Credit card for rates/insurance

[PTWhatAGreatForum]

Conceptual question, could you set up a chain of six credit cards and endlessly loop the money through the lot, thus gaining endless bonus points? If not why not, where’s the cut-off point?

Rewards are only incurred on purchases. Not cash advances or balance transfers.

[PTWhatAGreatForum]

At the risk of opening a giant can of worms and being moderated to oblivion ....

The points are close enough to being money, that the IRD treat it as money

+1

I get my cash back credited to the card account and tally it up as "other income" for tax time.

[PTWhatAGreatForum]

Anyone with tips on how to increase the credit limit on the cards, especially with BNZ? Cheers.

In Internet banking:

Menu > Apply Now > Increase Limit (Under credit cards heading)

[Perry]

Check the terms. Council rates can attract premium fees for credit card payments which are greater then the rewards value.

Ahhhh, yes, the so-called convenience fee.

I have a BNZ Advantage Visa Business which is the corporate version of their personal Platinum card. The flybuys/cashback rewards are the same for either option but the travel insurance is longer for personal but the business card travel insurance includes business trips. Also, fee yearly fee on the business card is lower at $100 P/A.

I dimly recall there are other negative things with the business card option. Isn't monthly payt required sooner than for the personal (Platinum) cards?

If it's rewards you are after get a Platinum card. They cost more per year and incur a higher interest rate (which would appear to be their main source of funding for the rewards) so make sure you pay it off in full by the due date.

With BNZ bailng out of airpoints and Wesux taking that on, one of the BNZ's other advantages vanished, too: the fee refund if the last six months' spending was over a certain figure.

And - as travel insurance is part of the carrot dangling - has anyone given it the acid test to see how it works in practice, compared to buying travel insurance form (say) a broker?

[Perry]

I get my cash back credited to the card account and tally it up as "other income" for tax time.

But Spaceman mentioned points, rather than cash back.

I suppose it could be a fine line between treating it as an implied discount and a reward.

[PTWhatAGreatForum]

And - as travel insurance is part of the carrot dangling - has anyone given it the acid test to see how it works in practice, compared to buying travel insurance form (say) a broker?

I am traveling to the Philippines shortly.

Apparently my trip would have been covered had it been classed as "personal" or "business" but because they have classed it as humanitarian, it is excluded.

I have arranged insurance through a broker for around $150.

[Bobsyouruncle]

We've used travel insurance off BNZ cards twice Perry. It's excellent. I got sick up in Yasawa, had to charter a plane to Nadi, get an urgent flight to Auckland then private specialists etc. They covered everything including refunding our pre paid accommodation where we were staying when I got crook.

[Learning]

And - as travel insurance is part of the carrot dangling - has anyone given it the acid test to see how it works in practice, compared to buying travel insurance form (say) a broker?

I used the cc cover for a 4 week family holiday to Europe about 3 years ago. ANZ cash back gold card. I got two or three quotes from other insurance providers and I think it was about $120. But as I'd paid for the flights with my cc their insurance cover was free and more comprehensive than what the others quoted. I had to register my holiday with card insurance company, provide our itinerary and passenger details and got an email a couple days later saying we were covered.

[Perry]

We've used travel insurance off BNZ cards twice Perry. It's excellent.

That's good to know. I've never had to make use of mine. There have been a few tales about the unpleasant-when-you-find-out-about-them limitations of the 'free' CC travel insurance, compared to the pay-for options.

[Perry]

I had to register my holiday with card insurance company, provide our itinerary and passenger details and got an email a couple days later saying we were covered.

Was that because of it being Europe? Or is it a new thing? I've never bothered to / had to provide travel details, in the past.

[Learning]

It was 3 years ago. I think it was just to insure the whole trip was covered. From memory at the time there were a couple of limitations on the cover depending on where you were going.

[Bobsyouruncle]

Unless rules have recently changed you just have to book your travel using the card, that's it!

[Learning]

Copied from ANZ website....
How do I qualify for complimentary travel insurance using my credit card?

If you have a Gold or Platinum credit card with ANZ and you pay for at least half of your pre-paid travel expenses with your card you may be eligible to receive complimentary overseas travel insurance.

To check your eligibility, please visit our ANZ complimentary travel insurance website.

...It then links to a form where you fill in all the relevant details and get a response a couple days later.

[Bobsyouruncle]

BNZ it's automatic...... (or was at least).

[Wayne]

Unless rules have recently changed you just have to book your travel using the card, that's it!

Usually you have to book some of your travel on the card - not all.