With the death of the Woolworths Ezy Mastercard (the best points earning Visa/Mastercard), I have decided to list the options available below to help make it easy to decide which card to change to. If I have missed a card, or if you have advice to add, just reply to the thread).
Cards offering 1 for 1 points (with no points capping)
None
Cards offering 1 for 1 points (BUT with points capping)
ANZ Frequent Flyer (1:1 for $2500 per month, then 2:1)
Citibank Silver (1:1 with 40,000 annual points cap. Many people have reported that the points cap is not enforced, but some people have reported it has been enforced for them.)
Commonwealth Bank Platinum card (1:1 with 150,000 annual points cap)
Cards offering 3 for 2 QFF points (BUT with points capping)
NAB Gold Rewards Card (3:2 for $3000 per month, then 3:1 up to $10,000 per month)
Cards offering 2 for 1 QFF points (with NO points capping)
Westpac Altitude Platinum
Earth Mastercard (1:1 but only till Nov 30. Then reverts to 2:1)
My personal recommedations:
(a) It depends on how much you spend.
- If you spend less than $30,000 a year, then you can go for any of the cards in the 1:1 section.
- If you spend between $30,000 - $150,000 a year, I would recommend the CBA Platinum card.
- If you spend > $150,000 a year, I think it depends on your risk level. The Citibank card may be the best option. It seems the Citibank points capping is not enforced for new card holders; but it could be enforced on you at any time. So you need to be ready to change cards and be ready to lose one months worth of points. You would be wise to transfer your points each month. If you prefer more safety (and if you spend > $300,000 per year), the best options would be either the Earth or Westpac Platinum cards. You are only earning half the amount of points, but you can spend as much as you want and still earn points.
(b) What to do with your Ezy Mastercard
- The Ezy Mastercard changes to a CBA Mastercard. Whilst many people are saying to cancel it, I would suggest keeping it. If you don't want to keep it, consider changing it to a different CBA card (eg. CBA Platinum card). Providing you are not applying for a credit card or loan product with the CBA, when you apply at a different bank, the new bank does not know whether or not you still have the CBA card (unless you tell them). Credit files are only updated when you apply for credit products, not when you cancel them. Paying the small annual fee for the standard Mastercard is often worth it to keep the credit, especially if the CBA brings out a better product in the future, which you could then easily change to, or if you want to change it to a personal loan in the future.
UPDATE: It seems there may be less well known cards out there issued by smaller financial institutions which may be better. If you find one, let us all know. I am currently looking into the Credit Union Australia Mastercard which appears it may have 1:1 and no points capping. I am not quite sure. The ugly looking card is available at: Credit Union Australia: Australia's Friendliest Banking - CUA MasterCard
Cards offering 1 for 1 points (with no points capping)
None
Cards offering 1 for 1 points (BUT with points capping)
ANZ Frequent Flyer (1:1 for $2500 per month, then 2:1)
Citibank Silver (1:1 with 40,000 annual points cap. Many people have reported that the points cap is not enforced, but some people have reported it has been enforced for them.)
Commonwealth Bank Platinum card (1:1 with 150,000 annual points cap)
Cards offering 3 for 2 QFF points (BUT with points capping)
NAB Gold Rewards Card (3:2 for $3000 per month, then 3:1 up to $10,000 per month)
Cards offering 2 for 1 QFF points (with NO points capping)
Westpac Altitude Platinum
Earth Mastercard (1:1 but only till Nov 30. Then reverts to 2:1)
My personal recommedations:
(a) It depends on how much you spend.
- If you spend less than $30,000 a year, then you can go for any of the cards in the 1:1 section.
- If you spend between $30,000 - $150,000 a year, I would recommend the CBA Platinum card.
- If you spend > $150,000 a year, I think it depends on your risk level. The Citibank card may be the best option. It seems the Citibank points capping is not enforced for new card holders; but it could be enforced on you at any time. So you need to be ready to change cards and be ready to lose one months worth of points. You would be wise to transfer your points each month. If you prefer more safety (and if you spend > $300,000 per year), the best options would be either the Earth or Westpac Platinum cards. You are only earning half the amount of points, but you can spend as much as you want and still earn points.
(b) What to do with your Ezy Mastercard
- The Ezy Mastercard changes to a CBA Mastercard. Whilst many people are saying to cancel it, I would suggest keeping it. If you don't want to keep it, consider changing it to a different CBA card (eg. CBA Platinum card). Providing you are not applying for a credit card or loan product with the CBA, when you apply at a different bank, the new bank does not know whether or not you still have the CBA card (unless you tell them). Credit files are only updated when you apply for credit products, not when you cancel them. Paying the small annual fee for the standard Mastercard is often worth it to keep the credit, especially if the CBA brings out a better product in the future, which you could then easily change to, or if you want to change it to a personal loan in the future.
UPDATE: It seems there may be less well known cards out there issued by smaller financial institutions which may be better. If you find one, let us all know. I am currently looking into the Credit Union Australia Mastercard which appears it may have 1:1 and no points capping. I am not quite sure. The ugly looking card is available at: Credit Union Australia: Australia's Friendliest Banking - CUA MasterCard
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