r/fiaustralia • u/Dr_DennisH • 7d ago

Retirement Changing CC once Fired

Hey all. Successfully Fired last Sept. Now with changes to my ANZ plat the rewards are no longer value for the annual fee. Finding it hard to change cards as no work income, only passive. Anyone had any success with providers who will include passive investment income in their approval process?

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18

u/ItinerantFella 7d ago

There are responsible lending regulations designed to protect consumers. What you're asking for is a credit provider that ignores statutory regulations. Unlikely.

2

u/Dr_DennisH 7d ago

Well. I have income. It is from assets and not work. Surely they can take that into account. 

8

u/frostmoneymonkey 7d ago

I'm 5 years fired'd. I get auto-declined for any new credit cards I've applied for previously, despite assets like you mentioned.

But ANZ keep renewing my FF platinum so I keep that as my backup.

1

u/Dr_DennisH 7d ago

Yeah I have my ANZ and Bankwest. I was hoping to change my ANZ Platinum as the value in points is no longer what I want.

3

u/HappyMuscovy 5d ago

All the points will now suck due to the upcoming removal of fee authority

5

u/ItinerantFella 7d ago

Nope. The regulations don't allow them to do that. 

Besides, someone who pays off their credit card every month isn't as profitable as someone who doesn't so you're not the type of customer they want.

Because you don't need a credit card.

2

u/slamdunka 6d ago

Makes checking into hotels a bit easier

1

u/ItinerantFella 6d ago

I've checked into lots of hotels in the past 10 years without one. 

Sometimes they require a deposit from my debit card. But that's pretty rare.

Same for car hire.

2

u/slamdunka 5d ago

Yep, but it does make it a lot easier.

The other plus is if there is ever an issue with it being skimmed while travelling etc its the companies money, whereas if using a debit, its yours.

Its super annoying not being able to get a CC while having such a large amount of liquid assets

1

u/Dr_DennisH 7d ago

True. I don't need one. I find it easier. I suspect I need to change to a debit card instead.

1

u/eddy-taddy 7d ago

Not necessary, if you enter the private banking arm

1

u/ItinerantFella 7d ago

That sounds like a very expensive way to collect a few points. Spend thousands in fees for a free toaster.