Hi Ozbargainers,
Hoping to get some advice or experiences please. I currently have an NAB platinum debit card which has benefits like extended warranty, Travel insurance etc. The issue is that is costs $10 and get the $10 back if I spend $1,000 in contact less payments. Given covid etc it's hard for a single person to spend $1000 on contact less, previously was easy as spent lunch coffee, dinners, shopping etc. So now losing an extra $10 for not meeting the quota of NAB. As I order things online and just get most things delivered and don't spend anywhere near $1k in groceries a month.
I've been having trouble finding anything online of other banks or institutions that offer platinum complimentary insurance services for a Debit card like NAB (not Credit Card) for Australian purchases. Does anyone know of any products that exist with other banks or financial institutions?
Thank you in advance
Any Debit Cards with Benefits? (e.g. Extended warranty, Travel insurance etc.)
Comments
and his chicks for free!
My eyes have been opened. For 35 years, had always thought it was "cheques".
Not really, I'm happy to pay or use a service I'm just seeing what options there are. Example is using my ING account for international transactions and ATM's so I need to fulfil the $1000 deposit plus 5 card transactions a month which I do as I make lots of overseas online purchases. The ING transactions unlike NAB is good as it's not limited to "Visa pay wave or NAB Pay" to meet the criteria of the cash back of the card.
Therefore is it really something for nothing when your keeping you're money in a bank that increases their profits when you use their services and products. Don't forget all consumers have the power to choose ala same reason we all seek bargains and deals from here. Again, if NAB didn't limit their transactions to contactless only to meet the eligibility would be fine but given the current circumstances of covid and lock downs it's more difficult to meet the criteria.
Bankwest platinum debit card. Minimum $4,000 deposit per month.
Thanks PissLUR yea pretty good conditions of Bankwest. Might open with them. š
mac quire platinum mc debit is free and not bad. ubank visa debit, wirex, also you can use Citibank debit card for overseas. cba have a platinum debit too not sure on its conditions nor cost.
Thanks coolsteps, yea I was hunting down the terms of CBA but couldn't find it. I want to grab a Macquarie and Citi as a international backup as I experienced having my ING being eaten by the machine in Thailand last year and you don't realise how lucky we are with most cards to get international fees waived. After reading the post of Mac Bank, the only Aussie benefit I've read from it is the discount for gift cards.
The issue is that is costs $10 and get the $10 back if I spend $1,000 in contact less payments
So your in one spending incentive program where you pointlessly lose money to recieve benefits you won't use. But that's not working for you so you want another program to encourage you to lose money in exchange for benefits you won't use.
Most Australians think they're coming out ahead when they do this because ads told them they are.
Exactly….trying to spend just to break even on $10 / month fee. OMG.
IMO, its not actually spending more as pre covid I would go out for dinners, clubs and bars where I normally already spent $1k in the month which includes groceries etc. Therefore, I didn't spend more than what I would've spent already. E.g. if you spend $1k on groceries a month, how is it pointlessly losing money? The only key benefit I try to use is extended warranty and travel insurance which is attached to the cards. Therefore, whenever I purchase any items I get the extended warranty at no cost then being lured by a sales person to buy extended warranty. I know people may have different experiences, but on 2 occasions that an item I've purchased was out of warranty and my NAB extended insurance kicked it, they were good and replaced one of the items and just paid the claim for the other as it was a discontinued product.
So point is, I'm not wanting a program that encourages me to lose money, I want a program that meets my spending habits and methods of payments (i.e. beyond NABs "Visa pay wave or NAB Pay"). If I need to pay $10 month, I pay it no questions asked (and don't try to spend more to meet the $1k) but as I've mentioned it's about research and asking the community who might be wise of what is available out there (which I've gotten some great advice from some Ozbargainers already). I guarantee you that there are heaps of peoplelike you mentioned that don't utilise the benefits because merely they don't even realise about free travel insurance or extended warranty on their cards and purchase a retail product (e.g. extended warranty or travel insurance through 1covertravel).
Further, you do come up ahead again without pointlessly losing money with the Bankwest platinum debit card, read the terms and all it requires is depositing $4000 a month. Therefore, you got a benefit by merely depositing and choosing their product.
Sorry for the long message but I'm hoping people think of how they can benefit and utilise financial products better and as you mentioned not be thinking they're coming out ahead because they are gullible of an ad. Knowledge is power for all consumers, it's not served on a silver platter, its about you understanding the products and benefits inside out.
Not sure if they are the type of benefits you are looking for, but HSBC Everyday Global does have some benefits.
$100 Bonus for joining, 2% Cashback on Tap & Pay (<$100), with some conditions.
If I'm reading this correctly if you try to make a claim for extended warranty with the BankWest Platinum Debit card they want a $250 excess to be paid? That is pretty damn high and makes it useless for covering a lot of things like many toys, household kitchen appliances, small electronics, PC accessories or components etc. https://www.bankwest.com.au/content/dam/bankwest/documents/lā¦
Yes and no, as the excess applies to any 12 month period that you need to pay $250. So example would be if your kids xbox one x broke outside the warranty period within the 12 months need to pay $250 excess for that item e.g. If the xbox was $500 for argument sakes they will only give you $250 of the warranty cost. However, if you make another claim within the 12 months the excess won't apply, so again if your tv broke down and it was 8k and cost less than $30k, the extended warranty will not be charged in that period you will get 100% as you already served the excess. Hope that helps you, the NAB for me didn't have the excess for any for each claim. So would benefit if using it for non expensive items, which is what I do for all item I purchase. So in summary if you only had the bankwest you would possibly only use it for big ticket items less than $30k and you got free extended warranty that would've cost less than purchasing the retain warranty š.
Yeah the table in the PDS would definitely be interpreted that way to most people but are you 100% sure it is that way?
The two tables that lay out the excess and limits also appear to be 1 big table with the "Overall limit in a 12 month period in respect of any one Platinum Debit Mastercard" potentially only referring to the "$30,000" overall limit rather than there being an overall $250 limit to excess in a 12 month period (therefore they could still possibly want $250 per claim).
It is not the greatest table and I couldn't find anything in the text specifically referring to a limit of $250 in excess per year to back it up so am hesitant to trust the table alone to believe that they don't want excess for each and every claim you make
Yep and that's when you need to make calls and ask them of their actual interpretations, which I normally do via email so I get something in writing as you have something tangible. It's a normal thing of what gets banks in trouble as interpretations isn't placed in plain English and most times can be misconstrued if you don't get more info. Hence, I keep a soft copy of all policies of products as everything is always subject to change with some terms and conditions.
You sound like you want something for nothing.