Question about ANZ Rewards Black

gidxg03 on 18/03/2019 - 11:18

Quick question if anyone could help? Recently applied for the ANZ Rewards Black card as we were about to book flights for family to Europe so we would meet the spend criteria with just the flight booking which is worth 120,000 Qantas points and we will also have travel insurance through the card.

My question is if I balance transfer the flight spend to the Woolworths Everyday Platinum Credit Card (0% on balance transfers for 14 months) will this impact on the ANZ spend criteria for the 120K points?

Thanks in advance for any feedback.

Financial

Related Stores

ANZ
ANZ

Comments

  • hashtagbargain on 18/03/2019 - 11:51
    +1

    ANZ wouldn't care how you are paying off your debt with them (your cash vs BT from woolworths). You should still be getting your points.

  • Mentallysick on 18/03/2019 - 15:31
    +1

    you cannot potentially balance transfer until you have received your QFF. Potentially you will receive the points only after 3 months period but i believe your closing balance would already be due by then.

  • abovethelimit on 18/03/2019 - 15:55
    +1

    Did you see the T & C's of the offer at all? It was right there staring at me when I was curious to look up the offer.
    "The bonus Reward Points will be credited to your ANZ account, and the $100 will be credited to your credit card account, within three months of the eligible spend criteria being met. The $100 credit will be applied to the purchases balance and does not constitute a payment under your contract with ANZ. If you transfer or cancel your new ANZ Rewards Black credit card account before the $100 credit and bonus Rewards Points are processed to your account, you may become ineligible for this offer."

    Do a Bal Trfr after the points are in your account, then ANZ has no control over it. Also note that the points have to be used up as soon as the balance transfer is complete. They have a small grace period before the unused points are gone for good.

    Edit: Also I am not sure of the idea behind this exercise. 120k points is equal to $550 worth of JB or HN or Coles e-gift cards via redemption. You will have to pay some balance transfer fees to Woolies card I believe. You will have to wait about 3 months before you can balance transfer which means you wont pay the card in full in the first month and that's instantly accruing interest on a daily basis at 18.79% until the bal transfer is completed. Plus the card annual fees is $375 which will be applied as soon as the card is activated, unsure of pro-rata if the card is closed in a short period. Pales in comparison with the Travel insurance cover taken from TID which cost me and my family less than $200 last year when we went overseas.

    • Some Guy on 18/03/2019 - 19:52
      +1

      "You will have to pay some balance transfer fees to Woolies card I believe."

      I couldn't see any transfer fee. It looks to be one of the few cards on the market these days that doesn't have one.

      https://cards.woolworths.com.au/content/dam/Woolworths/Cards…

      I also think it's a risk to transfer the balance before the points/$100 hit the account. Up to the OP if the interest accrued until then is worth it.

  • Homr on 18/03/2019 - 16:46
    -2

    Why are you BTing to a 0% credit card?

    Can't you pay off the credit card balance before the monthly free interest period ends??

    Another words, did you just book a family trip that you cant afford??

    • Some Guy on 18/03/2019 - 19:43
      +2

      Because having the cost of the trip offset against the mortgage for 14 months is a nice little interest saver.

  • gidxg03 on 19/03/2019 - 17:06
    -1

    Homr who are you my mother? thanks for the lecture but Some guy is correct I am using the banks money whilst keeping mine offsetting the mortgage.

    above the limit I did read the terms but did not find the balance transfer clear as to wether this was balance transferring in our out.

    Have since called ANZ and just for the benefit of others I was told balance transferring out of anz to another card would void the points if this was done before they were allocated. To me the only option to do it this way would incur interest costs whilst waiting for points to be allocated and as I hate paying banks any money at all I’ll just pay from my own account.

    • SluggyAF on 19/03/2019 - 17:39
      +1

      I thought this would have been a given. It is always in the bank's favour. If you want to save some dollars, assign your rewards card to your home loan package and waive the $400 annual fee for the life of the loan too.

      • gidxg03 on 19/03/2019 - 18:59

        Thanks Andy. I’m churning and burning the cards. Don’t keep them longer than needed. Put our every day spending on the card, reach the minimum spend, wait for the points then cancel and repeat. Up to nearly 400,000 points already with about $400 in card fees in 6 months.

        • dsar on 20/03/2019 - 00:48

          Woah that's a lot in a short amount of time. Which cards?

          • Mentallysick on 20/03/2019 - 08:13
            +1

            @dsar: 2 X ANZ, 2 X st.george and 2 X Westpac

          • gidxg03 on 20/03/2019 - 13:12

            @dsar: It’s between 2 of us so not such a hit on credit score. ANZ, Westpac, St George and Bank of Melbourne.

Login or Join to leave a comment
Login Join