Qantas cash. Never again.

[Dr Ralph]

QF Cash is still trying to lure me with their latest offer:

For a limited time, you’ll earn up to 6,000 bonus Qantas Points when you load AU$2,000 or more in foreign currency*. Plus, you’ll earn 1.5 Qantas Points for every AU$1 spent on eligible purchases overseas^. So if you spend $6,000 on your Qantas Cash card, you’ll earn another 9,000 Qantas Points. That’s a total of 15,000 points

It's not just you. Received the same email at 2:24pm.

 

[Rourke]

I'm wondering who the 26% of people are who disagreed with Pineappleskip and why. Based on comments already posted I can't see any reasons so far that would justify using this product

I'm one of the 23% (and falling) who voted No, I haven't completely given up on it. I've done the calculations and reckon after every fee is considered Qantas Cash is within 1% of the net exchange rate I get through other methods, and sometimes break-even depending on how you value the points.

Advantages:

• withdraw cash or use as regular credit card
• no annual fee
• harder to be tricked into using "Direct Currency Conversion" rort
• can shop around online in different currencies
• rate locked in when you choose (this is a minor consideration unless you're a money market seer)

Having said that, my first experience with it was a disaster. My card expired at the end of April (2016) and the replacement arrived early that month --- when I'd already left for the UK. That automatically and quietly cancelled the old card so I couldn't use it even before the expiry date. Had to spend time on the phone to their helpline then days waiting to clear cash to collect from Western Union.

 

[Mrmaxwell]

Why both with such a bad product? There are much easier cheaper ways to get points...

 

[MEL_Traveller]

I'm one of the 23% (and falling) who voted No, I haven't completely given up on it. I've done the calculations and reckon after every fee is considered Qantas Cash is within 1% of the net exchange rate I get through other methods, and sometimes break-even depending on how you value the points.

Advantages:

• withdraw cash or use as regular credit card
• no annual fee
• harder to be tricked into using "Direct Currency Conversion" rort
• can shop around online in different currencies
• rate locked in when you choose (this is a minor consideration unless you're a money market seer)

Having said that, my first experience with it was a disaster. My card expired at the end of April (2016) and the replacement arrived early that month --- when I'd already left for the UK. That automatically and quietly cancelled the old card so I couldn't use it even before the expiry date. Had to spend time on the phone to their helpline then days waiting to clear cash to collect from Western Union.

Agree with Mrmaxwell. Would be interesting to see an example of your calculations.

Looking at 28 Degrees Mastercard, which has no annual fee and no transaction fees or currency conversion fees. Or similar with Citibank if you want to withdraw cash overseas as well (with no transaction fees, currency conversion fees or ATM fees)

If I have my math right... with Qantas cash, loading AUD5333 will give you USD4082 (taken from the QF cash site today). I used this amount because the AUD5333 = 8000 QFF points which is enough for a MEL-SYD flight economy award, plus applicable fees and charges of $30 or something.

28 degrees only requires a spend AUD5129 of for that same USD4082 (taken from the mastercard official currency conversion site today). That's a $204 difference - enough for a business class Qantas award MEL-SYD through BA avios and $16 left over (not even counting the Qantas carrier charges).

 

[Cynicor]

Within 1% of what??? Some ripoff bank rate? As above, it's a huge rort.

 

[OATEK]

I use the card for cash only, never as a Cc or Hotels, restaurants etc. I have my BW MC as main no-fee card for Hotels, and I use the 28Degrees card for things like Hire cars where a they do a pre-auth. The QCash card is just used for a weekly cash withdrawal, and the rates seem similar to what I had with the Travelex card in the past.

 

[AustraliaPoochie]

Or if you don't fly one per 18 months, (some people do a lot of flying in that time, (you all and me of course), but the QCC is also good for keeping the QFF account ticking without flying, yes, the earn rate now is a miniscule 0.25 per Aud$1 in Aust, but hey, if it prevents a person's QFF account from being cancelled for not flying QF/OW airline that often, its a good thing.
A $1 Auspost postage stamp, earning 0.25 of a point, or 5 postage stamps, earning a bit over 1 QFF point, the mind boggles though.
As an aside, rhetorical question, whose idea was it to give 0.25 points per Au$1 spent, grr...

 

[JohnK]

With Qantas cash you lose money on the load but are there also fees when you use the Qantas cash funds overseas?

Sorry I'm too lazy to look right now but thought you got hit twice?

 

[MEL_Traveller]

With Qantas cash you lose money on the load but are there also fees when you use the Qantas cash funds overseas?

Sorry I'm too lazy to look right now but thought you got hit twice?

You get hit for ATM fees, and for conversion fees if you run out of one currency and they have to convert another currency to the one you're using.

 

[CaptJCool]

I use the card for cash only, never as a Cc or Hotels, restaurants etc. I have my BW MC as main no-fee card for Hotels, and I use the 28Degrees card for things like Hire cars where a they do a pre-auth. The QCash card is just used for a weekly cash withdrawal, and the rates seem similar to what I had with the Travelex card in the past.

Could You keep a few $$ on the QC and use it for pre-auth pre-reservations to avoid nasty surprises when establishments charge without notice ? Or doesn't it actually work for that ?

 

[AustraliaPoochie]

Could probably work, but I think it would depend on the hotel's procedures, and also the QCC website advises against this, as they (hotels) can hold your funds for up to 3 weeks.
Maybe some hotels don't like the fact that QCC is a prepaid card, and they (hotels) prefer visa/mastcard debit/visa/mastercard credit cards.
You could check in with a visa/mastercard debit/credit card for the preauthorisation, some hotels take $150 up front, and then on checkout, pay with the QCC, but have to make sure when you check out, you do ask them if (the hotel clerk) if the preauthorisation will be revered by them or automatically.
Tried with my QCC at the Novotel Auckland Airport to use it as preauthorisation, person put it through reader, but it would not accept the card, but another hotel here in Aust accepted the card as preauthorisation.
Probably best not to though, waiting 5 days to 3 weeks for the funds reversal is not good.
Buying a $1.60 or $2 daily paper and morning coffee several times a month with the QCC would put some QFF points your way.
Edit:

...fees when you use the Qantas cash funds overseas?

Hotels overseas still wallup you 1.5% for credit card surcharge, and this includes the QCC and VGW, downsides of using these cards.

 

[JohnK]

Hotels overseas still wallup you 1.5% for credit card surcharge, and this includes the QCC and VGW, downsides of using these cards.

Only if you stay at chain hotels. The majority of my hotel stays are prepaid in AUD before leaving the country.

Also from memory Holiday Inns in Thailand don't have credit card surcharge. I use 28 degrees to pay the bill.

 

[MEL_Traveller]

Only if you stay at chain hotels. The majority of my hotel stays are prepaid in AUD before leaving the country.

Also from memory Holiday Inns in Thailand don't have credit card surcharge. I use 28 degrees to pay the bill.

I can't remember an hotel across the USA, Europe or Asia that has charged a credit card surcharge. Maybe in NZ?

 

[AustraliaPoochie]

Ahhh, (re: pay with credit card surcharges), yes, I only fly across the "Toisemoaian" to NZ for my trips these days.
Only hotels over there make a big deal of the surcharge.
New World/Subway/Countdown probably bear the cost of the surcharge, have not ever been overtly charged the credit card surcharge (unlike Aldi in Aust), when I buy food or groceries in NZ.

 

[jukebox333]

My partner has been targeted with this offer (below). From what I can tell, if she loads $10,001 AUD to purchase, say, USD, and holds it 6-8 weeks, doesn't spend any, and then cashes it back in, she should get 25,000 points for just the shift the currency has made on the interim - correct?

Or is it not that easy?

Cheers

Jukebox



Get away with more using Qantas Cash

Dear xx_x,
Load AU$2,000 or more in foreign currency before 9 April 2018 to earn up to 25,000 bonus Qantas Points*.

You can lock in up to 10 foreign currencies:

Here's how:

Load amount
(in equivalent foreign currency)* Qantas Points

AU$2,000 to $5,999 5,000
AU$6,000 to $9,999 15,000
AU$10,000 or more 25,000

Plus, you’ll earn 1.5 Qantas Points for every AU$1 spent on eligible overseas purchases^. So, if you load and spend the equivalent of AU$10,00 on your Qantas Cash card, you could earn a total of 40,000 Qantas Points.

Important information
You must be a Qantas Frequent Flyer member to earn points. A joining fee may apply. Membership and points are subject to the Qantas Frequent Flyer program terms and conditions.

Qantas Cash is a prepaid Mastercard® payment facility built into the back of the Qantas Frequent Flyer Membership Card. To be eligible to receive the Qantas Card with the option of Qantas Cash you must be an Australian resident Qantas Frequent Flyer member 16 years of age or older. Heritage Bank Limited (AFSL 240984) (the Issuer) issues Qantas Cash under arrangements between it, Qantas and Mastercard Prepaid Management Services Australia Pty Limited (AFSL 386837) (a Mastercard business). Mastercard Prepaid Management Services Australia Pty Limited distributes Qantas Cash (together with Qantas which is an authorised representative of Mastercard Prepaid Management Services Australia Pty Limited for the purposes of providing general financial product advice with respect to Qantas Cash). Mastercard Prepaid Management Services Australia Pty Limited can be contacted at [email protected] . Mastercard Prepaid Management Services Australia Pty Limited and Qantas earn foreign exchange revenue from Qantas Cash transactions. Mastercard Prepaid Management Services Australia Pty Limited receives a processing fee from domestic Qantas Cash "point of sale" transactions. Qantas receives revenue generated by Qantas Cash transactions based on interchange fees paid to the Issuer, deposits held by the Issuer, cardholder fee and certain rebates and incentives from Mastercard Asia/Pacific Pty Ltd. This information has been prepared without taking into account your objectives, financial situation or needs and you should consider the appropriateness of the information about the Qantas Cash facility having regard to those matters. A Product Disclosure Statement (PDS) in respect of Qantas Cash is available via qantascash.com and will also be given to applicants. A person should obtain and consider the PDS before making any decisions about whether to acquire or continue to hold the prepaid facility.

# Qantas Cash is unable to be used for purchases related to gambling or adult entertainment. Qantas Cash cannot be used in the following countries and geographical regions due to sanctions that are currently in place: Crimea, Iran, North Korea, Sudan and Syria. If you attempt to withdraw cash from an ATM or use your Card at merchants in any of these countries and geographical regions, your request will be declined. In addition, the ATMs and POS terminals are not owned or operated by the Issuer or Mastercard Prepaid Management Services Australia Pty Limited and the Issuer and Mastercard Prepaid Management Services Australia Pty Limited are not responsible for ensuring that merchants will accept the Card. For example, the Issuer and Mastercard Prepaid Management Services Australia Pty Limited cannot control when an ATM or POS terminal is due for maintenance or is faulty or if a merchant chooses not to accept the Card. In such cases, your Card may not function properly or be declined. For more information see the PDS.

* To earn bonus Qantas Points, register then load the equivalent of AU$2,000 to AU$5,999, AU$6,000 to $9,999 or AU$10,000 or more directly in foreign currency in one transaction between 28 March and 9 April 2018 to earn 5,000, 15,000 or 25,000 bonus Qantas Points respectively. The offer is not available for currency to currency or card to card transfers. The Qantas Points will be credited to your account six to eight weeks after the offer has closed. This offer is limited to one per person. Not to be used in conjunction with any other promotion. Offer may be extended or withdrawn at any time.

^ Eligible purchases do not include money orders, traveller’s cheques, gambling chips, adult entertainment, purchasing foreign currencies in cash or the making of payment(s) towards any credit cards, loans or other financial debt that is not incurred with respect to goods and services. You do not earn Qantas Points when loading funds to your facility, transferring funds to another currency balance or another member’s facility, when withdrawing funds from ATMs, cashing out your facility balance or for over the counter withdrawals. Purchases that are reversed, refunded or charged-back are also ineligible for points earn, in addition to fees incurred.

 

[Cynicor]

The shift and the spread. So you'll be down by about 10% before any shift in currency.

 

[MEL_Traveller]

What I can't seem to find on the Qantas cash website is the 'cash out' rate? Loading AUD10K today will give you USD7300. But where's the rate for changing that 7330 back to AUD?

But yes, in theory, it looks like you'll get the 25K points. I don't even think it would need to be there for 6 weeks. A day would do. But what cost is that 25K points?? (in terms of the buy/sell margin)

 

[RoMambai]

Jukebox333, pls read the informative counsel from our learned friends in this community and disregard the email. The offer is a lemon and it will be Qantas and not you who benefits. Also read about much better products available (28 degrees, ING spring immediately to mind) that give you a much better deal for most people's fx needs. I've run the ruler over many of these deals and there has not been one that has remotely tempted me.

But if you want 'earn' QF points at outrageously exorbitant prices than fill your boots, as this is what you'll be doing. However, there are a plenty of cheaper ways to achieve the same outcome.

 

[Cynicor]

The offers were good when you could load up AUD
But they caught on pretty rapidly.
Now they are just scammers, but legal. They prey on people not looking at the numbers.

 

[jukebox333]

The shift and the spread. So you'll be down by about 10% before any shift in currency.

I suspected this was the catch - but the phrase "guaranteed exchange rate" had smoke screened it. (in hindsight, of course it's "guaranteed" - you've bought the bloody foreign currency!)

Cheers for that, Cynicor.