Credit Card Strategies (intrigued)

[Scr77]

I’ve been churning for years and never realised this! So you’re saying that if I just closed an ANZ Frequent Flyer black after claiming the 100,000 QF points, I can immediately sign up for the ANZ Rewards Black and be ellidgle for their rewards bonus points (to transfer straight to velocity)?

Yes, this is correct for ANZ. You then Need to track the exclusion period for each.

 

[stewaa08]

There’s nothing the T&Cs restricting it so either way will work.

Citi previously seemed to have an unwritten rule that they would approve another card within about 3 months of applying for another one of theirs. That seems to have gone out the window as I got 3 Citi cards in the space of 2 weeks (the caveat being that none had appeared on my credit file).

I’d be cautious about running the premier and prestige at the same time as they’ll be in the one login and I can see that causing problems

Great info! Will definitely be trying this.
Did you receive the sign on bonus for all 3 cards? Which ones?

 

[N860CR]

Great info! Will definitely be trying this.
Did you receive the sign on bonus for all 3 cards? Which ones?

I did. Citi Prestige, Virgin Money VA and Suncorp (suncorp still to post).

 

[dein_gesicht]

There are easy ways to get min spend without actually spending money. Only really works if you plan on closing the card

 

[Easy Tiger]

There's your mistake.

Income and ability to repay is all you need to worry about

For the most part, credit score is irrelevant. I promise you that my credit score is lower than yours, but I churn 6+ cards a year.

Same here Dr Ralph - I churn 5-6 cards per year (never more due to logistics) and my CS is over 800....my brother does the same thing (pretty much) and his CS is im the low 600s which is mildly confusing as he has more assets & $$ disposable than I do...smaller mortgage and a clean sheet re: payments etc so the CS is a little arbitrary in any case.... anyhow I digress....yes its all about ability to repay and income/disposable income....don't try to hold too many CC at the same time...I hold 2 max (ie. my regular day to day and a new churn)...my experience is that once you hit the required spend, the points tend to show up in the next ie. second at best statement cycle.... Keen to hear others ideas on how many they hold at a time....

 

[Easy Tiger]

Read the fine print in each case. Don't rely on this, but I was looking at CitiBank recently and could not find any reference to NAB (who now run their cards), so I assume you would be ok. I have never tried it though.
An example of an exclusion is Bank of Melbourne who explicitly state there are no bonus points if you've had a BoM, StGeorge or BankSA card in the past 12 months.

Agreed Rich...you can go from Westpac to BoM (St G, Bank SA) straight away and get the bonusbut those 3 are deemed the same ie.. can't go then straight away from BoM to St G or Bank SA or in other direction. This is my experience with Westpac Group. Others hopefully have had the same experience?

 

[N860CR]

Agreed Rich...you can go from Westpac to BoM (St G, Bank SA) straight away and get the bonusbut those 3 are deemed the same ie.. can't go then straight away from BoM to St G or Bank SA or in other direction. This is my experience with Westpac Group. Others hopefully have had the same experience?

Yes, that’s correct. They’re still keeping dragon/mullet/skinny jeans separate (for now).

 

[yojohnny]

It’s only an issue if it says it’s an issue. Citi (so now NAB) underwrite a huge number of credit cards (qantas money, virgin money, suncorp, Citi cards etc etc) and there’s nothing stopping you getting the bonus on them all.

Interestingly, Citi doesn’t even have an exclusion period for some of their own branded cards (ie Prestige has no 12 month waiting period from Premier)

I'd be interested if anyone has applied for one after the other and gotten the points.

 

[N860CR]

I'd be interested if anyone has applied for one after the other and gotten the points.

Yes. No issues.

 

[Dr Ralph]

I'd be interested if anyone has applied for one after the other and gotten the points.

There's no problems with this, not sure why any confirmation would be needed. It's akin to asking if you meet the minimum spend do you get the bonus points. The answer would seem redundant.

Churning may not be for everyone.

 

[yojohnny]

There's no problems with this, not sure why any confirmation would be needed.

Thanks for your invaluable contribution. /s

 

[Dr Ralph]

Thanks for your invaluable contribution. /s

You're welcome. Can I also encourage you to read the many threads that already exist about churning. Reading the terms for each offering would also assist you to understand what is required to receive the bonus points.

 

[Bolt]

I'd be interested if anyone has applied for one after the other and gotten the points.

I'm doing the same now. Premier to Prestige. Waiting for the card in the mail....

 

[dein_gesicht]

Does anyone use Wise or Revolut to reach the minimum spend assuming you have multiple credit cards and can't do it organically? Transfer from credit card doesn't count as cash advance and receive full points (I imagine)

 

[albyd]

It works but with some cards. Dragon card is a points warning purchase. Many other cards now treat it as a cash advance IME.

Revolut have now introduced a 1% load fee for loads from credit cards (I imagine they were making a loss on these transactions). Keep that in mind when considering whether it’s worth your while in using Revolut to meet spend requirements on your new card.

Amex is not an option with Revolut in Australia.

I don’t have any experience with Wise but interested to hear others’ experience.

 

[dein_gesicht]

It works but with some cards. Dragon card is a points warning purchase. Many other cards now treat it as a cash advance IME.

Revolut have now introduced a 1% load fee for loads from credit cards (I imagine they were making a loss on these transactions). Keep that in mind when considering whether it’s worth your while in using Revolut to meet spend requirements on your new card.

Amex is not an option with Revolut in Australia.

I don’t have any experience with Wise but interested to hear others’ experience.

What do you mean Dragon card is a points warning purchase?

You can't use Amex on any of these platforms

 

[albyd]

Hey thanks for the heads up. Looks like I missed the helpful autocorrect feature of my phone had ‘corrected’ my spelling before I posted my message.
‘Warning’ should be ‘earning’. Apologies for any confusion I’ve caused.

 

[dein_gesicht]

Hey thanks for the heads up. Looks like I missed the helpful autocorrect feature of my phone had ‘corrected’ my spelling before I posted my message.
‘Warning’ should be ‘earning’. Apologies for any confusion I’ve caused.

You did scare me for a sec

 

[foggy]

Has anyone tried to churn cards when your existing card limit is 101k and your annual reported salary is only 160k?
I'd prefer not to close those cards as I they offer the best ppd (amex, qantas premier) and I use close to the limit every month for the business. I'd prefer not to have a failed application on my credit report. Credit savvy has my score at 859 if that matters.

 

[N860CR]

Has anyone tried to churn cards when your existing card limit is 101k and your annual reported salary is only 160k?
I'd prefer not to close those cards as I they offer the best ppd (amex, qantas premier) and I use close to the limit every month for the business. I'd prefer not to have a failed application on my credit report. Credit savvy has my score at 859 if that matters.

That’s probably pushing it. Especially if you’ve got a mortgage or the like.

For what it’s worth, there’s no “failed applications” on your credit report. Just applications.