Credit Card - Which one(s) given my scenario ?

LBarney Google on 26/05/2014 - 11:00

OK, I've read most of the ozbargain posts on credit cards, ING direct, Citi platinum/signature, etc.

I'm in the market for a new credit card given I am planning to move my mortgage away from a full service bank (where my current credit card is too) to loans.com.au.

Grateful if ozbargainers could give me a recommendation based on my circumstances (prioritised below)looking to maximise my rewards.

  1. Card + supplementary for my wife.
  2. Myself and wife working (accountant + teacher)
  3. $36k spend on credit card per annum (ie put everything possible on credit card. Paid off in full each month.
  4. Wife prefers visa given widely accepted. I would consider dual card assuming Amex is now more widely accepted than 5 years ago when we quit ours because NOT widely accepted.
  5. We shop at Woolworths for our groceries (does Wooldworths accept Amex?)
  6. We don't primarily want air points as our rewards, but having the option to convert points to airpoints would be good.

Thanking you in advance for any help.

Financial Credit Card

Comments

  • rewardscompared on 26/05/2014 - 11:21
    +2

    Rewards Compared shows that for a $36k spend, Jetstar's Platinum Mastercard to come out on top, however you need to fly pretty regularly to make use of those points (vouchers automatically issued and must be used within 6 months)

    If your Amex spend percentage is high enough, the ANZ dual amex/visa card may be your best option.

    • cuteseal on 26/05/2014 - 11:27

      Nice comparison site, thanks!

      Just a comment on the Citibank Signature Visa - there's a promotion where they waive the Annual fee for life which the last right hand column "Yearly Return in Dollars" doesn't take into account.

      So that comes out on top for Visa cards, assuming you qualify for the promotion.

  • cuteseal on 26/05/2014 - 11:21
    +1

    Citibank Signature Visa is best I reckon - no annual fee, free supplementary cardholders, 1.5 rewards points per dollar, free travel insurance etc.

    Only thing about the new rules with Qantas Frequent Flyer rewards points is that you can't convert existing Citibank reward points to Qantas FF points. So you either sign up at the start accrue using one program or the other (note Qantas charges an additional fee). And you can't switch halfway either - any existing points will be lost . For other programs, you can convert from Citibank Rewards to Velocity FF (1.5 to 1), Krisflyer (1.5 to 1), or Air Asia Miles (2 to 1).

    Or you can use Citibank Rewards points using their own travel agency - basically they price up your travel quote (flights and/or hotels) as a dollar figure, then convert the dollar figure to rewards points required.

    • [Deactivated] on 26/05/2014 - 15:38

      +1 for Citibank Signature Visa.

      If you often use $ overseas (incl. Internet shopping)then worth consider Bankwest Platinum series.

  • donbot on 26/05/2014 - 11:25

    I'm in exactly the same position (accountant + teacher), except she's not yet my wife.

    I opted in for the Citibank Signature fee free for life. In balance transfer stage (waiting 6months BT promotion to finish before using it day-to-day, but the idea is there).

    1. Annual fees bite into your profit on these schemes. No secondary card fee for her.
    2. Its a VISA - she doesn't need to worry about which card to use. Amex is accepted at Woolies, but remember to justify the difference in rewards vs additional cost of an Amex (probably not fee free for life).
    3. One bill - easy to manage, but from what I can tell, you receive a statement breakdown as to what each card is spending (good for us so she can manage her spend)
    4. Redeemable for airline miles, but we dont really care too much about this. Pretty good conversion on vouchers which we use directly (about $12k for $100 voucher).

    I'm a bit weary on using this card for everything as I refuse to pay forex conversion (only downside for us), but I've kept a Bankwest Zero Platinum for that.

    • Barney Google on 26/05/2014 - 14:01

      tizey, all thats left to do is marry that teacher then? Not sure we do enough forex to warrant holding an additional card. Hear your point to that its a visa. Might look into the ANZ dual card option, to see if the proportion of our spend that can be done on Amex is worth it.
      Cuteseal, the Citibank Rewards through their own travel agency sounds like to go for us. Thanks.
      I better have another look at the Rewards Compared site. Thanks. The Jetstar option isn't good for us as we don't need to travel that much domestically.
      Thanks everyone.
      Ozbargainers seem to go for the ING paywave too. Should I add that? Thoughts?
      BG.

      • tonester on 26/05/2014 - 14:19

        Not sure we do enough forex

        you don't spend money or buy things from overseas?

        to warrant holding an additional card.

        in addition to what card?

        Ozbargainers seem to go for the ING paywave too. Should I add that?

        yes :)

        https://www.ozbargain.com.au/node/140001
        https://www.ozbargain.com.au/node/99786

        also

        citibank plus visa debit - totally fee-free including no forex fees
        https://www.ozbargain.com.au/node/138996

        this might help as well:

        https://www.ozbargain.com.au/node/141275
        https://www.ozbargain.com.au/node/129796
        https://www.ozbargain.com.au/node/131828

        • Barney Google on 26/05/2014 - 15:15

          tonester, thanks you are a legend. I'll check out all your links.
          tizey has a bankwest platinum for forex in addition to citibank signature. I'll look into the visa debit option too.
          Thank you.

        • donbot on 26/05/2014 - 15:38

          Go all three.

          Citibank VISA - everyday spending to accrue free points.
          Bankwest Platinum - online shopping to avoid forex conversion fee or to use overseas (purchases only)
          Citibank Plus Transaction - use overseas to access cash from ATMs.

          Let us know if you find Amex is worthwhile - I'm currently sidelined from applying for an AMEX as you have to be without for 12months to gain any sign-on bonuses… that ends in July/August of this year.

        • Barney Google on 26/05/2014 - 15:57

          Thanks Tizey.
          Citibank VISA only sounds the way to go. Online shopping overseas amounts to < $1000pa so not planning on Bankwest platinum. Our overseas trips tend to be Asia only, travelling cheap so generally take AUD cash on trips. Probably not going to seek an AMEX, unless a dual card option looks better.
          With your setup, do you have an ING paywave?

        • donbot on 26/05/2014 - 16:20

          I've got the documentation to take to the post office to confirm my ID - the offer of a free $250 iconic voucher each ($500 in total for her) was pretty appealing for not doing a lot. She was able to do it online, mine didnt go through! GRR.

          I'll probably use the ING for 6months - I doubt if she will.

    • Ken Weng on 27/05/2014 - 10:13

      mate, how did you get the annual fees free for life?

  • grasstown on 26/05/2014 - 21:58

    I have a lot of cards. My Amex plat edge is by far my best paying. You get one free virgin saver fare each year to select destinations from most capital cities. You get 3 points a dollar at woolies. You get all the statement credit offers posted on OzB. Ive never utilized the free insurance, but a friend was extremely happy with their medical claim. And they have the best customer service - always give me what I want, waive penalty fees. It has a 200 annual fee, reduced via profession al bodies.

    • Barney Google on 27/05/2014 - 09:05

      Thanks grasstown. Wife is pretty anti Amex given her experience that most places don't accept it (well, without a surcharge). If I can get her across the line that, say 80-90% of her (our) usage would be at places that accept it (woollies etc) then that may work. I guess I'll have to analysie our historic spend. Citi signature with no fee and still 1.5 points per dollar versus Amex at 3 points a lot of the time, inconvenience of running a visa as well for places that don't accept Amex. Theres a lot to be said for the simplicity of one card (could go Amex only and just eftpos the other). Cheers.

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