Optimal strategy going forward after the expiry of the ING 2% cashback on Paywave?

Riczter on 17/09/2016 - 17:18

So the ING 2% Cashback ends at the end of the month…

Have there been any other deals to substitute?

What is everyone elses plan going forward to maximise their value on spending?

At the moment I have the Coles Rewards mastercard giving me 2 points per $ spent which works out to at least 1% cashback on every $ spent via the 2000 pts redemption for $10 off a shop at Coles. This is also convenient for me coz i shop at coles and it is automatic.

Anyone got anything better or alternative for day to day spending?

Financial

Comments

  • hamza23 on 17/09/2016 - 18:29

    I'm planning on doing the same, Coles Platinum MasterCard for 1% return on spend. I have AmEx's with 1 QFF/1 Virgin point per $1 spent but unless you are using the points on flights it doesn't work out as good value and I can't use AmEx for a lot of bill payments etc anyway so would always need a backup VISA/MasterCard.

    Would be nice to have Android Pay like ING/AmEx but not holding my breath for Coles MC to include that feature, just searched now and according to Facebook they don't currently have any plans.

    • bargin424 on 20/09/2016 - 07:46

      Why not consider the Amex platinum edge card? It's more than 1% return and you get 3points per dollar at major supermarkets

      • hamza23 on 20/09/2016 - 10:37

        I use discounted gift cards to purchase groceries and petrol so that wouldn't be any use at all. That card would actually work out worse because you only receive 1 point elsewhere or 0.5 points for bills, both are below 1%. Even if I didn't use Coles MC then I would just use the free QFF/Virgin AmEx cards which are 1 point per $ everywhere & also don't have an annual fee ever.

  • sraymond on 17/09/2016 - 20:44
    +1

    Some bills allow paypal so if you have Amex as your primary you can use that. Also, Post Bill Pay using online or the app allows paypal on a lot of bills.

  • mchoodie on 17/09/2016 - 21:20
    +4

    I will be spending 2% less after sept

  • bluesky on 17/09/2016 - 22:26
    +1

    I will be using my fee-free Amex Essential card, which has a return rate of 0.741% as the main card. Furthermore, I like the ease of redeeming this, by simply offsetting the card balance.

    I did consider the Coles Rewards Mastercard, which has a 1% return rate and $89 annual fee. However, in order to be better off with the Coles card, I will need to spend beyond $34,363 per annum. As a fairly frugal person, I may not reach this level of expenditure per year. And since my main purchases are with supermarkets/big retailers that accept Amex, and a number of my regular bills can be paid using Amex linked to Paypal, or AusPost BillPay, this card is pretty adequate. (Where Amex is not accepted or has surcharges, I will use other backup cards).

    Besides, Coles Mastercard is good for those who shop at Coles a lot, so one can redeem the flybuy points easily. I tend to shop a lot more at Woolworths using 5% discounted Wish cards. Hence, the Coles card is not so suitable for me.

    If anyone is in a similar boat and and wishes to apply for this card, here is the Amex Wiki. You get a higher bonus applying via a referrer.

    • maverick on 19/09/2016 - 19:13
      +1

      "in order to be better off with the Coles card, I will need to spend beyond $34,363 per annum"

      That statement needs to be read in context and might create a wrong impression for anyone just perusing.
      The more general statement would be that a person needs to spend $8,900 to break even (ie. cover the annual fee).
      And if applying during a "free 20,000 points" promotion, the first year is effectively covered + $11.

      • bluesky on 19/09/2016 - 19:53
        +1

        Fair enough, I was simply comparing the use of the fee-free Amex Essential, against the Coles Mastercard with $89 annual fee. I actually deliberated on this for myself, hence shared it in response to OP asking what people's plans are moving forward.

        And if bringing the application promotion into the equation, then yes, Coles is better, 20,000pts is worth $100, whereas Amex Essential is only $75 (using referral) as a cash credit into account, after $500 spend in first 2 months.

    • virhlpool on 19/09/2016 - 23:34

      How about Coles Mastercard, the one without any annual fees though?

      • bluesky on 19/09/2016 - 23:41

        Do you mean this card? The reward is 0.25%, which is fairly low.

      • bluesky on 22/09/2016 - 00:42

        As mentioned above, Coles no-fee card returns only 0.25%. If you want no-fee, but higher return, check out the Amex fee-free cards. Amex Essential returns 0.741% generally. My recent post contains in-depth detail on this card. Amex Qantas Discovery and Velocity are great too if you redeem flights. But not as good as Amex Essential, if redeeming cash-equivalent rewards. Hope this helps.

  • retiredfeline on 19/09/2016 - 19:30

    I don't really have a substitute. I'm going to not deposit $1000/month in ING but into other cards to get cash out of Woolies checkouts. Since I use Woolies and not ATMs, I don't need the ATM rebate. I might charge more on my fee free Coles Mastercard but the return won't be as good as 2%. It was good while it lasted but it was only a few dollars a week so I'm not cut up over it. But I'm keeping the ING account, the card's useful as a backup to Citi for overseas withdrawals.

    • Riczter on 19/09/2016 - 19:42

      I didn't think the ING account had any benefit for overseas withdrawals?

      • retiredfeline on 19/09/2016 - 19:45

        No, but it has a relatively low transaction fee of $4.50 (or was it $2.50?). Which is why it's a backup, hopefully the Citi card won't go awry touch wood.

        • Riczter on 19/09/2016 - 19:47

          Ah ok, I've got the citibank card, and I did have the 28 degrees card as backup, but I cancelled that for the Coles Rewards Card, which I believe has the no foreign transaction fee as well, but I haven't tested it yet for this. Has anyone compared the Coles rewards Mastercard with the 28 Degrees Card in terms of overseas purchases? Are they basically the same ie: just the mastercard exchange rate?

        • retiredfeline on 19/09/2016 - 19:49
          +1

          @Riczter: Also I have noticed that transfers into ING appear the same day, whereas Citi takes one more day. This could be important if one needs to move money quickly into ING. Their app is good, better than Citi for sure, but that's not saying much. :)

        • RockyRaccoon on 19/09/2016 - 21:17

          @Riczter: Dont get sucked in by the "no foreign transaction fee" This is just one part of the cost of OS transactions.

          What exchange rate do they use. Some banks add a margin to the Visa/Mcard rate, so with one card like 28 degrees you get 74c while another it will be 72c

          Maybe someone knows what the Coles card does with exchange rates

    • virhlpool on 19/09/2016 - 23:40

      I'm going to not deposit $1000/month in ING but into other cards to get cash out of Woolies checkouts.

      Couldn't you withdraw at stores checkout using ING card (checking account)?

      • retiredfeline on 20/09/2016 - 07:41

        ING is just one of the cards I can use for cash withdrawals. It's just me getting back at them for a while or perhaps longer for withdrawing the rebate.

  • Helmutson on 19/09/2016 - 20:18

    Has anyone tried the Australian Military Bank, Military Rewards Account?
    They are offering a 2% cashback with Visa Paywave purchases under $100. You have to deposit $1500 into the account every month in order to wave their $4 account keeping fee but this shouldn't be too hard if you deposit your salary in and then withdraw. They also mandate you to 'donate' the 'cents' amount of your monthly balance with them each month also.

    It doesn't appear that you need to be an member or a former member of the ADF as far as I can see. Section 18(a) of their terms and conditions document just says:

    'This account is for personal use only. It cannot be opened for
    business or trade purposes. As an account holder, you must
    be an Australian resident for taxation purposes with an
    Australian residential address and over 18 years of age'

    Not as good as ING for sure but still not too bad as far as I can see.
    Please feel free to comment if I have missed/misinterpreted anything.

    Cheers

    • Banana on 19/09/2016 - 21:53
      +2

      does that mean if you have $100.90 in your account at the end of the month, they'll take the 90 cents away from you? o.O that's bizarre!

      • retiredfeline on 19/09/2016 - 21:55
        +6

        I guess you could say it doesn't make cents, hahaha.

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