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Business & Finance Credit Card

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chargers 09

chargers 09

Premiership Player
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I'm tossing up between applying for a St George Aspire signature card or a Macquarie Platinum.
I guess it's not a bad place to discuss pros and cons of the plastics- I'm sure plenty here have had bad experiences.

Sorry if this should be moved to the Money board, thought I'd get more discussion here.
What type of credit card do you have? And what are the awards and what not you receive.


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Also considering HSBC Qantas Platinum, just wary of some of the fees.


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Never had a credit card. I don't like spending money I don't have so ever since I was 18 I've had a Visa debit card. That does the trick for me. No fees, no interest. My bank has tried multiple times to get me to get onto a credit card with their low interest rates of so many percent, but it's not going to happen any time soon.
 
It depends what you want a credit card for. Are you someone who earns a modest wage and needs a credit card in case of an emergency? Then best to go for a Low Interest Credit Card with a limit of under $10,000. Do you want flight rewards? A Qantas or Virgin aligned credit might be the way to go. Do you earn solid coin and want to be able to buy what you want, when you want, and to be able to earn rewards and receive higher-end perks? Then choose a flagship product.

However an important thing to note is that more often than not, shiny cards with buzzwords such as "platinum" are often used to draw people in. Analyse the points and rewards system, the annual fees, the interest rates, and any catches (such as a reduction of points after a period of time), to best suit your needs. If your frequency of use and the amount you spend doesn't correlate with the terms and conditions (fees, etc.), then I'd maybe find a different card.

As to whether or not I agree with them; hell yeah I do, if you're using them for the right reasons. If you can't afford to have a credit card (as in, you can't pay off debt in a reasonable amount of time), don't get one. But I do enjoy mine.
 
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I don't have a very good history with credit cards but I have gotten my finances in order and am much more responsible with money now. I'm thinking of getting a cc that is connected to frequent flyers--my husband has shitloads of points and I'd like to contribute to the total; we're looking at travelling to Japan next year and I'd love to have enough points to go business class.

Any thoughts?
 
Croweater said:
It depends what you want a credit card for. Are you someone who earns a modest wage and needs a credit card in case of an emergency? Then best to go for a Low Interest Credit Card with a limit of under $10,000. Do you want flight rewards? A Qantas or Virgin aligned credit might be the way to go. Do you earn solid coin and want to be able to buy what you want, when you want, and to be able to earn rewards and receive higher-end perks? Then choose a flagship product.

However an important thing to note is that more often than not, shiny cards with buzzwords such as "platinum" are often used to draw people in. Analyse the points and rewards system, the annual fees, the interest rates, and any catches (such as a reduction of points after a period of time), to best suit your needs. If your frequency of use and the amount you spend doesn't correlate with the terms and conditions (fees, etc.), then I'd maybe find a different card.

As to whether or not I agree with them; hell yeah I do, if you're using them for the right reasons. If you can't afford to have a credit card (as in, you can't pay off debt in a reasonable amount of time), don't get one. But I do enjoy mine.
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I don't mean to sound rude or anything, but I work in finance and fully understand how credit cards work. Part of my job is selling financial products to people. Just wanted to start an open discussion on credit cards, if I wanted advice on credit cards I wouldn't be turning to an online football forum for it.

But thanks anyway.
 
MEB_ said:
I don't have a very good history with credit cards but I have gotten my finances in order and am much more responsible with money now. I'm thinking of getting a cc that is connected to frequent flyers--my husband has shitloads of points and I'd like to contribute to the total; we're looking at travelling to Japan next year and I'd love to have enough points to go business class.

Any thoughts?
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Do you spend enough to accrue enough points for that? Furthermore how long ago were your issues? Could impact your chances of approval.
 
chargers 09 said:
Do you spend enough to accrue enough points for that? Furthermore how long ago were your issues? Could impact your chances of approval.
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When talking to my husband about it, his suggestion is to use the CC to pay for all expenses--phone bill, petrol, groceries, bills etc...so then yes, I would have a high enough spend to accrue points.

Financial issues were about 3 years ago. My salary has doubled in that time, not sure if that would impact it in my favour?
 
MEB_ said:
When talking to my husband about it, his suggestion is to use the CC to pay for all expenses--phone bill, petrol, groceries, bills etc...so then yes, I would have a high enough spend to accrue points.

Financial issues were about 3 years ago. My salary has doubled in that time, not sure if that would impact it in my favour?
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It may. Depends how bad they got, did you default? Or were you really far behind in repayments.
You may have issues going to the same finance company, the hits and enquirers usually stay on file for 5 years. Salary increase will certainly assist in capacity terms, you may fall outside the lenders guidelines this time as your Veda score would have taken a massive hit I'd imagine. Difficult to say much more without knowing more about the situation really.
 
chargers 09 said:
It may. Depends how bad they got, did you default? Or were you really far behind in repayments.
You may have issues going to the same finance company, the hits and enquirers usually stay on file for 5 years. Salary increase will certainly assist in capacity terms, you may fall outside the lenders guidelines this time as your Veda score would have taken a massive hit I'd imagine. Difficult to say much more without knowing more about the situation really.
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Cheers for the info. Didn't default or anything like that.

Anyway, didn't mean to derail the thread!
 
MEB_ said:
When talking to my husband about it, his suggestion is to use the CC to pay for all expenses--phone bill, petrol, groceries, bills etc...so then yes, I would have a high enough spend to accrue points.

Financial issues were about 3 years ago. My salary has doubled in that time, not sure if that would impact it in my favour?
Click to expand...

Perhaps applying for a credit card could be a good thing for your credit score/file and if you pay it off monthly lenders will look favourably on you In The future in that you can be trusted to borrow larger amounts of capital (I.e. Mortgage).
Getting the initial approval could bump your score up just from that, depending on your Veda file.
 
chargers 09 said:
I don't mean to sound rude or anything, but I work in finance and fully understand how credit cards work. Part of my job is selling financial products to people. Just wanted to start an open discussion on credit cards, if I wanted advice on credit cards I wouldn't be turning to an online football forum for it.

But thanks anyway.
Click to expand...

I don't mean to sound rude or anything, but if you work in finance and fully understand how credit cards work, why would you feel the need to ask people about their experience with them? Furthermore, if you work in finance, wouldn't you have colleagues you could turn to, to share their thoughts? I mean, as opposed to turning to an online football forum for it.

Cheers.
 
Croweater said:
I don't mean to sound rude or anything, but if you work in finance and fully understand how credit cards work, why would you feel the need to ask people about their experience with them? Furthermore, if you work in finance, wouldn't you have colleagues you could turn to, to share their thoughts? I mean, as opposed to turning to an online football forum for it.

Cheers.
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I wasn't seeking advice, I posted that so people could talk about their stories and what cards they have and the perks they receive. Maybe read my post again.
 

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chargers 09 said:
I wasn't seeking advice, I posted that so people could talk about their stories and what cards they have and the perks they receive. Maybe read my post again.
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I did read your question. And the crux of it was "I'm tossing up between this card and this card. What are your experiences with credit cards?".

It seemed like you were looking for advice. Next time, word your question better if you want the response you're looking for.
 
MEB_ said:
When talking to my husband about it, his suggestion is to use the CC to pay for all expenses--phone bill, petrol, groceries, bills etc...so then yes, I would have a high enough spend to accrue points.

Financial issues were about 3 years ago. My salary has doubled in that time, not sure if that would impact it in my favour?
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You just need to be careful. Some bills are treated as a cash advance and attract an immediate fee plus a higher interest rate. I have a Virgin card that I use to pay for most things so that I can earn points.
 
"Now I got Black Cards, good credit and such
Bay boy, man I'm all growed up!"
- Jay Z
 

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MEB_ said:
I don't have a very good history with credit cards but I have gotten my finances in order and am much more responsible with money now. I'm thinking of getting a cc that is connected to frequent flyers--my husband has shitloads of points and I'd like to contribute to the total; we're looking at travelling to Japan next year and I'd love to have enough points to go business class.

Any thoughts?
Click to expand...

Looking at the QANTAS website it costs 40,000 FF points to upgrade from economy to business flying one way Melb to HK, for example. So with a connection to Tokyo or Sapporo a full business class upgrade would probably be about 120-140,000 points. Certain cards offer up to 75,000 points for signing up. That's a good start.

https://www.qantaspoints.com/earn-points/cards-banking/card-selector

If you're going to be a big spender then an annual fee of $400 probably isn't a big deal. Paying bills etc. is likely to attract 0.5 points per dollar, so if you're looking at business class upgrades you really do need to be a biiiig spender.
 
Scotland said:
Looking at the QANTAS website it costs 40,000 FF points to upgrade from economy to business flying one way Melb to HK, for example. So with a connection to Tokyo or Sapporo a full business class upgrade would probably be about 120-140,000 points. Certain cards offer up to 75,000 points for signing up. That's a good start.

https://www.qantaspoints.com/earn-points/cards-banking/card-selector

If you're going to be a big spender then an annual fee of $400 probably isn't a big deal. Paying bills etc. is likely to attract 0.5 points per dollar, so if you're looking at business class upgrades you really do need to be a biiiig spender.
Click to expand...
Yeah good point. We already have most of the points accumulated on his card so mine is just for a top up really.
 
I use a Gold AMEX most frequently, its annual fee is waived through membership of a professional society.
Also have the platinum NAB Qantas cards, fees again waived (or may accurately described as included) as part of mortgage package.

The points can be good, and I am currently in a hoarding phase for them, but unless you calculate that you earn more points value than the annual fee, then you are better off going for a more basic card IMO. Can get no annual fee cards from smaller banks.

I have never used the travel insurance etc attached to them, nor the American Express exclusives (concert presales etc).
 

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