Friday 28 September 2007

Platinum Ho Hum

Through my workplace I have access to a "special deal" whereby I could get a "Platinum" card from one of the major banks for 'only' $200 per annum membership fee - which is a slight discount to the normal $250 annual fee. The only trouble is that I can't for the life of me see how this card would be worth even $200 a year to me. It does have a "free" rewards program which earns 1.25 pts per dollar spent on the card, and up to 55 days interest free on purchases, but I already earn FlyBuys points on my normal NAB VISA card (which I redeem for a cash credit on the account), so that would be of no net benefit. It also has a 0% balance transfer offer, but only for 6 months, so I wouldn't earn enough interest through CC arbitrage to pay for more than a couple of years worth of membership fee. That leaves me just a plastic "status symbol" costing about $4.00 a week - and even the "status" of a Platinum card has been devalued on the years, so that these days only a Black Amex or similar will make any impression. Overall I think I'd rather put an extra $100 a year into DS1 and DS2's bank accounts at Christmas time.

Copyright Enough Wealth 2007


mOOm said...

Most cards in the US are "platinum cards". These high fees here in Australia are ridiculous.

Olive Zeng said...

If u do not mind bro, would like to hear which bank and the deal..

Would show u how to do the advanced cc arbitrage if u want..


Oliver said...

The bank is Macquarie - you can apply to become a "Foundation Member" and pay $200 pa membership fee.

It turns out we're NOT getting a discounted member fee via work - I'd looked up the standard fee ($250) for the Citibank platinum card by mistake ;)