Qantas Cash's Current Points Offer

[Renato1]

is the exchange rate after the 1% instant load fee? 5K means a $50 load fee

The withdrawal fees could add up too

AUD 1.95; USD 1.95; GBP 1.25; EUR 1.50; THB 70; NZD 2.50; SGD 2.50; HKD 15.00; CAD 2.00; JPY 160; AED 6.50^

I know it's a new feature they tout, but I can't see the point of anyone paying the instant load fee. How important can it be to load the money instantly as opposed to waiting a couple of days loading by Bpay? What's the point of it?

I thought the withdrawal fees were a positive. For most of the time I've been travelling to Europe in the last 11 years, I've had to pay around $5 withdrawal fee, so I was always trying to find machines that gave me the maximum withdrawal.
Regards,
Renato

 

[Renato1]

It is about 5% of your money!

I make it 3.5% at today's rates which I cited. But I'm pretty sure I've seen it worse than that.
Regards,
Renato

 

[Renato1]

When I used my Citibank debit card in the USA I get almost bang on the mid-market rate when I take cash out from one of their ATM's.

Likewise when i've taken GBP's out in the UK, the rate has been within .5% of the mid-market rate.

There's just not enough value in Qantas Cash for me to justify the points.

My experience with the Citibank card is the same as yours - great.

I've raised the Qantas Cash example mainly for the fact that it offers an opportunity to lock in a rate on exactly $5000 on reasonable terms. For people who value the points higher than me, they would be excellent terms.
Regards,
Renato

 

[TheRealTMA]

Loaded up my QCash card with several K of €s back in April for current European trip at around 0.68 (less fees) but good deal wrt paying by 28 degrees at current rate of around .64. But I could also have lost out the other way of course.

 

[Renato1]

I think it has it's place. With the right promo it's worth using. I just don't use it much as I don't tend to take out much cash overseas and citi are better for that purpose.

Unlike you I tend to take out stacks of cash in Italy and Croatia, where using credit cards isn't as prevalent as it is here.
Last trip was the first time I started using my credit card more in Italy other than just for hotels and car hire - mainly in supermarkets. I sure felt lonely when doing it. Also, checkout girls kept asking me for ID/driver's licence as they wanted me to sign for the card, and I kept saying "I have a PIN" - whereupon they'd say "Oh - a PIN" and hand me the keypad, like I was the first person in two or three months to use it.

It will be interesting to see how I go in the US.
Cheer,
Renato

 

[Renato1]

Don't find their rates to be good enough to justify loading any FX on there even for a bonus offer. If they have another bonus offer for loading AUD and making some kind of spend count me in though.

We can both keep wishing that!
Cheers,
Renato

 

[Renato1]

In my experience, it's poor value compared to (say) the Citibank debit card. However, it's still a better product than nearly all of the bank-issued travel money cards, and they don't award points. So, if you're in the market for a prepaid travel card, I don't think it's actually a bad option.

I can't believe how many people keep buying those bank travel money cards and think they are getting a good deal.
Regards,
Renato

 

[cove]

I don't want to give anyone about 5% of my money. In London this month we used Bankwest and averaged 2 QF points per pound and a fair exchange rate together with Citibank debit as they have fee free ATMs in Canary Wharf. Slopping 5% around is not a good idea unless you need the points earn for an upgrade on flights.
Dont be challenged by the maths.....most phones have a calculator these days if you cannot work it out in your head.

 

[Aussie_flyer]

Citibank plus is the ultimate travel solution for overseas cash. Nothing else is worth considering

 

[cove]

I thought that too but I have done well with Mrscove's Bankwest World card in our last two trips to London Aussie_flyer.

 

[Renato1]

As I've said before, I have approx. $5000 USD on my QC that I bought at .96. Seems like a pretty good deal to me.

I can see why you are a fan - did you get any points making the deposit?
Cheers,
Renato

 

[Renato1]

Loaded up my QCash card with several K of €s back in April for current European trip at around 0.68 (less fees) but good deal wrt paying by 28 degrees at current rate of around .64. But I could also have lost out the other way of course.

You picked that extremely well!
Regards,
Renato

 

[Aussie_flyer]

I thought that too but I have done well with Mrscove's Bankwest World card in our last two trips to London Aussie_flyer.

Yes for purchases thats what I use exclusively. But for cash its citibank

 

[Renato1]

Citibank plus is the ultimate travel solution for overseas cash. Nothing else is worth considering

Generally I agree, but I think one also needs a credit card for car hire.

When one gets back from Europe, after many months have elapsed a traffic fine may show up on your card from Hertz (usually from driving on some road that you weren't allowed to drive on, despite there being no big sign saying not to drive there). And one may have cleaned out the Citibank debit card and not have enough money in it to pay the fine and admin fee, but the 28 Degree card is always there to pay the fine and admin fee.

Regards,
Renato

 

[Aussie_flyer]

Generally I agree, but I think one also needs a credit card for car hire.

When one gets back from Europe, after many months have elapsed a traffic fine may show up on your card from Hertz (usually from driving on some road that you weren't allowed to drive on, despite there being no big sign saying not to drive there). And one may have cleaned out the Citibank debit card and not have enough money in it to pay the fine and admin fee, but the 28 Degree card is always there to pay the fine and admin fee.

Regards,
Renato

I said for overseas CASH. for purchases its bankwest world as mentioned by cove.

 

[opusman]

So this magical Citibank product will give me a USD exchange rate of .96 today will it? In which case, sign me up!

 

[drewbles]

So this magical Citibank product will give me a USD exchange rate of .96 today will it? In which case, sign me up!

That's currency hedging. There was no hiding the fact the AUD was falling. You could go into a bank and buy cash if you wanted to, and be better off than using the QC card (although obviously you'd have hard currency).

The bottom line is the percentage 'at the time'. We're not arguing about currency hedging.

If the percentage is 3-3.5%, it's not great regardless of the competition you're comparing it to. If the dollar is falling fast (as it was around the time it was 0.96), then it may be beneficial. Right now, it's not fluctuating much although the trend does seem to be downwards. Even so, 2-3c fall means that you'd have to have a lot of cash tied up for it to be a large difference.

You're saying 'here we go again' but you're quite clearly in the QC camp, and that's fine. Different cards suit different people. If, however, you're loading simply for the bonus points, I'm simply suggesting you do your math. It's highly likely the bonus points you get do not justify the price difference, depending on how you redeem your points.

 

[Buzzard]

Data Point: Buying cash (USD) $0.6943 no fees.

 

[opusman]

You're saying 'here we go again' but you're quite clearly in the QC camp, and that's fine. Different cards suit different people. If, however, you're loading simply for the bonus points, I'm simply suggesting you do your math. It's highly likely the bonus points you get do not justify the price difference, depending on how you redeem your points.

But this is the point I keep making. Different people value different products differently. So you personally don't see any need for currency hedging and are happy to get the rate on the day. Don't use QC in that case. For other people, being able to lock in an exchange rate is the whole point. And the FF points are a nice bonus, and make QC a decent product.

 

[drewbles]

But this is the point I keep making. Different people value different products differently. So you personally don't see any need for currency hedging and are happy to get the rate on the day. Don't use QC in that case. For other people, being able to lock in an exchange rate is the whole point. And the FF points are a nice bonus, and make QC a decent product.

Most people don't currency hedge though, that's my point (if you'll pardon the pun). People will put their cash in to their travel card typically only a week or so ahead, as people don't want to tie up their cash unnecessarily.

Based on todays QC rates for USD vs xe.com, you're paying 1.495c per point (for the bonus 10k). It's not brilliant value, I think that's what most people are trying to suggest.

If the QC card works for you, great, but i'd rather $150 in my pocket than 10k in QF points