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Wizard: How Would You Rather Spend $7,000?
Wizard Home Loans
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Imagine what you could buy in David Jones, Myer, Target or Bunnings for $50. Some clothes, home wares or hardware a few bits and pieces and the $50 would easily be spent. Now imagine what you could buy for $7,000.
With Wizard Home Loans Fast Card Membership Rewards, you need to redeem an unbelievable 7,000 reward points in order to receive a $50 gift card for a retail store including the options above. The Membership Rewards system means you earn one point for every dollar you spend on your Wizard Fast Card credit card, so a $50 gift card means you would have to spend $7,000 on credit. Just think of the many other ways you could use $7,000, for example to build your wealth rather than increase your debt.
Credit card rewards schemes such as Wizard's affiliation with the American Express programme Membership Rewards, are easy money for banks and lenders. They encourage you to spend up on credit in order to earn reward points. When you have accumulate enough points, you can redeem them for a reward worth far less than the amount you have already spent. While you are accumulating reward points, Wizard can enjoy the interest charges and fees attracted by your credit card.
Wizard offer two reward programmes with their Fast Card Choices and Ascent. For an annual fee of $40, Choices allows card holders to earn points that can be redeemed for retail vouchers, travel rewards and entertainment offers. Ascent offers the same rewards as Choices, but with an $80 annual fee for the privilege of being able to earn frequent flyer points with the programme partners.
Wizard's Membership Rewards is an example of how some banks and enjoy keeping their customers in debt instead of helping them to clear their debt. The fees and interest charges carried by rewards programmes add to the banks profits.
Generally, you should avoid signing up for a rewards scheme, and even avoid having a credit card altogether. A much better alternative is a Visa or MasterCard debit card, which can be used in the same way as a credit card for example online, over the phone and overseas but allows you to use your own money instead of building up a credit card debt.
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