Recommend me a card

[laffer]

Hi All

I am thinking about getting a new credit card. I currently have an AMEX (professional association) issued card. The benefits are reasonable but I think I need an additional card given that it is still not accepted in alot of places. Anyone recommend a good card with reasonable benefits? I might do a balance transfer at the same time. I was looking at the HSBC products (as I bank with them) but do not think that being locked into QF is a good thing. What do people think? Would Citi be the way to go? The 28 degrees card looks attractive for international travel and purchases but it seems from people I speak to that they get randomly rejected for the card (even with a good credit rating and hardly any credit) so I want to avoid that if possible.

 

[greenfrog86]

Hi All

I am thinking about getting a new credit card. I currently have an AMEX (professional association) issued card. The benefits are reasonable but I think I need an additional card given that it is still not accepted in alot of places. Anyone recommend a good card with reasonable benefits? I might do a balance transfer at the same time. I was looking at the HSBC products (as I bank with them) but do not think that being locked into QF is a good thing. What do people think? Would Citi be the way to go? The 28 degrees card looks attractive for international travel and purchases but it seems from people I speak to that they get randomly rejected for the card (even with a good credit rating and hardly any credit) so I want to avoid that if possible.

Firstly I would recommend having a look around the credit card forums - have a look at the Citibank one particularly if you are interested in non-Amex products...

It would be worth you giving some details about how you spend - ie where and how much, as this will allow people to assist with recommendations.

There are many people here with huge yearly spend, particularly from business payments so they look for cards with higher or no points caps. It is also important to them that the card allows business spend or conveniently ignores this kind of spend if it does happen.

For my situation I put everything on my card, however do not spend 100s of thousands each year, so something like the CitiBusiness Gold is perfect for me at 1.25 points per dollar spent.

Citi points programs allow you to hoard points and then choose who you redeem them with - SQ and DJ are popular options. If you go for the CitiBusiness card it is worth noting that along with the Amex Platinum Charge card it is one of the only cards that still allows you to earn points and then choose whether you want to send them to QF or not - pretty much every other card is now 'direct earn' if you want QF points.

It is also worth considering whether you spend a lot overseas - if you're eligible for the Citi Select card you may find this is a good card for OS spend which would mean you don't need a 28 Degrees card.

I'm not sure about people having issues getting the 28 Degrees card... anyone with experience might be able to comment, however I seem to remember my application being pretty darn easy.

 

[Happy Dude]

My wife and I were both immediately rejected for a 28 deg card when we applied (separately) online 2 years ago. At the time she was earning $130k/year, owned 70% of her $550k property and had never owned a credit card. I was on $100k, had an Amex with $11000 limit and CitiBusiness gold visa (a very good card IMO) both without any debt, and was about halfway through my mortgage. No personal loans etc either. We really just wanted the card for a 6 month trip to access our money and we ended up getting a CBA travel card which cost a shedload and, to ice the cake, we got $0.86 USD per AUD just weeks before parity. It became cheaper - just - to make international withdrawals from our other accounts back home, and we paid heavy fees along the way. I reckon we paid over $500 in fees/cough FX rates. There's still over $10k sitting the CBA travel card waiting for the dollar to get back to where it should be, so there's holding costs there too. So, the humiliating rejection by 28 degrees continues to be a kick in my grapes. Queries as to the reasons for the rejections were unsatisfying.

Get the Citibusiness Gold visa (and the NAB Gold Card if you're going OS and can't get the 28 degrees).

 

[burmans]

My wife and I were both immediately rejected for a 28 deg card when we applied (separately) online 2 years ago. At the time she was earning $130k/year, owned 70% of her $550k property and had never owned a credit card. I was on $100k, had an Amex with $11000 limit and CitiBusiness gold visa (a very good card IMO) both without any debt, and was about halfway through my mortgage. No personal loans etc either. We really just wanted the card for a 6 month trip to access our money and we ended up getting a CBA travel card which cost a shedload and, to ice the cake, we got $0.86 USD per AUD just weeks before parity. It became cheaper - just - to make international withdrawals from our other accounts back home, and we paid heavy fees along the way. I reckon we paid over $500 in fees/cough FX rates. There's still over $10k sitting the CBA travel card waiting for the dollar to get back to where it should be, so there's holding costs there too. So, the humiliating rejection by 28 degrees continues to be a kick in my grapes. Queries as to the reasons for the rejections were unsatisfying.

Get the Citibusiness Gold visa (and the NAB Gold Card if you're going OS and can't get the 28 degrees).

Did you check your credit report at the time, you'll be surprised what sometimes turns up on them.

 

[Happy Dude]

Did you check your credit report at the time, you'll be surprised what sometimes turns up on them.

No. But there's no way they looked at our credit reports. The applications were made online at night and the rejections were immediate. I assumed that we didn't fit the revolving customer type.

You've piqued my interest. Is it free/easy to look at ones credit report?

 

[The Rok]

The computer checks your credit report instantly. The bank systems can check it in seconds and provide a yes or no on the spot.

In the case of a maybe application a human might of glanced at the app in the morning and agreed with the system..

Computer says no!!!!

 

[greenfrog86]

No. But there's no way they looked at our credit reports. The applications were made online at night and the rejections were immediate. I assumed that we didn't fit the revolving customer type.

You've piqued my interest. Is it free/easy to look at ones credit report?

There are a large number of factors when a financial institution assess an application, credit file only forming a small part of it as in Australia only negative events are listed.

It is very unlikely that you have anything adverse on your report, however you can access your report for free through Veda (I believe their consumer website is something like mycreditfile.com.au etc). They will try and sell you the super fast, emailed version for $$, however you can get it free if you're willing to wait a little longer as they are required by law to provide free access.

Interesting to note that no credit card in your wife's name - this could have been a factor, despite the home loan.

There are also sometimes considerations in the way you complete the application...

 

[maomaocat]

I might jump on this bandwagon, if that's OK!

My partner and I would like to consolidate our cards - I've got a CBA gold MC/AMEX, she's got a low-fee (no rewards?!) platinum ANZ VISA. I'm flying one to two times a month in QF Y between CBR-ADL, she maybe flies once every other month. We're planning to get out of the country 1-2 times a year, PEK next Feb, DE/GB/IE in July. Would prefer to fly in OW due to status earn etc.

While the CB select seems pretty awesome, neither of us qualify. What's next down the tree for points earning, insurance and annual fee, in that order? Combined we seem to average $4-6k CC spend each month. Our combined credit limit isn't that high due to choice, it's about $15k. I guess we could go higher?

I'm pretty good with using the AMEX for as much as possible but it's a hassle when it's not accepted.

 

[burmans]

No. But there's no way they looked at our credit reports. The applications were made online at night and the rejections were immediate. I assumed that we didn't fit the revolving customer type.

You've piqued my interest. Is it free/easy to look at ones credit report?

As per th eother reply, the report is automated.

And yes you can get free from Veda or DnB, it's not immediately obvious as there is a paid option that is more prominent but it is available.

 

[Rallo]

No. But there's no way they looked at our credit reports. The applications were made online at night and the rejections were immediate. I assumed that we didn't fit the revolving customer type.

You've piqued my interest. Is it free/easy to look at ones credit report?

Here is the link , the free version is not exactly prominent on their site
Get Your Free Credit File At www.MyCreditFile.com.au

 

[Pukka]

My wife and I were both immediately rejected for a 28 deg card when we applied (separately) online 2 years ago. At the time she was earning $130k/year, owned 70% of her $550k property and had never owned a credit card. I was on $100k, had an Amex with $11000 limit and CitiBusiness gold visa (a very good card IMO) both without any debt, and was about halfway through my mortgage. No personal loans etc either. We really just wanted the card for a 6 month trip to access our money and we ended up getting a CBA travel card which cost a shedload and, to ice the cake, we got $0.86 USD per AUD just weeks before parity. It became cheaper - just - to make international withdrawals from our other accounts back home, and we paid heavy fees along the way. I reckon we paid over $500 in fees/cough FX rates. There's still over $10k sitting the CBA travel card waiting for the dollar to get back to where it should be, so there's holding costs there too. So, the humiliating rejection by 28 degrees continues to be a kick in my grapes. Queries as to the reasons for the rejections were unsatisfying.

Get the Citibusiness Gold visa (and the NAB Gold Card if you're going OS and can't get the 28 degrees).

Re the CBA Travelcard just be sure it doesn't expire. A friends card lapsed by 3 months & they said "you've lost your remaining balance" he had to threaten to leave the bank to get about $300 back. I'm sure they wouldn't get away with it but better to avoid any arguments

 

[paultiffen]

If you're unsatisfied with their response you can threaten to go to the ombudsman. I heard somewhere that it costs them 300 every time a complaint is made. Any rejections on file in the last 3 months also get an automatic no or if you have even applied for too many recently.

From what I know the balances don't matter only the limits. I'm not sure how they treat the mortgage but I know that some people close down cards before they get the mortgage, my guess is that people will default on cards before the mortgage and the CC companies don't like that.

 

[cove]

The order I would tend to go would be:
Citi Business
Woolworths Everydayrewards
Qantas Staff Credit Union
Jetstar
HSBC Plat
Bankwest Plat

Citi Business is 1.25 real points per dollar and the rest are 1.0 per dollar.
If I missed a card then I will say sorry ahead of time. I have tried to rank them allowing for annual fee,sign on benefits and capping on total points. This list is a Qantas points earning list.
As always read the terms to see what suits you personally.
I left out Citi Select as you need to prove $120,000 taxable income and it costs $700 or $749 depending on which program you want to be in.

 

[MAX_1]

Is Citi Business capped?

 

[cove]

Yes Citi Business is capped at 250,000 so if you hava partner and the capping is troublesome you could get a second account to make the combined number 500,000.

 

[paultiffen]

Slight correction it's actually Woolworths Qantas CC, Everyday rewards is not a CC it's the flybuys equivalent.

Also curious as to why you would recommend this ahead of the Qantas staff one? Especially now as the Qantas staff one is free.

 

[maomaocat]

The order I would tend to go would be:
Citi Business
Woolworths Everydayrewards
Qantas Staff Credit Union
Jetstar
HSBC Plat
Bankwest Plat

I came up with a similar list and then called Zurich to see if they had a tool that compared the insurance that they underwrite for these cards, or if they recommended one card over another. No luck

In the end last week I placed the HSBC Plat QFF card above the rest in terms of the insurance offered for the price and and sign-on bonus. It was also the only one with a 0% pa balance transfer.

You might say that the QSCU CC is as restrictive as the Citi Select CC -- the former has requirements about your industry...

The Citi Plat and Citi Select cards seem to fare quite badly for direct QFF earn as it's still 1pt/$1 for a much greater annual fee. The Citi BG CC is far better for the annual fee but as I just said the insurance isn't as good and it doesn't have a sign-on bonus. I also couldn't tell if you needed an ABN / ACN?

 

[cove]

Haven't heard if the Qantas Staff Credit Union is as good as a bank operated credit card with good sized credit limits.
That is the reason I put it there on the list.
You can rate them based on all sorts of things like insurance,call centres,credit limits,free credit days....I am on a points basis!
Citi Select can handle heavy duty levels of transactions so sure on Qantas it is a point a dollar but you can process mega amounts to get numbers that have commas in the points earned on that Visa card.
I am happy for others to re-jig the list.

 

[drross]

The order I would tend to go would be:
Citi Business
Woolworths Everydayrewards
Qantas Staff Credit Union
Jetstar
HSBC Plat
Bankwest Plat

Citi Business is 1.25 real points per dollar and the rest are 1.0 per dollar.
If I missed a card then I will say sorry ahead of time. I have tried to rank them allowing for annual fee,sign on benefits and capping on total points. This list is a Qantas points earning list.
As always read the terms to see what suits you personally.
I left out Citi Select as you need to prove $120,000 taxable income and it costs $700 or $749 depending on which program you want to be in.

Thanks cove

 

[greenfrog86]

I came up with a similar list and then called Zurich to see if they had a tool that compared the insurance that they underwrite for these cards, or if they recommended one card over another. No luck

In the end last week I placed the HSBC Plat QFF card above the rest in terms of the insurance offered for the price and and sign-on bonus. It was also the only one with a 0% pa balance transfer.

You might say that the QSCU CC is as restrictive as the Citi Select CC -- the former has requirements about your industry...

The Citi Plat and Citi Select cards seem to fare quite badly for direct QFF earn as it's still 1pt/$1 for a much greater annual fee. The Citi BG CC is far better for the annual fee but as I just said the insurance isn't as good and it doesn't have a sign-on bonus. I also couldn't tell if you needed an ABN / ACN?

You don't need an ABN for the CitiBusiness Gold. It is essentially a personal card - all based on personal income, but they market it for business purposes. Main differences are 99 additional cardholders and they 'allow' business purchases (not that this is a practical issue with other cards though).

In terms of speaking to Zurich, they cannot and will not discuss things like a comparison of insurance as this would be considered advice and they would need to go through all your personal circumstances etc etc which they are not going to do as they hold an agreement with each bank and not you as the end consumer...