Happy weekend all!!
So, I am planning to start trading in foreign markets (US primarily). In order to do that I am looking to get a credit card with:
I use westpac altitude rewards card at the moment ($150 annual fee), but will cancel that once I get the new one. I googled a few options and found Bankwest Zero Platinum as one of the contenders. Do you guys use any such card? Can you recommend any?
Thanks.
If you qualify for the BankWest zero platinum, I'd go with that. I use that as my primary card for overseas transactions with 28degrees as a backup card when traveling. I don't like how 28degrees charges you extra fees if you want to BPay them, and they also have lower credit limits
If you're trading and using a credit card to fund your account then it could be treated as a cash advance. Just something to think about
Dammit!! Yes, you are right! Thanks for reminding.
currencyfair and transferwise are better for funding overseas trading accounts
re cash advance - you can always pay in additional money into the card on top of your limit, that way it isn't a cash advance.
For the most part you need to pick 2) OR 3).
Rewards usually comes with a fee.
IMO the best rewards card with a fee (with no currency conversion) is the Coles Rewards Mastercard. You can get signup deals where you get 100k+ first year, 50k second year or something. Think it's a $99 annual fee - but I had mine reversed as they took too long setting the account up. And they actually refunded it twice so that's two years free heh.
Always 2 parts to os transactions (excluding atm fees if any)
From Coles card site
The International Transaction Fee for Retail Purchases is waived on the Coles Rewards Mastercard, however any Cash Advance in foreign currency, or a Cash Advance made outside of Australia, will continue to incur an International Transaction fee of 2.50% of the transaction value when converted to Australian dollars, plus any other fees applicable to an International Cash Advance from the date of the transaction.
As the op is transacting with market securities, these probably are not “retail purchases”
From Coles card site
Good point.
Anyway, if you get a decent broker like interactive brokers you can fund it by transferring to an aussie bsb/acc number.
Also, hadn't ever checked before. But just checked a transaction I did OS using the coles card. It matches the mastercard rate for that day using https://www.mastercard.us/en-us/personal/get-support/convert…
So that's good.
I think no sign up deals for this atm
If you bank with ING
Their credit card has zero annual fee and no FT fees at all
Same conditions need to be met as the debit card
$1000 per month deposit
5 payWave transactions per month.
No rewards option though.
I think one of the multi-currency bank accounts would be better (eg. Citibank).
28 Degrees card for sure!