G’day all,
I’m currently in the process of getting my s–t together financially and am about to set up an offset account to reduce my mortgage.
I currently have an ANZ Telstra Visa card and have just been sent a letter advising me of some “minor” changes to their fees.
So effective from 7th Nov this is what they are proposing:
*Interest rate: 18%
*Annual fee: $26
*Rewards program: $22 (for each cardholder)
*Spend $1.50 to earn 1 reward point (previously 1 for 1)
*Late payment fee: $35
*Overlimit fee: $35
*44 days interest free instead of 55
In addition to this their rewards partners have reduced significantly over the last couple of years.
Even though alot of these fees shouldn’t matter too much (late payment, overlimit), charging each cardholder for rewards is a bit rich.
So the reason for this post is to ask if anyone can recommend a good credit card.
The most important features being:
*55 days iterest free
*No or very low annual fee
*No reward program fee
*Good reward program
Thanks in advance.
Jay
From memory I think the new Virgin card has a lot of what you are after. Check out the website http://au.virginmoney.com/virgin/publish.nsf/Content/VM+HomePage?OpenDocument&source=199
Cheers
MelHi Jay,
Bugger! I’m with ANZ also. I have not seen my latest c/c statement so I shall persue it, as I am meeting with the bank tomorrow anyway.
I feel that the banks issue confusing fees to keep us focused purely on bloody interest rates. At least we can calculate them, as opposed to working out the what ifs with flat fees.
Your preferred choice of card describes what I have in place (or thought I had up until your post) offset against a Premier Select ANZ One account. It’s the next best thing to a LOC. I also pay an annual fee of $295 to maintain a mortgage interest charge below the current market variable.
Thanks for the tip.
Regards, Phil
I heard about Virgin’s card, and got to the point of about to press the “submit” button before reading that the points you earn on the card are NOT usable for Virgin flights.
I personally use Woolworths Ezybank M/C – great card, can transfer points to Frequent Flyers without talking to anyone!
Probably add to the confusion, but little bit helps
as a fellow quantas telstra visa card devotee,
i got the same letter. The interest rate shouldn’t concern you, right? because you’re not in any consumer debt, right?
If you are, what the hell are you doing investing in property, huh?
trying to make 10 percent or so from your investment property after expenses (if you’re lucky) and paying out 18 percent on credit card debt???
That soooo doesn’t make sense and it’s NOT cashflow positive!!!!OK. So we don’t care about the interest rate.
we don’t care about these either, right?
*Late payment fee: $35
*Overlimit fee: $35because we’re not in consumer debt, right? So therefore we are never over the limit.
>*44 days interest free instead of 55
and we don’t care about this either cause we’re never later than 44 days right?All we have the card for is for emergencies, and basically to get airpoints for everything we buy, as well as ‘free book-keeping’. OK. we agree..
So the cost of that is
*Annual fee: $26
*Rewards program: $22 (for each cardholder)I’m Ok with that….It’s worth it to get the points. Is it? do you use them??? I travel overseas at least once or twice a year on points, and often it’s those extra ones earned off the credit card that meant I could go when I wanted to.
*Spend $1.50 to earn 1 reward point (previously 1 for 1)
yeah well it’s not as good as it was, but it’s still OK for mecheers-
MiniMini,
Your right about the interest rate, overlimit and late payment fees not being a problem, i only listed them for comparitive reasons.
However, the 44 days interest free instead of 55 is a problem as i intend to use the credit card for all purchases, leaving all my pay and savings on my offset account. Then paying the credit card off in full on the last day. Those extra 11 days would save heaps in interest as it’s then that my offset account would have the biggest balance.
The new rewards structure is a problem also as i would obviously be racking up alot of points and changing to $1.50 per point would slow the accumulation dramatically.
You’ll also notice next time you go to redeem you points that they don’t buy as much as they used to. $100 vouchers were previously 12500 points, now they are 13200.
Also charging $26 for each card (i have 2, so $52) for the rewards on top of an annual fee seems to me, unnecessary. Why pay this when so many other cards have free reward programs and no annual fee.
Jay
I have had quite a few cards over the years from many different credit providers and the best would have to be an Amex. Spend $5k a year and no annual fee, around $30-35 annual fee for rewards program and 1 for 1 points.
Not everywhere accepts but it’s still good.
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