Bankwest: earn up t 22,500 bonus Qantas points

[Rebekkap]

Noticed this this morning when flicking through the Daily Tele - online here Credit Card Rewards - Apply for a Bankwest More MasterCard®

can't work out from the website what the eligibility criteria for platinum are though.

 

[cove]

Just make sure you are eligible for the bonus points as it only applies to new customers and the point a dollar is capped at 200,000 for a cost of 190 plus 30 for Qantas. For Platinum eligibility you should call them and it would pay to have other credit card balances at zero.If you are already a customer you could close that card prior to applying as missing 22,500 points would really suck!

 

[cove]

We have one in progress now for Mrscove.

 

[Quokka]

We have one in progress now for Mrscove.

Hi

I am a bit of newbie but I have seen your posts throughout the forums and you seem to have a handle on things.

So it is worthwhile applying for another credit card for the $22,500 points even though it costs you $89.00 to earn them?

I am looking at obtaining a new credit card to obtain frequent flyers but there are so many out there it is comfusing.

I value your advice

 

[lovetravellingoz]

We have one in progress now for Mrscove.

So it is worthwhile applying for another credit card for the 22,500 points even though it costs you $89.00 to earn them?

That depends on what you are going to redeem the points for. That will give you what a points is worth to you. This is different for all of us.

ie Redeeming to fly in economy (worth less), or business (worth more), an upgrade to business (worth more)....or things such as gift cards or goods (both worth a lot less generally).

Generally International flight redemptions will deliver more value in cents per points than domestic redemptions.

So say a long haul economy flight for say 140,000 points + taxes

Assume that you can buy it on special for $1400 inc taxes.

That would give you say 140,000 points for $1000 = 0.71 cents per point.

22,500 at $89.00 = 0.396 cents per point.

So in this case you would finish in front.

Redeem for a domestic flight where ticket prices are cheap and in many cases you would lose money.

Now I am not up with current costs but a RTW Oneworld Award in economy would be say 250,000 for say $3500 = 1.4 cents per point.

 

[cove]

That is a great summary lovetravellingoz of the value of points to the members of our forum.
I have seen members who fly every week go for merchandise at about half a cent a point because they don't want another flight.
A zillion points could be worth that little and sometimes more than 6 or 7 cents each if you chase their highest "retail" value.
The big thing is if you cannot pay a card in full every month your time would be better spent on developing a better financial plan as the credit card providers can charge you like wounded bulls.

 

[opusman]

The only problem is $89 buys you the Classic card which is only offering 5000 QFF points.
To get the 22,500 points you have to apply for the Platinum card for $190.

 

[lovetravellingoz]

The only problem is $89 buys you the Classic card which is only offering 5000 QFF points.
To get the 22,500 points you have to apply for the Platinum card for $190.

= 0.84 cents per point then.

 

[Quokka]

HI All

Thanks so much for your help, I am starting to get a better handle on how things work. What is clear that I must regularly check my awards and switch if necessary to get a better deal.

I always pay off my credit card in full and have done since the beginning. They make nothing on me in that area.

Now to trail the websites and get the best card for my needs and the cheapest Qantas Flyer membership.

Thanks again everyone

 

[cove]

If you go into the Qantas site you will find a category called "Earning Points" then go to the category "Pay" to see what card might suit you.
You choose which card you should have based on your circumstances.
Read the rest of the ways to earn points in that whole area so you know what will work for you.
Paying 190 plus 30 opt in for 22,500 points may not suit everyone.

 

[Moopere]

So it is worthwhile applying for another credit card for the $22,500 points even though it costs you $89.00 to earn them?

I am looking at obtaining a new credit card to obtain frequent flyers but there are so many out there it is comfusing

Hi Quokka,

I realise my selective cut of your quote above was directed at Cove and other knowledgeable AFFers. Some really good basic information has already been given, the guys here really know their stuff believe me - they have all helped me enormously in the past year or so.

As no one has mentioned it yet, in relation to this particular card, if you intend to go ahead and use the card to accrue FF points, and you don't simply want to 'buy' the free points and throw the card away (which is a legitimate strategy in some cases) be aware that all the variants on this MasterCard with the exception of the Plat card will only earn you 1 QFF point per $2 spent. This is a particularly poor rate and for mine I'd direct my own spending elsewhere. The Woolies QFF Mastercard, for example, will give you 1:1 QFF earn and costs $89/year (though its only giving 8,000 free points at the moment).

So the basic lineup looks like this:

Classic card, $89+30, 5000 QFF points, 0.5:1 earn = 2.38c/point, $15,000PA spend will reap an additional 7,500 points
Gold Card, $120+30, 10,000 QFF, 0.5:1 earn = 1.5c/point, $15K PA spend = 7,500 points
Platinum Card, $190 + 30, 22,500 QFF, 1:1 earn = 0.98c/point, 15K PA spend = 15,000 points

Boiled down, for ease of understanding then, $15K spend + initial outlay on the card and assuming a minimum of 0.7c of derived value from a single QFF point when you redeem them (and some folk, including me, value their QFF points at 3-4c each):

Classic = $15,119 = 12,500 QFF = $87.50 (of value)
Gold = $15,150 = 17,500 QFF = $122.50 (of value)
Platinum = $15,220 = 37,500 QFF = $262.50 (of value)

Perhaps other benefits of the different cards will be useful to you and save you money or be otherwise beneficial, only you can decide of course. On a straight up calculation its difficult for me to see the value in any of these cards, with perhaps the exception of the Platinum as a second source of Mastercard 1:1 earn (as I already have a Woolies EDRCC earning 1:1 and only costing $89 / year)

The full Credit Card freebie points earning season usually starts around November and goes through until perhaps March, with outliers at both ends of course. Don't burn yourself out early on mediocre deals would be my advice. Unless your income and credit card spend is very large ($500K-$1 mill +) you will hit the wall, so to speak, with your credit limits.

 

[lovetravellingoz]

So say a long haul economy flight for say 140,000 points + taxes

Assume that you can buy it on special for $1400 inc taxes.

That would give you say 140,000 points for $1000 = 0.71 cents per point.

22,500 at $89.00 = 0.396 cents per point.

So in this case you would finish in front.

Redeem for a domestic flight where ticket prices are cheap and in many cases you would lose money.

Now I am not up with current costs but a RTW Oneworld Award in economy would be say 250,000 for say $3500 = 1.4 cents per point.

Ooops..wrong amount of points for a RTW OW.
That is 160,000 points for $3500 = 2.19 cents per point for economy.

J is 250,000 points. If a ticket is $10,000 (others will know) that would be 4 cents per point.

 

[casanovawa]

A OW RTW award in economy is 140,000 points isn't it???

Also, depending on if you are going to be travelling, the included travel insurance on some platinum cards can be a good saver if you choose to then go without a dedicated travel insurance provider...

I think the included insurance with ANZ's platinum was rated pretty highly when i checked a comparison of card insurance, maybe second behind CBAs, and at $295 you get a Plat Visa and AMEX, with the AMEX earning 1.5 QFF points per $1 spent (the Visa is only $0.5 per $1 spent so Woolworths Mastercard is better for day to day spend when AMEX isn't accepted) and currently has 32k QFF points at sign up...

I assume its still $295 as it was when i signed up about 6 months or so ago and only got 20k QFF points... But the insurance benefit alone (if its rated as a good insurance policy offering) can be worth the sign up fee on its own on some of these cards before you even consider how many points you will get at sign up and then how many you will earn per $1 spent...

 

[JohnK]

So effectively 22,500 QFF points costs $220 and also 5.99% balance transfer for 12 months.

It is a shame I am already a Bankwest customer and cannot cancel the existing card quickly enough.

 

[Rebekkap]

Now to trail the websites and get the best card for my needs and the cheapest Qantas Flyer membership.

You can join QFF for nothing through the Woolies Everyday rewards program.