Best Use of CBA Rewards Points? Convert to QFF?

furythree on 28/02/2017 - 11:30
Last edited 28/02/2017 - 12:59

Hi All

i plan to close my CBA credit card but have a balance of about 100k points accumulated over several years.

I was just wondering if i closed my card, whether my rewards points will remain if i dont use them?

In any case, it appears that convering points to cash is only worth just over $400 vs about $500 in gift cards, and just over $550 in flight centre credit

Alternatively, 1 cba point is worth 2.5 QFF points. which appears to be a lot edit correction, it appears to be the other way around
a quick google suggests QFF points are worth on average 0.5 cents per point, which makes my points worth roughly $1000….did i convert that correctly??

however CBA says that you need to sign up for QFF direct (which has a $30 fee) and only points you accrued AFTER you registered can be converted. which means this doesnt apply to me

So that being said, anyone know the most value for money route to convert these points? its looking like gift cards is the best value at the moment

Financial

Comments

  • DogGunn on 28/02/2017 - 11:46
    +2

    Woah woah woah, I think you mean 2.5 CBA points to 1 QFF.

    The other way would be an amazing deal.

    • furythree on 28/02/2017 - 12:43

      knew it was too good to be true :P

  • [Deactivated] on 28/02/2017 - 11:50

    1 CBA point = 2.5 QFF??

  • Findo on 28/02/2017 - 12:00
    +1

    CBA Awards points are pretty rubbish in terms of what you can get compared to other cards. Gift cards seem to be the way to go unfortunately.

    • furythree on 28/02/2017 - 12:44

      any idea which ones? myer? BP?

      • Findo on 28/02/2017 - 13:57

        The redeem rate is the same for all of them ie 20k points = $100 gift card. What do you see yourself purchasing in the next few months? Will you use them as gifts? Are you going to use them for everyday purchases to save money? It's ultimately up to you, but I'd be going for Coles gift cards.

  • LemonShapedRock on 28/02/2017 - 12:31
    +1

    Having worked at CBA for many years I can confirm that once you close your card you have 30 days to claim your points by calling 131661.

    • LemonShapedRock on 28/02/2017 - 12:32

      Best value is to transfer to Velocity IMO.

      Next would be to claim your points at Myer directly, better than buying a gift card.

      • furythree on 28/02/2017 - 12:44

        come on Myer have another sale!!!

      • dbui8743 on 28/02/2017 - 12:50

        One thing is if you use your points to shop at Myer, and plan for TRS, you are in for disappointment.

        Purchases made with points were tax-free a few months ago. I don't know if it is still the case.

        • coco1458 on 28/02/2017 - 14:19

          It's still the case, it won't be considered under GST in the receipt unfortunately

  • tuvz on 28/02/2017 - 12:51
    +1

    Not sure the exact transfer ratio for cba but id gladly buy qf or va from you at a cent per point if that helps your calculations

  • ninjawarrior on 02/03/2017 - 00:12

    I did a little research on exactly the same question a short while ago (around 120k CBA points). Ended up waiting for the Velocity Frequent Flyer 15% bonus points promotion and taking advantage of that.

    Agree that CBA points are generally horrendous value - if frequent flyer points don't float your boat, gift cards are probably your next best option.

    • furythree on 02/03/2017 - 18:29

      thanks

      i dont use velocity so will just go with gift cards

  • Ararat on 15/04/2017 - 23:14

    I got pre paid visa gift card worth $500.i can use it in any shops valid 12 months.

  • Gabe on 19/04/2017 - 16:48

    You can go into any Myer store and use your CBA points to purchase Coles Myer group gift cards which can be used at Coles, Coles Express, Kmart, Target, Liquor Land, Vintage Cellars, Officeworks and First Choice Liquor. This might be a better option rather than just redeeming them for purchases at Myer also unless you were actually planning a holiday this could be a better option than putting the money towards flights as well.

Login or Join to leave a comment
Login Join