This week in banking news - RBA, Aussie homes underinsured, energy prices and Citibank’s special offer
- The Reserve Bank of Australia’s decision not to cut the official cash rate this month.
- Find out why some Aussies homes are underinsured by as much as 66%.
- Why Victorians might be seeing a difference in their energy bill.
- Online business loans lender Prospa’s limited time offer.
- How Citibank customers in New South Wales can get $5 cashback this November.
All in this week’s banking recap.
The RBA decides to keep the cash rate at record low 0.75%
Despite speculation that Aussies might be dealing with back to back cuts, the Reserve Bank of Australia (RBA), decided not to make any changes to the official cash rate this month. This means that it will stay at a record low of 0.75% for the foreseeable future.
Although the cash rate will remain the same this time around, both interest rates on home loans and savings accounts are still feeling the effects of the previous cuts.
New research finds Australian homes up to 66% underinsured
Research conducted by MCG Quantity Surveyors has revealed that a worrying number of Australian homes could be underinsured by as much as 66%. Director of the company, Marty Sadlier suggested that inaccurate online calculators could be the main reason that such a large number of homes are lacking the proper insurance premiums.
Plus with bushfire and flood season just around the corner, this is definitely not something to be brushed aside. Taking out an insurance plan with underinsurance cover and considering a total replacement policy are just a few things you could do to try and protect your home from underinsurance.
And if you are on the hunt for a new policy, why not head to Mozo’s home insurance comparison page, to see what plans are out there.
Victorians may have noticed a change on their energy bills
Following the regulations put in place on July 1st this year, Victorians might have begun to see a difference in their energy bill.
As per the new regulations, energy retailers are now obliged to show a best offer alert on the customer’s bill. With these new alerts the Victorian government hope to help households, who may be paying more than they need to, save money on their energy bill.
Of course, it might still be a good idea to shop around and see what deals other energy providers have to offer. And you can do just that, using Mozo’s energy plans comparison page to find the best energy prices available in your area.
Prospa’s new business loans deal
In more good news, online business loans lender Prospa’s new limited time deal could help small businesses break even over the Christmas period.
Businesses who either apply for a new loan or refinance their existing loan will be able to pause repayments for a whole six weeks. All you have to do is settle the loan by December 31st and give Prospa notice of two business days before activating the payment deferral.
Or, if you’re keen to set up an ongoing line of credit for your business, Prospa is willing to waive the $195 activation fee, granted your business is approved and you draw down upon a new Line of Credit by December 31st.
Citibank customers can beat Monday blues with $5 cashback
Speaking of deals, Citibank also have a pretty enticing incentive for Citi Visa credit card holders in New South Wales. As of this week, Citibank customers can earn $5 cashback for tapping on and off with their credit card, anywhere within the Opal card network.
The deal is valid every Monday this November, meaning that at the start of every gloomy working week this month, you could potentially be bagging a sweet $5 cashback. Or to put it another way, the price of a coffee or a tasty sushi roll. So granted you tap on and off on a Monday this month with your Citi credit card, you can expect to have a tidy sum credited to your account within 60 days of the offer end date.
Curious to find out about other credit card deals? Why not check out the rewards credit cards below to discover what other perks are on offer.
Compare rewards credit cards - last updated February 27, 2021
St.George Amplify Signature
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (130k yr 1, 70k yr 2) when you spend $12k on eligible purchases each year. $139 reduced first year annual card fee (normally $279). New cards only, Eligibility criteria and T&Cs apply. Offer ends March 2nd 2021.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Amplify Rewards$279 $139 in the first year200,0001.5 points uncappedCompareCompareAmplify Signature
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (130k yr 1, 70k yr 2) when you spend $12k on eligible purchases each year. $139 reduced first year annual card fee (normally $279). New cards only, Eligibility criteria and T&Cs apply. Offer ends March 2nd 2021.
- Intro rate
- -
- Ongoing Purchase rate
- 19.74% p.a.
- Balance transfer rate
- 0% p.a. for 6 months and then 21.49% p.a.
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1.5 points per dollar on Visa, uncapped
- Reward point expiry
- Never
- Bonus points
- 200,000
- Rewards
- Points
- N/A
- 212,000 points
- 22,200 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing,
Rental Car Excess Cover
Read our Mozo Review to learn more about the Amplify Signature
American Express Qantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 5 April 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
Rewards program
Annual fee
Bonus points
Earn rate per $1
Qantas Frequent Flyer$450100,0001.25 points uncappedCompareCompareQantas Ultimate Card
Receive 100,000 bonus Qantas Points when you apply online by 5 April 2021, are approved and spend $3,000 on your new Card within the first 3 months. T&Cs apply. New Card Members only. Mozo Experts Choice Qantas Frequent Flyer Premium Credit Card Winner 2020^. T&C’s apply
- Intro rate
- -
- Ongoing Purchase rate
- 20.74% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1.25 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 100,000
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Travel Insurance,
Purchase Protection,
Account alerts by SMS
Read our Mozo Review to learn more about the Qantas Ultimate Card
NAB Qantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Qantas Frequent Flyer$395 $295 in the first year130,0001 point up to $5,000/month, then
0.5 points up to $20,000/monthCompareCompareQantas Rewards Signature Card
NABs fastest way to earn Qantas Points. 130,000 bonus Qantas Points when you spend $3,000 on everyday purchases within 60 days of account opening and keep the card open for 12 months. 7 complimentary insurances when you meet eligibility criteria including Overseas Travel Insurance.
- Intro rate
- -
- Ongoing Purchase rate
- 19.99% p.a.
- Balance transfer rate
- 0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)
- Cash advance
- 21.74% p.a.
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1 point per dollar on Visa, up to $5,000 per month, then
0.5 points per dollar on Visa, up to $20,000 per month
- Reward point expiry
- Never
- Bonus points
- 130,000
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing,
Domestic Hotel Burglary Insurance
Read our Mozo Review to learn more about the Qantas Rewards Signature Card
BankSA Amplify Signature
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (130k yr 1, 70k yr 2) when you spend $12k on eligible purchases each year. $139 reduced first year annual card fee (normally $279). New cards only, Eligibility criteria and T&Cs apply. Offer ends 2nd March 2021.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Amplify Rewards$279 $139 in the first year200,0001.5 points uncappedCompareCompareAmplify Signature
Earn up to 200,000 Bonus Amplify Rewards Points over 2 years (130k yr 1, 70k yr 2) when you spend $12k on eligible purchases each year. $139 reduced first year annual card fee (normally $279). New cards only, Eligibility criteria and T&Cs apply. Offer ends 2nd March 2021.
- Intro rate
- -
- Ongoing Purchase rate
- 19.74% p.a.
- Balance transfer rate
- 0% p.a. for 6 months and then 21.49% p.a.
- Cash advance
- 21.49% p.a.
- Interest free days on purchases
- 55
- Foreign exchange
- 3.00%
- Late payment
- $15.00
- Points earning
- 1.5 points per dollar on Visa, uncapped
- Reward point expiry
- Never
- Bonus points
- 200,000
- Rewards
- Points
- N/A
- 212,000 points
- 22,200 points
- Card Benefits
- Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing,
Rental Car Excess Cover
Read our Mozo Review to learn more about the Amplify Signature
American Express Qantas Discovery Card
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020^.
Rewards program
Annual fee
Bonus points
Earn rate per $1
Qantas Frequent Flyer$0No current offer0.75 points uncappedCompareCompareQantas Discovery Card
Receive up to 1.75 Qantas Points for every $1 spent on Card purchases (T&Cs apply). No annual fee for the life of the card. T&C’s apply. Mozo Experts Choice Qantas Frequent Flyer Credit Card Winner 2020^.
- Intro rate
- -
- Ongoing Purchase rate
- 20.74% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- 44
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 0.75 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- No current offer
- Rewards
- Points
- 8,000 points
- 110,400 points
- 18,770 points
- Card Benefits
- Purchase Protection,
Account alerts by SMS
Read our Mozo Review to learn more about the Qantas Discovery Card
^See information about the Mozo Experts Choice Rewards Credit Cards Awards
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