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Some credit cards defy the old adage 'You get what you pay for’. The BankSA Amplify Signature Credit Card is one of those. You won’t get just what you pay for, since you will recoup nearly six times the value of the annual fee every year in the form of included benefits. The annual fee is $279 p.a. but the complimentary benefits could be worth over $1,500 a year if you use all of them. Here’s how it works:
The insurance benefits are activated by using the card to purchase the items, travel or services to be covered ($500 of pre-paid trip expenses in the case of the overseas travel policy).
Working out the value
These ten benefits add up to a whole lot of dollar value every year, to offset against the $279 p.a. annual fee. The calculation looks like this:
You want even more for your money?
If you expect still more you won’t be disappointed. In addition to the long list of complimentary benefits you’ll also receive the following:
Choice of rewards programs
Participating in a rewards program is a great way to get something extra without lifting a finger or changing your spending habits. Select your preference: Amplify Rewards or Qantas Frequent Flyer points. (You can switch between the two programs as often as you like without penalty, although points already earned can’t be converted.)
Up to 90,000 points QFF or Amplify points
The first year is particularly rewarding because it begins with bonus points. Spend $5,000 using your new card in the first 90 days, and receive 90,000 points. 90,000 QFF points is enough for a return flight from Sydney to Hong Kong, while 90,000 Amplify points will buy retail gift cards totalling $400.
Points earning rates
Points accrue at a higher rate than all other BankSA cards, and although the rate is not as good as some competing cards, it is quite respectable. Points are uncapped, which is a plus. (There are few things more irritating than making a major purchase in a particular month, only to discover that a large part of your expenditure isn’t earning points.) Here are the details:
Birthday bonus points
Every year you’ll get a present from Bank SA when your birthday comes around: a credit to your points account equivalent to 10% of your earnings in the previous 12 months. For example, if during the year you spent $24,000 (an average of $2,000 per month), you would earn 36,000 Amplify points (or 18,000 QFF points), and your bonus would be 3,600 Amplify points (1,800 QFF points).
Redeeming your points
There’s a wide range of options when it comes to redeeming your Amplify points: an online merchandise catalogue, retail gift cards, movie tickets, travel and accommodation, conversion into cash for BT superannuation or paying the annual card fee, exchanging for airline frequent flyer points (not Qantas), and even charity donations.
Qantas points are best used for long haul flights, business class flights or flight upgrades. Avoid the merchandise catalogue, which does not offer good value for money spent.
This is a premium card – the bank’s most prestigious – and as a result you will qualify for some pretty snazzy Visa extras. They include:
Is the price worth it for you?
The annual fee of $279 p.a. makes it a pricey card, although it’s far from being the most expensive of prestige cards. But the value of the complimentary benefits is well above that of other cards which charge more.
If you are a regular overseas and interstate traveller who channels all possible expenditure through a credit card, you should be able to make good use of most of the ten inbuilt benefits while accumulating a hoard of rewards points. It could be the best $279 p.a. you’ll ever spend.
I’ve had this card for about 12 months now. It earns Qantas points, which is why i got it. I also got a big points bonus to kick things off. The only downside is it only earns at 0.75 points per dollar. Otherwise it is a standard Visa card.
BankSA service is always exceptional.
|Cash advances||1.69%||20.24% p.a.|
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. Note that this benefit does not apply if cardholder chooses Amplify Rewards rather than Qantas Frequent Flyer points.
|Total estimated value||$1,391|
|Net customer value||$1,112|