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Sure. Any time. Your point?

The economics of the cards business is challenging for people outside of the industry. Premium cards have premium costs for a bank. Its like any kind of product. In your case, you don't seemed to have revolved a balance nor did you indicate that you paid any ancillary fees. Therefore, with a...

The cards business are pretty much the same across all the banks. If you look at their cards portfolios, there really isn't much difference except for the sign up bonuses or waiving of annual fees in year 1. They all have the same cost and revenue drivers. Same revolving interest rates (give or...

You were not a profitable customer for Citibank which is why they wouldn't negotiate fees. Given that your spend was mainly commercial and was conducted on a personal card plus you earned 2.2MM points means that Citibank would probably be best served by you moving on. The challenge that you...

By all means review the WBC card however be ware that WBC, NAB and CBA are all subject to the same issues as ANZ when it comes to rewards cards. You would be well advised to sit this out until the other 3 major card issuers have moved which is imminent. Meanwhile use AMEX for as much as you can.

Theres nothing stopping you withdrawing $10,000 in cash. AUSTRAC is automated anyway for amounts of $10k plus. The teller would also ask you what the funds are for as part of their compliance obligations. You could try and pay in cash at the council chambers however councils have outsourced...

Merchants want the best of both worlds and no fees. Its very annoying. If you go to cheap places then stuff like this happens. Cheap restaurants don't want to take cards, but they do and they resent it. In this case if it was me, I would push back and say "take it or leave it". In the case of...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Interchange is a strange beast. The ATO pays "government interchange" which is different and overrides the card type (except for Debit)...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Not sure what this is about. Is there a problem with costs that I have provided? Im happy to be challenged if someone has different intel. Qantas may have dropped their prices recently or cut other deals...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Its common knowledge that QF charged the Banks $0.01 per point. Wholesale weighted average interchange is 0.50%. Cap at 0.80% Most cards now pay at the rate of $2 = 1 point (or 1/2 of $0.01) or there abouts.

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio 1) Net interchange is falling. Currently there is no limit on how much interchange that can be charged its the average that needs to be 0.50% 2) The cap will be 0.80% & the average will be 0.50%. This is the...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio The end result is the same - You get to your destination With an airline, the way that you get there, the service that you receive, the large seat/bed that you enjoy, the food that you eat, the flexibility...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Qantas has priced frequent flyer points (the amount that Banks pay for them) at the exact amount that soaks up all the interchange. Interesting isn't it? Remember when Qantas also changed the rules a few...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Interchange has been declining since the early 2000's. Currently the wholesale weighted average is 0.50% with no cap and some cards are excluded. The Banks and schemes have thumbed their noses at this and we...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Given that the highest interchange is paid on the cards with the highest rewards, the argument that interchange pays for innovation is going to be hard to make. Conversely, no frills cards have the lowest...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio The schemes had a clause in their contracts with the Banks (and subsequently the Banks with their Merchants) that surcharging was forbidden. This still applies in the USA. There was also a "accept all cards"...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio This is a good point regarding interchange being opaque. As far as "pay less, pay cash", I agree with this philosophy. Its also about avoiding the massive fees for "interest free finance" that GE (now...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio The problem for card issuers is that their main revenue driver (interchange) has been significantly reduced. In the case of "super premium", business cards and international cards that attract the highest...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Dont forget Qantas in all of this. They charge for the points. "In the case of Qantas in particular the loyalty program has earned about $1.4 billion in the past 5 years when theairline...

Re: Is the RBA incompetent and trying to be too clever with interchange fee regulatio Thats not quite true. From the RBA website which fully explains the RBA's position The Payments System Board (PSB) of the Reserve Bank oversees the payments system in Australia. It is responsible for...