Qantas Cash Card

[opusman]

I was basing this on today's currency exchange rates (assuming the same difference at all other times) - QF cash is offering .6966, XE (which is close enough to what you'll get with 28 degrees) is .7307 - that's about 4.8% difference?

Wow, that is a huge difference. I had no idea the QC rates were quite that bad.

I wonder if they have gotten worse over time. When I looked at it a while ago they were within a couple of points.

 

[RooFlyer]

I was basing this on today's currency exchange rates (assuming the same difference at all other times) - QF cash is offering .6966, XE (which is close enough to what you'll get with 28 degrees) is .7307 - that's about 4.8% difference?

Disclaimer: IANAM (I am not a mathematician)... so I may have got that completely wrong :shock:

Wow, that is a huge difference. I had no idea the QC rates were quite that bad.

I wonder if they have gotten worse over time. When I looked at it a while ago they were within a couple of points.

Its always been in the order of 4% when I've looked ... one of the reasons I gave it up some time ago. I made the point either above or in a related thread that the A$ needs to shift something like 3 or 4 cents against the US$ for you to justify 'locking in' rates on QCC Vs exposure to the floating Citi debit card and that assumed the movement will be against you. At current levels, movement over then ext 6 months could well be the other way, in which case 'locking in' will see you down the tube by 5+ cents.

Of course this ignores the accrual of QFF points on the Qantas cash card.

 

[TheInsider]

Yes the exchange rate is cough. Bu what other main stream, non credit card, will give you better rates?
Most money exchanges are worse.

 

[RooFlyer]

Yes the exchange rate is cough. Bu what other main stream, non credit card, will give you better rates?
Most money exchanges are worse.

Lots of discussion on this on AFF! Citi Plus debit gives rates vary close to spot, mostly with no fees around the world; Bankwest product similar.

 

[MEL_Traveller]

Of course this ignores the accrual of QFF points on the Qantas cash card.

indeed... but looking at the USD8000/GPB3000... that $900 will give you a return airfare to Asia in economy (your choice of airline), a jetstar 'business' return to Singapore or Bali (on sale), or a one way business (even first class) Emirates flight between Australia and New Zealand. The points would only come to a fraction of any of those.

 

[RooFlyer]

indeed... but looking at the USD8000/GPB3000... that $900 will give you a return airfare to Asia in economy (your choice of airline), a jetstar 'business' return to Singapore or Bali (on sale), or a one way business (even first class) Emirates flight between Australia and New Zealand. The points would only come to a fraction of any of those.

I'm with you. I don't use QCC; points earned that way I have always thought are bad value.

 

[Buzzard]

doing very well to get 3.5%

With a loan offset account I'm effectively getting over 7% tax free

 

[TheRealTMA]

Its always been in the order of 4% when I've looked ... one of the reasons I gave it up some time ago. I made the point either above or in a related thread that the A$ needs to shift something like 3 or 4 cents against the US$ for you to justify 'locking in' rates on QCC Vs exposure to the floating Citi debit card and that assumed the movement will be against you. At current levels, movement over then ext 6 months could well be the other way, in which case 'locking in' will see you down the tube by 5+ cents.

Of course this ignores the accrual of QFF points on the Qantas cash card.

Yes the rates are poor with 3% or so currency margin. But don't forget, if you are using a branded CC such as Earth Black, ANZ Plat etc., while these offer 'better' rates and also earn QFF points, you will be hit with an DCC or OTF of 2-4% so the Qantas Cash card is not bad in context. Plus you lock in the rates which at the current A$ -> Peso seems not a bad idea to me.

The alternative of course is 28 Degrees or others which give 'market' rates and which do not charge DCC or OTF. But then you have not locked in the rate. If you transferred $10K to US$ or UKP last November you would not be worrying about the 3% margin on Qantas Cash.

 

[elan]

Just returned from the US where I used it for the first time. For us it worked well and would recommend it, it was used both as a debit card and to remove cash from the hole in the wall. We had no issues of concerns whilst using it. Locking in the exchange rate was also a bonus as well.

 

[dfcatch]

I don't load large amounts on it - and actually use it as a day-to-day card overseas for security reasons too.

Ie. If it gets done - then they can't take all my CC credit limit off me.

Generally I only keep a few hundred max at a time.

 

[Limewood]

I never load much more than AUD$5000 onto the Qantas Card so really its not all that much difference taking the points received into account.

On a number of trips have just found it so reliable unlike some others I've tried.

 

[drizl1]

I just went to withdraw $100 from my qantas cash card this morning from a St George ATM which I have been doing fee free for the past 2 years and I got a message saying I would be charged $3 by the operator! Does anyone know if the fee free cash withdrawal facility from St George and Westpac ATM's has been removed?

 

[samh004]

I just went to withdraw $100 from my qantas cash card this morning from a St George ATM which I have been doing fee free for the past 2 years and I got a message saying I would be charged $3 by the operator! Does anyone know if the fee free cash withdrawal facility from St George and Westpac ATM's has been removed?

There doesn't appear to be any change.

http://www.qantascash.com/media/152232/product-disclosure-statement.pdf

 

[opusman]

There doesn't appear to be any change.

http://www.qantascash.com/media/152232/product-disclosure-statement.pdf

Note that T&Cs do say that ATM operators may impose their own fees. This is more likely to be an operator-imposed fee rather than one charged by QF.

Heritage Bank still advertise fee-free withdrawals from the Westpac network: https://www.heritage.com.au/Network-ATM.aspx

My guess would be that it's a mistake and if you contact Qantas Cash you might be able to get it refunded.

 

[hottykrh]

When attempting to use QCC for purchase, July, at Tullamarine arrivals Duty Free, they wanted to charge 1 1/2 % credit card fee as per other cards. This was the only time in 6 weeks of travel US, GB & Singapore, but cash withdrawals did attract small fee everywhere.

 

[Boca68]

Hello,
I'm hoping someone might know the answer to this question. I have not used the Qantas Cash Card before. But with a trip coming up, I thought I'd trial it.

So, I loaded about $500 AUD onto the card. Looking to exchange some of it to USD. I'm looking at the QCC website and on the main page it gives a rate of .6694, but when I try to transfer to USD , it gives me .6623 ? SO, obviously , I baulked at that until I find out more. Yep, were only talking a few cents, but I'm confused?

So, the question is, two part really, how often is the QCC exchange rate updated? Daily, hourly, twice daily? (its certainly not live as I've checked a few times) Especially as the AUD has risen about .5 cent in the past 24 hours. And is there a difference between loading in USD and exchanging to USD on the QCC website?

I've trawled the FAQ's on the website and can't see anything to suggest this. Next step is to call the help line, but I'd imagine that will be quite a wait.

Thanks in advance for any help

 

[eminere]

So, the question is, two part really, how often is the QCC exchange rate updated? Daily, hourly, twice daily?

The foreign exchange rates used for loading the Facility are set and determined by Qantas and Access and vary each day.

And is there a difference between loading in USD and exchanging to USD on the QCC website?

The fact that a separate clause exists in the PDS for the latter circumstance seems to suggest that there might be differing foreign exchange rates that apply.

The above information is taken from Clause 7 of the Terms and Conditions in Part B of the PDS.

 

[Boca68]

The foreign exchange rates used for loading the Facility are set and determined by Qantas and Access and vary each day.



The fact that a separate clause exists in the PDS for the latter circumstance seems to suggest that there might be differing foreign exchange rates that apply.

The above information is taken from Clause 7 of the Terms and Conditions in Part B of the PDS.

Thank you eminere.

Answered all my questions.

I should learn to read the PDS.

 

[OzEire]

So here's another way that QFCash makes no sense.

I had EUR26.00 left on the card but wanted to buy something for EUR27.50. Easy, transferred some USD across, taking the hit for a second time on the big margins (ie. It's fee free, but rate is woeful). Anyway, confirmed EUR27.50 available.

Next step, I tried to make a EUR 27.50 purchase. Response was "Error: Insufficient funds". Ok, maybe QFCash currency transfer is a bit slow. Waited until next day and tried again, same problem. Waited the weekend and tried again, same error. I did check that the merchant was charging in Euro, not Australian dollar.

Gave up and rang QFCash (endless menus, etc) and finally spoke to a human who asked, no kidding, about 9 security questions. In the end he said that he could see the transaction in question, a EUR27.50 purchase had been declined for insufficient funds, and that I had exactly that amount in the wallet. Hmmm, seems odd.

Anyway, reading off a script he says that the merchant had charged EUR27.50 but my account had slightly less than this amount available due to the AUD:EUR exchange rate.

What!?! I thought the point of the QFCash card was to operate in a foreign currency. Actually, no. In their wisdom QFCash have decided to sting customers a margin on 'exchange' when loading FX, but then keep the actual money in AUD until they spend it. I had understood that QFCash marketing advertised "locking in" an ex rate for peace of mind. I'm pretty sure if the rate changes in favour of the customers QF cash wouldn't suddenly credit my account with the difference.

What a cough product. You'd think that bullet point 1 on the business plan would be: when customers try the product, damn well make sure it works.

 

[opusman]

What!?! I thought the point of the QFCash card was to operate in a foreign currency. Actually, no. In their wisdom QFCash have decided to sting customers a margin on 'exchange' when loading FX, but then keep the actual money in AUD until they spend it. I had understood that QFCash marketing advertised "locking in" an ex rate for peace of mind. I'm pretty sure if the rate changes in favour of the customers QF cash wouldn't suddenly credit my account with the difference.

I'm pretty sure there has been some sort of misunderstanding here, as the product does work as you say it should (i.e. once the conversion is made to a foreign currency, the balance is definitely kept in that currency and does not float around with the exchange rate to AUD).