Options for Consolidating Credit Cards

Lhazzad on 02/02/2017 - 15:29

HI all.

I currently have 3 credit cards. A ANZ Rewards card ive had for years which has a fee of about $80/year, a Bankwest Platinum Zero Card and just got a new Coles no annual fee card in the last week. Have used the ANZ card as our primary expenditure card always and pay off every month. The Bankwest card is used soley for the odd international purchase as it has $0 transaction fee. I applied for the Coles card for the $100 Flybuys points and it was intended to replace the ANZ card as my renewal is up. But upon speaking to ANZ they waived the Rewards fee of $55 for the next year so was going to ride it out another year.

Anyway to the point of my post, we are in the process of looking to apply for a investment loan and we simply have to much credit so need to consolidate our cards. My primary needs are rewards points and $0 transaction fee on international purchases. Thinking about it I should have applied for the Coles Rewards card as it would satisfy all these criteria with about the same annual fee. But can anyone suggest a better card. Im not in a high income bracket so wouldnt qualify for any high end card. Flight rewards arent important(prefer gift cards) and would be happy to just use the Virgin velocity option through Coles/Flybuys if thats what i wanted. Just curious to see if just upgrading to the Rewards card would be my easiest option or if there is something better out there.

Thanks in advance.

Financial

Comments

  • mbck on 02/02/2017 - 18:29

    Why not get an amex explorer for your rewards, then get a Citi bank plus acc. That has 0 foreign transaction fee and atm withdrawal overseas.

    The explorer is basically free with the travel credit, plus you get lounge access, insurance (including phone screen insurance), amex offers and local champion bonus points.

    It's not accepted 100%, but nowadays It's about 90%(for me).

    Keep your Coles no annual card fee for backup

  • hazzad on 02/02/2017 - 18:38

    Have to cut it down to 1 card with 6 grand limit. Anything over that is going to effect my lending capacity.

    Plus not overly a fan of Amex due to additional transaction fee most outlets charge for using it. Plus all theextra travel features are useless for us. We don't fly (or even travel) much at all.

    • mbck on 02/02/2017 - 18:55

      Sounds like the Coles reward (platinum) is your best bet then. But then you'd have to cancel your new Coles card.

      Or you could get the minimum limit 3k for the explorer and 3k for the no annual fee. Or a variation of that.

      • hazzad on 02/02/2017 - 19:14

        Yeah wondering it they will work out an upgrade or something. I havent even activated the new card yet. Seems a lot of these cards have minimum 6K limits. I know my bankwest card is.

        • mbck on 02/02/2017 - 19:24

          Even if you haven't activated your card yet, you'd have a credit inquiry in your file. I feel like thats a waste if you cancelled your no annual fee coles.

          You'd have to cancel your bankwest definitely.

          the no annual fee coles is 1k from memory. Coles rewards is 6k if you want the platinum version (insurance).

          Ps, you'd be surprised, Amex is quite widely accepted now. I used to think, 'why get an amex'. It's been a very good decision getting one. (of course you'll have to be prudent about the deals, is not buying for the sake of buying and the discount).

        • hazzad on 02/02/2017 - 19:51

          @mbck:

          yeah realise there would be an enquiry. Would be interesting to know if upgrading a card creates another enquiry or not. Yes the Bankwest will have to go. The 6K with Coles Reward would be fine as it would satisfy all my needs.

          With Amex its not so much the acceptance but the fact that most retailers charge an additional 3-4% per transaction. I avoid anywhere that charges a fee for using any credit card.

        • kelasen on 03/02/2017 - 08:15

          @hazzad: Just call Coles Mastercard help line and they will convert no fee card to a fee one. I have done that in the past. It will be instant and no credit inquiry.

        • hazzad on 03/02/2017 - 09:03

          @kelasen:

          Sweet. That is what I wanted to hear. Think that is the way to go. Do they sent out a new card/ card number?

        • kelasen on 03/02/2017 - 09:15

          @hazzad: Yes they will send out new card however you can keep on using your old card and still benefit the rewards of fee card.

        • hazzad on 03/02/2017 - 19:48
          +1

          @kelasen:

          Thanks heaps for the advice. Called this arvo. Upgraded to Rewards card, first year fee wiaved and still get the 20000 points sign up bonus. Win Win.

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