Westpac Singapore KrisFlyer Credit Card

[serfty]

Plug your transactions into XE - Credit Card Charges Calculator to find the nett fees/commissions actually charged.

 

[cove]

Thanks Serfty for the calculator.

The KrisFlyer card is out for any use overseas if you are picky about losing up to 7 percent on the transaction.

It really makes you want to buy Westpac shares as I had previously thought that highway robbery had been deemed illegal a few years back.

This card is very good for use in Oz.

 

[Foreigner]

There's a Pullman in Sydney and one on the Gold Coast.

I don't know about Pullman at Gold Coast but there certainly is one in Cairns, the former Sofitel Reef Casino.

f

 

[oz_mark]

I don't know about Pullman at Gold Coast but there certainly is one in Cairns, the former Sofitel Reef Casino.

f

Indeed, must have had a brain fade at the time I typed that.,

 

[albatross710]

Well the triple points on AMEX is certainly proving to be popular. Thinking forward to planning some purchases prior to 31 Oct, I might even find myself paying the quarterly BAS early just to maximise the points. (My payment is due in October as I lodge the BAS online which gives an extra two weeks past the normal BAS lodgement time.)

Now I am starting to think that post 31 Oct the KF VISA card will get much of my spend. For the AMEX surcharges are good value at 300% points earning over the Visa, but for 50% extra earning it isn't going to be worth paying 2x, 3x the purchase surcharges.

The same will go for foreign transactions. If the VISA/Amex have the same earning rate on foreign transactions, why use the KF Amex?

I will still be very happy with the Visa earnings but I think that it may be a drawback for Amex (the company) after the intro-period.

Alby

 

[cove]

Was I dreaming that Kris Flyer Westpac announced that they were reducing the foreign exchange surcharges by 1.5% from about 7% to 5.5% ?
I looked for a credit on the amount they ripped in June but there has been no refund.Obviously there is no backwards gear in a bank fee charging system.
These cards are still useless to use on overseas transactions.

 

[Dr Ev]

Well the triple points on AMEX is certainly proving to be popular. Thinking forward to planning some purchases prior to 31 Oct, I might even find myself paying the quarterly BAS early just to maximise the points. (My payment is due in October as I lodge the BAS online which gives an extra two weeks past the normal BAS lodgement time.)

Now I am starting to think that post 31 Oct the KF VISA card will get much of my spend. For the AMEX surcharges are good value at 300% points earning over the Visa, but for 50% extra earning it isn't going to be worth paying 2x, 3x the purchase surcharges.

The same will go for foreign transactions. If the VISA/Amex have the same earning rate on foreign transactions, why use the KF Amex?

I will still be very happy with the Visa earnings but I think that it may be a drawback for Amex (the company) after the intro-period.

Alby

Credit card payments are not accepted by the ATO for BAS or any other tax payments.

 

[albatross710]

Welcome to AFF Dr EV.

Credit card payments are not accepted by the ATO for BAS or any other tax payments.

The ATO are doing a trial. Details in this thread http://www.frequentflyer.com.au/com...ion/ato-tax-office-payments-credit-17109.html

 

[oz_mark]

Credit card payments are not accepted by the ATO for BAS or any other tax payments.

See the thread referenced, but from the ATO website: "The Tax Office is trialling payment by credit card for all taxation liabilities."

 

[Foreigner]

See the thread referenced, but from the ATO website: "The Tax Office is trialling payment by credit card for all taxation liabilities."

AND now taking AMEX as well!

How to pay

 

[lovestotravel]

They have been accepting Amex for many months now

 

[Dr Ev]

Thanks for the info and welcome. I was'nt aware the ATO were trialing CC Payments.

Would it still be worth paying the AMEX surcharge after the 3 points deal expires Oct 31?

My BAS is over $10K a quater, which makes it a bit awkward. Can you part pay via 2 methods to come up with the total tax payment (eg Amex for $10k and funds transfer or cheque for the rest?).

Or even better, if you have a $60K tax bill, can you pay $10K via CC 6 times, one after another on the same day?

 

[serfty]

See the thread linked to in post #168 by albatross710 for more detailed answers:

http://www.frequentflyer.com.au/com...ion/ato-tax-office-payments-credit-17109.html

As for being worthwhile, If a $1000 Amex payment costs $10.20 but earns a total of 1515 MR points you need to decide if those MR points are worth mor or less than that.

Note the fee charged (0.62% or 1.02%) is generally tax deductible for businesses.

Also, you can pay in $10K blocks if you need to - using the one card.

 

[Dr Ev]

Thanks, very usefull info.
I didnt know the surcharge was tax deductible.
Will definitely pay all my Sept quater tax via Amex.
Might not do it after the 3 points deal expires Oct 31. To most it is probably still good value, but by that stage the surcharge (even deductible) will mean forking out significant extra cash over and above what I need to spend just to get points.
By the end of the year, I should have enough points to just cruise along with a normal spend pattern, so wont need to spend extra to chase more points than I really need. To me, the whole point of a rewards system is that the points accumulate as you spend money you have to spend anyway. If you have to spend extra to chase more points, it doesnt represent value (unless there is a 3 miles per dollar deal).

 

[serfty]

... As for being worthwhile, If a $1000 Amex payment costs $10.20 but earns a total of 1515 MR points you need to decide if those MR points are worth mor or less than that. ...

... To me, the whole point of a rewards system is that the points accumulate as you spend money you have to spend anyway. If you have to spend extra to chase more points, it doesnt represent value (unless there is a 3 miles per dollar deal).

It really is up to you how you value Frequent Spender/Flyer points/miles.

See this post on how one member values their points:

The Australian Frequent Flyer Online Community - View Single Post - Credit card reward schemes and surcharges

Personally I value Amex MR points at around 2½¢ each, so the nett cost of 0.71¢ per point make it very worthwhile to me.

 

[Foreigner]

It really is up to you how you value Frequent Spender/Flyer points/miles.

See this post on how one member values their points:

The Australian Frequent Flyer Online Community - View Single Post - Credit card reward schemes and surcharges

Personally I value Amex MR points at around 2½¢ each, so the nett cost of 0.71¢ per point make it very worthwhile to me.

Serfty, just wondering about cost-benefit-value here:

I have to purchase electrical goods valued at $2,000 at David Jones (I have the store card) which offers 24-month interest-free credit. Elsewhere online I have read there may be charges like establishing the account and monthly account-keeping fee.

On the other hand, I have op to use my WBC-KF AMEX and pay $2,000 and earn 6000 points (3/$ for platinum).

Of course there is alternative to pay off credit card debt but what should be better option?

 

[serfty]

It really depends upon what 6000 KF points is worth to you.

 

[albatross710]

For personaly spending I steer clear of store cards and carrying personal credit card debts.

I have to purchase electrical goods valued at $2,000 at David Jones (I have the store card) which offers 24-month interest-free credit.

One step is to decide that DJs is the best place to first buy the electrical goods. IME the same goods can usually be found somewhere else 5-10% less.

Whereever you buy the goods if you keep receipts and pay on KF Gold card you can get 12 months extended warranty, 24 months on Plat.

Complimentary Extended Warranty Insurance cover

Receive up to 1 year's extended warranty insurance cover in addition to the manufacturer's expressed Australian warranty on most new personal items purchased with your Singapore Airlines Westpac Gold Cards, in accordance with the policy.7

 

[lovetravellingoz]

Well as I have a USA Trip in November coming up I thought that I would try the card to determine charges as I had to place an Accommodation Deposit:

7 Sep 2009 135.00 USD INC FX FEE AUD$ 5.63
0.007 Sep 2009 xx_xx_X NEW YORK US166.78


Given that the KF Card is earning 3 points per $ at present it means to me that for at least purchases made in the US that the KF amex is still worth using in comparison to my Wizard Card Card, Citibank VISA or Direct Deposit etc.

With the fee that is a rate of 80.95 cents per USA $.

3 Amex points are worth at least 6 cents to me (and probably more).


Question: Is the $ 5.63 fee purely % based...or is a flat fee (ie if a flat fee then smaller purcahses should be avoided).

 

[lovetravellingoz]

A rip off story for travellers:

On June 29 I used Westpac Amex Kris credit card to pay a U.S. hotel bill.

The account was $US720.38 and the final cost was $AUD951.44 which represents a net 0.757 exchange when the actual rate was at least 0.80.

Getting ripped almost 6 per cent is not very nice as they double dipped .

That would be 4.3% rtaher than almost 6% then, or am I missing something?

Note I am only checking as I am off to the USA in November and am starting to have to pay some USA expenses and so hence have to decide which card to transact on (or to use cash,direct deposit etc).

I can also pre-pay expenses by Oct 31 to secure the 3 point earn rate rather than only 1.5.

At 3 points I will still be in front even when losing 4.3 % (and other means would have some costs too).

At 1.5.....other means seem to then be similar or in front.