Up to 30000 bonus points with JQ Mastercard

[hummel]

Also look at CitiBusiness Gold. 1.25:1, wine offer & bonus partner with IHG & others. Works for me.

But be warned, their service centre is woefull.

JV

Looking to Qantas CU at the moment.

CitiBusiness gold will look into a bit more, however only cancelled my citibank platinum a couple of months ago.. so may not be eligble to return to them?

 

[DuncanC]

Just to add my experience -

Incorrectly filled in application by clicking 'full-time' rather than 'casual' (I work full-time but only a casual basis)
Incorrectly filled in annual income
Did not advise them of substantial additional income (about +20%)
Submitted a pay-slip for last month which was drastically under what I'd advised them (took two weeks off without pay)
Cardserve called my employer, who obviously offered different answers to those in my application
Have 5 hits on my credit record from credit card applications in the last 12 months

All this sounded good to Jetstar, they approved it without comment. Received my card, pin and internet banking username in the one day's mail, a full 7 days after the internet password and all with different dates on their letterheads.

 

[DuncanC]

Hideous card, too.

 

[medhead]

seems I'm not in as bad a position as I thought, only a $5000 limit.

 

[MatF]

Well, I've got an odd one ... I just called to check on the status of my application.

As a recap - I applied online on the weekend, and received the SMS asking for a payslip on Tuesday. I emailed it to them about an hour later.

When I got to the customer service people today, I was asked if I've received my proof of ID forms? I'm out of town at the moment, so I haven't - I don't actually think anything has turned up at home either, but will check with SWMBO tonight.

Anyway, I'm apparently being emailed (this time) the forms again (?) now. I apparently have to fill the forms out in a post office, with someone at the post office as a witness.
I asked about the FF point promo, and was told that I didn't have to worry - that had been extended. Unsure if this means I've been approved or not

Hmmm, any thoughts?? Stalling? Am I going to have an argument with a faceless customer service rep when I find that I don't get the points??

 

[MatF]

Well, just got the email:

"We are pleased to inform you that your request for a Jetstar MasterCard has been approved." and then some ID forms attached (for some reason??).


Weeeee

 

[risky]

The card arrived today, along with a higher credit limit than I requested. Looks like there is still one additional snail mail to come in with the password. I can start paying those bills I have been saving for the past week...

 

[Foreigner]

The password was received three days ago. The access code came in today. The Eagle has yet to land.

 

[medhead]

Is this a pin only card, just tried to use it with signature and got a customer verification error. Can only try again.

 

[froggerADL]

Is this a pin only card, just tried to use it with signature and got a customer verification error. Can only try again.

No, it's not PIN only. That usually means the card has not been activated I think (even though you may have activated it!). Happened to me once with a new card.

 

[anat0l]

After not hearing them for a while, Mum called Card Services and they confirmed that she is approved.

The card won't arrive for the standard period, but Mum has been assured that she still qualifies for the bonus points upon relevant spend.

 

[Foreigner]

Got today to step 3 - "Hillary Step" - with receipt of PIN. Interestingly, "Unfortunately, you are unable to change this ATM PIN."

I can see the summit ahead. Will get there in three business days, fingers crossed.

 

[medhead]

No, it's not PIN only. That usually means the card has not been activated I think (even though you may have activated it!). Happened to me once with a new card.

It's a bit of a strange one on this; I've done 3 transactions now, plus the first aborted transaction. In the first case I pressed enter when asked for the PIN, to do signature instead. Nothing happened, so I pressed enter again and got the validation failure. next 2 transactions at a restaurant signature worked no worries. 3 transaction at BigW pressed enter to do signature, nothing happened. This time I had the PIN and so used that, only because I thought it might abort again like it did at the first attempt.

Oh, yeah, obviously I did activate the card ok. So bit of a strange experience so far. I think a straight out $5000 payment to the ATO will be the best way to get the points and get out of this card.

 

[Speedbird001]

I applied a weekj ago and then set of to PEK for a week.

Returned home to my letter of rejection from Macquarie - never had any HSBC product before.

Interesting - last month processed $65K through Cent and $30K through Citi Visa - never failed to pay off amount in full by due date in 30 years..

And yet Macquarie in their wisdom says I am questionable risk.

I am not accustomed to accepting rejection from insignificant cough upstart in-house HSBC credit risk assessors - will re-apply again shortly and again and again until I wear the f*ckers down - just as I did with Citi.

Don't be too upset; I share the credit profile you describe and have been rejected. The reason for us is not the credit risk proposition. Well, in a way it is. Whilst they don't want defaults they do want people to not pay in full or on time because this is where they make their money. Churners like us are expensive for them (although they do generate income of course from merchant fees, which we are ultimately paying for).

 

[medhead]

Don't be too upset; I share the credit profile you describe and have been rejected. The reason for us is not the credit risk proposition. Well, in a way it is. Whilst they don't want defaults they do want people to not pay in full or on time because this is where they make their money. Churners like us are expensive for them (although they do generate income of course from merchant fees, which we are ultimately paying for).

This idea has been mentioned a few times and I've restrained myself from replying. But enough; If we think about this it is not true that they don't make money from people who pay off the card. Firstly, the person who carries their balance over month to month they pay 20%x card limit.

Someone who pays it off every month stand to pay 12x2%x card limit = 24%x Card limit gained from merchant fees.

Assuming the card is maxed in both situations.

Sent from the Throne

 

[ricee007]

And, at the more realistic 0.7%. Then, take away costs (esp. FF points), and, suddenly, it's not amazingly profitable.

Even at a high 1.2% for a premium card.. take away FF costs (say, 0.5%?). Thats 0.7%... then take away costs of PROVIDING credit... and suddenly, it's much less than 0.7% profit.

So, 8.4% less costs of providing interest, and other cost of the card.

 

[markis10]

This idea has been mentioned a few times and I've restrained myself from replying. But enough; If we think about this it is not true that they don't make money from people who pay off the card. Firstly, the person who carries their balance over month to month they pay 20%x card limit.

Someone who pays it off every month stand to pay 12x2%x card limit = 24%x Card limit gained from merchant fees.

Assuming the card is maxed in both situations.

Sent from the Throne

Thats a simplistic view that does not paint the true picture of the profitability to the banks, in that it fails to allow for the fees that the bank does not get (such as assessments and also a portion to the merchant facilitator).They get 100% of the interest which compounds, so the effective annual interest rate is closer to 22% for a stated 20% calculated daily.

You also need to look at the financing cost of the money provided interest free, which would have an EIR of 6%. The highest interchange rate a bank could claim is 1.76% for super premium customers, less .1 for the card scheme, and .1 for the merchant acquirer, leaving a net fee of 1.56%, so 1.56x 12 is 18.72, not 24% x Card limit. Factor in most of the majors are .275% for the interchange fee going as high as .374% for petrol/government, most transactions would incur revenue for the issuing bank well below 1%.

 

[medhead]

It is also overly simplistic to say they don't make money from people who pay off the balance each month. Bank interchange rates apply to both situations as does the cost of providing the credit. So it's a bit of a fallacy to only try to apply those costs to one scenario.

Call it simplistic all you like. The point remains that the income is roughly the same in both scenarios. That the banks have expenses in collecting that money doesn't alter that situation. I would suggest that banks are not stupid and have the numbers set up to make money in either situation. I see it as a fallacy to suggest otherwise. YMMV.


Sent from the Throne

 

[yo yo ma]

I just noticed in the T&C that:

"A Qantas Frequent Flyer Rewards non-refundable annual fee of $30 will apply to the Jetstar MasterCard and will be charged upon your first enrolment and then each year on the anniversary of your enrolment in Qantas Frequent Flyer Rewards."

I haven't been charged yet.


EDIT: This is only for the Jetstar Mastercard and not the platinum one.

 

[Catching 'On FF]

I only was asked yesterday to send my pay slip in for the JQ offer. Will this mean I have missed the approval cut off date?

Legit fuming if so, was a great deal!