Which Credit Cards Do You Keep?

plentifoo on 11/01/2023 - 20:01
Last edited 11/01/2023 - 21:28 by 1 other user

I can't believe there isn't already an ongoing discussion for credit cards OzBargainers choose to own and why. This year I have to decide if I want to keep 1 or 2 of my high annual fee frequent flyer cards. I find myself using both just as much, and it would actually be difficult to lose one.

Would be awesome to see what other OzBargainers are churning and burning and what are keepers and their thinking behind it. Here's mine:

  1. Amex Qantas Ultimate - $450 annual fee with $450 travel/qantas credit. I actually only got this for the upgrade point bonus when I upgraded my free CPA amex gold card to this last year, think it was about 70,000 bonus points as opposed to the new signup bonus of 100,000. I use this card mainly for my bills, rates and essentially bigger vendors that I have regular payments with. Got my wife a subsidiary as well and told her to use it as priority because 1:1.25 earning ratio is hard to pass up.

  2. ANZ Frequent Flyer Black - $425 annual fee with $255 credit back (first year only). Signed up mainly for the 160,000 bonus Qantas points last year but now I've grew dependent on it as visa is still more widely accepted than Amex. Also, my credit limit on this card is by default a lot higher than my Amex. Earning ratio not as good at 1:1 but it's the 'for everything else card'. Aside from lounge passes, there's really no tangible benefits from this card.

  3. Amex Platinum Edge - $145 annual fee with $200 travel credit. I've had this card since 2012 with discounted fee as part of a professional body. This should be on the chopping block this year as the 1:3 ratio to altitude points doesn't mean as much now I'm collecting Qantas points.

  4. Bankwest Platinum Mastercard - Free (part of my $375 annual home loan fee). Great as a backup when i hit the limit on some of my other cards and I don't really have a choice anyway. 1:0.75 Qantas points is decent too for a 'free' card.

  5. 28 Degrees Latitude Mastercard - Free. For those who know, this is the best card in my repertoire. No annual fees with the grandfathered price protection insurance on it. It's also known for its better than average forex rates and no foreign transaction fee (the Bankwest Mastercard also has this). This card has changed my life and I won't be giving it up anytime soon. I just have to hope and pray that the price protection insurance never expires.

I'm looking to reduce from 5 to 3 cards this year, the Platinum Edge has to go because I've been keeping it out of loyalty and nostalgia (I won an all expenses paid Coldplay concert on it back in 2013). The next is either the ANZ Black Visa or Amex Ultimate.

What do you guys think?

Financial Credit Card

Comments

  • mbck on 11/01/2023 - 20:34

    HSBC plat free for life

    Amex explorer.

    Had the charge card pre COVID and that was useful during travels. Then COVID happened and they gave away credit for coles\safeway amongst other things. They've up the annual flnow though.

  • ValueInvesting on 11/01/2023 - 20:41
    +3

    The next is either the ANZ black visa or Amex Ultimate. What do you guys think?

    I'd cancel the ANZ black as the $425 fee is high compared to the benefits you get. With the Amex you get flight credit plus various bonuses throughout the year

    • plentifoo on 11/01/2023 - 20:59

      my thoughts as well - thanks for your input.

  • Ghost47 on 11/01/2023 - 20:48
    +1

    AMEX Velocity Platinum - $375 p.a. - 1 return domestic flight, Virgin lounge passes, AMEX lounge passes annually
    Virgin Flyer - $129 p.a. - $129 flight voucher annually

    I use the Virgin Flyer card where AMEX is not accepted.

    Are you cutting cards back because your credit limit across them all are too high?

    If I were you I'd probably scrap #2 and use #4 where AMEX is not accepted. $425 to earn points and 2 lounge passes is atrocious value, might as well be a CBA credit card.

    If you need to cut another card maybe #3 as well, but it really depends on what you value, e.g. if you don't travel interstate yearly there's no point with the AMEX Qantas Ultimate, plus Qantas sucks now thanks to what that leprechaun has done to it.

    • plentifoo on 11/01/2023 - 21:01

      i must be living under a rock, didn't know Amex now has a card that offers free virgin domestic return flights again. That's the reason I got my plat edge in the first place. #3 The plat edge is actually the no. 1 card to go this year.

      Nothing to do with credit limit, just thought it best to cut back and minimise credit card fees (as it stand my annual fee across my cards are $1,020 p.a.) , also trying to manage and remember payment dates for 5 cards ain't easy…

      • Ghost47 on 11/01/2023 - 21:23

        Haha quite possibly; I've had the Velocity Platinum since 2019, not sure if it was discontinued during COVID-19 but I thought it was always available this whole time.

        The Platinum Edge seems like a good deal if you end up using the travel credit, but from what I can see yeah, the Ascent points (not Altitude?) convert at a 2:1 ratio (not 3:1 which is what I think you meant?) and partners are limited (source).

        I think the best advice will really depend on what you prioritise the most, e.g. travel credits vs lounge passes? Personally for my spending habits I probably swipe the Virgin Flyer 10-20% of the time compared to AMEX, so it's not really a big deal when it comes to not maximising points earn, after all the best way to really earn points is to churn and burn.

        If billing cycles are a bit confusing maybe you can ask the card issuer to change the billing cycle? Never tried myself so not sure if possible though.

        • plentifoo on 11/01/2023 - 21:43

          yes you're correct, it's the ascent reward program.

          i just found out that qantas lounge passes can only be redeemed when linked to a qantas flight - how lame!

          I used to be sent velocity lounge passes, which were basically vouchers sent via post and I can just enter with them at the airport, completely independent of whatever airline I was flying then.

          • Ghost47 on 11/01/2023 - 21:54

            @plentifoo:

            i just found out that qantas lounge passes can only be redeemed when linked to a qantas flight - how lame!

            That's pretty lame and yeah, I normally just rock up to the lounge and swipe my card to get in.

            Overall though lounges are kind of overrated IMO.

            • plentifoo on 11/01/2023 - 23:10

              @Ghost47: What card is this and is linked to the complimentary lounge passes or is this the Qantas lounge membership?

              • Ghost47 on 11/01/2023 - 23:41

                @plentifoo: Oh haha nah it's not a special card or anything, just my Velocity membership card. The desk clerk will just swipe it to see how many passes I have and then use the earliest expiring pass.

  • Peck on 11/01/2023 - 20:48
    +1

    Citibank Premier, fee free for life (offer probably never to be repeated), 2 airport lounge visits, not a great rewards/points program. I am about to close my Amex Platinum, which is high fees, but it was good when I travelled a lot.

  • jv on 11/01/2023 - 20:54

    The free ones.

  • MrMarket on 11/01/2023 - 20:59
    +1

    Citibank Premier free fee for life

  • garetz on 11/01/2023 - 22:22

    28 degrees is a counter, if you have the price protection you lose the 55 days interest free. I use this card for all overseas transactions and most online transactions.

    I usually buy at the best possible price available so unless you are buying stuff as an early adopter and paying the max price then a year or so later claiming the price insurance protection then its useless as far as I can see.

    • plentifoo on 11/01/2023 - 23:12
      +3

      I've already claimed $11,000 on the insurance policy in the 5 years I've properly utilised the card so far. Happy to give up 55 day interest free. It's not only that. I can buy something at full price at rip off places like myer and David jones and just price match it to Amazon literally the same day and the claim will come through 10-14 days. Once you figure out how to use it to it's full potential, you can't go without it coz it changes the way you shop, truly.

      • spiff on 11/01/2023 - 23:30
        +2

        I only hold cards that have no annual fee. 28 Degrees, Coles, and Citibank Premier (fee free for life). Churn all the others because their sign up offers are too good to pass up on.

        There are limits on price protection for both 28 Degrees and Coles. For 28 Degrees, there is a lifetime limit of $20k, a rolling 12 month limit of $5k and a $1k limit per item. 28D's price protection policy also is valid for 12 months after purchase, and you can claim from any store that sells the same product. For the Coles credit card, there is a lifetime limit of $20k, a rolling 12 month limit of $2k, and a $600 limit per item. Their policy is valid for 24 months after purchase, but you can only claim from the same store you purchased the item from.

        • plentifoo on 12/01/2023 - 00:09
          +1

          I've heard stories where people have surpassed the 20k limit. Not many will publicly share this but rumours have been circulating.

      • boretentsu on 12/01/2023 - 09:40

        Why wouldn't you just buy it from Amazon in the first place?

        • plentifoo on 12/01/2023 - 11:34

          Time it takes for delivery if I need it urgently is one of many reasons.

  • nekoakuma on 12/01/2023 - 00:35

    ANZ QFF Black but only got it for 160k points + 20k from Qantas.
    overseas stuff I have ING account with no fx fees (rebated) and withdrawals due to homeloan.

  • Colin2905 on 12/01/2023 - 07:42

    I pretty much gave up churning and chasing points when the COVID pandemic hit, except for an Amex Explorer offer that seemed too good to refuse at the time. I'll most likely downgrade it to the Essential card closer to the annual fee being due again mid this year, once I've found something actually worth using the Travel Credit on. I'd ditch Amex entirely, except that I still need to find something worth using the (close to) 300K MR points on.

    My only other cards these days are a Citi Premier from the fee-free for life deal from way back, and a Bankwest Zero Platinum, for avoiding those pesky international transaction fees.

  • cashless on 12/01/2023 - 08:00
    +3

    What do you guys think?

    I think spending more than $1000pa on credit card fees means your OzBargain membership should be revoked

    • plentifoo on 12/01/2023 - 11:35

      Haha fairo. I'm working on that now as you can see.

  • Sinnerator on 12/01/2023 - 08:03

    The ones I find.

  • JIMB0 on 12/01/2023 - 12:17
    +1

    Coles no annual fee, Woolworth's for the 10% off, Citi for the payall/quick cash offers, 2 Amex cards for statement credits.

    • bobwokeup on 12/01/2023 - 12:18

      I do Woolworths mobile for the 10% off. I love the data sharing and rollover too, perfect for a couple or in my case a family.

  • Autonomic on 12/01/2023 - 12:45

    I'd keep the 28 degrees. It's not worth keeping the others when you can churn.

    Otherwise a Citi card is best with maxing PayAll payments each month to harvest points.

    • plentifoo on 12/01/2023 - 12:49

      i find myself attaching some of my regular bills/subscriptions to at least one credit card (usually the best earning potential one), so there's at least always going to be one that's going to stay.

      • Autonomic on 12/01/2023 - 12:52
        +2

        The points you'll earn on day to day spend will be dwarfed by what you'll earn from churning.

        Alternatively what you can do is sign up to Zip Money/Pay and put all your bills on that. Then you can just pay that off with a CC to earn full points once a month. As long as you have a card open at the end of each month you'll earn full points.

        • plentifoo on 12/01/2023 - 12:54

          Interesting suggestion, i don't yet know very well how this BNPL vendors operate, but having to change my payment details for all my bills and subscription each time I churn and burn is the main reason why I don't do it as often as I'd like.

  • blueyez on 13/01/2023 - 22:21

    If I were in your shoes, I'd cancel all the Amex and ANZ and wait until you're eligible for bonus points again… But if you're not into churning then I guess leave it.

    Or just cancel one brand - either Amex or ANZ whilst you wait to be eligible for the bonus points on the card you cancelled (Amex is 18 month wait and I think ANZ is 12)

    The only cards I have left that I will not get rid of are the ones that still have price protection on them (which is not available anymore even though the cards still exist) - 28 Degrees and Coles No Annual Fee

  • daft009 on 14/01/2023 - 15:50

    Amex platinum charge for me. And a backup visa.
    No need to churn due to my high spend.
    I do more in a month than the sign on bonuses

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