What credit cards with QFF points have the lowest approval requirement for a student?

[aussielankan]

Hi guys,

I applied for the Awards Credit Card with the commbank and received a rejection letter today. I already have a student CR card (1200 limit) with them and was hoping for an upgrade considering I always pay on time and haven't paid any interest.

I'm a full time student and I put my income as about $2500 a year (from my parents each week for uni petrol etc) and about $50 a month from share trading and $2700 worth of shares. I also have a joint account with my mum and have 51k together but I didn't disclose this during the application. Should I? Would it make a difference or do they only look for income and not savings.

I'd appreciate some suggestions for a credit card with even a limit of $500(commbank app) that allow me to earn QFF points but don't have stringent income requirements. I'd assume my credit record is sound. I already have a Everyday rewards card that I swipe when I go shopping with mum but I just want to accelerate my QFF points and start early!

Thanks!

 

[casanovawa]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

At least you bank with them which should have been some leg in the door (i got rejected for a card with them as i don't bank with them)... but $2500 income for a year??? that's $50 a week, so if they punched that in the computer it wouldn't seem like you have much ability to repay anything... so perhaps not surprising they rejected it.... the $50 a month from share trading, well not sure share trading is the most guaranteed of incomes etiher from their point of view...

I think with those to income options definitely mentioning that you have $51,000 in savings could help the application, i guess they just want to know they can come and get money off of you if you don't pay up but i don't know what relative weighting they put on income to money in the bank... after all you could go spend the $50k tomorrow as well...

anyway, it doesn't seem like it could hurt your chances to put it down and if you have a good track record with them as well... it usually costs money to get a QFF linked cc with the banks, you could maybe check out the Amex offer of a free card linked to QFF, not as usuable at as many places because of surcharge etc, but can be used at the major shopping centre and service stations for free? Maybe you might want to call them and see about your eligibility?

 

[wxxnxs]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

Hi guys,

I applied for the Awards Credit Card with the commbank and received a rejection letter today. I already have a student CR card (1200 limit) with them and was hoping for an upgrade considering I always pay on time and haven't paid any interest.

I'm a full time student and I put my income as about $2500 a year (from my parents each week for uni petrol etc) and about $50 a month from share trading and $2700 worth of shares. I also have a joint account with my mum and have 51k together but I didn't disclose this during the application. Should I? Would it make a difference or do they only look for income and not savings.

I'd appreciate some suggestions for a credit card with even a limit of $500(commbank app) that allow me to earn QFF points but don't have stringent income requirements. I'd assume my credit record is sound. I already have a Everyday rewards card that I swipe when I go shopping with mum but I just want to accelerate my QFF points and start early!

Thanks!

I think it may be difficult for you as a student to get a QF credit card, as you don't have a stable regular income and even if you have, it won't met the minimum criteria. However, if you have already got a CBA student card, it should be no problem for you to swap to their awards card, I remember when I was a student 3 years ago and applied for its awards card, they offered me $5K limited straight way, my total income at that time was $500 per week only+term deposit.

 

[aussielankan]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

Hey thanks a lot for the quick replies. Yeah $50 a week isn't a lot but I didn't want inflate it and not be able prove it. Although my mum thinks that since its cash in hand for fuel/food etc there isn't a provable paper trail. Yep I'm going put 25.5k as saving since its a joint account(or should I put the full 51K?) because tax on interest is calculated 50:50.

I have no idea how i got my current credit card because not much has changed financially and I didn't mention the savings that I had just the shares and cash in hand. But I went to the bank and had a chat and it wasn't an online application.

Also casanovawa, i got the QFF membership for free via woolworths everyday rewards. Or do you mean annual fees? If so, since i'm a student I'm going to see if I can get a waiver, i've read here on this forum that the major banks do give waivers. (commbank has no annual fee for the first year for its customers atm thats why I applied to see)

wxnxx yeah i'm going to just ring them or visit my branch to upgrade if my next online app fails. Probably going to wait a week or so.

Bit odd that they would give me 1200 limit but not $500 oh well maybe its amex policy for a minimum salary amount or something


Thanks guys! any other views much appreciated

 

[aussielankan]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

Ok just got off the phone with commbank and apparently I can upgrade it to a standard Awards Credit card BUT I can't get a student waiver for the $59 annual fee on that particular card. And he was saying that I would have to spend $12000 a year in order to get $59 back. I had read before that you could get a waiver but apparently not.

Also would it be worthwhile getting it and just accumulating points each year, I'd probably spend 3-4 grand tops on the card itself but obviously with Everyday rewards that might me 4.5k in points maybe? Is it worth it? Probably not.

appreciate some advice

 

[casanovawa]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

Yeah what i meant is that to get a cc from most of the banks with a reward program linked to QFF it is usually $60 an upwards per year annual fee.... and seeing that depending on where you are that amount can be a flight on Qantas (specially the Eastern States between cities) and that for most reward flights you would need to get like 8000 points minimum (plus pay a bit of tax) that would mean minimum usually spending $8000 on the card to get those required points (some of the bank MC/Visa only offer 0.5 points per $ spent so need to spend $16k)...

with that equation that is why i have never paid to have a cc linked to QFF program.... especially here in Western Australia where for a one way flight to the Eastern States it starts at 18,000 points... my workings out don't hold true for everyone with larger spends etc and using bonus partners and higher point paying credit cards...

But Amex currently have a annual fee free card where you can earn 1 QFF point per $1 spent and when you don't pay anything to earn these points then yes it makes sense, why not do it... as stated in many retail otulets they will charge you a surcharge to use Amex and once again i find when you have to start paying for using the card the dollars spent would end up getting you a flight more cheaply than accumulating the points in many cases so often not worth it at those places, but coles, woolies, many shell and caltes service stations don't charge any surcharge for using Amex so definitely use them there...

Edit: also might help if your folks wanted to help you out by doing there shopping and other expenses like bills etc using maybe a supplementary card if they are not using a QFF card at the mo???

 

[aussielankan]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

thanks for the reply, yeah my parents use westpac altitute rewards so they can't really help me out. Yeah the commbank deal doesn't add up for me currently.

Do you know of any no annual fee rewards card that would be worthwhile. It seems that Commbank didn't have a student credit card in the past, and they just gave the Standard awards CC with a waiver attached. Since they have a specific student card now, they don't have the waiver for the awards cc.

My plan was to get a QFF credit card and when i go shopping with my mum, let her use it and she'll pay me later in cash, been doing that regularly to get a decent credit record. Quite immoral I know

Thanks for your help guys

 

[casanovawa]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

sounds fine to me letting yoru mum book up the shopping on your card if you get something out of it... go to google and type in compare credit cards and you should get a bunch of sites like cannstar (sp) and ratecity which allow you to rate credit cards and other things by certain criteria, might be a good quick way to rate cards by what your looking for...

don't know much about student cards, been a long time since i was a student, there are quite a few low fee/no annual fee cards out there but don't think they are linked to QFF... like i said check the Amex card offer out to see if it meets your requirements at all (got to american express site or sometimes ads for here on this site)...

the other thing is that some of these cards do come with bonus points like 12,500 (woolies) or 20,000 (ANZ) points on first signing up, so from that respect if it gets you a couple of 8,000 point award flights it might stack up for the first year, but may not for keeping it for the second year with the second annual card fee with no bonus points... depends what your wanting to get the points for and how many you will need...

the Amex offer comes with 10,000 bonus points but u have to jump through a few hoops (think its something like 2.5k points straight up, then 5k points on spedning a certain amount then 2.5k points when you buy eligible Qantas products)

 

[aussielankan]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

thanks for your reply. With re to the Amex offer, i'm guessing your talking about the amex discovery card? Yeah i looked that and it requires a min 35k annual income. Then I looked at the wollies cc and it requires 50k income so unfortunately I can't apply for those. Thanks anyway. Going to spend some time on ratecity and see if there is anything worthwhile for me.




thanks so much!

 

[casanovawa]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

yeah those minimum income figure hurdles can be a bummer... not sure what the ANZ min is if they have one, $95 for a 20k bonus points isn't too bad an offer either...

but try ratecity etc and see what you find...

 

[aussielankan]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

thanks mate yeah the anz deal sounds worthwhile but they require a minimum 15k income...

I'll just stay with commbank and see if they will introduce some offer soon with no annual fee and then pounce for an upgrade.

 

[wxxnxs]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

wxnxx yeah i'm going to just ring them or visit my branch to upgrade if my next online app fails. Probably going to wait a week or so.

Bit odd that they would give me 1200 limit but not $500 oh well maybe its amex policy for a minimum salary amount or something

Hi, wrong spelling with my name. Unfortunately I don't think you can get annual fee waived for CBA awards card since they relaunched the student card option (at that time they removed the student card option and give me free for awards). The reason you get declined for application is because your income is too low and unstable not because its dual card policy, both cards link to the same account.

Secondly, please forget about the AMEX discovery card, 99.9% will get declined, AMEX is even more strict than CBA, if you can not get approved by the 1st, then nor the 2nd.

Last, if you choose to swap from your student card to awards card with CBA and want to get QF points, be aware there will be another $10 opt fee for that, so the total annual fee will bring to $69 pa. Think about if it is really worth, unless you are a big spender otherwise earning QF points brings no value to you. BTWI don't opt into QF direct earn program.

 

[aussielankan]

Re: What credit cards with QFF points have the lowest approval requirement for a stud

thanks wxxnxs, haha that better stand for something because I get dizzy trying to spell it properly

yeah thanks for all the tips, I have no chance with all the credit cards you mentioned. I'll just wait until uni finishes and get a full time job. I quit my part time job and should have applied then although income requirement would not have been met anyway.


Thanks again guys this forum is really helpful!

Be back on here in 3 years time and boast about my QFF points!