Which credit card is better?

padman on 24/03/2014 - 11:34

Thinking of possibly applying for my second credit card and can't decide which is better

Citizen rewards platinum (too poor for signature) .
https://www.ozbargain.com.au/node/123330

Or
Amex gold from professional association which I am a member of…

$0 annual Card fee

13,500 Membership Rewards points if you choose to join the Membership Rewards program. ($100 value)
8,000 Qantas Points if you choose to join the Qantas Direct rewards program.

2 Qantas Points per $1 spent on selected Qantas products and services in Australia
1 point for every $1 you spend on eligible purchases; except for selected utilities, insurances from providers other than American Express, telecommunications providers and government bodies in Australia, where you’ll earn 0.5 points per $1 spent.

I think the points system for Citibank is better, but just want second opinions.

Also is it a good idea to apply for a second card? (first card was 3 years ago) Not sure if it would impact on my credit file as I will be buying a property soon. This would be a joint loan.

Thanks

Financial Credit Card

Comments

  • cpho on 24/03/2014 - 11:45

    What's your first cc? If it's not 28degrees, that should be your 2nd cc
    If it is, and you like traveling, why not get the platinum edge card? Free domestic return flights every year for the $150 card. Plus the point system.

    • padman on 24/03/2014 - 12:06

      Yup first card was 28 degrees.
      I thought of that, but I don't travel alone.. So buying another ticket on that airline plus the $150 may cost more than flying jetstar or tiger

  • PissLUR on 24/03/2014 - 12:09
    +1

    if you are soon to be taking up a home loan, then i suggest that you dont take a second cc for now.

    you may be getting a home loan package which includes a rewards credit card for free.

  • shortgum on 24/03/2014 - 13:31
    +2

    bankwest zero platnium

    • padman on 24/03/2014 - 15:05

      Why is this better? I checked and don't think it has points. I don't need the free fx transaction costs as I've got 28 degrees.

  • CyberMurning on 24/03/2014 - 14:01

    citi signature, free fees, free insurance and lounge vip access, plus can ask for cheque to self balance tranfer, and then put that money in ubank to earn high interest and pay 0% to citi for 6 months

    • Steptoe on 24/03/2014 - 18:43
      +1

      … except " (too poor for signature) . "

  • [Deactivated] on 25/03/2014 - 09:02

    Why anyone would get an AMEX is beyond me, no matter what the offer at the time, there are still plenty of businesses that won't accept AMEX and there are a lot that charge a lot more as AMEX transaction fees are insane to merchants, compared to Visa and Mastercard.

  • ramshead on 25/03/2014 - 09:33

    When you apply for a home loan they include your credit card limit as a liability ( regardless of what you actually owe on it), therefore may be worth waiting.

  • TPbMe on 25/03/2014 - 13:24
    -1

    Hi Padman~ I'd be comparing interest rates rather than rewards especially if you don't travel & want the free insurance (which is a good strategy,but be disciplined & only do it for the short term) with the $$$ saved you can reward yourself or save it (even to an off-set a/c against home loan). Also, it's unwise to get another credit card if you're going for a home loan as the credit card's available balance is included as debt (even if not used). The banks are getting tough but who wants to be over-committed & stressed plus loose your home?!

    • Riczter on 25/03/2014 - 13:27
      +1

      If you're worried about interest rates then it means you intend to use the card as a credit card and not pay it off in full each month. In which case you shouldn't get a credit card at all because they are a black hole debt trap.

  • padman on 09/04/2014 - 18:29

    So I just received my Platinum card, and they've stuffed up my application. My welcome letter says a $199 annual fee applies.

    Rang them up and said I applied under F&F link, and they confirmed that they will waive the annual fee.

    Also asked about balance transfer, and they told me that I had a 24 month 0% balance transfer. However, I need to pay a 3% balance transfer fee on the date the balance transfer is processed.

    Eg: limit of $15k, 80% BT is 12k. I need to pay 3% upfront $360

    Is this a deal? Don't have a mortgage yet, so money will be chucked in Ubank.

    My calcs say yes, Ubank interest is 4%, so $12k over two years will earn me $960. Net profit is $600. Downside is I can't use the card for 2 years? Not too sure how BT works.

    • csg001 on 09/04/2014 - 21:54

      Don't forget you need to pay tax on the interest you receive from UBank. Factoring in tax, your 4% return from UBank is probably less than 3%.

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