New Credit Card When Retired

[ramboflyer]

Here's a possible easier way for those of us wanting sign on bonus points without the usual angst of applying for a new card.

A strange thing happened when I logged into my Amex account last week. There was an offer to upgrade to the Explorer card and receive 40,000 bonus points if approved and a minimum spend is achieved. The impression was that the full approval process would not be applied. I was tempted but left it for a few days to think about it. The offer was open until 31/10. When I logged in a couple of days later the offer had disappeared.

I contacted Amex and after a couple of calls back from them I was told the offer was a mistake. He did suggest however, that if I did a new application it should be approved (my words) and the bonus points are 50,000.

Today I logged in and there was a link to apply for an upgrade to either the Explorer card, the Platinum Plus card or the Qantas Ultimate card. Out of the 3 the Qantas card is the best value for both bonus points (40,000) and ongoing earning (1.25). My current card is the Amex Westpac card earning Altitude miles so no problem changing programs. I simply clicked the apply now link and within 30 seconds I had approval! No income or expenses details or providing endless documents.

If interested and the offer is not showing I suggest you contact Amex. It cant be a coincidence that it appeared in my account after I expressed an interest.

 

[ramboflyer]

Here's a possible easier way for those of us wanting sign on bonus points without the usual angst of applying for a new card.

A strange thing happened when I logged into my Amex account last week. There was an offer to upgrade to the Explorer card and receive 40,000 bonus points if approved and a minimum spend is achieved. The impression was that the full approval process would not be applied. I was tempted but left it for a few days to think about it. The offer was open until 31/10. When I logged in a couple of days later the offer had disappeared.

I contacted Amex and after a couple of calls back from them I was told the offer was a mistake. He did suggest however, that if I did a new application it should be approved (my words) and the bonus points are 50,000.

Today I logged in and there was a link to apply for an upgrade to either the Explorer card, the Platinum Plus card or the Qantas Ultimate card. Out of the 3 the Qantas card is the best value for both bonus points (40,000) and ongoing earning (1.25). My current card is the Amex Westpac card earning Altitude miles so no problem changing programs. I simply clicked the apply now link and within 30 seconds I had approval! No income or expenses details or providing endless documents.

If interested and the offer is not showing I suggest you contact Amex. It cant be a coincidence that it appeared in my account after I expressed an interest.

I'm accumulating both QF points and Krisflyer points. As my Amex card just switched from Krisflyer (Altitude program) to Qantas I needed another Krisflyer card so applied for the NAB Rewards Signature card (120,000 bonus NAB rewards points) 2 days ago and today got the full approval. My defined benefit super pension didnt fit their exact needs for boxes to tick but I was able to send documents to keep them happy. Truth is I was surprised how easy it was given the rejections I've had from St George and their siblings.
The approval was despite already having 2 other cards but neither with big limits.

 

[frodo1]

In the last few years of my working life, I was able to amass nearly one million miles of QFF points mainly through credit card sign-up bonuses. Year after year, I had no difficulty turning these cards over and getting new ones - together with the QFF points. However, since I retired 18 months ago, I have been knocked back for new cards. I currently have two cards, cards I have had when I was working - a CBA Diamond Awards Mastercard as part of a 'wealth package' and a 28 Degrees Mastercard. I think my problem is that I'm 'income poor'. Although I have a property worth approximately $1.5million, superannuation in excess of $.5 million and two newish cars, all paid off, and $6k in the bank, it appears to me that my relatively low income from pension super and aged pension hampers my ability to gain new credit cards and the QFF points that flow from them.

Does any one have advice to get around this problem?

Thanks.

We travel a lot and are in a similar situation. We're looking for a high end CC linked to QFF which doesn't pay fees if thye minimum monthly spend is reached. Retired but ineligible for the Age Pension because of substantial funds and assets and too much income. We are buying a new car this week and thinking of putting it on the (low limit) CBA Platinum credit card. Just paid-off the current debt and put AU$50K credit onto the card. Interested in what we have to do to get the CBA Elite? Card which has the high minimum monthly spend and good travel benefits.

Advice appreciated.

 

[ramboflyer]

We travel a lot and are in a similar situation. We're looking for a high end CC linked to QFF which doesn't pay fees if thye minimum monthly spend is reached. Retired but ineligible for the Age Pension because of substantial funds and assets and too much income. We are buying a new car this week and thinking of putting it on the (low limit) CBA Platinum credit card. Just paid-off the current debt and put AU$50K credit onto the card. Interested in what we have to do to get the CBA Elite? Card which has the high minimum monthly spend and good travel benefits.

Advice appreciated.

Maybe not exactly what you are asking but what about the Amex Ultimate card? $450 annual fee which becomes a $450 travel credit with Amex Travel (on Qantas only). Effectively fee free if you fly at least once a year. 1.25 QF points per $1 spent and 4 lounge passes each year (2 Amex and 2 Qantas lounges) and the usual complimentary insurances.

 

[frodo1]

Here's a possible easier way for those of us wanting sign on bonus points without the usual angst of applying for a new card.

A strange thing happened when I logged into my Amex account last week. There was an offer to upgrade to the Explorer card and receive 40,000 bonus points if approved and a minimum spend is achieved. The impression was that the full approval process would not be applied. I was tempted but left it for a few days to think about it. The offer was open until 31/10. When I logged in a couple of days later the offer had disappeared.

I contacted Amex and after a couple of calls back from them I was told the offer was a mistake. He did suggest however, that if I did a new application it should be approved (my words) and the bonus points are 50,000.

Today I logged in and there was a link to apply for an upgrade to either the Explorer card, the Platinum Plus card or the Qantas Ultimate card. Out of the 3 the Qantas card is the best value for both bonus points (40,000) and ongoing earning (1.25). My current card is the Amex Westpac card earning Altitude miles so no problem changing programs. I simply clicked the apply now link and within 30 seconds I had approval! No income or expenses details or providing endless documents.

If interested and the offer is not showing I suggest you contact Amex. It cant be a coincidence that it appeared in my account after I expressed an interest.

Thx for the advice, Ramboflyer. I've never used Amex because of their relatively low acceptance by traders and high usage rate. I'd rather have a Visa or MasterCard with a higher monthly rate with a fee waiver and perhaps my best option is to start with a request a restore the credit limit of my current card to its previous level;. I'm loathe to start applying for new cards without knowing what the outcome is likely to be. I'm sure multiple applications and particularly refusals would affect my credit score. Not sure how to proceed. Do you know any good sites to check out CC churning - I can only think of Point Hacks.

 

[ramboflyer]

Do you know any good sites to check out CC churning - I can only think of Point Hacks.

Look no further frodo1 - you are already on the best site for advice on CC churning. Pointhacks is good but earlier this week I had to correct something said in a guide about Amex cards. Do a search and I'm sure you'll find heaps of helpful stuff. Look below for 1 or 2 to start with.

 

[MEL_Traveller]

We travel a lot and are in a similar situation. We're looking for a high end CC linked to QFF which doesn't pay fees if thye minimum monthly spend is reached. Retired but ineligible for the Age Pension because of substantial funds and assets and too much income. We are buying a new car this week and thinking of putting it on the (low limit) CBA Platinum credit card. Just paid-off the current debt and put AU$50K credit onto the card. Interested in what we have to do to get the CBA Elite? Card which has the high minimum monthly spend and good travel benefits.

Advice appreciated.

On a separate issue it might be worth checking your obligations when putting a credit card into a positive balance. Banks have been known to write letters and even close cards in a positive balance because it goes against some rule about not allowing a CC in credit (it's not a savings account and banks aren't allowed to hold funds in credit or something).

 

[frodo1]

On a separate issue it might be worth checking your obligations when putting a credit card into a positive balance. Banks have been known to write letters and even close cards in a positive balance because it goes against some rule about not allowing a CC in credit (it's not a savings account and banks aren't allowed to hold funds in credit or something).

Thx MEL_Traveller.I have regularly put my CC in positive when travelling OS and never had a problem with CBA. However, will check with the branch.

 

[747sp]

On a separate issue it might be worth checking your obligations when putting a credit card into a positive balance. Banks have been known to write letters and even close cards in a positive balance because it goes against some rule about not allowing a CC in credit (it's not a savings account and banks aren't allowed to hold funds in credit or something).

It depends on who issues your card. Banks are allowed to hold deposit accounts so your credit account can be positive. Non banks cannot hold deposit accounts and so need to return the money. To complicate things some issuers are less compliant than others so they may ignore small positive balances to keep the customer happy.

 

[prozac]

Thx for the advice, Ramboflyer. I've never used Amex because of their relatively low acceptance by traders and high usage rate. I'd rather have a Visa or MasterCard with a higher monthly rate with a fee waiver and perhaps my best option is to start with a request a restore the credit limit of my current card to its previous level;. I'm loathe to start applying for new cards without knowing what the outcome is likely to be. I'm sure multiple applications and particularly refusals would affect my credit score. Not sure how to proceed. Do you know any good sites to check out CC churning - I can only think of Point Hacks.

Actually acceptance is pretty good. I regularly use mine at cafe's and FF outlets, bakers etc. Even got Shop Small bonus points from a baker I've been to 3 times this week and last month a 7,200 shop small bonus for paying a $2,000 account bill. Been to the tip twice this week, paid with Amex. Things like insurance that can be paid by PayPal are linked to my Amex also. The Plat Edge CC is 3 points at supermarkets and petrol. Low annual fee ($195) recouped with a free travel credit to equivalent amount.
Not churning I know, but don't be too quick to discount an Amex card.

 

[drron]

I agree on Amex.Much better acceptance than there was and we have no problem using it frequently.Even use it for small amounts at Farmer's Markets when the stall holder uses the Sqare payment system.I never leave home without it.

 

[CaptJCool]

My brother Tells me he can use his AMEX at the post office to pay regular bills - and yes there’s a processing fee

 

[prozac]

My brother Tells me he can use his AMEX at the post office to pay regular bills - and yes there’s a processing fee

I simply won't use my Amex Plat Edge card where there is a surcharge. Paypal is a good way of avoiding the surcharge with NRMA insurance for instance. My Amex/Visa usage ratio would likely be 2/3:1/3

 

[MEL_Traveller]

It depends on who issues your card. Banks are allowed to hold deposit accounts so your credit account can be positive. Non banks cannot hold deposit accounts and so need to return the money. To complicate things some issuers are less compliant than others so they may ignore small positive balances to keep the customer happy.

Ah! Thanks! That makes sense. 28 Degrees for example (non bank?) used to write to people putting their accounts into credit (asking them to fix it straight away).

 

[CaptJCool]

During COVID times I had over $4,500 sent back to a DC card. They simply altered their rules to say no interest payable on credits. 9 months later still got a couple of hundred credit to go !