Sunday, March 11, 2007
Westpac Rental Rewards Scam
It sounds great when you read the cover of the brochure - use your credit card to pay rent, and get reward points on your Westpac Altitude credit card. You get to pay your rent weeks after it is due, AND get reward points!
Buried away is the very important small print:
"a convenience fee of 1.32% Visa/Mastercard or 2.97% Amex"
I use Amex, and for every dollar I spend I get roughly 1c in rewards, in exchange for a $150 a year fee (so if I spend more than $15K I make on the deal...)
My rent is roughly $2K a month. Which means I get $20 of rewards, but I pay them $60 for the privilege.
They say this extra $40/$60 saves me:
"quarterly membership fees, cheque, direct debit or ATM withdrawal fees"
Shame on you Westpac!
Buried away is the very important small print:
"a convenience fee of 1.32% Visa/Mastercard or 2.97% Amex"
I use Amex, and for every dollar I spend I get roughly 1c in rewards, in exchange for a $150 a year fee (so if I spend more than $15K I make on the deal...)
My rent is roughly $2K a month. Which means I get $20 of rewards, but I pay them $60 for the privilege.
They say this extra $40/$60 saves me:
"quarterly membership fees, cheque, direct debit or ATM withdrawal fees"
Shame on you Westpac!
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