What Credit Cards Should I Get?

SomeGuyOnOzB on 24/05/2024 - 21:02
Last edited 25/05/2024 - 09:37 by 1 other user

Hi all, fairly settled 50 year old with a couple credit cards:

• American Express QANTAS Discovery (no annual fee, rewards, $18,000+ annual spend)
• Citibank Premier Mastercard (no annual fee, reward points, $15,000+ annual spend)

I generally pay on time and always in full. No other debt.

I sold an asset and this year I can apply for one or more of the credit card offers I've seen on OzBargain and elsewhere. I generally can't churn credit cards for rewards and can't apply for extra credit cards most years.

1. Should I be changing up my current cards for others?
2. Are there any cards I should apply for to get a one off bonus and get rid of (I am looking at maybe $3,000 to $5,000 I might spend in the next few months; like a computer, camera lens, maybe a camera)
3. Are there cards I should get, to keep because of bonuses (eg purchase cover, price protection)

• 

  sumyungguy on 24/05/2024 - 21:34

  You're earning both Qantas points and Citi reward points - which can't be converted to Qantas. Would it not be better to choose a single currency (e.g. QFF points) and have both cards working towards a Qantas flight (2–3% yield) or Qantas Marketplace merch (better than nothing yield)?

  • 

    SomeGuyOnOzB on 24/05/2024 - 21:52

    Thanks for the idea. I probably could swap the Citi Mastercard to one which earns QFF, or even replace both to get a different reward (I have no idea which … leaning toward the QFF solution)

    Any suggestions on a QFF mastercard or visa that I should get as a replacement for the Citibank mastercard?

    • 

      sumyungguy on 24/05/2024 - 21:56

      +2

      I think it's an atypical example where we should put all our eggs in one basket. Small accumulations of points across multiple currencies make it hard to find any decent redemptions. If you use the Qantas comparator it appears all the Master and Visa options incur annual fees unless you have a banking relationship (e.g. mortgage).

      • 

        SomeGuyOnOzB on 24/05/2024 - 22:37

        Thank you :)

    • 

      SomeGuyOnOzB on 27/07/2024 - 15:34

      Turns out I'm earning QANTAS points on my Citi rewards card.

      • 

        sumyungguy on 27/07/2024 - 16:09

        +1

        You're doing well to get a Qantas card fee-free!

        • 

          SomeGuyOnOzB on 27/07/2024 - 19:58

          @sumyungguy: I know I used to get an annual fee or yearly fee at the start.

          I haven't found annual, yearly or fee in my statement transactions in years

          I think I was talking with them years ago and they kindly offered to discontinue the fee. :)

          • 

            sumyungguy on 27/07/2024 - 20:23

            +1

            @SomeGuyOnOzB: Happy days! I have a fee-waived CBA Mastercard Ultimate linked to my mortgage… with a rubbish earn rate averaging 0.5 points per dollar.

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  cashless on 24/05/2024 - 23:23

  +1

  If you’re not churning, you’re not earning

  • 

    daft009 on 28/05/2024 - 19:44

    Unless you use your card for your business ;)

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  Baysew on 25/05/2024 - 09:36

  +1

  Australian Credit Cards - Which cards should you get to have an all-rounded portfolio that suits all your needs?

  • 

    SomeGuyOnOzB on 28/05/2024 - 15:32

    Thanks, trying to pull apart all the information in there

    • 

      Dumax on 28/05/2024 - 19:52

      +1

      For Qantas points try this:

      https://cardsandbanking.qantas.com/compare-credit-cards

      IMO ANZ Frequent Flyer Black is the pick of the litter if you plan on churning (90K points for $225 + 2 Lounge passes)

  • 

    clandestino on 28/05/2024 - 18:05

    +1

    That looks like a great resource, however it is hard to tell how much of it is actually up-to-date.

    Not so much the actual reward points, fees etc (people won't realistically update a wiki page every time these costs and benefits change) - but moreso, the conclusions and the cards themselves.

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  timhn on 28/05/2024 - 21:20

  +1

  American Express QANTAS Discovery (no annual fee, rewards, $18,000+ annual spend)

  With that amount of spending, you're getting around 13,500 Qantas points.

  Any decent sign-up bonus from any big4 can easily get 4-5 times that amount - with spending requirements of $3-5K within 3 months after approval date.

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  SomeGuyOnOzB on 28/06/2024 - 16:36

  Offers tie most of the points to an amount of expenditure, and then a portion to staying into the second year.

  Offers only have value if I'm going to spend that much and/or if the benefits of having that card are good enough.

  As my expenditure is lower, I'll probably just get 2 or 3 card offers.

  1 or 2 of the low fee eg ANZ spend $1,500 get $300 cashback, Commbank spend $500 (eg buying giftcards) a month get $100 cashback (4 months).
  and maybe 1 other for the insurances etc