It is probably not going to surprise many, but there isn't much good credit card churning deals nowadays with less products being offered with watered down deals and longer churn wait times.
For those experienced churners, how often do these churn bull/bear periods lasts, and when do you think would likely be the next recovery cycle where you get more banks entering the credit card space and heating up the market?
Sure there are still deals, but in general, churn wait times are getting longer, with lower freq flyer points, and increased card fee.
Also, some products are being simplified with less offerings. e.g. Citi removing payall,
It’s not cyclical. With everyone doing it (or aware of it) nowadays, the golden age is over.
Agreed, the fishing pond has gotten a bit crowded.
How long have you been churning?
It seems like we have had deals since at least 2016.
e.g.
https://www.ozbargain.com.au/node/394059
https://www.ozbargain.com.au/node/230094
Also, ozbargain is a way tinier niche than you think.
Amongst my peers, most people don't even know about ozbargain, and don't give two hoots about churning cards/utilities, even as they simultaneously complain about the cost of living
Probably started churning 10 yrs ago.
Probably just your peers, most of my peers are aware of ozb.
Also, it’s not just ozb, there are plenty of sites, including news sites that over the years that have had articles about credit card churning.
Was bound to happen when the barrier to entry is so low, it's just a "if you know you know" sort of thing, so this is just natural.
My thoughts were when interest rates were lower banks were looking at ways to get customer in and get money. Now that interest rates are high they are making a killing and don't need the growth/income through the credit card sign up customer. Purely speculation though.
Banks have smartened up so it's a bit harder.
That being said, it's still pretty good. I sold $4000+ worth of points last year. Pretty nice side hustle income.
People like you is the reason we can't have nice things. If your aim is to make money, then you should be looking at more suitable products, not game the system, sell the points illegally and come and cry here that there aren't many points deals on the market.
I don't condone the trading of qantas points, but I just want to point out that selling of points itself not an illegal activity.
i.e. qantas points are owned by Qantas, and the most they can do would be to forfeit your points/bookings, and suspend/terminate your account.
. If your aim is to make money
What's your aim?
sell the points illegally
you need to brush up on the law. There's nothing illegal about selling points. It's against their T&Cs, but it's not illegal.
I sold $4000+ worth of points last year
minus the cost of the card fees, and time. What's it net out to?
I sold $2k worth two years ago and it was a steal.
Interchange fee restrictions are going to dampen the earning capacity through these cards = lower offers across the board.
got nearly a millie in qf points, I'm sweet
The increase in period of closing accounts to opening new with same bank for bonus rewards will definitely have an affect on me. I’ve got 2 current cards going with ANZ and NAB and want to get a couple more in before retirement next year but Bank SA and Westpac may still be within restricted time. Not interested in AMEX, fees too high. Will keep watch on new offerings.
If you are close to retirement, I would suggest getting the Bendigo credit card. It's almost a perfect card for retirees - no annual fee, no fx fees, free travel insurance, extended warranty.
I'm still far from retirement but just get this as a backup for both myself and partner. We'll use it only during holidays overseas.
Thanks, will look at this when the time comes. Used to have a BankWest no fee card before I got into points and churning but they removed the insurances, so good to know of another no fee card with insurance.
I don’t think there’s an actual pattern, I could be wrong though.
https://www.ozbargain.com.au/tag/credit-card