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No Annual Fee for First Year (Usually $89) for Woolworths Credit Card + Bonus 5000 QFF Points

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No Annual Fee for First Year (Usually $89) for Woolworths Credit Card + Bonus 5000 QFF Points
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ShortyX on 18/10/2011 - 17:27 everydayrewards.com.au (2590 clicks)
Last edited 19/10/2011 - 13:46

Looks like the Woolworths Credit Card now has no annual fee for the first year (usually $89).

It appears the terms and conditions haven't been updated yet but if it's like the last offer, you simply need to make a purchase to get the bonus points.

This card gives 1 QFF point per $1 spent which is pretty good for a MC/Visa.

EDIT:

T&Cs have now been updated -

Credit card issued by HSBC Bank Australia Limited ABN 48 006 434 162 ACL NO. 232595 ("HSBC"). HSBC lending criteria applies. Terms and conditions apply and are available upon request. Fees, charges and interest rates apply and are current as at 1 October 2010 and are subject to change. Minimum monthly repayments are required and calculated at 2.5% of the outstanding balance or $30, whichever is greater. The minimum credit limit for this product is $8,000. MasterCard and the MasterCard Brand are registered trademarks of Mastercard International Incorporated.

  • Annual fee of $89 waived in the first year. The first annual fee will be debited on the 12 month anniversary of the account opening date providing a transaction has been made on the account
  • 5,000 Qantas Frequent Flyer bonus points offer is available to new primary cardholders who apply between 17 October and 31 December 2011, are approved and make an eligible purchase on their Woolworths Everyday Rewards Qantas credit card by 29 February 2012. Offer is not available to existing Woolworths Everyday Money credit cardholders who request to transfer to this product. Allow up to 8 weeks after the qualifying purchase is made for the points to appear on your credit card statement, at which time your credit card account must be current and not in arrears. Eligible purchases exclude interest free promotions, balance transfers, business purchases and cash advances.
  1. To earn more points at Everyday Rewards Program partners, you must present and scan your Everyday Rewards barcode (on the back of the card) at the time of purchase and spend at least the qualifying amount in one transaction. Everyday Rewards Program partners are Woolworths/Safeway supermarkets and BWS (excluding Tasmania), Big W and Dick Smith stores (excluding resellers).Offer excludes selected purchases including smoking tobacco product purchases, gift cards, BIG W Optical, DVD Kiosk purchases, freight charges, selected services and selected online purchases including BIG W Photo and BIG W Movie Rental.

Referral Links

Everyday Extra: random (835)

Referee and referrer get 1500 points after referee's first paid month of subscription.

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closed Comments

  • Saturday on 18/10/2011 - 17:37

    “8,000 Qantas Frequent Flyer points offer is available to new primary cardholders who apply between 1 August 2011 and 17 October 2011, …" — a bit late for the 8,000 points, but 5,000 points is not bad as long as it is free :-)

    • ejsteven on 18/10/2011 - 17:39

      Sadface :-(

    • ShortyX on 18/10/2011 - 17:41

      Yeah, I got in when they had the 8000 points…but the annual fee wasn't waived. Looks like they've updated the offer today but not the terms and conditions.

  • shaybisc on 18/10/2011 - 18:01
    +2

    I handed my credit card back the day after I found out how to get a debit card. $89 pa for what: the privilege of paying loan shark interest rates?

    "Competitive Interest Rate

    The Woolworths Everyday Rewards Qantas credit card offers a competitive interest rate, currently 19.99% p.a. on purchases and 20.99% p.a. for cash advances."

    Ha ha- I bet the person who wrote that cacked themselves- oh, that's a good one.

    • ShortyX on 18/10/2011 - 18:07
      +11

      If you pay the closing balance by the due date every month, you don't pay interest and actually make a little money back using rewards systems, even with the annual fee. You just need to choose the right one for your needs.

    • ejsteven on 18/10/2011 - 18:49
      +2

      Here's a situation: You get a new, shiny debit card and put your credit card through the blender. Its Wednesday. You only have $99 in your bank account. There happens to be a 90% off sale on an online store for something you've always wanted reducing its price to $100. The sale ends at 23:59 that night. Payday is Thursday. You cry yourself to sleep because you know that sale only comes once every 5 years. Won't happen if you have a credit card.

      • letmecry on 18/10/2011 - 20:37
        +9

        You will save $100 instead!! without a credit card

    • johndoe789 on 18/10/2011 - 19:19

      For example in my case:

      I bought an iPad 2 just last month. I actually have enough cash at the moment, but I used my credit card instead, because with CC the payment is not due until the following month. In that 30 days time frame, I have place that $500 in my saving accounts and only transfer on the day the my CC bill is due.

      I earned about $1 from my savings account after that 30 days. Sure its very small, but what if the item is $5000 or $50,000. All the savings will add up.

    • timhn on 18/10/2011 - 20:11

      Re shabisc :The Woolworths Everyday Rewards Qantas credit card offers a competitive interest rate, currently 19.99% p.a. on purchases and 20.99% p.a. for cash advances.

      It's pretty much standard with most other CC providers.

      A normal person don't use CC as a personal loan account. If you use it for everyday spending and pay back the amount before due date, you woudn't pay a $ for interest. If you useit wisely, you'll get more money at the end.

      I'm paying CC fee abount $120 for 2 CC with reward program. Every year, on average, I would get betwen $500-$700 cash back. I pay virtually everything by CC and pay it off everymonth. My salary is go straight to the loan offset account to reduce interest on my loan.

      Use other people money for 30 days while your own money earning interest elsewhere. It's a win-win situation.

  • downtime on 18/10/2011 - 19:03
    +1

    The "No annual fee for first year" part has been promoted regularly, I think.

  • Thinkswithelbow on 18/10/2011 - 19:30

    Thats not bad. I signed up to an ANZ QFF card but that only gets .25 points per dollar. And my amex isn't always accepted…hmmm maybe a good alternative…atleast for a year.

  • Thinkswithelbow on 18/10/2011 - 19:32

    Also when does this expire? I couldn't see it on the website

  • jimbob on 18/10/2011 - 19:51

    thoughts on this one? http://www.americanexpress.com/australia/campaigns/qantasult…

    $200 upfront fee but you can easily get 27,500 bonus QFFs, repay and cancel the card. $200 for 27,500 points vs what you have to pay for similar 'top-up' points on Qantas' site is good is it not?

    • ShortyX on 18/10/2011 - 22:51

      Working on a redeem rate of 0.5%, 27500 points is worth about $140 so you're still short $60 to make the annual fee. Return flight is a bonus though.

      Here's the other popular Qantas Amex with no annual fee and up to 10,000 bonus points - http://www.americanexpress.com/australia/campaigns/discovery…

    • [Deactivated] on 18/10/2011 - 23:22

      Read it properly- it's $250 ($200 off) so you won't make anything

      • ShortyX on 19/10/2011 - 09:32

        Ah my bad…so $90 short. A fair bit of spend is needed then to make that up.

  • ki2011 on 18/10/2011 - 20:39

    looks like a great deal. Does anybody know how long it takes for the points to go into your QFF account? and if there's any minimum time you have to have the card for before cancelling?

  • hchaminda on 18/10/2011 - 20:56

    I do have an Everyday Reward from Woolworths. It was fine util last month since I paid the whole amount every month, Last month I had to pay $4000 but I paid only $2000. Then when I got the statement for this month, they have charged interest saying
    Interest for this month = 26
    Interest for last month = 56
    I could't understand this when I called them they said, if I have a balance to pay, I would loose my 55 days interest free period and $56 for the last month purchases. And the most interesting thing till I pay the whole amount, I don't have my interest free period and they add my new purchases to current balance and charge the interest for the whole amount.

    As far as I know other banks( Everyday Reward from HSBC) don't do methods. They charge the interest only the amount that I didn't pay during the last statement cycle.
    Once I had pay $8000 combank and they charge only $156 as interest.
    I phoned them and told them " Your really riping off" and they said to me you should read the terms and condition before accepting the product and when I explain the commbank situation, they said this not the right product for me and if you like you can cancel the card after paying the balance amount.

    After keep on arguing with the call center staff member, she agreed to waive $20 for the considering goodwill but I was not happy and I requested to talked to supervisor and after arguing with her about 1/2 hour she has waived $56 from my account.
    ER is good last year I got around $200 gift vouchers but be careful to settle the full amount. Other wise when ever you use the card they charge the interest unlike other cc.

    • massari on 18/10/2011 - 22:32
      +1

      Dont rely on a credit card o.o and… Read the Terms and Conditions? lol

    • ShortyX on 18/10/2011 - 22:55
      +2

      Always pay the closing balance by the due date!

    • joannatan on 19/10/2011 - 01:30
      +1

      u wrong mate, all cc got the same policy about free interest period, when you got outstanding balance and you don't pay the full amount on the due date, then you will be charge the interest until you paid off the full balance.

      read this from commbank site
      "http://www.commbank.com.au/personal/apply-online/download-printed-forms/ADB3181-a-question-of-interest.pdf"

      How is interest calculated?
      We calculate interest on your account’s outstanding balance
      on a daily basis. Let’s say you make a purchase for $50 on the
      fi rst day of your statement period. Interest is calculated on the
      $50 balance for each day from the date of the transaction until
      it is repaid in full. We then add the daily interest together to
      calculate your monthly interest amount.

      back to your interest 156/month for balance 8000, 156*12= $1872
      $1872/$8000 = 23.4% /pa interest.

      and you have to remember, the interest is calculate on daily balance, not the outstanding balance at the end of the statement.
      just an example, on 1 oct you spend $4k, then on 30 oct you paid $2k, so outstanding balance become $2k on 30 oct, when the statement printed on 31 with outstanding balance $2k, the bank will calculate your interest as below:
      assume interest rate 20%pa
      between 1-29 of oct you have balance $4k, total days outstanding balance $4k = 29 days
      between 30-31 of oct you have balance $2k, total days outstanding balance $2k = 2 days
      =((($4k20%pa) /365) * 29) + ((($4k20%pa) /365) * 2)
      = 63.56 + 2.19
      $65.75 is the total interest payable during the month of october

      • johndoe789 on 19/10/2011 - 02:00
        +2

        My thoughts exactly. You can't really blame the bank if you don't understand the maths of compounding interest and not understand the terms and conditions.

        But the bank's not blameless too, they should explain to you from the start how your credit card is supposed to work and make sure you're on the same page with them.

        • joannatan on 19/10/2011 - 02:14

          i worked with the retail bank in the past, impossible for us explaining every single thing. in 2004, we start handed over the pds to the customer, it is customer duty to read and if they don't understand, it is their duty to ask which part that they don't understand. u don't want waiting on the queue for hours because the customer service need to explain every single thing to every single customer right?

  • dreamerman on 18/10/2011 - 21:41
    +1

    I have 3 credit cards, 1 in active use and the other 2 just in case. No annual fees for all.

  • solace on 19/10/2011 - 00:21

    What expenditures qualify for getting 1 QFF point per dollar? Would it only be woolies & linked companies or other everyday expendentures?

    • AncientWisdom on 19/10/2011 - 02:01

      You get 1 point for every dollar spent, no matter where it is spent.

      When you spend at woolworths, bigw, etc. you get double the points:
      1 point per doller + 1 point per dollar over $30 (that's the normal everyday rewards)

      To get the first point you just need to use your card. To get the second point you need to scan the everyday rewards (barcode is also printed at the back of the credit card).

  • nerobass on 19/10/2011 - 05:44

    Just applied an hour ago let's see how I go! Will be summed if rejected.

  • BlueJay87 on 19/10/2011 - 07:24

    any cancellation fees? Any other catches if you just want to sign up for the free ff points and cancel thereafter?

    • Thinkswithelbow on 19/10/2011 - 08:52

      thants what i'm thinking. 5000 free points. why not :D

    • ShortyX on 19/10/2011 - 09:34

      I don't think so but best to call them on 1300 10 1234 to confirm.

  • shaybisc on 19/10/2011 - 09:41

    Every consumer report on frequent flyer point schemes I have skimmed says they are rubbish, so I've never bothered investigating further. It sounds like a demanding part-time job keeping keeping on top of eveything. It's giving me a headache just thinking about it.

    • Thinkswithelbow on 19/10/2011 - 10:09

      They're rubbish if your only getting points by flying as i think choice recently said that one would have to fly from Syd to LA 13-15 times before getting that flight for free…But if your subsidising your flying points/miles with your credit card spending then i don't see how its rubbish?

      AS LONG AS YOUR NOY PAYING INTEREST AND PAYING OFF THE CARD EVERY MONTH THEY YOU CAN"T GO WRONG

    • ShortyX on 19/10/2011 - 10:30

      You get a bit back so it's worth setting it up. Once you've got it all sorted, it's not much of a hassle.

      We hardly fly but we'll get a few gift vouchers back every now and then using the Frequent Flyer store.

  • peter05 on 20/10/2011 - 11:21

    I just got called up by someone saying the minimum credit limit on this is 8000, wtf? Went ahead with increasing the limit to 8k subject to approval but seems a bit high for a non platinum/gold card

    • joannatan on 20/10/2011 - 12:11

      you can request down after u got it, most cc got minimum around 5k for gold and 7.5k for platinum

    • ShortyX on 24/10/2011 - 15:27

      That's weird…I did see that but our card is $7,500.

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