Westpac Singapore KrisFlyer Credit Card

[cove]

I use Bankwest World for overseas transactions in the UK as the exchange rate is fair with no surcharge. It pays 0.66 points to QF.

 

[cove]

I will have to consider rationing out Kris Miles to my redemption nominees with this news. Still I have 4 months to go so I can get a good finish to the use of this Amex card.

 

[penegal]

Sounds like the nail in the coffin for this product to me.

Might be time to cancel once this change comes around.

 

[cove]

Have a few Kris Miles to run up before the early April cut off. I think I will pre-pay all of the ATO quarterlies so I plan to be ok for almost 4 years.

 

[coriander]

I think I will pre-pay all of the ATO quarterlies so I plan to be ok for almost 4 years.

Hi cove, taking your advice elsewhere on a new cc for KrisMiles (Mrs C and I now have about 3M QFF points but can't find flights we want{first world problems!}).
Reading the T&Cs, I thought it said KrisMiles were only good for three years and have to be used

 

[cove]

You get 3 years plus about 11 months forward booking time. Then you could pay a fee for a further 6 months.
If you were to buy tickets PPS status would keep your account alive. I don't have that status.

 

[Dr Ev]

Anyone think it is worth $250 annual fee to keep the Krisflyer Platinum Visa?
Would only be for the 0.5 KF miles per $ ATO (Effective 1.5c surcharge cost per KF mile)
Also 1.5KF miles per $ overseas spend (Not a large amount for me).

I will probably get the dragon Amp Sig for ATO, as far as I am aware it is the best KF miles bang for surcharge buck for ATO?
Is there a better KF miles per surcharge $ Visa, MC or Amex for ATO?

 

[coriander]

will probably get the dragon Amp Sig for ATO, as far as I am aware it is the best KF miles bang for surcharge buck for ATO?
Is there a better KF miles per surcharge $ Visa, MC or Amex for ATO?

Let's see if my maths is correct......

Option #1: Amex via RewardPay
$1000 + 2.64% -> RewardPay -> ATO costs $1026.40:
Result:
Amex Platinum Edge 1:1; 1026 points = 1026 KMiles at cost of 2.6c per point (26.40/1026)
Amex Explorer Card 2:1; 2052 points = 2052 Kmiles at cost of 1.3c per point (26.40/2052)

Option #2: Dragon (***EDITED** My mistake as Dragon is 1.5:1 not 1:1 as I originally posted)
$1000 + 0.78% -> ATO costs $1007.80;
Result: 1511 dragon points -> 755 KMiles: $0.01 per point (7.80/755)

 

[Dr Ev]

Let's see if my maths is correct......

Option #1: Amex via RewardPay
$1000 + 2.64% -> RewardPay -> ATO costs $1026.40:
Result:
Amex Platinum Edge 1:1; 1026 points = 1026 KMiles at cost of $0.26c per point (26.40/1026)
Amex Explorer Card 2:1; 2052 points = 2052 Kmiles at cost of $0.13 per point (26.40/2052)

Option #2: Dragon
$1000 + 0.78% -> ATO costs $1007.80;
Result: 1007 dragon points -> 503 KMiles: $0.16 per point (7.80/503)

I'm not great at maths, but I get a different figure for Option 2.

For ATO payments assuming we are talking about the Amp Sig Visa, the effective earn is 0.825 KF miles per $ (with the 10% bonus)
So 1007 dragon points is 830 KF miles. (For $7.80 CC surcharge)

That means a cost of 0.94c per KF mile (780/830)

Next bit might be dodgy, but it's the way my brain works:
On the top tax bracket of 47%, if surcharge is a tax deduction, effective cost is 53% of 0.94c, which comes to approx 0.5c per KF mile.

So if surcharge is a tax deduction, a 300,000 KF miles redemption (business to Europe return) will cost about $1,500 in ATO surcharges plus roughly $1k in fees/ charges

Is there a MC ATO option? (surcharge only 0.4%)

 

[lovetravellingoz]

will cost about $1,500 in ATO surcharges plus roughly $1k in fees/ charges

If you are talking airline fees and charge SQ dropped their fuel fines and so Australia/Europe return is now only about $200.

 

[Dr Ev]

If you are talking airline fees and charge SQ dropped their fuel fines and so Australia/Europe return is now only about $200.

True, I haven't done a redemption flight lately.

 

[cove]

I am tonight handling all my quarterlies that are due by the end of February. I am travelling in February so I decided to pay up early. Yes I used a couple of 0.40% MasterCards but they only earn 0.66 points so their starting cost is about 0.60 cents per point. Still pounding the Kris Flyer Amex and another KrisFlyer Miles earning credit card.

 

[Dr Ev]

I am tonight handling all my quarterlies that are due by the end of February. I am travelling in February so I decided to pay up early. Yes I used a couple of 0.40% MasterCards but they only earn 0.66 points so their starting cost is about 0.60 cents per point. Still pounding the Kris Flyer Amex and another KrisFlyer Miles earning credit card.

Are they Australian non-coles mastercards?

 

[cove]

Yes Dr Ev. I saw Coles M/C is going to zero with Citi taking over. Bugger!
US cards have a heavy surcharge for ATO now so don’t use them.
Kris Miles are easy to use and the redemption costs are now very small.

 

[Dr Ev]

Yes Dr Ev. I saw Coles M/C is going to zero with Citi taking over. Bugger!
US cards have a heavy surcharge for ATO now so don’t use them.
Kris Miles are easy to use and the redemption costs are now very small.

I am also a KF fan Cove.

So for ATO after Westpac Kris dies, Dragon Visa I assume?
Mastercard not an option.
Is there a good Amex ATO option left?

 

[cove]

Yes Dragon Visa has worked well for two family members.
Have not found an Amex option and don’t bother with a US Amex as they use a very ordinary exchange rate.

 

[Dr Ev]

Cheers, thanks Cove.

Old news, but this guy had a good solution:
Billionaire earns first-class travel for life by putting Modigliani nude on Amex

Things are getting grim. I really can't see Mr and Mrs Ev dropping $20K on 2 Business Class plane tickets

 

[cove]

Mrscove has me buying 2 $7,000 business class tickets to New York each year Dr Ev. The upgrade fairy has helped and the double status credits keeps us Platinum in one trip from Perth and back. I really don’t buy too many tickets so our family has saved lots by flying on points/ miles.
Norman Lindsay nudes are not as expensive.....

 

[Kevin Chan]

I'm not great at maths, but I get a different figure for Option 2.
On the top tax bracket of 47%, if surcharge is a tax deduction, effective cost is 53% of 0.94c, which comes to approx 0.5c per KF mile.

Is the ATO credit card charge tax deductible? I know paying the tax for a business it is tax deductible. But I am not sure about personal tax. Can someone please confirm?

I just got the letter today. So now I am here on the hunt for an alternative card. SAD!

 

[Arowana]

Received letter from westpac a couple of days confirming from 4th of April can no longer use the amex card, no changes to visa. That's definitely the nail in the coffin for this card.
I wonder how long the visa card will remain?