Keen to get everyone's experience with Qantas' or Virgins travel cash cards. I haven't seen the value of these in the past, finding the transfer rate to be quite low. But, am now coming around to looking at them again.
What is the view of the travel community here? Good, bad, indifferent?
If you are just looking to save on foreign transaction fees while traveling check out Citibank who has zero fees when paying with the Visa Debit while overseas.
I used the card for a holiday euro trip and found it very easy to use. The exchange rate isn't great, but it's a good way to save a fair bit on fees.
Depending on your destination, I believe you can open an account with ING in Aus that can be used in lots of countries around the world with no fees. Not sure what the exchange rate is though
ING has a zero international transaction fees everyday bank account with Visa Debit card, which also gives a rebate of any ATM fees worldwide. The exchange rate is therefore the excellent Visa interbank rate, to which most Australian banks usually add 2.5% or 3.0% in exchange fee. The proviso is that you deposit $1000 and make at least five transactions with the card per month.
I have a Bankwest Platinum C.Card no yearly fee and no charges for overseas transactions. I checked the rate when I made some purchases in USD and rate was close to trading rate on that day. Also have Qantas Cash Card exchange rate a bit lower but unless I was changing $50,000 it does the trick for getting cash out and is a safer way for me.
I used the card for a holiday euro trip and found it very easy to use. The exchange rate isn't great, but it's a good way to save a fair bit on fees.
Depending on your destination, I believe you can open an account with ING in Aus that can be used in lots of countries around the world with no fees. Not sure what the exchange rate is though
the exchange rate is so bad that i find it cheaper to use my regular credit cards and pay the 3% fees and get more points in the process
Used to use the QFCash a lot until my debit card stopped charging transaction fees.
Check it out - the QF Cash card rate is usually 4 - 5% more than the daily Visa Australia exchange rate. Worthwhile if you think the AUD$ is going to collapse that amount against your target currency by the time you travel. That’s the only time it really works - with a significantly falling AUD$. Otherwise a nice little earner for QF (I guess that’s what pays for the QF points you get on spend on their card)
If the currency is stable a normal credit card is usually the Visa rate +3%; and as others have noted there are plenty of debit cards that don’t charge overseas transaction fees. We use a UBank Ultra card, and they charge exactly the Visa exchange rate of the day.
Every time I compare the exchange rates of Qantas Cash and Global Wallet with what a normal credit card would offer through the same card network on the same date, these pre-paid cards regularly have their daily rate padded by what can sometimes be 5-10% versus the scheme rate, and with that sort of margin, I've never seen a reason to use them, when incurring a 3% international transaction fee on a 'regular' credit card saves the hassle of juggling multiple products, and still provides a saving of up to 200-700 basis points in fees/margins against the pre-paid cards. (And then, you have credit cards with no international transaction fees and that draw from the scheme rate, which make the pre-paid cards look even worse.)
Not financial advice - merely personal observations - and of course, the margin isn't always as high as 10%, and I'm sure each card has various promotions throughout the year to make depositing currency a bit more attractive, but I struggle to see the appeal.
The only upside I've seen is that like other pre-paid money cards, there's the ability to lock-in your exchange rate before the money is spent, which could be advantageous if the forex rate worsens significantly against the AUD, but for any noticeable impact the money would need to be in there for a longer period of time (which is also when the rate could also move the other way, 'costing' more than if you'd used the day rate on the date the money was spent) or during what would be an unexpected and sudden currency crash, which would arguably be hard to predict.
Personally, I keep things simple and straightforward, and don't believe the points these products provide are worth the additional costs incurred to earn them (in one way or another), versus using a regular credit card that already earns points and in most cases will cost less to use.
Qantas recently had a short-running promotion at a special exchange rate - around 1.5% below the mid-rate. I used that to lock in the exchange rate for a trip in April. Generally though I would agree that the Travel Cards are a poor deal.
I use the prepaid Qantas card when travelling and have found that if I put my money in when it is advantageous throughout the year I get a better deal and it is also not connected to any other financial product of mine so if it is hacked or whatever no one has access to me.. I have seen it that people using credit cards connected through their bank open themselves up to all sorts of problems when the hackers get going. This barrier is important to me.
If you have a good paying job, and if that you have a current true credit card, use that.
Of course, you must pay back the true credit card each statement period.
The QTMC and VGW card will decline if you don't have enough money in them to spend.
If its hard for you to get a true credit card, ie, the one with a credit assessment, then the QTMC or VGW card is a good one to get, you earn a miniscule level of points though.
The only reason I have a usage of both, and to keep both my QFF and VFF accounts alive, is that I got into hock a long time ago, and the debt spiralled out into the thousands, I had a good paying job, but wasn't on the ball in paying it back.
Someone helped me out, so no longer have the ANZ QFF card, that was the one I had, it was a true credit card.
Comparing the QTMC and VGW, I would go VGW as the earn is 0.33points per Aud$1, vs QTMC at 0.25points per Aud$1, both domestic spend.
The points earn do go up once you go overseas.
This is not taking forex into account, as in my case, I would be declined a true credit card application, so the Visa and Mastercard of each of these suit me.
ING is good if you are not interested in points earn though.
I have a Bankwest Platinum C.Card no yearly fee and no charges for overseas transactions. I checked the rate when I made some purchases in USD and rate was close to trading rate on that day. Also have Qantas Cash Card exchange rate a bit lower but unless I was changing $50,000 it does the trick for getting cash out and is a safer way for me.
I would never use the Qantas cash card again. It’s a terrible product. I have been through 5 cards over a 3 year period all which have the same problem. Pin not recognized at point of sale. I can use the pin in an atm to draw funds but you don’t earn the Qantas Points, and also proves the pin was correct and it worked for contactless payment <£30 but was a real pain as they dropped the signature option for payment in the Uk so essentially I couldn’t use it for purchases over £30. The same thing happened in Singapore a year later with a new card. Their service Centre was useless. They just read from a script, were unable to problem solve. I have now just got myself a travel card from one of the major banks that I can load instantaneously via an app so can load exactly the correct amount for my final payment and not be left with an amount on the card to lose on when transferring back. In summary. Qantas cash is the most unreliable financial product I have ever used and would never recommend it to anyone.
I used my QTMC over three weeks in UK and Germany. It worked without an issue. In the UK, Tap and Go(contactless) worked with out pin for less then £30. For more then £30 it ask me to insert the chip and put in a Pin Number. Worked everywhere i used it, At fuel station, hotels, supermarket, cafe, fastfood chain, tourist traps, ATMs, even venting machines in the UK.
It was smart enough to take the country currency first even though default is another country currency. I would put enough in Pounds and put some in AUD just for spare, Transfer from AUD to Country is quick and painless on the Phone APP, I transfer over AUD to EUR while the waiting for plane to board in LHR on by way to TXL(short notice trip). Taxi, Hotel cafe and Resturants in Berlin too my QTMC without an issue.
Every one looked at my Gold FF Card and was instantly know I am Aussie and said it was cool looking card, no one ask if it was a travel card or prepaid. It never rejected.
Pin Number can be changed at a RediATM anywhere in Australia, I changed it before my travel. This is highly recommend.
Only stinger is Surcharge for taking Cash out at ATM. But take a lump sum, it is less painful. QTMC does not expire, I used it in 2016 scholarship travel, and was surprised when i open account in 2019 leftover USD was still here. LOL
Jazzop
Jazzop
Member since 02 Dec 2016
Total posts 114
Hi Everyone
What is the view of the travel community here? Good, bad, indifferent?
vperez
vperez
Qantas - Qantas Frequent Flyer
Member since 26 Sep 2014
Total posts 4
If you are just looking to save on foreign transaction fees while traveling check out Citibank who has zero fees when paying with the Visa Debit while overseas.
Pabs
Pabs
Qantas - Qantas Frequent Flyer
Member since 22 May 2017
Total posts 21
I used the card for a holiday euro trip and found it very easy to use. The exchange rate isn't great, but it's a good way to save a fair bit on fees.
CBR boy
CBR boy
Member since 12 Feb 2015
Total posts 61
ING has a zero international transaction fees everyday bank account with Visa Debit card, which also gives a rebate of any ATM fees worldwide. The exchange rate is therefore the excellent Visa interbank rate, to which most Australian banks usually add 2.5% or 3.0% in exchange fee. The proviso is that you deposit $1000 and make at least five transactions with the card per month.
Skylight
Skylight
Qantas - Qantas Frequent Flyer
Member since 08 Nov 2018
Total posts 10
I have a Bankwest Platinum C.Card no yearly fee and no charges for overseas transactions. I checked the rate when I made some purchases in USD and rate was close to trading rate on that day. Also have Qantas Cash Card exchange rate a bit lower but unless I was changing $50,000 it does the trick for getting cash out and is a safer way for me.
elchriss0
elchriss0
Virgin Australia - Velocity Rewards
Member since 13 Jan 2015
Total posts 80
the exchange rate is so bad that i find it cheaper to use my regular credit cards and pay the 3% fees and get more points in the process
RR
RR
Qantas - Qantas Frequent Flyer
Member since 17 Aug 2012
Total posts 45
Used to use the QFCash a lot until my debit card stopped charging transaction fees.
Check it out - the QF Cash card rate is usually 4 - 5% more than the daily Visa Australia exchange rate. Worthwhile if you think the AUD$ is going to collapse that amount against your target currency by the time you travel. That’s the only time it really works - with a significantly falling AUD$. Otherwise a nice little earner for QF (I guess that’s what pays for the QF points you get on spend on their card)
If the currency is stable a normal credit card is usually the Visa rate +3%; and as others have noted there are plenty of debit cards that don’t charge overseas transaction fees. We use a UBank Ultra card, and they charge exactly the Visa exchange rate of the day.
Chris C.
Chris C.
Member since 24 Apr 2012
Total posts 1,116
Every time I compare the exchange rates of Qantas Cash and Global Wallet with what a normal credit card would offer through the same card network on the same date, these pre-paid cards regularly have their daily rate padded by what can sometimes be 5-10% versus the scheme rate, and with that sort of margin, I've never seen a reason to use them, when incurring a 3% international transaction fee on a 'regular' credit card saves the hassle of juggling multiple products, and still provides a saving of up to 200-700 basis points in fees/margins against the pre-paid cards. (And then, you have credit cards with no international transaction fees and that draw from the scheme rate, which make the pre-paid cards look even worse.)
Not financial advice - merely personal observations - and of course, the margin isn't always as high as 10%, and I'm sure each card has various promotions throughout the year to make depositing currency a bit more attractive, but I struggle to see the appeal.
The only upside I've seen is that like other pre-paid money cards, there's the ability to lock-in your exchange rate before the money is spent, which could be advantageous if the forex rate worsens significantly against the AUD, but for any noticeable impact the money would need to be in there for a longer period of time (which is also when the rate could also move the other way, 'costing' more than if you'd used the day rate on the date the money was spent) or during what would be an unexpected and sudden currency crash, which would arguably be hard to predict.
Personally, I keep things simple and straightforward, and don't believe the points these products provide are worth the additional costs incurred to earn them (in one way or another), versus using a regular credit card that already earns points and in most cases will cost less to use.
Ozmuzz
Ozmuzz
Member since 01 Mar 2012
Total posts 1
Qantas recently had a short-running promotion at a special exchange rate - around 1.5% below the mid-rate. I used that to lock in the exchange rate for a trip in April. Generally though I would agree that the Travel Cards are a poor deal.
Rav
Rav
Member since 18 Aug 2017
Total posts 22
I use the prepaid Qantas card when travelling and have found that if I put my money in when it is advantageous throughout the year I get a better deal and it is also not connected to any other financial product of mine so if it is hacked or whatever no one has access to me.. I have seen it that people using credit cards connected through their bank open themselves up to all sorts of problems when the hackers get going. This barrier is important to me.
Jazzop
Jazzop
Member since 02 Dec 2016
Total posts 114
Ok, lots of experience and advice here. Thanks everyone. I'm going to look into the debit cards, one that isn't connected either!
Andrew Barkery
Andrew Barkery
Qantas - Qantas Frequent Flyer
Member since 21 Mar 2011
Total posts 433
GregXL
GregXL
Qantas - Qantas Frequent Flyer
Member since 26 May 2014
Total posts 320
No fee, is that a legacy deal?
Dr Al
Dr Al
Qantas - Qantas Frequent Flyer
Member since 07 Mar 2017
Total posts 34
I would never use the Qantas cash card again. It’s a terrible product. I have been through 5 cards over a 3 year period all which have the same problem. Pin not recognized at point of sale. I can use the pin in an atm to draw funds but you don’t earn the Qantas Points, and also proves the pin was correct and it worked for contactless payment <£30 but was a real pain as they dropped the signature option for payment in the Uk so essentially I couldn’t use it for purchases over £30. The same thing happened in Singapore a year later with a new card. Their service Centre was useless. They just read from a script, were unable to problem solve. I have now just got myself a travel card from one of the major banks that I can load instantaneously via an app so can load exactly the correct amount for my final payment and not be left with an amount on the card to lose on when transferring back. In summary. Qantas cash is the most unreliable financial product I have ever used and would never recommend it to anyone.
Tlar
Tlar
Qantas - Qantas Frequent Flyer
Member since 17 Jul 2013
Total posts 4
I used my QTMC over three weeks in UK and Germany. It worked without an issue. In the UK, Tap and Go(contactless) worked with out pin for less then £30. For more then £30 it ask me to insert the chip and put in a Pin Number. Worked everywhere i used it, At fuel station, hotels, supermarket, cafe, fastfood chain, tourist traps, ATMs, even venting machines in the UK.
It was smart enough to take the country currency first even though default is another country currency. I would put enough in Pounds and put some in AUD just for spare, Transfer from AUD to Country is quick and painless on the Phone APP, I transfer over AUD to EUR while the waiting for plane to board in LHR on by way to TXL(short notice trip). Taxi, Hotel cafe and Resturants in Berlin too my QTMC without an issue.
Every one looked at my Gold FF Card and was instantly know I am Aussie and said it was cool looking card, no one ask if it was a travel card or prepaid. It never rejected.
Pin Number can be changed at a RediATM anywhere in Australia, I changed it before my travel. This is highly recommend.