The previous expired deal on Altitude Rewards Cashback (https://www.ozbargain.com.au/node/323035) is on again!
Westpac Altitude rewards is offering cashback with 30% reduction in points required.
Cardholders will need to log in to their account and navigate to rewards redemption page.
It doesn't appear to be targeted offer (I have not received any email regarding the promotion). Says the offer is for limited time.
Can westpac do the conversion for you instead when you switch programs?
No, unfortunately all Altitude points earned prior to switching over to QFF will not be qualified for transfer.
I've tried asking them this question in Feb-18 so it should still stand.
The easiest way to get rid of altitude points is to exchange them for "card fee redemption".
They come in different denominations and are supposed to be a refund for your annual fee.
In reality, its a loophole which i'm sure they know about where you can redeem in whatever denomination, whenever you like, effectively making it a cash purchase with points.
So you are saying you can exchange your points for fee reduction but you can specify the amount (which can be more then what the fees actually are) thus getting a credit?
How is that really any different from taking the cash back offer? And wouldn't the cashback offer at 30% be better?
It's pretty much the same either way, but you can only do the rebate claim once per year.
I've claimed the rebate multiple times per year, many times :-)
So I redeem the points and they put the cash straight into my credit card, 98,500 points for $500 does seem good value or am I missing something?
That's correct. I did it last time around for about a $1200 credit.
Only have around $300 worth of points currently, but have put them through for a credit too.
how does the cash back ratio compare with gift cards? has anyone already done the calcs?
Purely looking at what makes financial sense; go the cash rebate. it works out $0.0050 per point whilst the best giftcard deal gets you $0.003465 per point. It all depends on what tax implications this may have for you though, cannot advise you on that
i only have 7800 points thats not enough for the $50 cash back if done via online what if i call up will they do it? what if you have two Altitude cards and cancel one will the points expire on the card that earned them or still be available as long as one Altitude card remains open?
I have been in this situation. The points are tied to the card but I think you can call then and ask them to transfer the balance, I did this l long time ago. Will probably depend on who you get at the call centre a bit of sweet talk.
Westpac say:
As each customer’s circumstances may vary, we recommend you seek independent advice regarding the tax treatment, if any, resulting from your redemption.
Has anyone here ever sought tax advice on this?
Would it be any different to getting gift vouchers?
i guess if you use the card for business it could be considered taxable income or a reduction of deduction.
if card is used for personal expenses i doubt the reward would be taxable.
Is this deal still on?
I just logged-in and looks like $500 requires 141,000 points.
Looks like it expired and has now been replaced by a 15% reduction offer (which started on 20th March).
Ah how timely.
I only looked at it 3 days ago and wont have checked until maybe next month!
So hard to keep up with all this Credit Card deals.
Just redeemed, saving some grey hair to decide what to get…
Thanks Dave!
i am considering moving to the QFF rewards. anyone know the best way to clear the Altitude points in one-go?