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Shrewd frequent flyers like to plan well ahead to secure award flights, often booking overseas air travel twelve months in advance in order to maximise the options available. This means they need to earn their Qantas Frequent Flyer Points with a degree of certainty and as quickly as possible, and the ANZ Frequent Flyer Platinum Credit Card offers them both assurance and a reasonable speed (for a stand-alone Visa card) in their points acquisition strategy.
Acceptable points earning rate but rather restrictive cap
The 0.75 QFF points per dollar earning rate for this card is reasonable for a Visa card, which is accepted almost everywhere (unlike AmEx cards).
Unfortunately there is a points cap, limiting to $3,000 the spending on which you can earn the full 0.75 points per dollar in any monthly statement period. After $3,000, the earning rate drops to 0.75 pts per $1 spent up to $3,000 then 0.5 pts per $1 spent per statement period. Since you are likely to put as many of your purchases as possible through the card in order to maximise points earning, you may find yourself running into the threshold several times per year.
Earn regular bonus points
One way to earn extra points while avoiding the cap is to do your travel spending through Qantas. ANZ has partnered with Qantas and other bonus partners in order to offer cardholders one extra QFF point per dollar spent. This means that you will get 1.75 points per dollar for spending with these businesses (or 1.5 points per dollar if you’ve exceeded the $3,000 threshold). Qualifying Qantas products include flights, Qantas Frequent Flyer and Qantas Club membership fees, and Qantas holidays.
The other bonus partners offering an extra point per dollar are Hertz, Fone Zone, Stamford Hotels, Gold Coast theme parks Dreamworld and WhiteWater World, and ACE Insurance.
There is no cap on the number of bonus points you can earn, so it makes sense to look for opportunities to earn them.
Substantial 65,000 points
When you first start to collect QFF points, or when you’re saving them for a big overseas trip, the rate at which the balance grows can seem infuriatingly slow. But ANZ’s 'welcome aboard’ bonus of 65,000 points points will soon lift your points total out of the doldrums and should renew your enthusiasm for collecting them. After all, 65,000 points puts you nearly halfway towards a return economy flight to London (120,000 points).
Setting your sights a little lower, you could get two return business class flights between Sydney and Melbourne by using the 65,000 points and spending $18,700 on the card.
The 65,000 points are only available to new cardholders (which means you can’t have held any other ANZ card in the previous 12 months) and you’ll need to spend $2,500 in 3 months in order to qualify.
Quantifiable first year fee savings
Many credit cards come with complimentary benefits to which it is difficult to attach a dollar amount. This card also falls into that category, but it does have two concrete benefits with more obvious savings. Firstly, if you are not already a member of the Qantas Frequent Flyer program, you will need to sign up before you can start earning points. This would normally cost $89.50, but ANZ will save you this amount by paying the fee on your behalf.
Secondly, the second year annual fee for this card account is $295 p.a. ($240 card fee + $55 rewards program fee). For each supplementary cardholder the normal fee is a rather pricey $65 ($10 + $55). But ANZ will waive all annual fees in the first year. So, if you needed to enrol in the QFF program and chose to have two supplementary cardholders, your savings in the first year would total $514.50. Not bad.
You can in fact have as many as nine additional cards issued on the account, which in theory is a great way to get the points rolling in. But very few primary cardholders will have time to keep under control the spending activities of nine extended family members, not to mention the high cost of these cards after the first year.
'Complimentary’ insurance cover
The remainder of the allegedly complimentary benefits are more difficult to qualify as being free of charge, and the savings are more difficult to measure. Since the 'free’ insurance policies in particular from the main point of difference between ANZ’s standard frequent flyer card and this platinum version, there must be a strong correlation between the provision of the insurance cover and the extra $200 charged for the platinum card’s annual fee. However, since there are seven types of insurance policy automatically delivered with this card, an extra $200 seems pretty reasonable. Here are the policy outlines:
Overseas travel cover is activated by paying at least $250 of your trip’s travel, accommodation or tourist activity cost, in advance, using the card. To obtain transport accident and interstate flight inconvenience cover, you must pay for the full fare using your card. The remaining policies require you to have used your card to pay the total purchase price of the insured items.
ANZ say that the overseas travel insurance alone is worth $800 every year, but of course you need to be travelling overseas at least once a year for this to be true. It is in fact possible to buy an annual multi-trip policy without major destination exclusions for as little as $430, but the cover may not be as extensive as the apparently very comprehensive insurance provided with the card.
Other built-in benefits
Most platinum cards have a list of possibly rarely-used lifestyle extras available to cardholders, and this one is no exception. But it’s certainly worth a look at what’s on offer:
Predictable interest rates
With an emphasis on frequent flyer points and a very extensive range of insurance, this card was never going to be about low interest rates, or interest-free introductory periods on purchases and balance transfers. You’ll get none of these, because ANZ seem to have assumed, probably correctly, that anyone interested in paying for a platinum card is going to settle their monthly account balance in full nearly all of the time.
So the interest rate on purchases is an unsurprising 19.99% p.a., while the cash advance rate is 21.49% p.a.. There are, however, Up to 55 days on purchases each month, not the less accommodating 44 days, courtesy of the billing cycle.
A traveller’s card
Anyone collecting Qantas Frequent Flyer points with the aim of travelling overseas will particularly appreciate the ANZ Frequent Flyer Platinum Credit Card. The first purchase bonus gets your points balance off to a flying start, and the ongoing earning rate and Visa’s wide acceptance means that you’ll achieve your goal more quickly, with high quality travel insurance to cushion any problems you might experience when you eventually get away.
It’s great to spend money and get rewards for points to fly, or buy anything with points, but it could have more points per dollar spent. I have had it nearly a year and it’s been great knowing that i get rewards. It’s not too bad as regards interest rates either. We were a bit sceptical about getting a credit card, but once we saw the rewards, not only from the credit card but from our health insurance and other things we get through Qantas points, we realised it’s amazing.
I feel the rates and fees are a little pricey with this card, however if you choose ANZ’s break-free mortgage package, your fees ($295 year) are waived.
The beauty of Paywave and the fact most big retailers take AmEx means more rewards: 1.5 points per dollar spent is awesome! As long as you pay off your balance within the 55 day interest free period, it’s a win for you.
Love the fact ANZ fraud squad is always on their toes. It can be a little inconvenient sometimes when you place a new online order that is different to the norm. But if you’re like me, you would rather a little inconvenience knowing they have your back at all times.
I got this card as part of my ANZ home loan, so its fees are minimised as a result. I wouldn’t get this card as a standalone product due to the high fees, but as a part of a package.
The frequent flyer points ratio is high compared to other cards out there.
This is a good card for everyday use, but 15 day auto pay-off is a bit of a pain because you never pay off the whole amount owing. This means you never have your full amount of credit for the month. Also, the statement period runs from 20th to 20th, so it’s a bit hard to track monthly spending and budget.
ANZ rang me twice shortly after they detected fraudulent use of my platinum credit cards. They quickly cancelled my account and refunded me the whole amount. The yearly fee I have to pay is much lower than any other banks. I use my cards to receive Qantas frequent flyer points.
The service I get from ANZ is fantastic the only complaint that I have is the annual fees other wise its all good. I can use either of my cards in most shops and have never had anyone scam me. I find that I budget better with a credit card then before I had one. It gets paid off every month so I don’t pay any interest and still don’t spend more then I can afford.
I have had and used this card for quite some time now and find that it best suits my needs. Furthermore, it is easy to use and has a good range of rewards on offer. The annual fee and charges are competitive and the number of interest-free days is very substantial.
I’m happy with this card as it’s convenient and easy to use for my family.
I have received great assistance when making any enquiries into any queries that might have occurred during its use, and feel safe in having this card with this bank. I would have no hesitation in recommending it to friends.
The reliability and back up service is excellent. I feel confident that the security behind the card operation is of the highest standard. I use the card and the service both locally and overseas with ease. I have found the internet banking system associated with the card can be hard to access at times. The phone app is also excellent.
It has a very high fee and high rewards. If you are not a big spender, then don’t use this card. However if you spend lots of money, you may even need the rewards.
|Cash advances||1.79%||21.49% p.a.|
Up to $3,000
0.75 pts per $1 spent
per statement period
0.5 pts per $1 spent
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Rental vehicle excess cover (separate from travel insurance)
Valuation based on similar rental vehicle excess insurance policies available online.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
Waived Qantas Frequent Flyer joining fee
Valuation based on $89.50 Qantas Frequent Flyer joining fee spread over 5 years.
|Total estimated value||$1,391|
|Net customer value||$1,391|