When to get new Credit Card?

[ADLhighflyer]

Hi All,

I'm looking at getting a new credit card and am unsure when the best time to get one would be. I know that the new RBA changes come into effect on July 1, but don't want to go through getting a new card now, only for the rewards etc to change as a result of the RBA changes.

Am I better off waiting, or have most of the banks made their changes already?

I have favoured those with QF because of the points etc, but am open minded at this point. Any help would be appreciated.

Thanks!

 

[lovetravellingoz]

You need to educate yourself on churning of credit card offers to acquire FF Points.

Some cards you just get for the sign-on bonus. When there is a good offer after considering sign-on points for card fee (extra bonus if waived, or offset by flight or other credit)

Others are keepers that you use for your normal spend.


QFF is my No3 FF program, but hey if they are going to keep throwing cheap QFF Points at me, who am I to refuse!

 

[theblank]

Am I better off waiting, or have most of the banks made their changes already?

the best time is when there is an offer that you like. Thats always going to be up to you,
However right now I suspect that there is stuff all deals for qantas rewards cards at the moment.

Pointhacks has all the deals for the banks and who has changed already.

 

[Dr Ralph]

See a deal. Get the card. Take the points. Move on. It's not rocket science.

 

[ADLhighflyer]

Thanks for all your opinions. Churning of cards is something I have looked at, but unsure on what impact it has on ones credit score when I'm looking at a home loan later in the year. Something to look into I guess.

 

[theblank]

but unsure on what impact it has on ones credit score when I'm looking at a home loan later in the year. Something to look into I guess.

virtually zero impact, anyone who tells you otherwise is deluded. Excessively applying for new credit cards will impair your ability to apply for new credit cards, and you wont ever know if you have applied for too many until you have applied for too many. (or other forms of unsecured credit)

When applying for a home loan, you may be asked why you have not declared a credit card that you applied for recently. You can respond by saying you cancelled it or whatever, they may ask for proof. For the most part, the lenders that will make a fuss over your credit card limits are mostly only when your LVR is above 80%. You may need to reduce or cancel some credit card limits, in order to get your serviceability ratios right. At <80% LVR lenders can easily turn a blind eye to credit card limits that are repaid in full every month within reason.