CSB diamond credit cards

[Vinny]

Hi all. Newby here so please be gentle.

I'm taking an early (very early) retirement which will happen at the end of the year due to health and probably being unable to return to the stressful job I had. I can't just take it any more. I can't see myself returning to work at all. I'm on 75% income support from my superannuation which is enough to pay the bills and enough left over until then.

My bank has offered me a diamond credit card. Diamond Credit Card They know my situation.

I currently have a gold amex and mastercard. The cost is $395 for the diamond cards. I pay all my bills by credit card so it gets a good work out each month. Bills are always paid on time. Average bill is $ 3000 per month. Investment properties suck the life out of us. And some have the thoughts that we are lucky!

My current spending is reduced but it's probably better than a lot of others receive. The points are able to be credited to my Qantas frequent flyer account at an attractive rate. I'm currently a platinum frequent flyer but can't see myself doing enough flying this year to requalify. I'm not a fan of Qantas by any means but the points are always welcome. Don't belt me around the head but I'm over the status thing.

Travel is my passion and I'm just wondering the thoughts of anyone in a similar situation or someone with knowledge in this field would think it's worth it. Or should I just remain a gold amex and mastercard holder?

Thanks in advance.

 

[MAX_1]

Hi Vinny and welcome to AFF,

The CBA Diamond card has not been met with much enthusiasm around here.
I don't have either of the following cards but they make sense to me if and when my spend drops from my current spend.
Woolworths have a great card, uncapped for $89 a year. at least 1 qff per $1.
Frequent Flyer - Earning Points - Pay - Woolworths Qantas Credit Card

Qantas American express Discovery Card - free and 1 qff per $1 spend - probably worth it to have a back up card.
The Qantas American Express Discovery Card | American Express Australia
Both cards link to QFF.

The combined cost of these 2 cards is $89 a year. So to pay an extra $300 a year for the Diamond card to received 1.5 qff per dollar on the Amex and less than 1 qff for the Mastercard ( from memory 0.625 pts per dollar) does not stack up.

 

[kamchatsky]

Hi Vinny and welcome to AFF,

The CBA Diamond card has not been met with much enthusiasm around here.
I don't have either of the following cards but they make sense to me if and when my spend drops from my current spend.
Woolworths have a great card, uncapped for $89 a year. at least 1 qff per $1.
Frequent Flyer - Earning Points - Pay - Woolworths Qantas Credit Card

Qantas American express Discovery Card - free and 1 qff per $1 spend - probably worth it to have a back up card.
The Qantas American Express Discovery Card | American Express Australia
Both cards link to QFF.

The combined cost of these 2 cards is $89 a year. So to pay an extra $300 a year for the Diamond card to received 1.5 qff per dollar on the Amex and less than 1 qff for the Mastercard ( from memory 0.625 pts per dollar) does not stack up.

+1 on this, especially Woolies card has 16K QFF bonus and Qantas Amex has 10K bonus on signup right now.

But I would say just get the Woolies Mastercard for $89 per year and not Qantas Amex. Not much point getting Qantas Discovery Amex if you already have Woolies Mastercard. I have never seen places that takes Amex but not MC. it is always the other way around.

Also with your situation it is better to keep your credit card applications to a minimum (especially with all the credit checks needs to be done etc).

 

[MAX_1]

But I would say just get the Woolies Mastercard for $89 per year and not Qantas Amex. Not much point getting Qantas Discovery Amex if you already have Woolies Mastercard. I have never seen places that takes Amex but not MC. it is always the other way around.

edison, I agree with you on this. The reason I added the Amex card was so that the user had a second card , which is useful if travelling and depending on the credit limit.

What I would love to find out is what is the highest credit limit that anyone has been offered on the Woolies card.

 

[Vinny]

Thanks for the welcome and also for the advice. I met with my banker today who waived the insane annual fee when I told him the deal had no appeal.

Immediately he offered me the diamond amex and master cards free of charge. Santa came early this year.

 

[lakeman]

Thanks for the welcome and also for the advice. I met with my banker today who waived the insane annual fee when I told him the deal had no appeal.

Immediately he offered me the diamond amex and master cards free of charge. Santa came early this year.

Hi Vinny
see what Max-1 said about the QFF pts earning rate.
The Woolworths card would be better.

 

[Alanslegal]

$3k pm is a decent amount of spending but it really comes down to the proporton of AX : MC usage in your sutation. For eg. if AX is only being used 25% of the monthly spend, then alot of points are forgone when using the MC. I'll leave the calculation upto you, though the annual fee waiver is a good start.

 

[MAX_1]

The below calculations may help. I have assumed spend of $36k a year.

Woolies card will yield 36,000 qff points + 16000 sign up points in the first year. Thereafter 36000 qff points a year. Cost $89.

CBA Diamond Card at no charge ( I would check if thats forever or first year only).
and the following charge split Mcard/Amex.

75%/25% 30375 qff points -50%/50% 38250 qff points - 25%/75% 46125 qff points.

Weigh up if for one year is it worth getting the Woolies card and then discard it.

Of course weigh up your relationship value with the bank as well.

 

[Vinny]

Hi Max and a big thanks for the time and effort in your reply. I've been thinking about it all trying to sort it out all day.

Of course weigh up your relationship value with the bank as well.

I have to say that over the years the bank has been extremely good to me. Whenever I ask for an investment loan there's no problem and they discount lending rates and fees. All done with no fuss and done quickly.

I won't be returning to work and I have had a one on one discussion about what to do with my considerable superannuation which I can't access for a few years. They blew Qsuper out of the water with what they have to offer so I've decided as you said above to continue the good relationship with the CSB. It's worth staying with them for the sake of a few extra FF points.

 

[Stephen65]

This is why I have mixed feelings about Cth Bank. On the one hand I have always got excellent service and good rates from them when it comes to loans, overdrafts etc and so I have no desire to change any of that part of my banking.

But on the other, their range of credit cards are simply not competitive at all. It was reading these forums that woke me up to the fact that there are much better options out there.