HSBC Platinum Qantas Credit Card Changes: Ouchy

[SOPOOR]

Just recieved this notice

was quite happy with the table, = $1 per $1 for a higher spend

until I saw the annual fee below!!! in small ,print , holy smokes $79 to $299

Definitely a cancel from me

 

[levelnine]

The great devaluation of credit card points earning continues.

 

[Franko Costa]

It's funny - I read it and I thought this is positive so didn't understand.

However, the AF is goodgiven the cap is 10k p/m. This are other cards with 1:1 spend:
Qantas Premier Platinum $399 10k p/m
NAB Qantas Rewards Signature $395 15k p/m
BOQ Qantas Signature $400 10k p/m
ANZ Frequent Flyer Black $425 7.5k p/m

Better to cancel the card and churn one of the above with a nice bonus

 

[Lost Redditor]

The great devaluation of credit card points earning continues.

We (churners) are to blame
or perhaps it’s plain old greed on their end. I’m not sure how much they lose on our use

 

[SOPOOR]

My annual fee was charged in march 2023, im assuming to avoid getting charged the new fee, i would have to cancel in Feb 2024, and not aug 2023?

 

[theblank]

It's funny - I read it and I thought this is positive so didn't understand.

However, the AF is goodgiven the cap is 10k p/m. This are other cards with 1:1 spend:
Qantas Premier Platinum $399 10k p/m
NAB Qantas Rewards Signature $395 15k p/m
BOQ Qantas Signature $400 10k p/m
ANZ Frequent Flyer Black $425 7.5k p/m

Better to cancel the card and churn one of the above with a nice bonus

plus consider this.

CBA Ultimate $0 10k pm. the points earn will probably be average 0.65 per dollar, and thats low, but without a $400 annual fee. If you are spending less than 10k pm you will be better off.

 

[Mattg]

https://www.hsbc.com.au/content/dam/hsbc/au/docs/credit-cards/Rwds-2023.pdf

So, if I'm reading this right, the HSBC Platinum Qantas card annual fee will increase from $99 to $299. With that, the monthly points-earning cap will be replaced with an annual limit of 120,000 points. You still earn 1 Qantas point per dollar on everyday spend.

Meanwhile, the HSBC Premier World Mastercard (with Qantas Rewards) will go from $99/year to $0/year. This card also earns 1 Qantas point per dollar, up to 120,000 per year.

Why would anyone still use the HSBC Platinum Qantas card - am I missing something?

 

[oz_mark]

https://www.hsbc.com.au/content/dam/hsbc/au/docs/credit-cards/Rwds-2023.pdf

So, if I'm reading this right, the HSBC Platinum Qantas card annual fee will increase from $99 to $299. With that, the monthly points-earning cap will be replaced with an annual limit of 120,000 points. You still earn 1 Qantas point per dollar on everyday spend.

Meanwhile, the HSBC Premier World Mastercard (with Qantas Rewards) will go from $99/year to $0/year. This card also earns 1 Qantas point per dollar, up to 120,000 per year.

Why would anyone still use the HSBC Platinum Qantas card - am I missing something?

The main issue withe the HSBC Premier cards is that you need to be an HSBC Premier customer. So, your'e either depositing at least $9,000 per month, or have $150,000 balance in an acoount with them. If you can do that, it's obviously a better deal.

 

[SOPOOR]

https://www.hsbc.com.au/content/dam/hsbc/au/docs/credit-cards/Rwds-2023.pdf

So, if I'm reading this right, the HSBC Platinum Qantas card annual fee will increase from $99 to $299. With that, the monthly points-earning cap will be replaced with an annual limit of 120,000 points. You still earn 1 Qantas point per dollar on everyday spend.

Meanwhile, the HSBC Premier World Mastercard (with Qantas Rewards) will go from $99/year to $0/year. This card also earns 1 Qantas point per dollar, up to 120,000 per year.

Why would anyone still use the HSBC Platinum Qantas card - am I missing something?

HSBC Premier World Mastercard

Get Qantas Points or HSBC Rewards points as you spend, airport lounge access, complimentary insurance and more with the HSBC Premier World Mastercard.

www.finder.com.au

Says there is a $99 hsbc qantas fee,
So assuming the link is correct, if youre redeeming to qff, the $99 is inevitible

 

[Mattg]

HSBC Premier World Mastercard

Get Qantas Points or HSBC Rewards points as you spend, airport lounge access, complimentary insurance and more with the HSBC Premier World Mastercard.

www.finder.com.au

Says there is a $99 hsbc qantas fee,
So assuming the link is correct, if youre redeeming to qff, the $99 is inevitible

Currently there is a $99 Qantas fee, yes, but that seems to be disappearing later this month according to the HSBC PDF that I linked above.

 

[exceladdict]

The great devaluation of credit card points earning continues.

Very interesting, reinforces the theory from other threads that Qantas has increased the cost to buy points / offer licensed products, probably with an annual and per-point component.

 

[justinbrett]

I got the email and didn't see the increased annual fee until I saw it here.

I run most of my transactions through my QF AMEX, I only use this one for merchants that don't take AMEX.

Now I see I've been paying $199 annual fee even though the retail price was dropped to $99 5 years ago.

So definitely feel cheated by HSBC, will be ditching this account before the next annual fee is due.

 

[exceladdict]

Now I see I've been paying $199 annual fee even though the retail price was dropped to $99 5 years ago.

Oof that's savage, will you chase a refund?

 

[justinbrett]

Oof that's savage, will you chase a refund?

I asked why, she said "you are on the legacy package so were charged the correct amount".

I then said "can I stay on the legacy package then? why are you increasing my annual fee?" to which she replied "because our third party costs have increased". To which I replied "oh, so you're happy to continue taking extra money from me when your costs go down, but not the reverse?

She wasn't apologetic at all and just recited the "benefits" the card gets me, to which I said "at $300 this is not very competitive, why on earth would I keep the account?"

By my calculations you need to run through about $16K per year to get your $300 value back in points. It's simply not worth it. I run most of my stuff through AMEX and these days it's getting rare not being able to use AMEX, and if so, it's low value transactions.

I might just look for a cheap no rewards visa with my bank.

As for the "legacy package", I think I was still getting the QF bonus points that stopped a few years ago, but that's about it.

 

[marcusus]

plus consider this.

CBA Ultimate $0 10k pm. the points earn will probably be average 0.65 per dollar, and thats low, but without a $400 annual fee. If you are spending less than 10k pm you will be better off.

Does anyone have any other alternatives like this? I'm not a high spender, so I doubt I'd clear the CBA $4K amount per month to waive their monthly fee.

Would love to find an alternative to my HSBC Platinum card after the price increase for the annual fee.

 

[theblank]

Does anyone have any other alternatives like this? I'm not a high spender, so I doubt I'd clear the CBA $4K amount per month to waive their monthly fee.

Would love to find an alternative to my HSBC Platinum card after the price increase for the annual fee.

yeah Commbank has a new product Smart Awards, same as ultimate but only 2k spend a month to avoid a monthly fee. More info in the Commbank thread
I just switched mine to it.

 

[marcusus]

Ahh nice. That's much better! Thanks for sharing!

For the sake of convenience for everyone else, you can find the link to the commbank card site here.

 

[Steve994]

Does anyone have any other alternatives like this? I'm not a high spender, so I doubt I'd clear the CBA $4K amount per month to waive their monthly fee.

Would love to find an alternative to my HSBC Platinum card after the price increase for the annual fee.

I currently have the HSBC Qantas Platinum but will be cancelling it within the next 2 weeks, before the annual fee is charged next month. After a lot of research I have gone with Qantas Premier. No big bonus points but ongoing I believe it offers a good deal when comparing annual fee against earn rate.

 

[SOPOOR]

Just confirming for the experts, my annual fee was charged in march 2023,
that means I will get the $299 fee in march 2024? and not August 2023?

so to maximise, i should chance in Feb 2024?

 

[KingHuang]

with HSBC premier, If I was to deposit salary into it 9k+ per month, can I still withdraw that cash and still be eligible for HSBC premier?

Really want the credit card.......

P.S. how is the rewards plus program vs Qantas rewards? I think I'm gaining enough from churning for Qantas points, so would the plus program be a better choice (give this card will just be a backup)