I am comparing today, the Citibank Rewards credit card:
which is advertised as a $0 annual fee lifetime credit card, and it’s got rewards too.
And the Qantascash card which I recently received. It just arrived in the mail and I only had to activate. It’s a debit card. Similarly no fees, but requires that you not leave it dormant for a year else there are fees. The suggestion is to remove the balance if you will be dormant.
Rewards Points conversion on the Citibank:
1.25 Citibank Rewards points for every dollar spent in Australia, and 3 points per dollar overseas.
Rewards Points conversion on the Qantascash:
One point for every $2 you spend in Australian dollars on eligible purchases. One point for every $1 you spend in foreign currency on eligible purchases.
if we follow the Qantas frequent flyer points conversion to gift card which is $30 for every 2000 points, I get around half a percent return on the Citibank, and a third of a percent on Qantas cash.
But I saw this also on the Citibank rewards site: $500 Cashback, Code: 2443, requires Reward Points 200,000. This is a very bad rate and translates into a very low conversion, giving a result of a fifth of a percent return if this is correct.
And then elsewhere on the Citibank site, it gives a different figure for dollar spent to points conversion:
so, I am confused a little.
The conversion rates overall, don’t seem too different from what we had in the Philippines where the best credit card rewards programs had about half a percent return. The exception in PH is Citibank. Some of their special credit cards had much higher return on select things like petrol, electric, Mercury Drug and Rustans.