[Nutcase]

I have just read about citi bank increasing the fees on foreign currency transactions to 3.3% (ish) and was thinking about a new Credit card. (Dont panic, I already have the AMEX rewards maximiser)

I came across the Woolworths EZY Banking mastercard which looks pretty good.

The annual fee is $39 and an additional card is free! The conversion rate to Qantas is 1:1.

This all seems a bit to good to be true.

Do any of you have one of these cards, and if so, are they any good?

Looking forward to your replies

NC

[Big_spender]

I have one of these cards. Have had it for the last two years. They are very good. Great service from 8am-8pm. Have increased credit limits a number of times.

Whilst they say there is no maximum credit limit, there is a hidden credit limit of $20,000. Once you get to this level, they make it difficult to get the limit higher without providing lots of paperwork and going to a branch to obtain a 'recommendation'. But if you're happy with a credit limit of $20,000 or less then they are a good card.

[quote="Anonymous"]I can't fault this card, would definately recommend, I have a credit card with almost every financial institution in OZ and I use this one most of the time unless i go overseas. To get a larger credit limit i usually use only one card and spend thousands of dollars for a number of months until they give me a large limit then I move to another card and do the same. Its best to ring the bank every week on the off-chance the banks computer selects you for a limit increase. The bank has a floating amount of credit available and if no one is using it then they could make it available to you should you ask. They may not inform you that you are eligible for an increase. Doing it this way saves having to apply in writing and no credit searches are done as it is based on your spending habits.

[bambbbam2]

Actually, according to:
http://www.cannex.com.au/surveys.html Then click on Credit Cards

there is no max on this card. Are you saying that Cannex is incorrect?

[johnsmith]

You could always apply for a commonwealth bank credit card and woolworths ezy card then combine the 2 cards into one ezy card thus creating a larger credit limit.

[Sheriff]

I have a Woolworths Ezy Mastercard and can confirm that Cannex is correct in that there is no credit limit.

I applied for Woolworths Ezy Mastercard requesting a $75,000.00 credit limit and was approved $80,000.00

Following that I applied for a credit limit increase from $80,000.00 to $90,000.00 which was approved within two weeks.

Recently(two days ago) I applied for another credit limit increase from $90,000.00 to $100,000.00, which I expect they'll approve.

Sheriff

[NM]

Originally Posted by Sheriff

Recently(two days ago) I applied for another credit limit increase from $90,000.00 to $100,000.00, which I expect they'll approve.

No wonder the Reserve Bank is so worried about the amount of personal debt in Australia :roll: :roll: :roll: .

[Sheriff]

Hi NM,

I just wanted to let you know that I am debt free.

Everything I have I own, including two significant properties located in Sydney.I am mortage free, and unlike you, I hold the Certificate Of Title for the properties, not the bank.

I have a $30,000.00 Virgin Blue credit card, a $25,000.00 David Jones store card,a $25,000.00 Amex Gold and a $90,000.00, probably $100,000.00, Woolworths Ezy Mastercard.

All credit card balances are paid in full at the end of each and every month so as not to incur any interest.I have never paid any interest on any of my credit cards.

I don't think anyone,including you, on this forum can boast this!

We need more hard working Aussies like me.

Sheriff

[johnsmith]

Originally Posted by Sheriff

Hi NM,

I just wanted to let you know that I am debt free.

Everything I have I own, including two significant properties located in Sydney.I am mortage free, and unlike you, I hold the Certificate Of Title for the properties, not the bank.

I have a $30,000.00 Virgin Blue credit card, a $25,000.00 David Jones store card,a $25,000.00 Amex Gold and a $90,000.00, probably $100,000.00, Woolworths Ezy Mastercard.

All credit card balances are paid in full at the end of each and every month so as not to incur any interest.I have never paid any interest on any of my credit cards.

I don't think anyone,including you, on this forum can boast this!

We need more hard working Aussies like me.

Sheriff

[Sheriff]

Hi johnsmith,

If you're happy with 1.1% return, thats fine. Personally, I wouldn't be happy with that sort of return.

Surely you would receive a higher net return on your funds if you invested the money in the stock market.

Sheriff