Credit cards

[Melbournian]

I like using my commonwealth bank credit cards - 3 points per dollar spent on american express and 1 point per dollar spent on mastercard. I spend about 80k per year on the card to pay for business expenses and therefore get enough points for return flight to hong kong, business class. The annual fee of 250 dollars is very worthwhile - I also get complimentary travel insurance.

if you are spending 80K a year on the card regularly- you would be nearly qualifying for like the black titanium platinum american express invite.

american express is probably the best rewards card and the fastest in terms of response time and service.

I had so many flights from them just from paying my 20% deposit on propetry purchases, (DIMA) immigration fees for relatives etc which they paid me etc.

 

[M.Investigator]

Have you tried NAB? It is easier to request to lower the credit limit as it is immediate. However, minimum balance still applies. Increasing the limit may take some time to process. They have PDF ready for this request.

 

[The Y-man]

if you are spending 80K a year on the card regularly- you would be nearly qualifying for like the black titanium platinum american express invite.
.

A.k.a Centurion card.

american express is probably the best rewards card and the fastest in terms of response time and service.

I had so many flights from them just from paying my 20% deposit on propetry purchases, (DIMA) immigration fees for relatives etc which they paid me etc.

Except half the places I shop at accept Visa/MC but not Amex.

Visa Signature is not bad for service etc either.

The Y-man

 

[Melbournian]

A.k.a Centurion card.

Except half the places I shop at accept Visa/MC but not Amex.

Visa Signature is not bad for service etc either.

The Y-man

yeah a k a centurion card. it's mainly status symbol and for high net worth individuals to be able to pay for stuff straight away without issues like buying a ferrari or an apartment using the AMEX.

Coles, Safeway, kmart, harvey norman, jb hifi all accept AMEX
maybe not MSY

 

[sanj]

melbourne - you've mentioned paying deposits or buying properties using your Amex, how did you do this? Do agencies really accept deposits via Amex?

 

[feihong]

income required to get Centurion card?

Y-Man, Melbournian:

What sort of income do you need to qualify for a Centurion card and what's the annual fee like?

 

[Melbournian]

melbourne - you've mentioned paying deposits or buying properties using your Amex, how did you do this? Do agencies really accept deposits via Amex?

i don't have the centurion - that's reserved for ppl who spend close to 100-200K a year on the card and who has at least USD10 million in assets. With that amount of expenditure obviously comes the benefits of free upgrades in travel, access to nearly 70% of lounges, free bottle of wine at the x restaurants, access to tickets etc.

i only pay my deposits (10-20%) using the card not the whole amount as the rest is financed obviously.

i do know someone who has it and has purchased an apartment from a developer in the UK. Large developers have that facilities but obviously not the 2-3 unit developers.

 

[Melbournian]

Y-Man, Melbournian:

What sort of income do you need to qualify for a Centurion card and what's the annual fee like?

you can't apply for the centurion based on income - it needs to be offered to you. it's like a millionaire's exclusive club. If you're a high spender or have major business expenditure - they waive all the annual fees for you - that's what my friend told me.

 

[sanj]

i don't have the centurion - that's reserved for ppl who spend close to 100-200K a year on the card and who has at least USD10 million in assets. With that amount of expenditure obviously comes the benefits of free upgrades in travel, access to nearly 70% of lounges, free bottle of wine at the x restaurants, access to tickets etc.

i only pay my deposits (10-20%) using the card not the whole amount as the rest is financed obviously.

i do know someone who has it and has purchased an apartment from a developer in the UK. Large developers have that facilities but obviously not the 2-3 unit developers.

Thanks for that. Do most real estate agencies accept deposits via Amex? Would they not end up being out of pocket then with the transaction fees etc?

Im going to have to look into this as ive got both credit and charge amex platinums for my business and personal but i suspect i dont take advantage of all the opportunities.

 

[Melbournian]

Thanks for that. Do most real estate agencies accept deposits via Amex? Would they not end up being out of pocket then with the transaction fees etc?

Im going to have to look into this as ive got both credit and charge amex platinums for my business and personal but i suspect i dont take advantage of all the opportunities.

Well - the land that i purchased from developer (they're pretty big) they encouraged using AMEX.

if you spend all your groceries, mobile phone bills and even car bills - you find yourself with a return business class ticket to asia every year.

 

[sanj]

Well - the land that i purchased from developer (they're pretty big) they encouraged using AMEX.

if you spend all your groceries, mobile phone bills and even car bills - you find yourself with a return business class ticket to asia every year.

yeah SIA is currently pretty good with that, my folks just got return business class tix to singapore from perth for only 55000 points each. Qantas has become an asbolute joke with their frequent flyer program,not worth it anymore.

I used 60000 points recently and it did not even pay half of a one way business class fare from perth to sydney

 

[The Y-man]

Coles, Safeway, kmart, harvey norman, jb hifi all accept AMEX
maybe not MSY

But NOT at most

• Naturopaths
• Chiro's
• (Organic) Vege stalls at Vic Market
• TCM joints
• Small cafe's

Also some Councils (for rates) plain don't accept, or charge higher fee. Also many tradies accept MC/Visa but not Amex.

The Y-man

 

[cimbom]

Well - the land that i purchased from developer (they're pretty big) they encouraged using AMEX.

if you spend all your groceries, mobile phone bills and even car bills - you find yourself with a return business class ticket to asia every year.

Are you sure? Our normal spending would be 15-20k/year and I don't think you can get anything for that amount

 

[Melbournian]

Are you sure? Our normal spending would be 15-20k/year and I don't think you can get anything for that amount

Well before October 2012 - 20K per year would equate to 30,000 points going with the 1.5 points per. You also get the 45000 points when you signup assuming you went with the platinum card. occassionally they come up with some offers like open a forex transfer acc and they give you 10,000 points or spend $500 and get 10,000 points. or you can also purchase 1000 points for $25.

Malaysian airlines business class melbourne to kuala lumpur which is 1 to 1 is only 66000-68000 points return. otherwise economy is only 44000 return which you would have already got if you signed up for the card for free.

there is actually a separate forum . Australian frequent flyer that has ppl talking about these points and strategies to get the most out of the card similar to sommersoft but mainly for frequent flyers.

But maybe - try to align all your bills to spend more. i bought a lot of computer equipment every year coz it is in my line of work so that itself is already points on its own.

 

[cimbom]

I am not eligible for that. You need an income of 100k. I'm on ~$69k at present.

 

[Melbournian]

the lower grade one also still gives you 10,000- 20,000 points if you apply

and you get a free night accommodation (talking high end stuff like in crown towers in the casino in melbourne) or local flight throughout aus/nz return which itself is maybe 400-500 bucks. and the fee for that one is only $149.

mine gives me 55 days of interest free as well.

 

[The Y-man]

I am not eligible for that. You need an income of 100k. I'm on ~$69k at present.

You also need to be aware of card fees.

Sometimes it's a case of spend $300 to get $100 worth of benefits on points.

Most cards lets you redeem card fees on points - but that can mean a minimum $X spend before you even make your fee back.

The Y-man

 

[Melbournian]

with the points there are really no good benefit redeeming for items or goods.

it only works with flights.

 

[cimbom]

I wonder if there's any trick that you could use to pay rent and/or mortgage payments with the card to maximise points (without doing a cash advance, obviously)? Then just paying it off every month at the end of the interest free period.

I am thinking of going with the Platinum Edge just because the "free" flight more than pays for the annual fee. My parents live in Melbourne and we fly there a few times per year. A return flight is $200-250 which is more than the fee.

 

[Melbournian]

tried looking into mortgage repayments but i couldn't find any facility that would allow it.

i made some payments for some relatives of mine in private school fees (they paid me in advance) and i paid it with my AMEX. and so with immigration fees as well (the sponsor fees). that alone was 150,000 points.

the only ones where i regularly pay using AMEX is :-

mobile phone bill vodaphone
coles/safeway
restaurants
subway (which i eat a lot)
council fees (port phillip bay accepts it)
owners corporation fees (there is an online amex facility)
health insurance (Aus unity)
electricity bill (dodo electricity)
Internet access (TPG)
Foxtel monthly subscription
airline tickets for myself and relatives
IT equipment - laptops, phones, ipads etc