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June 2nd, 2019 at 06:40 pm

It's funny reading some of these posts where banks and CC companies reward you for using their products in Australia we don't get anything like that..wish we did it might make the banks work a little harder...they charge you and arm and leg for everything but never reward you with anything...for those in other countries how much do the rewards offered affect the way you think of banking? would you still use them if they didn't offer rewards? I find this interesting

5 Responses to “rewards?”

  1. creditcardfree Says:

    Well, credit cards offer more fraud protection over a debit card, so yes, for that reason alone I would still use a credit card for purchases. However, it that along with rewards were discontinued, then I'm sure I would go to a debit card. Is there a maximum interest charge on credit cards in Australia? The US is very consumer driven economy...the goal is to make you spend more, thus enticing rewards, and then hope you don't pay off the card, so they can charge you interest. It's a nasty system overall, some of savvy frugal people know how to get the good parts and avoid the bad parts of credit cards. It is interesting that it is different in different countries.

  2. Smallsteps Says:

    I think in many cases the "rewards" are over rated. The amount of points one needs are often a very large amount with many caveats to redeeming them.
    I KNOW some people play the games and are happy with the rewards but I think in general if a card/ bank has enough hoops to jump through only a handful of people reap the rewards. Most of the rewards using points for example ask for a ridiculous amount to get much for them.
    When a program is giving away too much they tend to tweak the rules or add expiration dates etc so you need to accumulate and use within certain time periods. So all in all it is a calculated amount of money for them (Like advertising) vs how many that do not hit all the items needed to "win" rewards.
    I guess I am not into spending everything on a CC to earn points and jumping through hoops to get some perk.

  3. MonkeyMama Says:

    Without the rewards, I'd probably just have one credit card with my credit union, and I'd never change it. With the rewards, we end up changing our primary credit card every few years (probably about every 5 years some better reward card will come along). My primary reasons for using credit cards are that it's more secure than cash, easier to track spending, more convenient, etc.

    For my most recent post about rewards, it was more about the one-time rewards. Those are completely ridiculous. Some company will offer you $500 for opening up a bank account or a credit card with them. I take the reward, close the account, and just do it over and over and over. That's the part that is ridiculous. I tell them every single time if they want to win me as a customer, I'd rather have ongoing rewards. Any enticement to stay, other than the up front bonus. Lower fees? (re: banking) Some kind of ongoing reward? (All my credit cards I've had for 5+ years and actually use, are because they had some simple reward structure that doesn't constantly change).

    It is a nasty system. Most people lose. They generally compensate with very high interest rates and fees.

  4. mumof2 Says:

    In Australia most of the interest rates are between 18-26%...some will offer a lower one or 12 months interest free if you transer you overdue balance but then the fees are skyhigh and you have to be with them for a long time...many will charge you different amounts for purchases and then cash...and for each use...they are hard to get here you have to have a job where you earn arounf $40,000 plus to get one....I look on here how some people have 5 plus cards and you wouldnt get that here unless you havemajor income...it is really hard...just like a home loan...or a car loan...its really hard...but no real rewards that I have seen...we have 1 CC that we have had for years just use it when needed (like recently) but just as a back up we pay no annual fees or anything so if we dont use it we dont get charged...but would never get another one....banks NEVER offer anything to be with them but they all cost you...I use ing they are much better than any bank over here

  5. Smallsteps Says:

    I often wish they were more selective here as just about anyone with a pulse can get a CC here. big money maker for banks as they charge the merchant a % processing fee it is limited with debit cards. the more they can convince ppl to spend they make out like bandits.
    When I was a child it was more like you describe in Australia. I came with a certain pride for those whom qualified and had a CC or loans. Like you made it a badge of honor. Now anybody can get them, sure some companies are more selective and those with no or low credit pay horrendous rates but it sends the wrong message IMO.

    We all end up paying for the risky loans to unqualified (housing crisis 2008) and credit that is given out too freely here with fees and % rates. Not sure why but many banks lately are trying very hard to get new customers probably something having to do with regulations of needing their deposits to be a certain % over any loans they have out.

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