaMan on 28/07/2013 - 10:28

    .

  • cornucopia on 28/07/2013 - 10:48
    -1

    Actually, the concept behind this has merit. What's to stop you putting the house purchase on a card (some people have credit limits of $100K and more) and then doing a balance transfer to a very low or no interest rate and then rolling it over on further balance transfers as the low rate expires (n times). I know others are already on this balance transfer treadmill….the hard part might be finding a seller that will accept you credit card to start with. Might work with a corporate seller on a new house….

    • [Deactivated] on 28/07/2013 - 11:03
      +3

      Because the real estate agent nor the vendor will take credit cards to purchase a house.

  • tazmaniak on 28/07/2013 - 10:52

    Jetstar Mastercard is great! I've got $1600 worth of flights with mine over the last couple years.

    • aztecian on 29/07/2013 - 01:22

      can you redeem it for other stuffs than flights? i personally prefer by cba credit cards, got over $400 back each year at least via cash back or woolies/coles gift cards, which i think more practical

  • David Hasslehoff on 28/07/2013 - 10:54
    +2

    is this fuzzy logic or nonsense?

  • isdnman on 28/07/2013 - 11:17

    If you just want to BT
    Try 0% pa from St.George 8 months 55 annual fee

  • surm on 28/07/2013 - 11:36
    +1

    I'm thinking of taking up the balance transfer as on the transferred amount.

    I think you can do a balance transfer from your current credit card to your new Jetstar credit card once.

    Unless you have a large limit in your current credit card and you can somehow make a credit card payment towards your homeloan (or, buy things for friends/family on your current credit card until it maxes out and collect equivalent cash from them and deposit that in to your homeloan account), your proposed scheme does not work.

    • Snoop on 28/07/2013 - 11:41

      Spot on!!!
      I've thought about this in the past myself. But you have to be very careful in reading the fine print of these offers… And worse, keeping track of them if you do it the many times needed over the years to really make it worthwhile!

    • surm on 28/07/2013 - 11:46

      See whether you can make a BPAY payment on your current credit card to your home loan. I remember that my previous homeloan accepted mortgage premium payments though BPAY.

      That will help you to rack up debt on your current credit card which can then be "balance transferred" to the new credit card.

  • bsdll on 28/07/2013 - 11:53

    This stuff is actually widely done and is called stoozing… http://en.wikipedia.org/wiki/Stoozing

    If you can get it to work on your home loan it can save you a ton in interest.

    I just took out a 'loan' on my Citibank card for $45,000 for a totally different purpose, but they sent the check to me and off I went…

  • vegemite2008 on 28/07/2013 - 12:16

    The interest free period (55 days) does not apply if you transfer the cc balance from another card to the jetstar card. Happened to me and yes, it was part of the terms and conditions…..

    • Geewhizz on 28/07/2013 - 14:04

      That's because you still have an outstanding balance at the payment due date. You only have interest free days if your entire balance is paid by the due date.

      That's where some people can get suckered in, I guess.

      • vegemite2008 on 28/07/2013 - 17:06

        Mate, the cc balance that you transfer counts towards the total outstanding balance….

    • Holysmoke on 03/08/2013 - 13:20

      Actually just found two offers with interest free balance transfers AND purchases:

      Citibank Clear Platinum
      * A low introductory rate of 0% for six months on balance transfers, and up to six months on purchases and cash advances. After the introductory period standard variable interest rates will apply and any unpaid balance transfer amount will revert to the cash advance rate1.
      * Half price annual fee of $49 in your first year2 (usually $99).

      BOQ Low Rate Visa Card
      * 0% p.a. on purchases and balances transferred for a period of 4 months. Balances transferred up to 80% of your credit limit and will revert to the cash advance rate thereafter.
      * $55 Annual Fee

  • kiwipride on 28/07/2013 - 12:33

    Interesting.

  • jimbler on 28/07/2013 - 17:17

    I think the annual fee is only $69 for the first year through this link, but don't quote me on it.

    http://www.jetstar.com/au/en/club-jetstar-card-offer

    • arend on 28/07/2013 - 22:34

      True, but no 30000 points through that link.
      So you have to choose whether 30000 points is worth $80 to you

  • redslert on 29/07/2013 - 11:20

    Would balance transfers counts towards the $5000 spending requirement?

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