Westpac 16k points for $75 (expires 30 November 2011)

[Cruiser Elite]

No one managed to answer my question as to how long people hold on to cards like this that they purely pick up for the bonus points?

I apply for every credit card with bonus points that I see advertised - undertake minimum spend - hold cards for 3 months then cancel.

 

[JOC469]

No one managed to answer my question as to how long people hold on to cards like this that they purely pick up for the bonus points?

I hold the card until the bonus points are credited, then cancel. That way you can maximise any potential refund on the annual fee available to you - ANZ is quite good for this.

 

[travelislife]

I hold the card until the bonus points are credited, then cancel. That way you can maximise any potential refund on the annual fee available to you - ANZ is quite good for this.

Interesting Joc, might try that with this Westpac one, get the annual fee refunded for the remaining months when cancelling, that would make it only $25 or 0.15cents a point, if you held the card for 4 months and got 8 months of annual fee returned. Anyone else had success doing this?

 

[nickfromeastryde]

Have to admit I am pretty impressed with the application process for this card. Applied 11pm on Tuesday and got a call at 8.30 this morning from my nominated branch saying the card was ready to be picked up. Never seen anything like it, if Westpac managed to demonstrate this level of service across all their services might be tempted to transfer all my banking across

 

[Deleted User]

Applied Tuesday this week, Did the Proof of income hoop jumping this morning, now fully approved...!

Wooooo Hoooo

And for a moment I thought I had too much available credit already lol

Fact: this is the SECOND Credit application I have had approved since being rejected by Citibank and a direct application to AMEX. And here I was wondering that there was something wrong with me lol...

I think Citi & Amex are scared of me :evil: :evil: :evil:

 

[travelislife]

Applied on Tuesday online, approved instantly, got a call from my Westpac branch this morning (Friday) letting me know my card was ready to be picked up. Pretty amazing service, best I have had from a bank that is for sure. (well I guess they are selling a product to me!)

 

[JOC469]

I applied for a $1,000 credit limit and was declined, so I reapplied for a $10,000 credit limit and it was approved. I had a similar issue with my 28 Degrees card in that I had to reduce my declared income and increase my credit limit to get through their screening process. Weird.

 

[Deleted User]

I applied for a $1,000 credit limit and was declined, so I reapplied for a $10,000 credit limit and it was approved. I had a similar issue with my 28 Degrees card in that I had to reduce my declared income and increase my credit limit to get through their screening process. Weird.

Totally Joc469...

I have no idea how these fockers work out whos a good risk and who is not. All I know is that citi and amex are very, very soft...

 

[aml99]

I applied on friday for this and it said i needed to have my application reviewed personally.
i applied for 2500 to be on the safe side.

May aswell send them a cheque for $75 and just ask for 16000 points to save a lot of hassle lol.

I just applied again then for 5k and was declined..
Rang them up and declined as i had a previous application open.
CSR couldnt give info why i didnt get a instant approval/decline.

Not a good look for for my credit checks anyway.
Applied for the EDR, ANZ, 28 deg all within the last 2-3 months all approved.
Tried the BMW amex for the 10k bonus but offer changed and withdraw application.
SO 5 card apps and a recent mobile contract thats 6 credit applications in the last few months.
Not a great look lol

 

[JOC469]

Sometimes I wonder how many cards/applications are too many in any given period? I understand that applying for a number of credit cards could be perceived as an increased risk, and I'd hate for that to count against me if I actually needed to borrow money. I wonder what the 'record' would be for most amount of card applications / bonus points gained from applications in a 12 month period would be for members here? I think bonus offer are getting better and better these days.

 

[Jeffrey O'Neill]

Sometimes I wonder how many cards/applications are too many in any given period? I understand that applying for a number of credit cards could be perceived as an increased risk, and I'd hate for that to count against me if I actually needed to borrow money. I wonder what the 'record' would be for most amount of card applications / bonus points gained from applications in a 12 month period would be for members here? I think bonus offer are getting better and better these days.

Lets see:

25,000 Amex
16000 Woolworths
16000 ANZ tho that might just be outside 12 months
1000 Velocity - that also might jut be over 12 months ago

I do wonder if ANZ and Westpac will get sick of me cancelling the card after 11 months, unless they're gracious enough to give it free for another year. CBA has never approved a credit card application so I've given up with them.

Now if I could have the same problem when i got the NAB Velocity card many years ago where it was free for the first year with 15K points and they gave me the points twice, and the card for free for 4 years.

 

[nate89]

Applied and approved.

I now have a credit limit of nearly half my annual income (only $200 off being 50%)! Going to have to cancel some of these I think...

 

[Deleted User]

Applied and approved.

I now have a credit limit of nearly half my annual income (only $200 off being 50%)! Going to have to cancel some of these I think...

I wonder what credit limit they have given me...! Already at over 50% available credit vs income before applying for this card, have been approved for this but not heard what my limit will be yet...!

I wonder...?

 

[Cruiser Elite]

Received mine in mail yesterday.

Originally applied for Gold and was granted 1K limit. I called up to check progress and during conversation was asked did I want to upgrade to Plat and receive the 33,000pts - said OK - so Ok'd me on the spot with 8K limit - go figure.

 

[elemist]

Applied for $7500 but received $1000 awaiting confirmation. Strangely enough it's appeared on my online banking with a $7500 limit but still haven't received any notification that i have been approved. Now to wait for the points

 

[aml99]

For those of you that applied and were not westpac customers were you required to fax/post in pay slips?

 

[Deleted User]

For those of you that applied and were not westpac customers were you required to fax/post in pay slips?

I had to fax in my 2010/2011 tax statement...

I'm also self employed which is also the reason I believe...

 

[ChrisFlyer]

What does everybody think is an acceptable ratio of limit vs income...?

Personally I have limits equating to ~90% of gross income, and usually receive offers every 6 months from the banks to increase the limits (including WBC)... I find that they usually offer a higher limit if, in the previous 6 months, you have taken the card balance very close to the limit, and have proven your ability to repay that balance (I always pay my cards in full each month - the higher limits just come in handy for me when I'm overseas and don't have to constantly check the A/V credit, and for booking a number of things in a short space of time (eg. flights & hotels for multiple trips etc etc)). In this case, I have received limit offers that were 2-3x the previous limit (and only $500-$1000 higher than the previous limit if the balance hasn't been maximised and repaid in this way)... I've also noticed that if you happen to have a high balance at the usual 6 month date when the computer auto-checks your account for a limit offer, it will often hold back the offer until the same time next month, when it rechecks that the amount has been repaid, and then gives you a higher offer.

... of course, this will be slightly different for all banks and can be affected by other factors, but just something to keep in mind if anyone is trying to get a higher limit

 

[JOC469]

When Westpac called me to say my card had arrived at my nominated branch, they forgot to tell me that I needed to bring confirmation of my income. Thankfully I had a copy of my previous years tax return which showed more than what they expected. The branch officer seemed very quick to offer me an upgraded card, however I said that the bonus points vs annual fee was better on this card, and I have much better value add services on my AMEX.

 

[nate89]

For those of you that applied and were not westpac customers were you required to fax/post in pay slips?

Yes - I wonder if westpac members didn't have to?