Westpac Singapore KrisFlyer Credit Card

[albatross710]

Im thinking about getting a plat sia card. Just wondering if your points balance can go negative?

As I use my credit card to top up my CFD account and thus accrue a reasonable number of points, but when I want to withdraw funds, it goes back to the card, so I might get a negative points balance.

Anyone had any similar experiences?

Although not a CFD account I have changed account details to my 'savings account' prior to requesting the withdrawal. Then changed back to my CC account for top ups.

 

[hedge]

An old statistic on derivatives was that 93% of folks lose so maybe the reductions will be less than the pay ins.
I hope you can beat this old statistic.

Been trading for nearly 3.5 years I thought the statistic was 99% lose

Might try and see how it works. My mums card was used to fill her CFD account up and the CC company treated her payments as a cash advance!

The thing with my citibank card is that I would often earn points from dumping money in the CFD account, then occasionally transfer points to qantas when needed (I wasn't trying to take advantage of the way it was set up). Then when I got the refund from the CFD company, I got a negative points balance on my hard copy statement. However when using the online system, I could redeem awards as the system treated my negative points balance as positive.

Weird.

Albatross: My provider won't allow that because of AML rules (anti money laundering).

 

[peachy3333]

Hi all,

Just finished reading through this thread - sounds like I missed out on the 3:1 which was quite good!

Wanted to get some advice:

I'm looking to get a new credit card after CBA rates will be quite poor. The earn for this card is quite good and especially with the bonus points and bonus 50% off voucher. I think that even with those two benefits it is worth the annual fee!

With international transactions, is the foreign exchange rate for the AMEX card decided by AMEX, or by Westpac? I've read that it is by AMEX but I'm not too sure about what i'm reading. If so, what about the VISA card? Is that determined by Westpac?

The fees for international transactions I've read are 3.5 and 3 for AMEX and VISA respectively. This does seem high but after looking around, most of the other banks have increased their fees too! I would be mostly using this for international transactions - any advice?

To anyone who has used the 50% voucher, if you use it online, does the 50% come after the 15% reduction? or before?... or is the 15% reduction completely cancelled?

Thanks everyone!

 

[Foreigner]

My points transfer to SQ account on the 20th of each month and I don't keep a tab of points accrued until I check my account at SQ. I wonder if there is a running balance at Westpac site. Any way to know before the transfer?

 

[albatross710]

My points transfer to SQ account on the 20th of each month and I don't keep a tab of points accrued until I check my account at SQ. I wonder if there is a running balance at Westpac site. Any way to know before the transfer?

One month I did a tally using the download function on the Westpac website. Everything calculated OK.

If you want a running tally, cut & paste the transactions from the website account view into a spreadsheet and calc the points. You need to recall which card you put them on ie Visa or Amex.

 

[penegal]

My points seem not to have transfered yet for Nov, which strikes me as v.slow given they usually post 1-2 days after statement date.

 

[albatross710]

My points seem not to have transfered yet for Nov, which strikes me as v.slow given they usually post 1-2 days after statement date.

My statement date is 28th of each month. The Westpac website allows me to view my statement on line by the tie I check in the morning (about 7:30am on 29th). The pts for me appears on the Krisflyer account when I next check in the evening of 29th.

 

[penegal]

My statement date is 28th of each month. The Westpac website allows me to view my statement on line by the tie I check in the morning (about 7:30am on 29th). The pts for me appears on the Krisflyer account when I next check in the evening of 29th.

It normally takes a similar amount of time for me (1-2 days). However my statement date is the 2nd of each month. No points yet, so it might be time to call them up. I will keep you posted.

 

[lovetravellingoz]

My points seem not to have transfered yet for Nov, which strikes me as v.slow given they usually post 1-2 days after statement date.

With my account my points total for November has changed and increased in-line with my October Westpac Points earnt on the KF card...but for some reason the monthly points transfer is not individually showing in the records even though my total has changed.

Pure speculation might be that with the 3 for a $ promo period finishing that there may be some delay while accounts are cross-checked.

 

[penegal]

Update: I rang the platinum call centre and got a very nice CSR. She said that my statment date fell on such a day of the week, that it may take a week for the transfer to go through.

She confirmed that everything to do with my account appeared to be okay at their end. She suggested that I wait a few days, and call back after Wednesday night if they don't appear in my SQ/KF account.

With my account my points total for November has changed and increased in-line with my October Westpac Points earnt on the KF card...but for some reason the monthly points transfer is not individually showing in the records even though my total has changed.

Do you mean your SQ/KF account?

Pure speculation might be that with the 3 for a $ promo period finishing that there may be some delay while accounts are cross-checked.

I wouldn't be surprised.

This may be an alternative explaination for my situation, given my statment day was the 4th and its now the 16th with no KF points showing on SQ website.

 

[Dr Ev]

I just confirmed with the ATO that the CC surcharge when paying tax by CC is tax deductable.
The surcharge is a cost associated with paying tax and is therefore claimable under D9.

Now that the 3x miles for Platinum Amex has expired, the 0.65% surcharge for Visa is more attractive than the 1.25% surcharge for Amex.

By my calculations, a European round trip in business booked via online redemption is 255,000 miles.
With Platinum Visa, that is $255,000 tax paid.
Surcharge on that is $1,657.50
Tax deduction in top tax bracket means you will actually pay 53.5% ($886.76)
Add the Airport/Govt taxes ($223.80)
Plus Carrier Surcharges ($458.80)

Grand total is $1,570 cost for an approx $9k ticket.
Not bad.


Obviously most will not pay $255,000 tax in one year, but on a pro rata basis, you would earn the equivalent amount of miles if you have a taxable income of >$180K/year.

 

[lovetravellingoz]

I just confirmed with the ATO that the CC surcharge when paying tax by CC is tax deductable.
The surcharge is a cost associated with paying tax and is therefore claimable under D9.

Now that the 3x miles for Platinum Amex has expired, the 0.65% surcharge for Visa is more attractive than the 1.25% surcharge for Amex.

By my calculations, a European round trip in business booked via online redemption is 255,000 miles.
With Platinum Visa, that is $255,000 tax paid.
Surcharge on that is $1,657.50
Tax deduction in top tax bracket means you will actually pay 53.5% ($886.76)
Add the Airport/Govt taxes ($223.80)
Plus Carrier Surcharges ($458.80)

Grand total is $1,570 cost for an approx $9k ticket.
Not bad.


Obviously most will not pay $255,000 tax in one year, but on a pro-rata basis, you would earn the equivalent amount of miles if you have a taxable income of >$180K/year.

Would that not work out better by using the Amex and earning 1.5 points?
Plus if you can get a Saver J it is 127500 points.

$110,500 in tax will get you there for the same cost.

 

[Dr Ev]

Would that not work out better by using the Amex and earning 1.5 points?

No, because with Amex the surcharge is almost double.

 

[lovetravellingoz]

No, because with Amex the surcharge is almost double.

I guess that depends how you look at it.

0.65 cents would buy 1 point = say 4 cents.
1.25 cents would buy 1.5 points = say 6 cents.


For me the extra 0.6 cent would gain another 0.5 point, which to me are worth 4+ cents per point.

Therefore for me 0.6 cents would earn an extra 2 cents.

Now yes the pro-rata value is not as good, but the amount of tax I can pay is fixed. So for me it is still a good deal and so I will pay the extra.

Moreso in this case as the fee is tax deductale. So the extra 2 cents of value only really costs about half again in my case.

 

[Dr Ev]

To get the 255,000 miles using platinum Amex, you only need to pay $170,000 tax.
However the total ticket cost becomes $1,820 ($250 more than the platinum visa method)

 

[JohnK]

To get the 255,000 miles using platinum Amex, you only need to pay $170,000 tax.
However the total ticket cost becomes $1,820 ($250 more than the platinum visa method)

Using Amex would also mean you earn the required miles for the award seat in less time. For most people this would offset the extra $250 spent in surcharges.

 

[lovetravellingoz]

To get the 255,000 miles using platinum Amex, you only need to pay $170,000 tax.
However the total ticket cost becomes $1,820 ($250 more than the platinum visa method)

Yes I agree pro-rata VSA only is better value.

But for me the tax to be paid is finite, and the less attractive Amex earn is still a good deal and too good to forgo IMO for my circumstances.

In my case for the first time in a decade I owed the ATD tax and so I will for my situation fully leverage my $4000 tax bill.

However even if I did have a $250,000 tax bill this year if it was me I would still go with the Amex rather than the Visa to pocket the additional 125,000 at an effective tax-subsidised rate..

That would give me almost a J return to Europe for Fuel Fines/Aiport taxes plus about $400 in Amex fees (after tax). But for each his own.

 

[Dr Ev]

Reasonable arguments....as long as the Krisflyer scheme is not downgraded.

Trawling flights for Business class to Europe next Oct, It seems the most popular 380 flights do not have standard awards seats any more. That is a big worry.:shock:

 

[savydog]

Statement date 4th, no points transfer as of this morning. Rang for the 3rd time, and was told there were problems and this time I was assured that they would be processed in the next 10 days.

Anyone had luck with oct/nov points ?

 

[albatross710]

Statement date 4th, no points transfer as of this morning. Rang for the 3rd time, and was told there were problems and this time I was assured that they would be processed in the next 10 days.

Anyone had luck with oct/nov points ?

My October points posted OK. I expect my westpac statement to roll over on their website Monday night and will check for points Tuesday lunchtime.