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

[trippin_the_rift]

This is for your account protection. Just in case someone is watching you enter the password (could be a person over your shoulder, a keystroke recorder on the computer, a camera covertly recording your activities etc). The person watching only knows part of your password, not the whole password, making it less likely they can hack into your account.

Well they know it after you've entered the 2,3,7th character - since that is essentially your new password!

 

[moa999]

No, because the characters required change each time.

 

[bobsleigh]

For new readers to this thread, it's worth trying to spell this out.
The only way to avoid getting clobbered with a 3% charge for "changing currency" is to load your QantasCash card with AUD and spend it in AUD.
If you do anything else (like loading AUD and then going overseas and spending say USD) you will be charged the 3%.
So, for those of us fortunate enough to travel with a credit card, you are better off using one that doesn't charge for foreign exchange.
A couple of examples are the 28 degrees card and Bankwest Platinum - but there are others.

If you want to lock into an exchange rate before travelling, you could use the QantasCash card to buy (eg) USD and then spend USD when you purchase overseas, but you would need to load it from a bank account that uses USD in the first place to avoid the 3% charge.
However, it might still be worth taking the 3% "hit" if you are the type that wants to lock in a currency ahead of time.

As far as FFPs are concerned, the 2P/1$ offered by QantasCash might seem worth it, but again there are better deals out there.
Example, the Qantas AMEX card that gives 1P/1$ and has no annual fee (it's not a good card to use on foreign currencies, but for AUD domestic purchases it's great).
There are other cards (that have annual fees) that give you more points/$ - so shop around and find one.

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.

 

[sjd]

I received mine yesterday, valid to Dec 13. Am currently 5SC from WP requal which I will hit... tomorrow. This may be my most short lived QFF card. Thinking I will try thing out later this month on a holiday but by my new 28 Degrees card (thanks AFF) will probably have to work harder.

 

[DeKa]

For new readers to this thread, it's worth trying to spell this out.
The only way to avoid getting clobbered with a 3% charge for "changing currency" is to load your QantasCash card with AUD and spend it in AUD.
If you do anything else (like loading AUD and then going overseas and spending say USD) you will be charged the 3%.
So, for those of us fortunate enough to travel with a credit card, you are better off using one that doesn't charge for foreign exchange.
A couple of examples are the 28 degrees card and Bankwest Platinum - but there are others.

If you want to lock into an exchange rate before travelling, you could use the QantasCash card to buy (eg) USD and then spend USD when you purchase overseas, but you would need to load it from a bank account that uses USD in the first place to avoid the 3% charge.
However, it might still be worth taking the 3% "hit" if you are the type that wants to lock in a currency ahead of time.

As far as FFPs are concerned, the 2P/1$ offered by QantasCash might seem worth it, but again there are better deals out there.
Example, the Qantas AMEX card that gives 1P/1$ and has no annual fee (it's not a good card to use on foreign currencies, but for AUD domestic purchases it's great).
There are other cards (that have annual fees) that give you more points/$ - so shop around and find one.

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.

Based on what we were told at the lunch yesterday this is incorrect.
You can avoid the 3% fee by loading whatever currency you plan to spend. Obviously there is an exchange rate at play for loading say USD to your card, but if there are USD on the card, you will not pay the 3% fee. The 3% fee applies if you say have AUD or Euro on your card, and spend USD as an example.

Also, this is an Australian product so you cannot load it with a non-AUD source.

 

[bobsleigh]

You can avoid the 3% fee by loading whatever currency you plan to spend. .

Exactly what I said!

So you will pay a foreign exchange fee anyway, whether that is from your AUD bank (who will charge you to exchange) or whether by QantasCash.

 

[markis10]

Exactly what I said!

So you will pay a foreign exchange fee anyway, whether that is from your AUD bank (who will charge you to exchange) or whether by QantasCash.

No its not what you said, if you load the card and then buy USD or any other currency, you just pay the exchange rate on offer, no 3%, if you change between currencies its the exchange rate plus a 3% fee.

 

[opusman]

Exactly what I said!

So you will pay a foreign exchange fee anyway, whether that is from your AUD bank (who will charge you to exchange) or whether by QantasCash.

No this is incorrect. If you load funds to the card as, say, USD, and spend them as USD, there is no foreign exchange fee charged, either on loading or on spending. The only "fee" is the spread in the exchange rates Qantas use when you load in a foreign currency, and you always pay that whenever you change money.

A specific, fixed-percentage foreign exchange fee is only charged if you spend funds in a currency that is not loaded on the card. So load in AUD, spend in USD -> fee. Load in USD, spend in USD -> no fee.

 

[medhead]

Exactly what I said!

So you will pay a foreign exchange fee anyway, whether that is from your AUD bank (who will charge you to exchange) or whether by QantasCash.

No that's not what you said.

The information we received yesterday is that loading in other currencies doesn't incur the 3% exchange fee.

The PDS page 13 footnote 3 states that the 3% fee where funds are withdrawn or used for purchase transactions that require conversion. It does not say the fee applies to loading currencies.

Clause 7 of the terms and conditions also agrees that there is no 3% fee for loading the card.

 

[markis10]

No that's not what you said.

The information we received yesterday is that loaded in other currencies doesn't incur the 3% exchange fee.

The PDS page 13 footnote 3 states that the 3% fee where funds are withdrawn or used for purchase transactions that require conversion. It does not say the fee applies to loading currencies.

No this is incorrect. If you load funds to the card as, say, USD, and spend them as USD, there is no foreign exchange fee charged, either on loading or on spending. The only "fee" is the spread in the exchange rates Qantas use when you load in a foreign currency, and you always pay that whenever you change money.

A specific, fixed-percentage foreign exchange fee is only charged if you spend funds in a currency that is not loaded on the card. So load in AUD, spend in USD -> fee. Load in USD, spend in USD -> no fee.

No its not what you said, if you load the card and then buy USD or any other currency, you just pay the exchange rate on offer, no 3%, if you change between currencies its the exchange rate plus a 3% fee.

I think we are all in agreement

 

[bobsleigh]

Woah - feel the flames..!
Read the post.

IF you guys are all so smart, then tell me how you load (for example) USD onto QantasCash without getting hit by an exchange fee (whether that is by you bank or QantasCash)

 

[markis10]

Woah - feel the flames..!
Read the post.

IF you guys are all so smart, then tell me how you load (for example) USD onto QantasCash without getting hit by an exchange fee (whether that is by you bank or QantasCash)

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!

 

[Boris spatsky]

OK so i have a load if leftover USD notes (when the exchange rate was 1.05). Can i load them onto the card without them being converted back to AUD and then back to USD like most travel money cards would do?

 

[markis10]

OK so i have a load if leftover USD notes (when the exchange rate was 1.05). Can i load them onto the card without them being converted back to AUD and then back to USD like most travel money cards would do?

Not sure how you load notes when the load method is BPAY or POLI???

 

[moa999]

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

 

[medhead]

Woah - feel the flames..!
Read the post.

IF you guys are all so smart, then tell me how you load (for example) USD onto QantasCash without getting hit by an exchange fee (whether that is by you bank or QantasCash)

Read clause 7 of the terms and conditions. There is no 3% for initial load where you allocate funds to another currency or bpay reloads. So you avoid the fee by specifying that loads/reloads go into whatever currency and then do a load.

The fee also doesn't apply when transferring funds between currencies.

 

[medhead]

OK so i have a load if leftover USD notes (when the exchange rate was 1.05). Can i load them onto the card without them being converted back to AUD and then back to USD like most travel money cards would do?

I asked this yesterday. You can't load notes. Doesn't sound like they plan to offer that either. They did suggest giving spare notes to UNICEF. Someone also suggested have a tap on post near the unicef bin that allowed the qantas cash card to be used for a donation.

 

[markis10]

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

Not really, they are retail rates, by comparison ANZ are offering 0.8795 fees not included versus 0.8901 for Qantas cash. Most here would know how to access midmarket rates via Citi or 28 degrees, but for the average Joe, its pretty competitive from a retail point of view.

 

[medhead]

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

But not for all rates. As I read the PDS, the 3% will be added to the MasterCard rate for purchases and withdraws. But it is not added to other rates. So yes there would be a margin built into the rate for loading and transferring between currencies by MasterCard. But the 3% fee is added on top for limited specific transactions.

 

[moa999]

To give you an example of the rates built in.
Have just compared (within minutes) both the QF and VA sites (excluding THB) as well as live mid-market rates from xe.com.

Much like the AusBT article, QF comes out slightly ahead (albeit again behind on Euro), although VA seems more consistent to the xe.com. Unsure what is going on with JPY on both.
I assume VA is probably right on 3% margin built in (then a 1% spread from the Bid to mid-market)

		----QF-	-----VA	Better	--XE mid	QF	VA
CAD	Canadian Dollar	0.9173	0.9232	VA	0.96235	4.7%	4.1%
JPY	Japanese Yen	87.1288	87.633	VA	94.4494	7.8%	7.2%
HKD	Hong Kong Dollar	6.8386	6.8051	QF	7.10897	3.8%	4.3%
NZD	New Zealand Dollar	1.1144	1.113	QF	1.16149	4.1%	4.2%
EUR	Euro	0.6637	0.6664	VA	0.69447	4.4%	4.0%
SGD	Singapore Dollar	1.1223	1.119	QF	1.16841	3.9%	4.2%
GBP	Great British Pound	0.5631	0.563	QF	0.58673	4.0%	4.0%
USD	United States Dollar	0.8901	0.8797	QF	0.91668	2.9%	4.0%