Have you received your new Qantas Card? Apply for Qantas Cash today.

[serfty]

Re: New WP 1 Card QF Cash

Yes it does.

How do you load USD without incurring arbitrage of ~3%?

 

[markis10]

Re: New WP 1 Card QF Cash

How do you load USD without incurring arbitrage of ~3%?

The question being answered was about the 3% currency conversion fee, not any margin which will vary during the normal course of the day as its static versus spot quotes, currently its 2.4% for instance.

 

[serfty]

That is true - most would not even get near the set 3% fee.

For me even 2.4 is significant (the AUD/USD exchange rate has dropped a little today).

It is a fact the only way to avoid this arbitrage/margin with "Qantas Cash" is to use it to purchase goods/services priced in AUD and in Australia.

Margins/abitridge/spread of two or three percent are relatively consistent though the "forex" industry but use of some other products such as the 28° and City Visa Debit can avoid much of this.

 

[samh004]

Re: New WP 1 Card QF Cash

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.

I guess I'll see in a month, but that sounds good to me

I have another question/assumption. I have a medical appointment tomorrow where the doctor can credit Medicare cash back immediately after paying. I assume this wouldn't work for this card as it's BPAY only, and I'd need to credit back to my regular account and BPAY it over? Hope that's not too confusing.

 

[markis10]

That is true - most would not even get near the set 3% fee.

For me even 2.4 is significant (the AUD/USD exchange rate has dropped a little today).

It is a fact the only way to avoid this arbitrage/margin with "Qantas Cash" is to use it to purchase goods/services priced in AUD and in Australia.

Margins/abitridge/spread of two or three percent are relatively consistent though the "forex" industry but use of some other products such as the 28° and City Visa Debit can avoid much of this.

That point has been made many times and will be no doubt lost on the average Joe, and twenty eight degrees/ Citi don't allow you to lock in rates, a 3% margin in Jan locking in USD would look cheap now, in that case the points are a bonus.

Most of my destinations are in USD pegged currencies, I am going to start loading now because I think our dollar is at its best it will be for some time, did too much travelling when it was at 56c!

 

[serfty]

Yes but the the three percent seems to have become confusing to some which I am trying clarify.

This card is not free to use with foreign currency.

 

[markis10]

Yes but the the three percent seems to have become confusing to some which I am trying clarify.

Its confusing only when people try to introduce margin/arbitrage arguments into the conversation when the question is asked about the currency conversion fee, which is only payable when a transaction is done where there is not enough loaded currency to meet the transactions requirements.

You will never pay the 3% if you do a transaction where there are funds in that currency loaded or where you transfer funds from one currency to another in anticipation of using it! You can avoid the fee easily, minimising the margin is an art!

 

[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?

my bad...I should have read a few more pages back! sorry!

 

[awilcockson]

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

How exactly? Can you tell me how to load GBP onto the card without incurring a 3% difference in rate from the xe.com rate that I'd get charged if I used my 28 Degrees card instead?

 

[awilcockson]

Re: New WP 1 Card QF Cash

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

That fee is not surprisingly fairly close to 3%

 

[RickyT84]

Re: New WP 1 Card QF Cash

Just received my new Qantas card today. Gotta say the new design looks good.

Haven't applied for Qantas Cash just yet. It seems to be very similar to other products out on the market at the moment except for the ability to earn QFF points.

 

[amaroo]

Re: New WP 1 Card QF Cash

A poll seems like a good idea....since I've got an obvious (negative) biased view - maybe someone else could set it up and structure the question:idea:

 

[Pleb Status]

Re: New WP 1 Card QF Cash

Received my new white WP1 card, new white bag tags and the iPad wallet. A bit more exciting than when I got my first WP1 pack. The iPad wallet is a nice (and unexpected) touch.

On the QF points earn of QANTAS Cash, a large number of people are paying for credit cards that pay only 1pt/$2. Now they can get the same for free. Also a good partner to a QFF paying Amex, so you still earn points where Amex is not accepted. Still better off overall with my QANTAS Bankwest Platinum however.

 

[sjd]

Re: New WP 1 Card QF Cash

I have another question/assumption. I have a medical appointment tomorrow where the doctor can credit Medicare cash back immediately after paying. I assume this wouldn't work for this card as it's BPAY only, and I'd need to credit back to my regular account and BPAY it over? Hope that's not too confusing.

We're heading a little OT samh004 but Medicare will credit to your registered bank account regardless of what card you pay with. So, getting back OT, use your QFCash to earns points at the doctor, get the refund, and then the load that money back on the card, spend it elsewhere and get and effective 1 point per dollar spent!

 

[sjd]

Re: New WP 1 Card QF Cash

Received my new white WP1 card, new white bag tags and the iPad wallet. A bit more exciting than when I got my first WP1 pack. The iPad wallet is a nice (and unexpected) touch.

On the QF points earn of QANTAS Cash, a large number of people are paying for credit cards that pay only 1pt/$2. Now they can get the same for free. Also a good partner to a QFF paying Amex, so you still earn points where Amex is not accepted. Still better off overall with my QANTAS Bankwest Platinum however.

Pics, when you have a moment?

 

[boomy]

Received the package today. I like the new white card and bag tags.
The Qantas Cash is a good option to use overseas and save the 3% but in Australia, I still prefer my black card.

 

[Pleb Status]

Re: New WP 1 Card QF Cash

Pics, when you have a moment?

Nothing over the top, but a nice touch.

 

[mono88]

Received my new card this morning, I am well below WP1, so no special wallets for me.
A simple presentation package with a little cardboard flyer,and a couple of bits of paper. The card itself looks good.
I think QF has done a good job to present a relatively complex offering in an understandable way.
I have not reviewed the separate "cash" offering in detail yet but on the surface it looks straight forward relative to other prepaid cards, with the added benefit of the QF involvement.
I see from some of the posts above that there are some issues with,particularly,foreign currency conversion. This area is always difficult to understand no matter what payment method you use so I will be looking to see how QF compares to the other methods.
No doubt QF has found another useful source of revenue.

 

[Chesty]

I thought the currency conversion fee was only if you paid in say US dollars from your say HKD virtual wallet? As long as you have money in your designated virtual wallet, no fee.

 

[samh004]

Re: New WP 1 Card QF Cash

Nothing over the top, but a nice touch.

The red (felt?) makes me think of VA