I’m new to the point hacks website, but have been doing a bit of reading up about the various ways of maximising earning/redeeming of points through various credit card programs. I am hoping that those of you who are far more experienced in this area are able to assist me with my current situation that I’m considering.
I have just recently purchased a home and am currently assessing which bank I will take out my mortgage with. I have narrowed it down to either Commonwealth Bank or Bankwest, both of which are offering me their top of the range credit card free of charge as part of the deal.
I tend to use my credit card for almost all of my spending and so I want to try and maximise my points earning ability as much as possible going forward with a view to redeeming thse points for a business flight upgrade to Europe in 2017. I have a few different options for which credit cards I could use going forward and so I’m looking for some advice/opinions on the best way to achieve my goal.
Westpac Altitude Platinum – I currently have a Westpac Altitude Platinum card which attracts a $150 annual fee. The AMEX generates 2 Altitude points per $1 spent and the VISA card attracts 1 altitude point per $1 spent. At the moment, I have approx. 92,000 Altitude Points.
Commonwealth Bank - CBA are offering me their Diamond Awards Credit card for $0 annual fee. The AMEX generates 3 award points per $1 spent and the MasterCard generates 1.25 award points per $1 spent.
Bankwest – Bankwest are offering me their “More Platinum MasterCard” for $0 annual fee. The MasterCard generates 2 points per $1 spent. Bankwest are also offering 28,000 introductory bonus points for joining.
American Express Platinum Edge Card – My wife is a member of Chartered Accountants and with this is an offer to receive the AMEX Platinum Edge card. The annual fee is waived for the first year and is then $149 per year thereafter. They are also offering 10,000 bonus points for joining. With this card you also receive complimentary domestic return flight each year along with the ability to take advantage of point multipliers by using the card at supermarkets, petrol stations, etc.
At the moment, my hunch is that I will close the Westpac Altitude Platinum card and take up the AMEX platinum edge card and use this card as much as possible for everyday spend.
From purely a mortgage interest rate point of view, Bankwest are just slightly ahead of Commonwealth Bank, however it would appear that their Credit Card reward scheme isn’t as great compared to CBA’s, hence why I’m still considering CBA.
Any comments/suggestions regarding the information I’ve provided would be greatly appreciated.