Qantas Cash Card

[OzEire]

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).

I hope so, because it's pretty fundamental to the product.

I can only report what the QFCash rep told me, EUR27.50 in my QFCash wallet was insufficient to cover a EUR27.50 purchase due to the difference in the cost (27.50) and the value of my wallet ( an AUD amount approx equal to the visible EUR amount in the wallet, but actually slightly less).

I take this to mean the initial check for available funds (a mandatory pre-auth before the txn goes through) rather than the actual spend, which must be exact or users would be reporting odd amounts being charged.

He said that most of the time users don't spend down to zero, so the slight error doesn't matter. Well, customer service rep, it mattered to me.

 

[opusman]

He said that most of the time users don't spend down to zero, so the slight error doesn't matter.

I have ~$3500 USD on my QCC that I bought at around .94. It's still showing as $3500 in my balance. The dollar has devalued by (say) 30% since I bought it, so if what you're saying is true, it's actually only ~$2400 USD and only when I go to use it will the conversion be made? And what happens to the balance remaining if I (say) spend $100? Does it suddenly drop to $2300 USD or does it stay at $3400?

Sorry, this just makes no sense at all. What you got told was wrong.

 

[OzEire]

I agree, the QFCash system makes no sense. I could hardly believe it when the rep tried to explain it. I'm not trying to defend QFCash, it's a stupid implementation.

But to clarify (I hope). The visible FX balance in your QFCash wallet will not change irrespective of changes in cross rates, so USD3,400 purchased at 0.94 will still show USD3,400 today (@0.70). I understood QFCash represent this amount as an AUD amount "behind the scenes", perhaps for internal accounting purposes. I would guess they adjust that AUD amount, perhaps daily in line with their rate changes. Or, QFCash might allow the real value of your account to drop and only make an adjustment when you spend (ie. Realise their loss) by topping up your hidden AUD value behind the scenes.

However, when making a USD (or any FC) purchase the merchant asks MasterCard/ Heritage Bank if the customer has sufficient credit/funds to cover the spend. If you try to spend every last dime of that amount then the funds check may fail when it finds less AUD than it needs to cover the purchase (after the USD purchase amount is converted to AUD, perhaps using a different rate).

What a system. Probably only affects a small number of customers who can be safely ignored.

 

[Cynicor]

I have ~$3500 USD on my QCC that I bought at around .94. It's still showing as $3500 in my balance. The dollar has devalued by (say) 30% since I bought it, so if what you're saying is true, it's actually only ~$2400 USD and only when I go to use it will the conversion be made? And what happens to the balance remaining if I (say) spend $100? Does it suddenly drop to $2300 USD or does it stay at $3400?

Sorry, this just makes no sense at all. What you got told was wrong.

I imagine it is possible for the rep to be correct still. The way the QF system may work is to reset an FX rate each day, but keep the $ in AUD in theory. So as the AUD plummets, your 3500 is still 3500USD each morning,but measured in an ever-increasing AUD amount. But if it were to drop too much in one day/or reset-period, you wouldn't be able to spend it right down to 0 that day. This rings with my experience in the Maldives when I tried to use the exact amount on my card down to the last cent and it was declined. Last time I ever bothered with QF cash.

Just because an IT system makes no sense doesn't make it wrong!

 

[Cynicor]

I agree, the QFCash system makes no sense. I could hardly believe it when the rep tried to explain it. I'm not trying to defend QFCash, it's a stupid implementation.

But to clarify (I hope). The visible FX balance in your QFCash wallet will not change irrespective of changes in cross rates, so USD3,400 purchased at 0.94 will still show USD3,400 today (@0.70). I understood QFCash represent this amount as an AUD amount "behind the scenes", perhaps for internal accounting purposes. I would guess they adjust that AUD amount, perhaps daily in line with their rate changes. Or, QFCash might allow the real value of your account to drop and only make an adjustment when you spend (ie. Realise their loss) by topping up your hidden AUD value behind the scenes...

What a system. Probably only affects a small number of customers who can be safely ignored.

Lol, didn't read your reply until I typed mine. Oh well...

 

[TheRealTMA]

I hope so, because it's pretty fundamental to the product.

I can only report what the QFCash rep told me, EUR27.50 in my QFCash wallet was insufficient to cover a EUR27.50 purchase due to the difference in the cost (27.50) and the value of my wallet ( an AUD amount approx equal to the visible EUR amount in the wallet, but actually slightly less).

I take this to mean the initial check for available funds (a mandatory pre-auth before the txn goes through) rather than the actual spend, which must be exact or users would be reporting odd amounts being charged.

He said that most of the time users don't spend down to zero, so the slight error doesn't matter. Well, customer service rep, it mattered to me.

The balance on forex accounts in QCC does not change after you've input funds. Sounds to me there was a surcharge by the merchant or MasterCard for the actual charge which pushed it over the limit. We've see this when customers try to buy product from us when they have small amounts or the exact amount on their prepaid cards. They need to have a few dollars more for the charge to be put through. Why I don't know but it would seem not to be only with QCC but all such cards.

 

[mingseng]

I have tried using the qantas cash card during a promotion period and it was good. However, the forex rates are pretty bad... I prefer using the 28 Degrees Mastercard (no forex fees and no annual fee, but there's a big charge on ATM fees) or the Bankwest Platinum QFF card. That's also free of forex fees but there's a big annual fee and at least you get 0.75 QFF points per dollar spend. I guess that's good if you are overseas a lot...

 

[TheRealTMA]

I have tried using the qantas cash card during a promotion period and it was good. However, the forex rates are pretty bad... I prefer using the 28 Degrees Mastercard (no forex fees and no annual fee, but there's a big charge on ATM fees) or the Bankwest Platinum QFF card. That's also free of forex fees but there's a big annual fee and at least you get 0.75 QFF points per dollar spend. I guess that's good if you are overseas a lot...

Yes agreed, they take 2.5% plus, but it means you can lock in the exchange rate unlike 28 Degrees. Maybe good, maybe not!

 

[Deleted member]

I used QC once. I'm not silly enough to to make that mistake a second time.

 

[dfcatch]

QF Cash do indeed use an internal AUD calculation on a per transaction basis.

If you login to the QF Cash website and look at your transactions, you'll see that they are in fact listed in AUD.

 

[moa999]

So it sounds like if you are looking to use the last of your foreign currency you need a small amount in the AUD account so computer says yes

 

[moa999]

Also just got a bonus offer

Now is the time to enjoy the rewards when you load foreign currency. If you register and load AU$2,000 equivalent in foreign currency in one transaction by 30 September 2015 you'll get 2,000 bonus Qantas Points*. It's the perfect way to start your next trip and earning points is just one of the many advantages of using Qantas Cash®.

So $50-60 cost for 2000 points and you lock in a rate

 

[rainbowgirl]

I agree, the QFCash system makes no sense. I could hardly believe it when the rep tried to explain it. I'm not trying to defend QFCash, it's a stupid implementation.

But to clarify (I hope). The visible FX balance in your QFCash wallet will not change irrespective of changes in cross rates, so USD3,400 purchased at 0.94 will still show USD3,400 today (@0.70). I understood QFCash represent this amount as an AUD amount "behind the scenes", perhaps for internal accounting purposes. I would guess they adjust that AUD amount, perhaps daily in line with their rate changes. Or, QFCash might allow the real value of your account to drop and only make an adjustment when you spend (ie. Realise their loss) by topping up your hidden AUD value behind the scenes.

However, when making a USD (or any FC) purchase the merchant asks MasterCard/ Heritage Bank if the customer has sufficient credit/funds to cover the spend. If you try to spend every last dime of that amount then the funds check may fail when it finds less AUD than it needs to cover the purchase (after the USD purchase amount is converted to AUD, perhaps using a different rate).

What a system. Probably only affects a small number of customers who can be safely ignored.

This is a very curious conversation. I don't know if I am following everything but I'll share my experience, just in case it is relevant.

I mostly use my Qantas Cash card for Australian dollar purchases. Occasionally I do British Pound transactions when I am purchasing books on a couple of overseas book websites. I do an internal transfer on the card for the exact amount of the transaction. I have done this 3 times and each time the transaction has used the exact amount of the funds I have transferred to British Pounds and doesn't use any of the Australian dollar funds which are still on the card.

 

[OzEire]

This is a very curious conversation. I don't know if I am following everything but I'll share my experience, just in case it is relevant.

I mostly use my Qantas Cash card for Australian dollar purchases. Occasionally I do British Pound transactions when I am purchasing books on a couple of overseas book websites. I do an internal transfer on the card for the exact amount of the transaction. I have done this 3 times and each time the transaction has used the exact amount of the funds I have transferred to British Pounds and doesn't use any of the Australian dollar funds which are still on the card.

Two things. If the AUD-GBP exchange occurs on the same 'day' as the GBP spend then I would expect less errors since both probably use the same FX rate. Second, if there is some AUD funds left after transfer to GBP then these may act as a buffer which allows the QC wallet to report sufficient funds even if the GBP's internal AUD value is less than required (because there is enough AUD overall in the wallet).

 

[Limewood]

Have been trying to use my Q cash card n Europe for past 2 weeks with no luck, sent numerous emails to them but kept getting please phone us in OZ, eventually they cancelled me by Facetime audio from UK, simple, apparently as my previous card was Platinum which worked well, but going to Gold apparently I had to activate it again, I didn'tt now that, however yhey did it for me, today Mrs Lime went shopping, it worked well In beautiful Split Croatia.

 

[RooFlyer]

Wouldn't it have been more economical to let the card continue to be non-operational ?

 

[RooFlyer]

Having just caught up with this thread from 9th Sept, I remain perfectly satisfied with my decision some time ago to dump the QCC.

I found that after trips abroad, I had varying small amounts of various foreign currencies left on the card, as it was impossible to get a transaction that completely spent the amounts (and as I now discover, that is impossible anyway). I could change them back to A$ and spend it in Oz (and therefore lose another 4% or so) or just let them sit there counting on my re-visiting those countries. I dislike donating my funds to QF/Bendigo Bank's 'net position' so that's not on either.

I know the QCC has its adherents, and hope it all works well (with a locked-in rate and lots of QFF points ), but for me, using something like a Citi debit card is both cheaper (I can't plan my trips too far in advance!) and more straightforward and I choose to forego the points.

 

[AustraliaPoochie]

For some indeed not being able to qualify for a true true credit card, QCC suits me to a t.
I also object to paying $99 or $109 for an ANZ Flyer visa. Or what ever the annual fee with them now is.

 

[ComeFlyWithMe]

Having just caught up with this thread from 9th Sept, I remain perfectly satisfied with my decision some time ago to dump the QCC.

I found that after trips abroad, I had varying small amounts of various foreign currencies left on the card, as it was impossible to get a transaction that completely spent the amounts (and as I now discover, that is impossible anyway). I could change them back to A$ and spend it in Oz (and therefore lose another 4% or so) or just let them sit there counting on my re-visiting those countries. I dislike donating my funds to QF/Bendigo Bank's 'net position' so that's not on either.

I know the QCC has its adherents, and hope it all works well (with a locked-in rate and lots of QFF points ), but for me, using something like a Citi debit card is both cheaper (I can't plan my trips too far in advance!) and more straightforward and I choose to forego the points.

I agree, but will add that I never activated it in the first place after reading the PDS and reviewing their exchange rates.

I don't value a handful of QF points at 4+% of foreign purchases. Even black cards max at around 3.5%.

+1 for the Citibank Plus product. I don't use that much cash O/S anyway.

 

[Cynicor]

This is a very curious conversation. I don't know if I am following everything but I'll share my experience, just in case it is relevant.

I mostly use my Qantas Cash card for Australian dollar purchases. Occasionally I do British Pound transactions when I am purchasing books on a couple of overseas book websites. I do an internal transfer on the card for the exact amount of the transaction. I have done this 3 times and each time the transaction has used the exact amount of the funds I have transferred to British Pounds and doesn't use any of the Australian dollar funds which are still on the card.

We aren't saying it uses more or less. But it calculates it incorrectly for approval purposes, then will use the appropriate amount when the transaction posts.

As MOA says, having a few $ in the AUD account will offset this. Interestingly then, the larger the transaction the more you may need in the AUD side if there has been a significant intra-day account and you are trying to clear it in a single transaction...