Qantas Cash - combined frequent flyer and travel money card

[Pleb Status]

Bad news boding people... just saw the Qantas Cash promotion on their website:

Frequent Flyer - Program - Qantas Frequent Flyer Membership Card

And near the bottom is the URL to the proposed provider:

Cash Passport, the convenient, secure way to carry and access foreign currency overseas. | Cash Passport, the convenient, secure way to carry and access foreign currency overseas.

If the loading rates and fees are charged by Travelex then there is near no way this card will be a success amongst this cohort.

The "nine currencies at once" for the card are nominally fixed as: AU$, EU€, GB£, NZ$, US$, SG$, HK$, CA$, JPY. This is from the Cash Passport website.

Yes, everything is in proposal stage at the moment, so things may change, but I don't have high hopes on it.

I saw this info this morning as well. FX rates are shocking. You can get better at an Australian bank! AUD-SGD conversion is at 1.20, when the current market rate is 1.27. Commission at 1.0/1.1% on top of that (minimum AUD15 on the first load). So they want a massive cut of the FX rate and a commission as well.

I do not know why QF would publish this website link unless this is who they are going to use. Rates may be slightly different but overall I would say this is what is going to be shoveled up to us.

My Bankwest Platinum CC (with no FX surcharge) is looking very good in comparison.

 

[trippin_the_rift]

Cool idea, although if the QF brains are at work they could figure out that they could make MORE money by not trying to gouge on fees. Plenty of far more lucrative approaches than the standard % and forex approach.

Looking forward to seeing the new cards. The designs look impressive!!

 

[pshepvic]

Cool idea, although if the QF brains are at work they could figure out that they could make MORE money by not trying to gouge on fees. Plenty of far more lucrative approaches than the standard % and forex approach.

Looking forward to seeing the new cards. The designs look impressive!!

I reckon there are a lot of people who either don't do their research or don't care, as long as it's convenient, and so they'll make just as much money even with high fees.

 

[MEL_Traveller]

There will be potential to use the card in Aus depending on how many points you get for an elligible spend. I think using it to load foreign currency will be like throwing money out of the window as you drive down the freeway (or using travelex at an Australian airport)

I think the Q and As with the press release stated that those with credit cards liked to FF points will be in a better position to accrue points through those cards than through this card.

So that kind of leaves the foreign currency - which, if it is as bad as stated by others here, will be disappointing. I have to admit that this is exactly how i thought it would pan out. People who fly Qantas, regardless of the cost or benefits, will probably use this card rather than shopping around for the best deal?

potentially the greatest savings will be if this card offers free free purchases for QF flights on line (that is, as an alternative to bpay or the other debit card which is fee free).

 

[Mal]

The proposed issuer is Heritage Bank Limited (as per yesterdays announcements). They may or may not end up with the Travelex fee structure....

... Which is why I'm not sure it's good to speculate about the fee structure at this point. Why worry about something that hasn't been announced ...

 

[samh004]

I think the Q and As with the press release stated that those with credit cards liked to FF points will be in a better position to accrue points through those cards than through this card.

I would hope part of the reason they're doing this is they've realised a lot of members don't have direct earn cards for one reason or another, and thus, giving them a chance to build up points and lock them in with Qantas... so while they obviously wouldn't compete with proper CC's (or would they... forcing proper CC's to give better rates... probably not), they also want to be a little generous if they're to be taken seriously, I would hope!

 

[NinaG]

Email received last night refers to "Australian-based members", then "eligible Australian members" and in the fine print "Australian resident Qantas Frequent Flyer member".
Subtle but for some important differences.

 

[markis10]

Which I read to be much the same as getting your Travelex Cash Passport from any other bank, as is quite common to be offered these days. Suffice to say many of them don't offer rewards points of sort, but irrespective...

Most of those banks pass on the same fees but at the minimum they use the Travelex exchange rates when loading the card, which are not very good (even compared to decent money changers which make about 4% against the mid-market on average).

Travelex have nothing to do with it, cash passport is Heritage and Travelex are just another user of the same facility, with less buying power than Qantas, so I would expect better fees etc.


Cash Passport, the convenient, secure way to carry and access foreign currency overseas. | Cash Passport, the convenient, secure way to carry and access foreign currency overseas.

 

[MEL_Traveller]

Travelex have nothing to do with it, cash passport is Heritage and Travelex are just another user of the same facility, with less buying power than Qantas, so I would expect better fees etc.


Cash Passport, the convenient, secure way to carry and access foreign currency overseas. | Cash Passport, the convenient, secure way to carry and access foreign currency overseas.

Having a look at Heritage bank's cash passport with debit card - also with 9 most popular preloaded currencies, and example for Singapore dollars. Let's say you were going for a week, and required 1000 Singapore dollars spending money. 28 Degrees, cost ~AUD783. Heritage cash passport/debit card AUD827+5 commission = $832 (plus presumably 832 QFFF points??). That's about $50 difference for one week away.

 

[markis10]

Having a look at Heritage bank's cash passport with debit card - also with 9 most popular preloaded currencies, and example for Singapore dollars. Let's say you were going for a week, and required 1000 Singapore dollars spending money. 28 Degrees, cost ~AUD783. Heritage cash passport/debit card AUD827+5 commission = $832 (plus presumably 832 QFFF points??). That's about $50 difference for one week away.

I did say hopefully better fees than Travelex, which coincidently had a SGD spread of $1.40 to $1.03 on Wednesday, LOL. Comparing a credit card product is somewhat superfluous, the Citibank account would be comparable for instance, offering similar FX costs.

14 Feb 2013 INTERNATIONAL ATM WITHDRAWAL REF:000856008 UOB A8560101 SINGAPORE SGD150 INCL INTL TRAN FEE AUD0. AUD 117.73 Dr

 

[MEL_Traveller]

I did say hopefully better fees than Travelex, which coincidently had a SGD spread of $1.40 to $1.03 on Wednesday, LOL. Comparing a credit card product is somewhat superfluous, the Citibank account would be comparable for instance, offering similar FX costs.

it was more of a general 'fee free' credit cards (of which 28 degrees is just one) vs cash passport type arrangements. I can see advantages of a cash passport if the Aussie is about to crash! will need to see the final fees!

 

[anat0l]

The only downside with cards like 28 Degrees is:

• Need a credit record to apply for it. Someone with a credit record (or good credit rating for that matter) won't be able to get one.
• Rate you get on 28 Degrees depends on the day you withdraw, vs. Cash Passport which depends on the day you deposit. I know this relies on a silly market swing, and it can work both ways, too (the currency would probably have to crash and burn or other way in order to make a $50 difference even up)

Not saying these are a problem for anyone on AFF, but those are the mitigating arguments for the other side.

 

[edy4eva]

The CBA travel wallet is $15 upfront!

If you have a CBA Gold/Platinum or Diamond CC, it's free of charge for the Travel Money Card.

 

[Ghostdunks]

If you have a CBA Gold/Platinum or Diamond CC, it's free of charge for the Travel Money Card.

They would have to pay me to use that travel money card instead of 28degrees/bankwest plat/Citibank plus!! Just offering it for free doesn't hide the fact they have shocking exchange rates

The only downside with cards like 28 Degrees is:

• Need a credit record to apply for it. Someone with a credit record (or good credit rating for that matter) won't be able to get one.

• 
  
  For this issue, can just go with citibank plus account instead, does not require credit record to get.
  With regards to the rate being the rate on the day, like you said, can go both ways, up or down. If i knew which way the currency was going to go, i would be making a killing on currency futures rather than worry about what rate i get on my card

 

[samh004]

So it was revealed during the QFF Rockpool lunch that the cards are "prepaid platinum"... what exactly is that?

And did anyone get any pics, or was that not allowed?

I had a brief look online and didn't find much in the prepaid section, but do see that "platinum MC's" generally come with a concierge service, travel insurance (for travel paid in full on the card), (on Jetstar) no booking and service fees, extended warranties up to 1 year, purchase protection for 90 days, etc... is this the same for a prepaid card?

Totally looking forward to it!

 

[amaroo]

Have you registered? Received the email a few days ago.

Dear Amaroo Exciting news! The arrival of your new Qantas Frequent Flyer membership card is drawing closer. Yours will land in your letterbox in September. To ensure you receive your new card, please verify that the name and address details we have for you are correct.

If you confirm or update your details by 11 August 2013, you'll automatically be entered into the draw for a chance to win one of three $15,000 Qantas Holidays vouchers.*

 

[samh004]

Another thread notes that some are receiving the new card in September, others later.

 

[BD1959]

Resurrecting this thread ....

I received the email in July that my new card would be arriving in September, my existing year expires August 31.

Does anyone have an idea how well the roll-out is progressing? Should I expect to see the card early, mid or late September?

Any further details come to light since July?

Regards,

BD

 

[samh004]

The website is nearly up I guess, but no PDS or whatever yet... Firewall Authentication

Looking forward to working out how much it'll cost me to use it and if there's value in it for me or not.

 

[moa999]

Re: Your chance to join Qantas Loyalty for lunch.

Missed this thread heaving just returned from BKK on QF at an expedia rate.
Good luck to all those luck enough to be selected.

My only questions:
- How does this differ to the recently launched Virgin product
- What is the inbuilt FX 'spread' on this card

Unfortunately I suspect the answer will be not much and 3-3.5%.
With 10m cardholders, QF will just try and earn the 'convenience premium' from those who can't be bothered shopping for a better deal.