Advice: Points for Credit Redemption

[Cyberdog100]

Hi all, I'm thinking about doing the 130,000 points for $1,000 cash redemption, because I need the cash (property purchase) but was wondering if anyone knows of any special offers for cash redemptions either current or coming up in the next few weeks?

I know points for cash is not the best value use of points, but its either do that or make a cash advance to cover the shortfall between savings and approved loan amount, in which case I think its better to use the points!!

I know there was a 25% discount promo for cash redemptions around Christmas last year, but didn't bother with it at the time since I was in no desperate need for cash.

 

[SnowYeti]

Ring up and ask if there is a special .... !

I'm not aware of any at the moment, as I haven't been sent any postcards recently, but give the phone a try ..

I would save your points dearly if you can !! Borrow the money off your parents or someone I say

 

[Cyberdog100]

Thanks for the tip, I called and tried to see if they'd offer something better but no go, they said they can only offer what's currently in the system. I will probably try to avoid cashing out the points but not sure yet.

 

[JohnK]

Hi all, I'm thinking about doing the 130,000 points for $1,000 cash redemption, because I need the cash (property purchase) but was wondering if anyone knows of any special offers for cash redemptions either current or coming up in the next few weeks?

I know points for cash is not the best value use of points, but its either do that or make a cash advance to cover the shortfall between savings and approved loan amount, in which case I think its better to use the points!!

Funny you ask this question as I needed $1,000 urgently today to pay voluntary tax as I have managed to complete tax returns for 2004-2007 and it looks like I haven't paid enough tax in 2006-2007. I decided on a cash advance of $1,000 and pay interest rather than waste 130,000 points which could go a long way towards 3 return trips to Thailand....

 

[cove]

John remember to have a taxable income in 2008 even if you don't claim every expense.Otherwise Kev saves your $900......

 

[JohnK]

John remember to have a taxable income in 2008 even if you don't claim every expense.Otherwise Kev saves your $900......

And here in lies the problem. In order to pay tax one needs to earn >$13,500/pa.

 

[docjames]

COnsider looking for gift card rewards on special eg. How much petrol do you use each week / month eg. is redeeming for a fuel card or groceries card better use of point? But only if you were going to spend the money anyway.

 

[cove]

And here in lies the problem. In order to pay tax one needs to earn >$13,500/pa.

Can you get there by returning income and dont bother with some expenses as there are no rules on the expense claiming side.

I am banking on you as we paid our taxes yesterday just for you.

 

[JohnK]

Can you get there by returning income and dont bother with some expenses as there are no rules on the expense claiming side.

I will see what I can do. Perhaps I did some work in 2008 but have forgotten about it.

I am banking on you as we paid our taxes yesterday just for you.

I pay more than my fair share of taxes and have been for most of my working life....

 

[Cyberdog100]

COnsider looking for gift card rewards on special eg. How much petrol do you use each week / month eg. is redeeming for a fuel card or groceries card better use of point? But only if you were going to spend the money anyway.

Good suggestion, thanks. Checked and it was only I think Freedom furniture and some other jewellery shop vouchers with discounts, not really helpful. I think I might just do a cash advance on my Citibank visa, they have a promo of 9.99% for 12 months, paying some interest is probably better value than sacrificing my points which can be used for some flights later on!

 

[cove]

Gee Cyberdog we all value our points differently.
If you only want to travel in economy the points are barely worth a cent each.
If you use them for business class or better the points are worth at least 4 cents each.
Getting a short term low cost loan could work pretty well thru a low cost credit card.

 

[glass]

10000pts -> $100 AUD in forex -> ??USD -> AUD
you probably lose 9% in the spread, but better than gift cards.

 

[serfty]

... If yo0u only want to travel in economy the 3.95points are barely worth a cent each.
If you use them for business class or better the points are worth at least 4 cents each. ...

A QFF oneworld 140/280/420K award may compare to a 34000 mile oneworld Global explorer.

Ex Oz, that $4.3K, $11.2 and $16.7 respectively.

So in relative terms, that's 3.1, 4.0 and 3.9 ¢/point.

 

[Cyberdog100]

Well, I ended up selling a lot of stuff on eBay and kept my points instead, I think that was the best option possible!!