CBA cuts QFF points

[ChrisFlyer]

CBA again distinguishes itself as the most stingy of the big 4 banks. Notice on my most recent statement:

Cuts QFF earn on Diamond from 1.5/$1 to 1.2/$1 on AMEX and from 0.625/$1 to 0.5/$1 on MasterCard.

CBA Awards site also shows the change as affecting Platinum accounts, who will earn 1QF/$1 from May on the AMEX (currently 1.25) and 0.4/$1 (currently 0.5) on the MasterCard. (Seriously, the Platinum MasterCard card will earn no more points than the MasterCard with the basic accounts.)

Also in case you missed it recently the QFF Direct fee was also upped from $10 to $30/year.

No change for basic and Gold Awards earning with QFF as the 2.5=1 conversion rate was already used.

Also no change (guessing for now) for Velocity points with Platinum and Diamond keeping the current 2CBA=1VA conversion (and thus 1.5VA/$1 earn on Diamond AMEX).

 

[cove]

I would say ouch if I had credit cards branded CBA but I don't have any.

 

[ChrisFlyer]

CBA has been awash with cuts these past few years - first points on BPAY, then points on ATO, then increasing the QFF cost, the cutting points earned on everything else. I originally had a Platinum card and then got a free upgrade to Diamond when it was launched (at the $250/yr Platinum annual fee) so in that respect it was worth keeping and comparable to the NAB QF Premium but with the SPG Gold benefit via the MasterCard World and the 2x AMEX lounge visits, but once 1.2/$1 kicks in it'll go in a drawer or more likely, be cut up.

 

[marki]

Not Surprised ........ Never mind choices are still available three pillars instead of 4 !

 

[Isochronous]

CBA has always been my most hated bank.

 

[opusman]

And so it begins...

 

[RooFlyer]

Will be converting my points to Velocity (as I always have) ASAP!

 

[Cool Cat Phil]

CBA has been awash with cuts these past few years - first points on BPAY, then points on ATO, then increasing the QFF cost, the cutting points earned on everything else. I originally had a Platinum card and then got a free upgrade to Diamond when it was launched (at the $250/yr Platinum annual fee) so in that respect it was worth keeping and comparable to the NAB QF Premium but with the SPG Gold benefit via the MasterCard World and the 2x AMEX lounge visits, but once 1.2/$1 kicks in it'll go in a drawer or more likely, be cut up.

Totally agree with CBA being the most stingiest bank of the big 4 when it comes to offering compelling credit card offers.

Any news if they are going down the road of points capping? I suspect that would be next.

 

[opusman]

Any news if they are going down the road of points capping? I suspect that would be next.

"THIS MEANS THE MAXIMUM NUMBER OF QANTAS POINTS YOU CAN EARN ON YOUR CARD WILL CHANGE" implies they already do.

 

[gregff]

Cuts QFF earn on Diamond from 1.5/$1 to 1.2/$1 on AMEX and from 0.625/$1 to 0.5/$1 on MasterCard.
CBA Awards site also shows the change as affecting Platinum accounts, who will earn 1QF/$1 from May on the AMEX (currently 1.25) and 0.4/$1 (currently 0.5) on the MasterCard.

Sounds like you get a better deal for MasterCard spend from a free preloaded Qantas Cash MasterCard (0.5 QF points per $1 spend) from Qantas than the Commonwealth products.

 

[Daver6]

Being a CBA Diamond card holder this will impact me significantly. Once I receive official confirmation it will be a phone call to my relationship manager. I have significant loans with CBA and put a decent amount of money through my CBA cards. If they can't come to the party on this one, it might be time to move my business elsewhere. Fees going up, points earning going down does not make for a happy customer.

I do fear though that this is just the start of things and other banks will follow suite in the near future.

 

[ChrisFlyer]

Any news if they are going down the road of points capping? I suspect that would be next.

CBA has long had points caps - Diamond currently allows earning up to 500,000 QFF points per year, so imagine that would proportionately drop to 400,000 QF/year as the cap is based on the CBA Awards points you earn which are automatically converted, so you can still earn the same number of CBA Awards points, they're just worth less.

Once I receive official confirmation it will be a phone call to my relationship manager.

Log into NetBank, hit the Awards icon and find the page where the airline partners are listed (I think it might have been 'redeem travel' and then 'frequent flyer' or similar) - page already shows the new 2.5:1 rate change for Diamond with May start date.

 

[There'sOnlyOneJimmy]

"THIS MEANS THE MAXIMUM NUMBER OF QANTAS POINTS YOU CAN EARN ON YOUR CARD WILL CHANGE" implies they already do.

Yes they already do, but for me at least the effect of the cap is purely technical.
The cap for Diamond Card holders is 1,000,000 points per annum*, and in the absence of significant increase to my budget constraints, I can't see myself approaching the earning cap any time soon (unfortunately...).


*Edit: which convert (at the current conversion rate) to 500,000 QFF points

 

[Cool Cat Phil]

CBA has long had points caps - Diamond currently allows earning up to 500,000 QFF points per year, so imagine that would proportionately drop to 400,000 QF/year as the cap is based on the CBA Awards points you earn which are automatically converted, so you can still earn the same number of CBA Awards points, they're just worth less.



Log into NetBank, hit the Awards icon and find the page where the airline partners are listed (I think it might have been 'redeem travel' and then 'frequent flyer' or similar) - page already shows the new 2.5:1 rate change for Diamond with May start date.

Thanks, I actually wasn't aware of CBA's points capping, whilst I know many people who have left ANZ recently over points capping.

 

[Dr Ralph]

Think you need to be looking elsewhere ChrisFlyer

 

[exceladdict]

I was looking to jump back to CBA for the in-the-pocket card, as the diamond would be free with my home loan, but this just sealed the deal that I won't be.

Unless they offer me tens of thousands of points to hold the card temporarily, that is.

 

[esseeeayeenn]

This wasn't on my most recent statement.
Does anyone who has a CBA Visa rather than Mastercard received it?

 

[theevilmuppet]

For all those claiming this is a case of CBA being "stingy", this simply isn't true.

Your concerns need to be directed at the RBA, specifically their Payment Systems Board. The completely baseless caps they've imposed on interchange fees are the reason that Citi, ANZ and now CBA have made these changes.

Any decisions you make now on taking up a product issued by anyone other than Citi, ANZ or CBA for Visa and MasterCard scheme cards is going to leave you in a similar position. Until Westpac, NAB and other issuers of MC and Visa cards show their hand, it's not clear as to how the landscape will end up.

 

[SOPOOR]

well this is bad news, I just got my lettter, this is the straw that broke the camels back for me

i pay 249 annual fee plus $30 for qantas , I dont go near the caps so the change in limits dont affect me

I was really happy with the 1.5 per $ for amex while the 0.625 for the master card was pretty bad,
and now its worse

absolutely devasted and disgutested

does anykne know a card that has 1.5 per dollar with low or no annual fee with 5 days interest free?

I will definitely be changing if an alternative is there!

what are others doing?
I could try the threaten to leave trick to get the annual fee waived

 

[Origin]

Received my letter as well. As a platinum card holder the caps were always a lot more restrictive and the 1.25 per dollar Qantas points (on the Amex card) use to scale back very quickly. Now this will be even worse, making the card totally useless for Qantas points. Wonder who will be next.