Bonus points drought in 2008????

[lovetravellingoz]

Well compared with 2007 which was somewhat of a golden year for it, 2008 has been somehwhat a bonus points drought.


There have been a lot less general point bonuses and the magnitude of those on offer are smaller.

2007 abounded with 15,000 to upto 40,000 bonus deals.

Also the delas that are on offer often have a lot more conditions (ie double dipping fine print has been brought in) and or yearly fees (which offset or even completely destroy the points value, making them a lot less of a "freebie".

Last year I racked up about 200,000 "free" points in addition to those I earned by spending, flying, staying etc in normal ways. So far this year I have virtually none aaprt from what BMI gave away.

Lets hope that Amex once again does it's 10 bonus point Xmas deal later in the year.

 

[Evan]

Money for credit providers has gone up in cost (due to a number of reasons) and so they have probably less money to spend, so less points to be thrown around.
Also the banks really don't want to be see giving cheap money to people.
E

 

[Mal]

I think as well that 2008 will become a year of selective credit offering. A crash in Australia is inevitable IMHO, and outstanding credit will become a huge concern here.

Banks and other credit agencies aren't really wanting to expose themselves too much this year, so I think you'll see a windback in the offerings being given out.

 

[oz_mark]

While I think that there won't be so many point offers, I do think if retail sales start to fall off we will see more aggressive interest free offers for those that play that game.

As far as bonuses go, as has been mentioned the general belt tightening going on at the moment will reduce the number and value of these (mind you I do think they were getting a bit carried away there for a while)

 

[kyle]

I think once the people who've applied in 2007 start cancelling their cards (instead of asking for fee waivers or other bonuses to retain), then the bonus offers should start flowing again.

 

[JohnK]

It is not surprising that bonus point offers are drying up. We are in for some interesting times ahead and bonus points will be the least of our worries.

Also the delas that are on offer often have a lot more conditions (ie double dipping fine print has been brought in) and or yearly fees (which offset or even completely destroy the points value, making them a lot less of a "freebie".

One would think that with all the sophisticated systems in place they would be able to detect that many people are cancelling credit cards and re-applying with new bonus offers. What does a customer offer to a credit card company by accepting bonus offers only and not using the credit card?

I think as well that 2008 will become a year of selective credit offering. A crash in Australia is inevitable IMHO, and outstanding credit will become a huge concern here.

A crash is inevitable but will it happen in Australia this year?

While I think that there won't be so many point offers, I do think if retail sales start to fall off we will see more aggressive interest free offers for those that play that game.

Isn't Harvey Norman offering 44 months interest free? No repayments until January 2012.

 

[serfty]

... Isn't Harvey Norman offering 44 months interest free? No repayments until January 2012.

That's via GE - make sure you repay all in time, otherwise interst for the entire period becomes payable - often more than doubling the cost.

If you pay on time you start getting letter telling you you don't have to. If you don't kepp up with the payment's there's no reminders sent.

 

[albatross710]

I admit to cancelling my Earth card this week. Qantas AMex wil be next after the bonus points have hit next month.

I generally want to tidy the credit exposure and have a simple life.

 

[JohnK]

That's via GE - make sure you repay all in time, otherwise interst for the entire period becomes payable - often more than doubling the cost.

There is no way I will be taking (dis)advantage of this interest free promotion. Don't forget I am the expert at being ripped off by AGC/GE. It is now close to 12 months since I managed to close the 25% rip off credit card account....

 

[oz_mark]

That's via GE - make sure you repay all in time, otherwise interst for the entire period becomes payable - often more than doubling the cost.

If you pay on time you start getting letter telling you you don't have to. If you don't kepp up with the payment's there's no reminders sent.

There are 3 companies that I try to avoid using due to issues in the past. GE Money is one and Harvey Norman is another.

Nevertheless I don't believe on the Go Mastercard the whole period becomes subject to interest, although it may have been the case on Buyers Edge.

 

[lovetravellingoz]

Well, well, well..must have caused some burning ears.

17500 QFF Amex Premium deal is on again..

Frequent Flyer - Earning Points - Qantas American Express Premium Card

Though it disqualifies you if you already have one.

And note that it does not waive the yearly fee of $195 and so is not as generous as some past offers.


And strictly speaking this does not end the drought...as it is nota "free"' grab of points.

The 17,500 points basically cost $0.9 each.

 

[beardoc]

There is no way I will be taking (dis)advantage of this interest free promotion. Don't forget I am the expert at being ripped off by AGC/GE. It is now close to 12 months since I managed to close the 25% rip off credit card account....

Ironically, GE own the Wizard Mastercard, which is surprisingly low-fee.

I understand that GE are having problems and looking to sell the GE Money business, so you never know, the Wizard Mastercard might come to an end.

 

[oz_mark]

Ironically, GE own the Wizard Mastercard, which is surprisingly low-fee.

I understand that GE are having problems and looking to sell the GE Money business, so you never know, the Wizard Mastercard might come to an end.

GE have some quite strict criteria for the performance of all the parts of their business, and are certainly not ones for keeping parts that are not giving them the returns that they would like. I understand Wizard itself is up for sale, even if not the rest of the GE Money business at the moment.

 

[Flashback]

GE have some quite strict criteria for the performance of all the parts of their business, and are certainly not ones for keeping parts that are not giving them the returns that they would like. I understand Wizard itself is up for sale, even if not the rest of the GE Money business at the moment.

Yeh, I also noticed that Wizard was up for sale. Was going to start a thread, to see what people's opinions were on how the Wizard CC would last... but never got around to it

 

[beardoc]

Yeh, I also noticed that Wizard was up for sale. Was going to start a thread, to see what people's opinions were on how the Wizard CC would last... but never got around to it

I was thinking of doing the same thing.

 

[serfty]

... but never got around to it

At the beginning of this year the web site for the Wizard card advertised the one fee-free product.

It now has three products showing with the two new ones not being fee-frees.

 

[medhead]

That's via GE - make sure you repay all in time, otherwise interst for the entire period becomes payable - often more than doubling the cost.

If you believe recent newspaper reports double the cost would be the least of your worries with GE. Seems they employ leg breaker tatics for debt recovery.