This week in banking - The RBA keeps the cash rate steady
We look at the big news and latest offers to reach our desk in this week’s banking recap.
The RBA holds off on cash rate cut
On Tuesday afternoon, the RBA announced it would keep the cash rate unchanged for another month, despite growing expectations it would cut. This marks the 30th month in a row that the cash rate has stayed at 1.50%, the lowest it’s ever been.
But if popular sentiment is anything to go by, the next rate cut is just around the corner. Most analysts and commentators expect the board to make a move by August at the latest, and once more by the end of the year. Following reports of a slowing economy and weaker-than-expected inflation figures, it’s only a matter of time before they have to bite the bullet.
Bankwest shines in travel money awards
This week we announced the winners of the 2019 Mozo Experts Choice Travel Money Awards, and for the third time in a row, Bankwest was named our provider of the year. With multiple wins across eight categories, its range of cards should be on every traveller’s radar.
As Mozo Data Manager Peter Marshall put it, “We only give out Mozo Experts Choice Awards to the top 10% of products in each category and there’s competitive products entering the market all the time. That Bankwest continues to stand out with their range of travel cards is pretty impressive.”
IMT award winners unveiled
Along with our travel money card awards, we also rolled out our Mozo Experts Choice International Money Transfer Awards. Of all the IMT services we analysed, TranferWise and CurrencyFair were the top two performers, while Citi was crowned IMT Bank of 2019.
$50 Myer gift card available to new World First customers
And if you’re looking to transfer some money overseas, IMT specialist World First has announced a great offer for new customers. If you sign up and make a transfer of AUD $5,000 or more by the end of the month, you’ll receive a $50 Myer gift card. Act soon and you could have your Mothers Day present all lined up.
And if you’re eager to check out the other IMT options out there, head over to our international money transfer comparison page for a look at what’s available.
Travel credit card comparisons on Mozo - rates updated daily
- Apply By 28 May 2024
American Express Qantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
purchase rate
annual fee
balance transfer rate
23.99% p.a.$450No current offerQantas Ultimate Card
Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.
- purchase rate
- 23.99% p.a.
- annual fee
- $450
- balance transfer rate
- No current offer
- Points per $ spent
- 1.25 points per dollar on Amex, up to 100000 points per year, then
1 point per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend $6,400 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- 1.25 points per dollar on everyday purchases. Earn 0.5 Qantas Points per $1 spent at government bodies, earn 2.25 Qantas Points per $1 spend on selected Qantas products and services.Exclusions apply. After a total of 100,000 Qantas Points is earned in a calendar year, the everyday earn rate will change from 1.25 to 1 Qantas Points per $1 spent.* For Card Members who applied for the Card between 1 July 2023 – 9 January 2024, this change will come into effect from 10 July 2024.
- Flight options
- All rewards can be redeemed via the Qantas Store.
- Expiry
- Never
- Points earning
- 1.25 points per dollar on Amex, up to 100000 points per year, then
1 point per dollar on Amex, uncapped
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
20010 points buys a $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Qantas Ultimate Card
- Apply By 15 May 2024
American Express Velocity Platinum Card
Earn 100,000 bonus Velocity Points when you apply online by 15 May 2024, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
purchase rate
annual fee
balance transfer rate
23.99% p.a.$375No current offerVelocity Platinum Card
Earn 100,000 bonus Velocity Points when you apply online by 15 May 2024, are approved, and spend $3,000 on eligible purchases on your new American Express Velocity Platinum Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- purchase rate
- 23.99% p.a.
- annual fee
- $375
- balance transfer rate
- No current offer
- Points per $ spent
- 1.25 points per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend $6,240 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 55
- Rewards program
- Velocity Frequent Flyer
- Bonus points
- Earn 0.5 Velocity Points per $1 spent at government bodies, earn 2.25 Velocity Points per $1 spend on selected Virgin Australia products and services.
- Flight options
- Redeem Velocity Points with Virgin, Air New Zealand, Etihad Airways, Singapore Airlines and other partners.
- Expiry
- Never
- Points earning
- 1.25 points per dollar on Amex, uncapped
- Points required
- 7800 points buys a Virgin Australia Sydney-Melbourne flight
119600 points buys a Velocity partner Sydney-London flight
19500 points buys a Myer $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Velocity Platinum Card
American Express Qantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
purchase rate
annual fee
balance transfer rate
23.99% p.a.$0No current offerQantas Discovery Card
Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).
- purchase rate
- 23.99% p.a.
- annual fee
- $0
- balance transfer rate
- No current offer
- Points per $ spent
- 0.75 points per dollar on Amex, uncapped
- Spend req Syd-Mel flight*
- Spend $10,667 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Earn 0.5 Qantas Points per $1 spent at government bodies, earn 1.75 Qantas Points per $1 spend on selected Qantas products and services.
- Flight options
- All rewards can be redeemed via the Qantas Store.
- Expiry
- Never
- Points earning
- 0.75 points per dollar on Amex, uncapped
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
20010 points buys a $100 Gift Card
- Interest rate on cash withdrawals
- -
Read our Mozo Review to learn more about the Qantas Discovery Card
- Apply By 31 July 2024
Westpac Altitude Platinum
Select Qantas Frequent Flyer rewards to receive 70,000 bonus Qantas Points ($4k min. spend in the first 90 days on eligible purchases). $99 First Year Annual fee and Rewards fee. (T&C's apply).
purchase rate
annual fee
balance transfer rate
19.99% p.a.$250 $99 in the first yearNo current offerAltitude Platinum
Select Qantas Frequent Flyer rewards to receive 70,000 bonus Qantas Points ($4k min. spend in the first 90 days on eligible purchases). $99 First Year Annual fee and Rewards fee. (T&C's apply).
- purchase rate
- 19.99% p.a.
- annual fee
- $250 $99 in the first year
- balance transfer rate
- No current offer
- Points per $ spent
- 0.5 points per dollar on Mastercard, up to $100,000 per year
- Spend req Syd-Mel flight*
- Spend $16,000 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 45
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Bonus points on selected Qantas products and services.
- Flight options
- All rewards are redeemed via Qantas Frequent Flyer.
- Expiry
- Never
- Points earning
- 0.5 points per dollar on Mastercard, up to $100,000 per year
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
20010 points buys a $100 Gift Card
- Interest rate on cash withdrawals
- 21.49% p.a.
Read our Mozo Review to learn more about the Altitude Platinum
NAB Qantas Rewards Signature Card
Earn up to 120,000 Bonus Qantas Points on a new NAB Qantas Signature Card. Min $3,000 spend on everyday purchases in first 60 days and keep your card open for 12 months.
purchase rate
annual fee
balance transfer rate
20.99% p.a.$395 $295 in the first year0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)Qantas Rewards Signature Card
Earn up to 120,000 Bonus Qantas Points on a new NAB Qantas Signature Card. Min $3,000 spend on everyday purchases in first 60 days and keep your card open for 12 months.
- purchase rate
- 20.99% p.a.
- annual fee
- $395 $295 in the first year
- balance transfer rate
- 0% p.a. for 12 months and then 21.74% p.a. (3.00% balance transfer fee)
- Points per $ spent
- 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
- Spend req Syd-Mel flight*
- Spend $8,000 to earn
- Foreign exchange margin
- 3.00%
- Intro rate
- -
- Interest free days
- 44
- Rewards program
- Qantas Frequent Flyer
- Bonus points
- Bonus points on selected Qantas products and services, including eligible Qantas flights.
- Flight options
- All rewards are redeemed via Qantas Frequent Flyer.
- Expiry
- Never
- 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
- Points required
- 8000 points buys a Qantas Sydney-Melbourne flight
110400 points buys a Qantas Sydney-London flight
20010 points buys a $100 Gift Card
- Interest rate on cash withdrawals
- 21.74% p.a.
Read our Mozo Review to learn more about the Qantas Rewards Signature Card
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