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[serfty]

Re: New WP 1 Card QF Cash

I think your missing the point, you load USD by loading AUD then converting to USD, there is no 3% on top of the forex rate on offer.

Perhaps a picture will help!

View attachment 18679

So, the current [-]cross[/-] rate is about 91.7, so there's arbitrage built into that offered rate of nearly 3%.

The 3% fee on the named currencies is effectively built into the rates on offer

So it's whatever the financial institution decides on the day.

Since you can only load AUD into the card before converting, there is no way to avoid a fee/arbitrage of some sort before spending non AUD.

So I stand by my post yesterday [with qualification]:

The only way to avoid the 3% [or other significant arbitrage] with "Qantas Cash" is to use it to purchase goods/services priced in AUD in Oz.

The three percent is relatively consistent though the industry but use of some other products such as the 28° and City Visa Debit can avoid it.

 

[markis10]

Re: New WP 1 Card QF Cash

So I stand by my post yesterday [with qualification]:

The caveat is the fee coming into play with the forex margin, for instance purchases in THB would have the fee and retail FX.

 

[medhead]

Re: New WP 1 Card QF Cash

So, the current cross rate is about 91.7, so there's arbitrage built into that offered rate of nearly 3%.

So it's whatever the financial institution decides on the day.

Since you can only load AUD into the card before converting, there is no way to avoid a fee/arbitrage of some sort before spending non AUD.

So I stand by my post yesterday [with qualification]:

Except the 3% fee that we are discussing is added on top of the built in arbitrage for purchases and cash withdrawals that require conversion.

So the 3% that is being discussed and that is listed in the qantas cash fees can be avoided. That fee is separate to the arbitrage that you are talking about.

 

[amaroo]

For me (as someone fortunate enough to be able to get a c/card) I cannot see any merit in the QantasCash card.
For foreign exchange and for gathering FFPs there are better deals everywhere I look.

Be prepared for a public flogging based purely on the fact that a bank will issue you a CC

 

[serfty]

Re: New WP 1 Card QF Cash

Except the 3% fee that we are discussing is added on top of the built in arbitrage for purchases and cash withdrawals that require conversion.

So the 3% that is being discussed and that is listed in the qantas cash fees can be avoided. That fee is separate to the arbitrage that you are talking about.

You read like a Qantas Marketeer ... avoiding the 'elephant in the room'.

My post is here:

The only way to avoid the 3% [or other significant arbitrage] with "Qantas Cash" is to use it to purchase goods/services priced in AUD in Oz.

The three percent is relatively consistent though the industry but use of some other products such as the 28° and City Visa Debit can avoid it.

That post was in response to your post:

3% "foreign" exchange fee kills it for me. "Whenever a transaction in Qantas Cash results in a foreign exchange...."
There are so many ways to avoid this now - makes you wonder why they bother - so we can all get FFPs? Yeah, right.

Not sure what your post means exactly. But the 3% can be avoided if you use the card properly.

Of course a specific "3% fee" can be avoided, but really you comment was not entirely relevant to blibster's post given it was obvious to me, and surely to most others, that with their '"foreign" exchange' and 'so many ways to avoid' comments blibster was referring to cost/fees in general from using the card.

Surely most people would want to know the full cost of using such a card including all included arbitrage margins and fees - that would be far more useful than referring to a specific fee in specific circumstances.

 

[sjd]

Interestingly when comparing the conversion rates offer on this card (Buy Foreign Currency | International Multi Currency Card | Qantas Cash) and the standard Mastercard rates( https://www.mastercard.com/global/currencyconversion/) for the USD , it "costs" you approx 2.35% to load card as opposed to using a card like the 28 Degrees. Of course if you believe that the AUD will fall then that difference in currency rates may be worth it as a hedge.

Think I better go and check this thread:
http://www.australianfrequentflyer....-your-prediction-australian-dollar-37875.html

 

[opusman]

The little foreign exchange booth next to my office is offering .8812 on USD at the moment, official rate is closer to .92, AND they charge a fee on top. Qantas are hardly doing anything out of the ordinary here - products like 28 degrees are quite rare in offering market rates without fee. The Amex Global Travel card seems to have worse rates than Qantas plus they charge 1.5% for reloads.

 

[Happy Trails]

Re: New WP 1 Card QF Cash

So, the current cross rate is about 91.7, .....:

That's just a rate, not a cross rate.
Sorry, one of my pet peeves.

 

[Pushka]

The little foreign exchange booth next to my office is offering .8812 on USD at the moment, official rate is closer to .92, AND they charge a fee on top. Qantas are hardly doing anything out of the ordinary here - products like 28 degrees are quite rare in offering market rates without fee. The Amex Global Travel card seems to have worse rates than Qantas plus they charge 1.5% for reloads.

Which is why I love 28degrees!

 

[Aus ATC]

It seems OK for me.

1. While I will always get it wrong as far as timing my currency exchange is concerned, I like to "lock in" my foreign currency.

2. I don't have a 28 degrees card (probably don't travel enough!).

3. Comparing QANTAS Cash to 28 degrees (for Euros) today, the rate difference is about 3.7 percent. But I'll get about 1% of that back in FF points - provided I use it at overseas merchants and not ATMs. For me, the bigger margin is the cost of fixing my exchange rate before I travel.

4. Comparing QANTAS Cash to an ANZ Travelcard (which we have used before and Mrs AUS ATC will be comfortable with) the rate difference is about 0.9% in favour of QANTAS, + I get FF points. Also ANZ has a 1.1% reload fee making it about 2% worse in total.

Now to convince Mrs AUS ATC that we should put some of our holiday money in the new card.

I should say I don't like the fixed PIN, and would like to be able to change it.

 

[medhead]

Re: New WP 1 Card QF Cash

You read like a Qantas Marketeer ... avoiding the 'elephant in the room'.

My post is here:

That post was in response to your post: Of course a specific "3% fee" can be avoided, but really you comment was not entirely relevant to blibster's post given it was obvious to me, and surely to most others, that with their '"foreign" exchange' and 'so many ways to avoid' comments blibster was referring to cost/fees in general from using the card.

Surely most people would want to know the full cost of using such a card including all included arbitrage margins and fees - that would be far more useful than referring to a specific fee in specific circumstances.

Firstly, I find your accusation to be a qantas marketer to be pretty bloody insulting.

Secondly, blibster used quotation marks to quote exactly the wording attached to the specifically listed 3% fee. That's pretty clear to me as there is a clear link to a listed fee, regardless of what you've read between the lines.

 

[samh004]

Re: New WP 1 Card QF Cash

Already spending big on my new card that arrived this morning, though was a bit annoyed to find that just because it's MasterCard doesn't mean it's a fee-free transaction on Jetstar. There's probably a gift voucher loop hole somewhere?

Will try PayPass at Woolworths in an hour or so no doubt too. May as well earn points if I suddenly can!

 

[serfty]

Re: New WP 1 Card QF Cash

Firstly, I find your accusation to be a qantas marketer to be pretty bloody insulting.

Secondly, blibster used quotation marks to quote exactly the wording attached to the specifically listed 3% fee. That's pretty clear to me as there is a clear link to a listed fee, regardless of what you've read between the lines.

[mod hat off]

you persevered on the 3% while ignoring the other costs - to me that simile to the marketing of the product

No insult or aspersion was intended

[/mod hat on]

 

[markis10]

Re: New WP 1 Card QF Cash

Already spending big on my new card that arrived this morning, though was a bit annoyed to find that just because it's MasterCard doesn't mean it's a fee-free transaction on Jetstar. There's probably a gift voucher loop hole somewhere?

Its fee-free if you use the mobile website

 

[medhead]

Re: New WP 1 Card QF Cash

[mod hat off]

you persevered on the 3% while ignoring the other costs - to me that simile to the marketing of the product

No insult or aspersion was intended

[/mod hat on]

The 3% was specifically mentioned as the sole thing that killed the card for that poster. They did not mention the other costs. I was addressing their SOLE concern, NOT MARKETING.

You're intention is irrelevant. I am highly insulted by your accusation.

 

[samh004]

Re: New WP 1 Card QF Cash

Worked great at Woolworths with PayPass. If I'd remembered my PIN I'd have also used it at Subway (as my local one doesn't have RFID Tx).

I'm sure this next question is answered in the massive PDS, but if I'm spending domestically $2/point is that per transaction such that a $1.99 Tx would earn nothing (or half a point)? Or some other way?

 

[sjd]

Re: New WP 1 Card QF Cash

I'm sure this next question is answered in the massive PDS, but if I'm spending domestically $2/point is that per transaction such that a $1.99 Tx would earn nothing (or half a point)? Or some other way?

Likely to be your total spend per month, as it is for credit cards, IME. It does say that it credits once a month to QFF, I think.

 

[doczim]

Re: New WP 1 Card QF Cash

After 4 attempts I got my PIN. haven't loaded any money on it yet. if I load US$ and then I spend in US, does that avoid the 3% foreign currency fee?

 

[markis10]

Re: New WP 1 Card QF Cash

After 4 attempts I got my PIN. haven't loaded any money on it yet. if I load US$ and then I spend in US, does that avoid the 3% foreign currency fee?

Yes it does.

 

[FrankC]

Re: New WP 1 Card QF Cash

After 4 attempts I got my PIN. haven't loaded any money on it yet. if I load US$ and then I spend in US, does that avoid the 3% foreign currency fee?

You can't load USD directly, instead you load AUD, convert into USD (using their rate - some say it's not that great, with a % built in already) and then spend in USD - then no, you won't have to pay the 3% foreign currency fee

But you have kind of paid a hidden fee when converting from AUD to USD