WARNING: If you can’t use credit cards responsibly, please do not read on. Only for those who can use a credit card without spending more than they normally would and can pay it off each month.
Credit card hacking can be a great way to earn additional rewards on top of your everyday spending. Most of the time, these rewards are aimed at Qantas Frequent Flyer Points! Almost every credit provider will have a credit card that gives you a certain number of Qantas points per dollar you spend on the card. Problem is, the conversion rate is often very low and almost not worth the hassle unless you are already spending big amounts. That’s where credit card hacking comes in! Finding deals that give you bonus points is the best way to start really racking up the points. Often these deals also come with zero fees for the first year, but also come with some spending criteria before you can earn those bonus points. It’s important to read the criteria before you sign up to make sure its worth it for you.
Here’s an example of a card that is on sale right now:
The ANZ Frequent Flyer Platinum Card
Receive a bonus $70,000 Qantas Points & $0 annual fee in the first year.
All you have to do is spend $2500 on eligible purchases in the first three months from approval.
Things to consider:
– Will you spend $2.5k in 3 months or will this cause you to buy unnecessary stuff just to reach the figure? If you wouldn’t normally spend that much in three months it probably isn’t worth doing, or at least wait until you do have some big expenses coming up that you can use the credit card for. These cards are designed to make you spend more money, so it is important that you are only using these cards for money you would spend anyway.
– After the first year, the annual fee becomes $295. This is quite expensive and would require you to spend A LOT of money to make the points worth the fee. Therefore, it is super important to make sure you cancel the card before the end of that free year to ensure you avoid the fee. My advice would be to cancel the card as soon as you have received the bonus points so you don’t forget.
– Some cards may have other special terms and conditions that aren’t made obvious at the beginning. It is important that you do read all the T&C’s before signing up for any credit card.
– Have you owned a credit card before and potentially let it get the best of you? If you have a knack for spending and you think having a line of credit may be too tempting for you, it is definitely best you steer clear of all of this. I’d hate to see you try and get a bonus 70,000 Qantas Points only to end up in thousands worth of debt. Not worth it.
Check out the Points Hack Website for more info, they have some of the best comparisons of cards out there!
I luckily am more of a saver than spender and therefore don’t find it hard to refrain from spending on my credit card. I use these offers when I have a holiday coming up I need to pay for or any other big expense. Please consider your own situation and habits before doing this yourself! However, if you think you have the self control then it can be a great way to hack the system and enjoy some rewards.
Mind Over Money 