I'm very conscientious about paying off my credit card on time, mainly because interest rates on the card are now over 20% - more than twice that of home loan rates and nearly 3 times what the banks will pay depositors parking their money in a term deposit.
I keep on thinking I should change, especially as ANZ Rewards just aren't what they used to be. We now have to spend $1.50 to get one point (it used to be 1:1). And one has to wonder about a bank that can't event do basic mathematics.
For 2,660 points, you can get a $20 Myer or David Jones gift card.
For 13,320 points, you can get a $100 Myer or David Jones gift card.
For 13,300 points you can get 5 X $20 Myer or David Jones gift cards
OK, it's only 20 points but that's an extra $30 on the charge.
Do they think their customers are as dumb as they would like them to be?
Believe it or not, this is a massive improvement on their previous "offer" where one could save over 100 points by cashing in for two $50 gift cards instead of one $100 one.
It's also a bit of a scam given that you have to charge close to $20,000 on your card to earn a $100 gift card.