Credit Card Rewards - Got Plenty of Spending Coming up

Hunter14 on 19/11/2018 - 16:24

Hi All,

Long story short, got a wedding and a new house on the way in about 6 months. I have about 20-30K expenses coming up in 1-5 months for various items which can be paid by credit card.

I’ve recently signed up for the Westpac Black Mastercard/Amex deal for the 120K Qantas bonus which I should be able to achieve easily. Was thinking to cancel once I get the points and move onto a new credit card. However, I think all my expenses are too close to each other so may need to get multiple cards at the same time if I want to claim the sign up bonuses. Has anyone had 2 black cards from separate banks at the same time? Looking to hop onto the next ANZ deal that comes up.

I am quite financially savy and organised so having multiple credit cards won’t be an issue. My home loan has also been approved already so there won’t be an issue there (hopefully).

Just wondering if anyone had any advice on how I can take advantage of all the spending that I will be doing.

Thank you in advance for any suggestions.

Financial

Comments

  • TheMindsetTraveller on 19/11/2018 - 16:59
    +1

    If you are a good credit risk, then there is no issue having multiple cards at the same time (I am in that position).

    The lenders, all check your credit file, and if you have multiple applications in a small amount of time (which I have been through), they will be asking you in very fine detail why you applied for other cards, are those cards still open, why you would like to apply for 'our' card.

    Practically with up to $30K spend, I would be aiming for at least six card - yes SIX cards; get you and the fiance to apply for three each.

    You could earn around half a million or more sign up points in the process!

    Three years ago; you apply and get a response that fast - but now, with all the hoo-har about banks giving out easy money, they now really thoroughly check your application - so again, if you are a good credit risk - then there is absolutely no dramas.

    • spiff on 19/11/2018 - 17:04

      On top of the Westpac/Amex, that makes potentially 5 applications in less than 6 months. I'm all for taking advantage of the rewards points but that seems like too much.

      Also not sure if there's even 3 decent cc offers to take advantage of right now.

      • TheMindsetTraveller on 19/11/2018 - 17:12

        Quite a few cards actually;

        ANZ Black 100,000points/spend $7,500/3months/$425fee
        Westpac Atitude Black 120,000/$6,000/3m/$0
        Qantas Premier Card - 70,000/$3,000/3m/$149
        NAB Qantas Rewards 100,000/$4,000/3m/$295

        • spiff on 19/11/2018 - 17:23

          You're right, though my definition of a decent offer would include paying no annual fee and OP already has the Westpac card. The ANZ Rewards/FF Black cards have their first year free once or twice a year so I would never pay a fee for that, especially not $400+. Qantas Premier hasn't had an annual fee free offer for a couple of years, but I'm still holding out for one. NAB is in the same boat as Qantas, their fee free offers are rare.

          But for OP's purposes if you want to apply for the offers Drunk mentioned, I'd choose the Qantas offer first, then NAB, then ANZ.

          • TheMindsetTraveller on 19/11/2018 - 17:40

            @spiff: Whilst I am like you and reluctant to pay for any annual fee, sometimes the points outweigh the annual fee component.

            For example, whilst $425 annual fee sounds a lot in the above card, the 100,000 points is definitely worth it (after you sign up to the the cheaper cards).

            100,000 points, well 90,000 qantas points will get you Sydney to Bangkok one way in First Class on Emirates for example - that is easily worth $425 in my opinion.

            • spiff on 19/11/2018 - 17:46

              @TheMindsetTraveller: Absolutely agree that my logic doesn't work out in terms of pure dollars and cents value. It's more of a personal goal to pay as little cash as possible to accumulate points. If I was in OP's situation, or I needed to accumulate points quickly for some reason, then I'd be hoovering up all these offers.

        • Hunter14 on 19/11/2018 - 17:31

          Thanks for the suggestion mate. I'm not adverse to having up to 6 cards if it doesn't damage my credit score too much (anymore than if I had 3-4 cards).
          I can see value in these options but ideally I want a first year no annual fee. However, if there is none at the time then I will definitely consider one of these. Is that guy who buys Qantas points for 1 cents per point still operating?

          • TheMindsetTraveller on 19/11/2018 - 17:43

            @Hunter14: Your tricky part is you said that your home loan is approved? Is it unconditional, or have you settled? because if you are applying for a series of cards before settlement, your lender may be reassess their offer if you have applied for x amount of cards before hand.

  • spiff on 19/11/2018 - 17:02
    +1

    Get your partner to also apply for cc's with the sign up and spend offers if you're worried about too many credit inquiries on your history.

    • Hunter14 on 19/11/2018 - 17:26

      Thanks mate. I've already got my partner in on it :) but that's 'only' 12K. And I'm not even including our daily normal spend. I'll see if I can get a few more cards as they come.

  • fishball on 19/11/2018 - 18:07

    I've got a black card from NAB and Westpac but ANZ rejected me on the recent velocity/traveler card or whatever it's called.

    You can definitely do multiple card apps, I went through in < 6 months in the following order:
    - NAB signature
    - Bendigo
    - ANZ traveler or w/e (rejected)
    - Westpac combo

    I've also got an amex and the 28 degrees card that I've kept for a few years.

    Generally speaking if you can prove you can service the debt the banks don't have a problem approving your CC.

    • Hunter14 on 19/11/2018 - 18:18

      Cheers. I also have the Bankwest zero card and a CBA platinum mastercard since it's complimentary with the home loan.

      I also have quite a decent amount in savings which may help. And I have a good credit history.

      What do you use your points on if you don't mind me asking?

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