ANZ Optimum World Mastercard

[Sinkie]

Redemption of rebates must be in blocks of S$50, not that flexible:


2. Will the cash rebate be automatically offset against my monthly statement balance?

No, you will be awarded Optimum$ which you can accumulate and redeem for cash rebate in S$50 denominations.


Also rebates will be used to offset annual fee automatically:

Optimum$ accumulated under the Card Account may be automatically deducted to offset Cardmember’s Card annual fee when the annual fee is due. Sufficient Optimum$ must be set aside if Cardmember would like to use the Optimum$ to apply for waiver of the annual fee.

wah, means it is not possible to waive off annual fee by threatening??

 

[hogrider88]

wah, means it is not possible to waive off annual fee by threatening??

"use optimum$ to waive" lol, seem like the deal-breaker for me

 

[Sinkie]

"use optimum$ to waive" lol, seem like the deal-breaker for me

means first $3600 transaction gone?

 

[xipi]

need to spend for min $1000 and redeem the $50 before annual fee is due......

 

[sgbanking]

the shopping category only says fashion boutiques and online fashion stores, not sure if it qualifies for 5% if i buy stuff from courts or gain city, or Lazada /Apple online.

this is tricky. it sounds more like citi rewards card to me.

 

[final1]

This is a bank that provides no internet banking for credit card customers. I don't know about some of you, but I think this is basic requirement of a modern bank.

 

[more3cm]

Please take note.

1. Rebate limited to $30 per transaction.

2. Rebate is calculated based on blocks of $10 spending rounded down.

Sneakily they will claw back some of the rebates here and there. It is not a straightforward 5% and 1% rebate. Don't get tricked.

Also

3. The accumulation of the Optimum$ will be rounded down to the nearest 1 Optimum$ on each Card statement date.

So from 1, there is a max spend of $600 per 5% transaction
From 2 & 3, there is a min spend if you only have 1 transaction that month. If got more transactions then the rebate adds up before being rounded down to the nearest dollar

for 5%,
Min spend $20, above that
Best rebate at $20, $40, $60,... = 5%
Worst rebate at $39; only get $1 rebate after rounding down = 2.56%

for 1%,
Min spend $100, above that
Best rebate at $100, $200, $300,... = 1%
Worst rebate at $199; only get $1 rebate after rounding down = 0.5%

 

[Polar Bear King]

This is a bank that provides no internet banking for credit card customers. I don't know about some of you, but I think this is basic requirement of a modern bank.

What we consider basic requirement is not considered so by the Aussie kiwis. They are very laid back people who don't like computer.

 

[adviseandadvices]

Also

3. The accumulation of the Optimum$ will be rounded down to the nearest 1 Optimum$ on each Card statement date.

So from 1, there is a max spend of $600 per 5% transaction
From 2 & 3, there is a min spend if you only have 1 transaction that month. If got more transactions then the rebate adds up before being rounded down to the nearest dollar

for 5%,
Min spend $20, above that
Best rebate at $20, $40, $60,... = 5%
Worst rebate at $39; only get $1 rebate after rounding down = 2.56%

for 1%,
Min spend $100, above that
Best rebate at $100, $200, $300,... = 1%
Worst rebate at $199; only get $1 rebate after rounding down = 0.5%

I think your interpretation is not entirely correct.

1) Cap at $600 per transaction. Max of $30 cash rebate to be earned per transaction.

2) 0.5 Optimum$ per $10 for 5% category, 0.1 Optimum$ per $10 for 1% category.

So should be 1.5 Optimum$ for $39 which is 3.85%.

The higher the amount spent, the lesser you lose.
E.g. $299, you get 14.5 Optimum$ which is 4.85%. Not too bad in my opinion.

This card should be use only in the 5% category. So no point calculating the 1% part, which eventually will be much lesser due to rounding.

So if you spend in the 5% category only, the most you lose every month is 0.5 Optimum$ or $0.50 because of the rounding down.

Quite reasonable I think, since most cards also award points without decimals and you would be shock at how many points/money you lose over the months/years.

 

[adviseandadvices]

I have applied for the card and will be choosing Dining and Leisure.

 

[Inix]

What we consider basic requirement is not considered so by the Aussie kiwis. They are very laid back people who don't like computer.

Aussie banks are actually quite decent when it comes to internet banking with Australia itself

 

[leogeo]

Under the 5% Category Tier, Cardmembers will be awarded 0.5 Optimum$ for every S$10.00 (or equivalent foreign currency) of Retail Spend


^^ this means we must spend in blocks of $10 to maximise the 5% rebate?
so if i spend $19.95, I still get 0.5 optimum dollars or 2.5%?

and i get 0 optimum dollars if I spend < $10?

 

[adviseandadvices]

Under the 5% Category Tier, Cardmembers will be awarded 0.5 Optimum$ for every S$10.00 (or equivalent foreign currency) of Retail Spend


^^ this means we must spend in blocks of $10 to maximise the 5% rebate?
so if i spend $19.95, I still get 0.5 optimum dollars or 2.5%?

and i get 0 optimum dollars if I spend < $10?

Yes, you are right.

in my opinion, 2.5% is decent.

But if you only post 19.95 for the month, you get zero. Because the points are rounded down to nearest whole number.

 

[Allen_C_Sharp]

Dissapointed...I remembered in the news mentioned about half of customers dun mind category spend with higher than market rebate e.g.8%, how come in the end 5% only which is lower than market 6% n 7% cards, while the t&c seems lots of rules, it will be lots of hassle for me to maintain, track and "submit" category.
I dun see a reason for me to apply this troublesome card with more rules but not higher rebate than market, I think those 6% n 7% cards are more straightforward.
Btw, they'd better fix their IB to allow us to see unbilled transactions first in this 21st century, otherwise more hassle to apply more cards from this bank.

 

[adviseandadvices]

Dissapointed...I remembered in the news mentioned about half of customers dun mind category spend with higher than market rebate e.g.8%, how come in the end 5% only which is lower than market 6% n 7% cards, while the t&c seems lots of rules, it will be lots of hassle for me to maintain, track and "submit" category.
I dun see a reason for me to apply this troublesome card with more rules but not higher rebate than market, I think those 6% n 7% cards are more straightforward.
Btw, they'd better fix their IB to allow us to see unbilled transactions first in this 21st century, otherwise more hassle to apply more cards from this bank.

I was also expecting higher % than 5/6%. But still this card can cover some areas that are not covered by other cards.

The plus points of this card are

1) no min requirement per month to meet

2) no cap on total points you earn though there is cap of $600/transaction.

These are what ANZ differentiates the optimum card from other cards

 

[Polar Bear King]

Yes, you are right.

in my opinion, 2.5% is decent.

But if you only post 19.95 for the month, you get zero. Because the points are rounded down to nearest whole number.

If really $19.95 then sign for $20 pay 5 cents tips lar.....right?

 

[Allen_C_Sharp]

I was also expecting higher % than 5/6%. But still this card can cover some areas that are not covered by other cards.

The plus points of this card are

1) no min requirement per month to meet

2) no cap on total points you earn though there is cap of $600/transaction.

These are what ANZ differentiates the optimum card from other cards

You r right, but it does at attract me at all, feel too troublesome to maintain especially their ib cannot check unbilled transactions, I will give this card a miss until they improve with higher rebate% and Internet banking.

 

[adviseandadvices]

If really $19.95 then sign for $20 pay 5 cents tips lar.....right?

I'm not sure if the cashiers in singapore will charge you for the tips you wrote on the receipt or not.

But can try.

 

[adviseandadvices]

You r right, but it does at attract me at all, feel too troublesome to maintain especially their ib cannot check unbilled transactions, I will give this card a miss until they improve with higher rebate% and Internet banking.

I usually track my expenses on ANZ via the SMS alert which I set to $1.

No Internet banking or apps to track is really a headache.

 

[leogeo]

I usually track my expenses on ANZ via the SMS alert which I set to $1.

No Internet banking or apps to track is really a headache.

thanks for the tip!