Westpac is capping rewards points monthly from June 17th 2013

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shintaro10x said:
Newk, after meeting you for a drink the other day I can honestly say that you would believe it to be such bad Karma to send such a letter out to customers such as Westpac have... which reminds me, shame we cant discuss this in more detail on April 13 :(, but there will be another time for sure...

Question is do you think I will get a call from them when they receive their letter back with lots of little pieces of their cards back...?

I wonder if they will call me before I call them...?

Rubbish card offers belong in the rubbish...!
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nah...they won't call

BUT they still might offer you a black card....who ya gunna call then ;)

I would take all the CCs you can get at the moment. There may be movement at the station with citi and ATO....I'm sure you've seen that yonder somewhere here
 
I am not a huge CC user but finally got my letter today, no Black offer, I dont spend enough. Rang my RM who said it wouldnt affect me much, she failed to get my point that I had an uncapped card now for the same price it was capped.
Some good news but my Business Choice Rewards Card has no limits on it, it took several calls to confirm this. This card gets used a bit more and I would breach the cap they have on Altitude Business.
Business owners may want to examine this one.
 
jastel said:
I am not a huge CC user but finally got my letter today, no Black offer, I dont spend enough. Rang my RM who said it wouldnt affect me much, she failed to get my point that I had an uncapped card now for the same price it was capped.
Some good news but my Business Choice Rewards Card has no limits on it, it took several calls to confirm this. This card gets used a bit more and I would breach the cap they have on Altitude Business.
Business owners may want to examine this one.
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oh yes.....I have always said that you cannot have too many CCs ;)
 
for me the low caps set on these cards makes them un-usable... If the points cap was 20k-50k per month then effectively not an issue. NAB will be getting an application from me shortly and will balance transfer at 1% to effectively pay for the annual fee...

Pitty there is no sign-on bonus at both NAB & ANZ at the moment, otherwise Westpac would be caught with their pants down...!
 
Pushka said:
How many cards?

I think you can have too many cards. It isn't a good look when applying for mortgages.
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Lol. I'm well past the mortgage application phase of my life.
Number of cards? I might count them up one day but well into double figures*. Gives great flexibility and there is always some sort of special offer on the go somewhere.

* upon reflection it is almost double figures with one institution :)
 
ComeFlyWithMe said:
A hard hitting piece of investigative journalism?
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Don't want to seema cynic but I don't believe journalists think this is their job anymore, has ben a while since I saw evidence of this and seems to be becoming less and less common.
 
Pushka said:
How many cards?

I think you can have too many cards. It isn't a good look when applying for mortgages.
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Yes, anyone see the Today Tonight show on Monday? Total fluff of a show but there is truth that too many applications in a short period is regarded by lenders as a sign of credit stress - hence some won't lend when they see this on your credit history.
 
burmans said:
Yes, anyone see the Today Tonight show on Monday? Total fluff of a show but there is truth that too many applications in a short period is regarded by lenders as a sign of credit stress - hence some won't lend when they see this on your credit history.
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probably why I cannot (yet) get a Woolworths or Jetstar card :)
Fixed WW anyway because Mrs N got it first go ;)
 
burmans said:
Yes, anyone see the Today Tonight show on Monday? Total fluff of a show but there is truth that too many applications in a short period is regarded by lenders as a sign of credit stress - hence some won't lend when they see this on your credit history.
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Today Tonight? Oh no... I think I just got dumber even reading the title of the program!! :lol: (But good point though... I guess I would hope that those who evaluate whether to approve credit would consider other factors, such as declared income, assets and expenses and ability to repay against a credit limit when determining an application, and not just the quantity of cards I may have applied for in within a given period as the only criteria.)
 
kevrosmith said:
Today Tonight? Oh no... I think I just got dumber even reading the title of the program!! :lol: (But good point though... I guess I would hope that those who evaluate whether to approve credit would consider other factors, such as declared income, assets and expenses and ability to repay against a credit limit when determining an application, and not just the quantity of cards I may have applied for in within a given period as the only criteria.)
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They do consider all those but they have ample statistics that suggest that people who don't have the ability to pay do start making lots of credit applications. The obvious question any credit provider would ask is why are you applying for all the credit products if you are so flush, i.e. have you disclosed everything? Like it or not too many credit applications in a short period is a significant factor used by the banks under current credit reporting regime. Of course this will start to change from March next year when they can actually start to see what your exposure elsewhere is.
 
So after a long stoush with Westpac, it appears an exception has been made and I will be offered the Black card at no additional cost.

The gentleman from WBC seemed to intimate that they were aware of this being poorly handled in relation to existing customers.

All that being said, if you were dudded by this 'enhancement', I'd recommend calling them next week after the Black product is launched, express your dissatisfaction, and you may be offered the Black card at your current annual fee.

I passed on my feedback about the handling of this product change, it was noted and an apology was received.

I have also cancelled my application with NAB, as the Black card seems a good value proposition under the revised terms. It was confirmed it will be $395 annual fee for new customers.

I also had it confirmed that all insurances will carry forward from your previous card (purchase protection, travel, etc.) which was one of my big concerns.
 
Cancelled mine today, nearly choked out laughing when they said that I need to destroy it by cutting it up... :lol:

So long suckers, I shall be joining medhead at NAB shortly ;) however will wait until black is released to see if there is a sign on bonus or discounted annual fee :lol:

who knows, a fresh application for the black might come with some tasty QFF or a heavily reduced fee... ?
 
For those who cancelled the Westpac Altitude cards, what cards do you guys use to transfer points to SQ and VA?
 
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