Citibank Signature Qantas 150,000 points

[tizey]

This strategy sounds interesting. Can you elaborate more? you've taken money from the card to park in your offset? and you're planning to do it for 15 months? Why is there no credit hit?

I've already applied for the card, spent $5k in first month, been awarded the 100k QFF, so I've already taken the credit hit. The second part of the deal is to get 50k QFF on the anniversary of the card after paying the $395 annual fee for year 2 - this is where I get 50k QFF for no credit hit - if I tried to chase another CC offer, I'd take a credit hit to get the bonus points.

I called up after my first statement had been issued, and they were very happy to provide me with 0% BT for 15months upto 80% of credit limit. I did the BT to a secondary card I hold (which had accrued $12k of spend) - so instead of paying the secondary card off, I used the BT to do it, which means I now have $12k in my offset, which is largely parked there for 12months.

Even with making minimum payments on the BT (3% or whatever it is per statement), I'll save approx $429 in interest on my home loan.

Save $429 in interest less $395 annual fee for year 2 = benefit of $34 saved + 50,000 QFF for holding the card past anniversary date.

I am nearing 'churned out' of good deals, so parking a BT for 15months wont really slow me down as I'm running out of providers to churn to until some waiting periods are passed.

 

[EELS]

I've already applied for the card, spent $5k in first month, been awarded the 100k QFF, so I've already taken the credit hit. The second part of the deal is to get 50k QFF on the anniversary of the card after paying the $395 annual fee for year 2 - this is where I get 50k QFF for no credit hit - if I tried to chase another CC offer, I'd take a credit hit to get the bonus points.

I called up after my first statement had been issued, and they were very happy to provide me with 0% BT for 15months upto 80% of credit limit. I did the BT to a secondary card I hold (which had accrued $12k of spend) - so instead of paying the secondary card off, I used the BT to do it, which means I now have $12k in my offset, which is largely parked there for 12months.

Even with making minimum payments on the BT (3% or whatever it is per statement), I'll save approx $429 in interest on my home loan.

Save $429 in interest less $395 annual fee for year 2 = benefit of $34 saved + 50,000 QFF for holding the card past anniversary date.

I am nearing 'churned out' of good deals, so parking a BT for 15months wont really slow me down as I'm running out of providers to churn to until some waiting periods are passed.

thank you so much for explaining in so much detail. always good to learn new ways to make my money go further.

 

[teamhamsandwich]

Applied early Jan. Hit spend after 5 weeks. Points credited today. Closing card on Monday!

 

[sherlock]

I had my credit card approved recently and I am confused about all the terms and conditions for the card as I am all too new to this. Can someone explain it for me please?

The terms and conditions are:
- Annual Percentage Rate: Retail Purchases: 21.49% p.a (does that mean every time I purchase from a retail store, the 21.49% fee would apply?)
- Interest free period: Up to 55 days for Retail Purchases together with any related fees and charges, and any interest or fees that are not related to a specific balance type. For example, this interest free period does not apply to Cash Advances, Balance Transfers, Special Promotions, and any interest or fees related to these balance types. Whilst you have a Balance Transfer, you will also not be eligible for any interest free days for Retail -Purchases, interest, fees or charges.
- Minimum Payment Due

What do all of these mean? If I spend the required 5k within 90 days, what exactly are the fees that I have to pay besides the $49 Citibank Qantas Rewards?

 

[Dr Ralph]

- Annual Percentage Rate: Retail Purchases: 21.49% p.a (does that mean every time I purchase from a retail store, the 21.49% fee would apply?)

This rate applies if you do not pay off you entire balance at the end of the statement cycle.

If I spend the required 5k within 90 days, what exactly are the fees that I have to pay besides the $49 Citibank Qantas Rewards?

No additional fees IF you pay off your entire balance by the due statement payment date.

 

[Beasley]

I notice this offer expired on 31st January.
Bummer .... I’ve been a little slack on keeping up with the offers.

 

[Spongbob]

Not only the offer has ended, but it also seems so has the card for new customers.

 

[Pierre_a]

Warning on interest charges with this card.

On my March statement I accidentally underpaid the full balance by about $100. I had 6.4k in my head, the true balance was 6.5k - mea culpa. I was charged $10 in interest for this indiscretion in the statement period.

However the next statement periodI was charged a further $69 of interest - despite clearing the out standing balance in full.

Citibank explained that in order to be eligible for any interest free period you have to have cleared the month prior balance in full. You do not regain this entitlement until you have then cleared the following months balance in full.

So, for having a balance of $100 outstanding at end of March, I have been charged $78 dollars of interest. This is not a punitive charge as a result of missing a minimum payment. Maybe this is normal practise - so on me. But in any case I have immediately cancelled the card and will take my business elsewhere.

 

[muppet]

Warning on interest charges with this card.

On my March statement I accidentally underpaid the full balance by about $100. I had 6.4k in my head, the true balance was 6.5k - mea culpa. I was charged $10 in interest for this indiscretion in the statement period.

However the next statement periodI was charged a further $69 of interest - despite clearing the out standing balance in full.

Citibank explained that in order to be eligible for any interest free period you have to have cleared the month prior balance in full. You do not regain this entitlement until you have then cleared the following months balance in full.

So, for having a balance of $100 outstanding at end of March, I have been charged $78 dollars of interest. This is not a punitive charge as a result of missing a minimum payment. Maybe this is normal practise - so on me. But in any case I have immediately cancelled the card and will take my business elsewhere.

I’ve also had issues with how Citi charged interest and applies payments.

I’ll be cancelling soon too.

 

[GSP]

Warning on interest charges with this card.

On my March statement I accidentally underpaid the full balance by about $100. I had 6.4k in my head, the true balance was 6.5k - mea culpa. I was charged $10 in interest for this indiscretion in the statement period.

However the next statement periodI was charged a further $69 of interest - despite clearing the out standing balance in full.

Citibank explained that in order to be eligible for any interest free period you have to have cleared the month prior balance in full. You do not regain this entitlement until you have then cleared the following months balance in full.

So, for having a balance of $100 outstanding at end of March, I have been charged $78 dollars of interest. This is not a punitive charge as a result of missing a minimum payment. Maybe this is normal practise - so on me. But in any case I have immediately cancelled the card and will take my business elsewhere.

I've haven't had to pay interest on a Credit Card for maybe 20 years when I did a mistake similar to yours, but it I thought it was the case where once interested started accruing it would continue to accrue on any balance (even purchases after that date) until the balance was zeroed out and interest stopped accumulating.

I understand that sounds inequitable but I thought that was common practice amongst CC providers including banks. I may be wrong so be interested in somebody more learned either clarifying or correcting my comment.

 

[kdser]

it was the case where once interested started accruing it would continue to accrue on any balance (even purchases after that date) until the balance was zeroed out and interest stopped accumulating.

I understand that sounds inequitable but I thought that was common practice amongst CC providers including banks. I may be wrong so be interested in somebody more learned either clarifying or correcting my comment.

You are correct. Also, it is a common practice that interest is calculated from the day the purchase was made, not the payment due date.

 

[GSP]

You are correct. Also, it is a common practice that interest is calculated from the day the purchase was made, not the payment due date.

Yes thanks kdser, the purchase date was my understanding also. So if you did some big purchases at the start of the next payment cycle and paid it off in full at the end of the payment cycle, I can see how the interest can add up.

 

[kdser]

Yes thanks kdser, the purchase date was my understanding also. So if you did some big purchases at the start of the next payment cycle and paid it off in full at the end of the payment cycle, I can see how the interest can add up.

As this is the common practice of nearly all credit card providers, our friend above should just be more careful going forward rather than cancelling the card. "and will take my business elsewhere" Where do you take it to? It is the same everywhere.

 

[Must...Fly!]

Just thought I'd post a friendly reminder, this deal came up around 12 months ago (September was when it really started to gain traction IIRC) so now is the time to clear the card and cancel, if you don't want to pay the annual fee (around $450 including card & QFF fee). There is 50,000 QFF on renewal, but given the situation at the moment...not worth considering IMO.

 

[Danger]

I called about a month ago to see if they could offer a discount on the annual fee. They couldn't but could give me a $200 credit for being a loyal customer or some rubbish.

 

[Must...Fly!]

I called about a month ago to see if they could offer a discount on the annual fee. They couldn't but could give me a $200 credit for being a loyal customer or some rubbish.

I'm glad we can cancel cards online without any effort now. Saves jumping through IVR hoops

 

[Spongbob]

Yes, I agree. Got my bonus 100,000 QFF points for the$5000 spend. The extra 50k points for the $450 annual fee has no value IMHO.

 

[ForestZ]

I received 100,000 QFF points for the$5000 spend in December 2019. I was thinking to cancel the card before the annual fee is coming up next month. Citibank emailed me that I will receive an "extra"50k points after December (as per the deal I signed up last year) obviously with $395 annual fee. I am looking for suggestion if I should pay the fee and take the points? I don't really need this credit card in 2021...

 

[flapper]

I received 100,000 QFF points for the$5000 spend in December 2019. I was thinking to cancel the card before the annual fee is coming up next month. Citibank emailed me that I will receive an "extra"50k points after December (as per the deal I signed up last year) obviously with $395 annual fee. I am looking for suggestion if I should pay the fee and take the points? I don't really need this credit card in 2021...

Cancel and open a new credit card with a 100,000 pts offer. That will even cost less than $395.

 

[ForestZ]

Cancel and open a new credit card with a 100,000 pts offer. That will even cost less than $395.

Thanks. Do you refer to a card from another bank (ANZ/NAB et al)?