Bankwest Transaction account [General Discussion]

[coles525]

Started about 1.5 years ago and finished about a year ago, I wouldnt hold out much hope if i was you.

It's active again:

Need to apply by Jan 2016!

 

[deejo77]

Started about 1.5 years ago and finished about a year ago, I wouldnt hold out much hope if i was you.

Incorrect.

Jetcam am you are right it is back on but don't know when it started be careful though as different t&c's from the first round (must spend $500 a month for 6 months ect)

 

[jetcam]

Started about 1.5 years ago and finished about a year ago, I wouldnt hold out much hope if i was you.

i just checked my calendar, 11 Jan 2016 is in about a month and a half

 

[ramamba]

i just checked my calendar, 11 Jan 2016 is in about a month and a half

yep, 5 mins to edit the post is like an eternity these internet days lol
now to sign up the mrs and hopefully i get around to mastering that macro thing

 

[cxthomps]

Does anyone know when this 10,000 point promotion started? I applied for an account on Friday but didnt notice on the website then. Hopefully I still qualify for the 10k. Bankwest Qantas Transaction Account – Everyday Bank Account

I just asked the online chat agent the same question as I opened an account for the wife Monday 23rd Nov (i.e. last week). I was assured that this does qualify for the promotion. I just wish the fine print had a start date for the promotion as well as the end date, so there is something to refer to in case of a problem.

C.

 

[NoName]

I'd still open one for the 5pts per transaction but the $500/mth spend criteria minimises the interest in the bonus points IMO.

 

[Kangol]

I wonder how they assess refunds in regard to eligibility. Would the $500 monthly spend be a net spend?

From the T&Cs, the total [monthly] points earn is less any refunds (fair enough):

When you obtain a refund or reimbursement for charges previously incurred on your Account (whether paid or not), for example when you return goods, we will reduce your Qantas Points by the corresponding amount of the Qantas Points or Bonus Qantas Points accrued to your Account.

But nothing about refunds and spend criteria (see 4.3):

http://www.bankwest.com.au/library/pdf/PDS_20120824-143838.pdf

Not sure if it's worth "holding" $3k in refundable purchases for six months (or $1.5k for three months) and getting them refunded after the bonus points credit.

If you consider the lost QFF point earn for "spending" $500 per month (say 30 days for the purposes of calculation), it would be (5 x 0.4 = 2) points per day. 60 points for the first month, plus 120 for the second, with a total of 900 points for the entire six month promotion.
So 10,000 less 900 isn't so bad, taking into account the stuffing around plus waiting time for the refund to process.
Or if you consider putting that into an online savings account/term deposit etc.
Depends on what you value...

 

[hossein_au]

I wonder how they assess refunds in regard to eligibility. Would the $500 monthly spend be a net spend?

From the T&Cs, the total [monthly] points earn is less any refunds (fair enough):



But nothing about refunds and spend criteria (see 4.3):

http://www.bankwest.com.au/library/pdf/PDS_20120824-143838.pdf

Not sure if it's worth "holding" $3k in refundable purchases for six months (or $1.5k for three months) and getting them refunded after the bonus points credit.

If you consider the lost QFF point earn for "spending" $500 per month (say 30 days for the purposes of calculation), it would be (5 x 0.4 = 2) points per day. 60 points for the first month, plus 120 for the second, with a total of 900 points for the entire six month promotion.
So 10,000 less 900 isn't so bad, taking into account the stuffing around plus waiting time for the refund to process.
Or if you consider putting that into an online savings account/term deposit etc.
Depends on what you value...

I firmly believe in "each to their own", but for me personally, with all this effing around, this juice is not worth the squeeze... I am just happy with 50 transactions per day (per card apparently)...

 

[Radio8tiv]

I firmly believe in "each to their own", but for me personally, with all this effing around, this juice is not worth the squeeze... I am just happy with 50 transactions per day (per card apparently)...

I agree with that, now if only I could get another card, I'm 1000km+ away from my nearest branch will have to look into it some more.

 

[ETA_2022]

I agree with that, now if only I could get another card, I'm 1000km+ away from my nearest branch will have to look into it some more.

Just call them and ask for a standard card because you can't afford to deposit $4K each month, or a platinum card because you want the insurance benefits of the platinum card.

They may ask you to call back after you receive your new card (to cancel the old card). Don't.

The worst they can do is cancel your first card a few days after you get the second. They may forget to do that though, so you could end up with both cards working.

 

[jason_c]

The online chat agent advised me that to upgrade my card to platinum card I needed to deposit $4k/month. When I said I was changing my salary over so that wouldn't be a problem I was advised that was not sufficient and they would need to see "a few months worth" of deposits before they'd order the plat card. YMMV.

 

[NoName]

The online chat agent advised me that to upgrade my card to platinum card I needed to deposit $4k/month. When I said I was changing my salary over so that wouldn't be a problem I was advised that was not sufficient and they would need to see "a few months worth" of deposits before they'd order the plat card. YMMV.

Id try again if I were you because that sounds like absolute garbage. The $4k deposit is simply required for the $6/mth account keeping fee to be waived. It is not a requirement of holding the account as such.

 

[ETA_2022]

Id try again if I were you because that sounds like absolute garbage. The $4k deposit is simply required for the $6/mth account keeping fee to be waived. It is not a requirement of holding the account as such.

I agree. Absolute garbage.

And, as has been stated here before by Nerv, even with a platinum card, you only need to deposit $2k per month to avoid the account keeping fee.

That's right...To avoid the monthly fee on the account you will need to deposit at least $2000 per month (e.g. your salary).
There is, however, no deposit requirement to get and maintain a Platinum Debit Mastercard. The bank text about needing a $4k deposit requirement is just smoke and mirrors. ...

 

[mitwg]

I can definitely confirm the above.

I only recently joined in the fun on this one but thinking that I'd setup properly, I recently went to the branch and asked for a standard card (had the Plat) and cited the $4000 as a minimum.

The person at the branch immediately ordered me a new standard card and called the BW ops team to ask what she needed to do on the account to turn off platinum access to ensure that the fee wasn't charged if I didn't meet the $4000 minimum. The ops person told my branch person that the minimum was really $2000 even for platinum as this is on a 'good faith' system so there'd be no issues if she didn't turn off platinum access on my account.

Anyway, ended up getting 2 cards and both work fine (the branch staff asked me whether I wanted to keep the platinum card until I get the other card, which I obviously answered yes). Only issue is, I'm only paying Optus with this at the moment and due to the 10 minute transaction limit, doing 100 transactions a day is really taking ages even with macros working.

 

[burmans]

I can definitely confirm the above.

I only recently joined in the fun on this one but thinking that I'd setup properly, I recently went to the branch and asked for a standard card (had the Plat) and cited the $4000 as a minimum.

The person at the branch immediately ordered me a new standard card and called the BW ops team to ask what she needed to do on the account to turn off platinum access to ensure that the fee wasn't charged if I didn't meet the $4000 minimum. The ops person told my branch person that the minimum was really $2000 even for platinum as this is on a 'good faith' system so there'd be no issues if she didn't turn off platinum access on my account.

Anyway, ended up getting 2 cards and both work fine (the branch staff asked me whether I wanted to keep the platinum card until I get the other card, which I obviously answered yes). Only issue is, I'm only paying Optus with this at the moment and due to the 10 minute transaction limit, doing 100 transactions a day is really taking ages even with macros working.

The Optus limit is on the same transaction so if you slightly lift your bar you can do a 1c, 2c, 3c, 4c, 5c all at the same time so get 5 transactions done every ten minutes.

 

[jason_c]

Yes I suspect I got a particularly officious chat operator. Interestingly I received a letter today from the local government (have been paying rates) apparently unimpressed with the "thousands of one cent payments" that have hit my rates account. Time to find something else to pay!

 

[mitwg]

The Optus limit is on the same transaction so if you slightly lift your bar you can do a 1c, 2c, 3c, 4c, 5c all at the same time so get 5 transactions done every ten minutes.

I used to do this but this trick doesn't work if you only have 1 service with multiple cards (i.e. you overpay)

Need to come up with an alternative.

 

[craiglm]

A bit off topic, but does anyone know how to stop the SMS payment messages from Optus?

 

[ETA_2022]

...

Need to come up with an alternative.

Yep. I moved recently and switched internet and pay TV to Telstra. I now get a decent size Telstra bill, to put the many cards I have access to, to hard work.

I can't believe Bankwest and Telstra make it so easy, to earn so many QFF points. With the right setup, you could be earning as many points as you would with a new CC, EVERY MONTH, without wrecking your credit rating at the same time.

 

[dektora]

I just asked the online chat agent the same question as I opened an account for the wife Monday 23rd Nov (i.e. last week). I was assured that this does qualify for the promotion. I just wish the fine print had a start date for the promotion as well as the end date, so there is something to refer to in case of a problem.

C.

My account opened 24 Nov and the online chat agent confirmed it qualifies for the promo. I saved the conversation.