Best local credit card for backpackers?

[spunkarooney]

I don't see why NAB would expect to wear the cost

Because they do now and this was one of the main features of the Gold Banking account.

There are a number of banks in the USA who continue to rebate customers’ charges for using other-bank ATMs. The USA has a similar charging model to what we are moving to on 2 March 2009.

 

[Diesellife]

Well... The most important question is whether they are willing to bear the additional cost. If not all the transaction cost perhaps some, like $30 a month or something...$0 rebate simply is defeating the purposes of having gold banking and implementing a double standard.

For example: Overseas transactions will still be free and I'm sure there is various costs involved. They can't stop you taking the lowest denomination currency in foreign countries x 100 times. The amount they are risking is still unknown.

How to implement the rebate is simply irrelevant as there are multiple ways to do it ....so long NAB wishes to do it. Moreover if they "Can't" do it for all ATM, at least some well know ATMs with fixed cost and rebate those.... I just can't see the justification for nab to gain more profit (Without the interchange cost thus more profit) on it's gold account...a $2 reduction is simply rubbish (I'm sure it cost more than that at the current scheme anyway)...as I don't pay the current $12 anyway.

 

[JerseyVics]

I've visited 3 banks today: NAB, Westpac and ANZ... got brochures from each one and will decide by tomorrow which one to open an account with.

I've given up on the idea of a local credit card, for reasons mentioned in the earlier part of this post, the cost doesn't justify any benefit, not to mention the low chance of actually qualifying for one.


Anyway, the fees are about the same in each of three banks ranging from $3 to $5 dollars. Westpac seems to have the most limitations with their $3 fee to talk to a teller or $2 per withdrawal fee if not using an ATM. I like the fact that I could link an ANZ checking with a savings account that earns 4%... although when I got back I saw that NAB has a 5.25% savings account option for a limited time.


So basically at this point I might as well flip a coin.


Ultimately, I think I'll chose the bank that has the most ATMs around... than again if I stick to a major city, regardless of where I go in Australia I'm sure all three have equal representation.


What do you guys think?

 

[serfty]

The ANZ access select account is $2 per month - but limits withdrawals to 6 free per month, although online (internet) transfers are exempt.

The ANZ visa debit card is $6 per month with 'unlimited' transactions.

 

[JerseyVics]

while opening my checking and savings account today I was informed I could apply for a credit card and given an application... I don't think I'll be applying for one as the annual fee cannot justify it, but it is possible apparently!

 

[Mal]

I think Amex changed their requirement for cardholders sometime recently. They now allow "Temporary Business Long Stay Visa (subclass 457)" holders to apply.

Previously, I'm sure it was only Residents/citizens.

 

[spunkarooney]

while opening my checking and savings account today I was informed I could apply for a credit card and given an application... I don't think I'll be applying for one as the annual fee cannot justify it, but it is possible apparently!

Oh, it's possible to apply... whether you actually get the application approved is another thing.

It would seem that (being a foreigner) you have little to lose, and there are many "1st year no annual fee" deals around.

 

[futaris]

Commonwealth Bank also offer a Debit Mastercard, for $4/month in the Smart Access Account, or $6/month in the Complete Access Account

Additionally, Commsec offer a $0/month Debit Mastercard in their Cash Management account.

 

[hedge]

I think Amex changed their requirement for cardholders sometime recently. They now allow "Temporary Business Long Stay Visa (subclass 457)" holders to apply.

Previously, I'm sure it was only Residents/citizens.

A lot of my work mates are on 457 visas and have plat amex cards. So yes it's possible. But most are clearing close to 100k.

 

[Mal]

Looks like the banks are just going to continue on gouging when the reforms come in:
Banks sting you for ATM enquiries | The Courier-Mail

Westpac, ANZ and St George confirmed they will be charging their customers with a fee for rival ATMs, but said they were still considering how much.

The Commonwealth Bank is still considering its position.

NAB last month said it will charge 50c for every transaction at a rival machine.

 

[JohnK]

Commonwealth Bank has been charging $1.25 for any cash withdrawals, including transfers from credit cards and CBA ATMs, from Visa and Mastercard. I don't know what they charge for using other banks ATMs....

 

[Mal]

Commbank have announced that they will not double charge (ie charge a fee themselves as well as the other ATM charging a fee) for non-CBA ATM cash withdrawals when the ATM reforms start on 3 March.

Will be interesting to see how other banks are responding.

 

[oz_mark]

Commbank have announced that they will not double charge (ie charge a fee themselves as well as the other ATM charging a fee) for non-CBA ATM cash withdrawals when the ATM reforms start on 3 March.

Will be interesting to see how other banks are responding.

Given Westpac's complete silence on the matter, I am expecting they are going to just keep their existing fee. They haven't advised anything else

 

[Mal]

Given Westpac's complete silence on the matter, I am expecting they are going to just keep their existing fee. They haven't advised anything else

It's kind of misleading for them to keep up the guff they have now about the benefits of the Gold Card when it's all meaningless in a few days...

I believe Westpac are still planning on charging 50c.

 

[oz_mark]

It's kind of misleading for them to keep up the guff they have now about the benefits of the Gold Card when it's all meaningless in a few days...

I believe Westpac are still planning on charging 50c.

The Westpac fee chart this morning says 25c.

 

[JohnK]

Commbank have announced that they will not double charge (ie charge a fee themselves as well as the other ATM charging a fee) for non-CBA ATM cash withdrawals when the ATM reforms start on 3 March.

Will be interesting to see how other banks are responding.

Given Westpac's complete silence on the matter, I am expecting they are going to just keep their existing fee. They haven't advised anything else

Funny you should mention Commonwealth Bank. Here is a note on the latest Mastercard statement I received today. Note that cash advances were $1.25 from CBA ATMs and I think $4.00 from other ATMs although I have not used one for a while.

For transactions processed on and from 8 May 2009, the fees for cash advances through Commonwealth Bank ATMs, Non-Commonwealth Bank ATMs and any other Commonwealth Bank network will change to 1.25% of the cash advance amount.

So while they are not charging a direct ATM fee they have exponentially increased the cash advance fee. Rip-off merchants. I am seriously thinking about disabling the cash advance option on CBA credit cards.

 

[oz_mark]

So while they are not charging a direct ATM fee they have exponentially increased the cash advance fee. Rip-off merchants. I am seriously thinking about disabling the cash advance option on CBA credit cards.

Cash advances on Credit Cards have never really been a good deal.