ANZ black retention offers

[shuuy]

Any recent experiences on ANZ Black Frequent Flyer retention offers?

 

[Scr77]

I didn’t think banks were allowed to make such offers any more?

 

[watchingwatchesau]

I didn’t think banks were allowed to make such offers any more?

They aren't. Entire retention team probably got made redundant when this was legislated. If you look at National Consumer Credit Protection Act 2009 (Cth), Chapter 3 - Part 3-2B, Division 8, 133BV

Credit provider not to suggest the consumer not terminate the credit card contract
When this section applies
(1) This section applies if:
(a) a consumer who is the debtor under a credit card contract has a credit card termination entitlement under the contract; and
(b) the consumer has requested to terminate the credit card contract.
Requirement
(2) The licensee who is the credit provider under the credit card contract must not suggest that the consumer remain in the credit card contract.
Civil penalty: 5,000 penalty units.

Offence
(3) A person commits an offence if:
(a) the person is subject to a requirement under subsection (2); and
(b) the person engages in conduct; and
(c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.

 

[shuuy]

What if it's framed as "I'd like to keep the card - what offer can you give me to stay?"

(ie I haven't triggered 1(b) - 'requested to terminate')

 

[watchingwatchesau]

What if it's framed as "I'd like to keep the card - what offer can you give me to stay?"

(ie I haven't triggered 1(b) - 'requested to terminate')

You could give it a shot. If I were running this, I would just not offer anything as it could cause problems. Limits liability. Most of the money made from the bank is from home loans anyway.

 

[wsthong]

I didn’t think banks were allowed to make such offers any more?

Who's brilliant was this not to offer retention bonuses.
Yet banks are allowed to set minimum spend for bonus points on new members.

 

[Scr77]

Who's brilliant was this not to offer retention bonuses.
Yet banks are allowed to set minimum spend for bonus points on new members.

The change was introduced quite a few years ago. I think at the same time merchants were allow to pass on credit card surcharges and the interbank exchange rate was cut, causing points earn rates to be cut.

 

[Ansett Nostalgic]

In the past they've been able to waive part of the annual fee. IS that still a thing?

 

[DC3]

What if it's framed as "I'd like to keep the card - what offer can you give me to stay?"

(ie I haven't triggered 1(b) - 'requested to terminate')

 

[wxxnxs]

What if it's framed as "I'd like to keep the card - what offer can you give me to stay?"

(ie I haven't triggered 1(b) - 'requested to terminate')

This probably will work for AMEX, but definitely won't work for big 4 or other retail banks within Australia, as mentioned above, they are not allowed to offer any incentives regardless, it's black or white, keep or cancel.

 

[burmans]

Despite this we do continue to get reports of people negotiating both on this forum and elsewhere on the web, eg

How to negotiate a retention offer with Amex (2023) - pointsHq

The thing I love most about American Express Cards is that they pretty much pay for themselves. What I mean

www.pointshq.com.au

I had an idea the legislation only applied to post 2019 contracts so maybe that’s one factor. Would be good to read the actual legislation to check if there are potential loopholes.

 

[GCC]

In the past they've been able to waive part of the annual fee. IS that still a thing?

Yes. I rang and suggested it would be hard to justify keeping the card at the full annual fee. CSA quickly said they would waive the bank fee but couldn’t waive the QFF component. So $120 for current year

 

[Craig O'Brien]

HI all, sorry for replying to a few months old thread, but I am in the process of trying to get my annual fee reduced/removed. I got my statement, and it is $370 annual fee, $10 additional card holder, and $110 REWARD PROGRAM FEE (2 CARDHOLDERS) which is almost $500 dollars. I am calling ANZ now, the first CSA said I agreed to the fees and blah blah, however this is the first year I have had this fee, as it used to be included in my loan package, however they modified that, so now it appears to be charging for the CC. I asked to be transferred to the CC department, so will see how I go. Let's hope I have more luck with the next agent.

 

[Craig O'Brien]

OK, So I spoke to the onshore agent, and they said they could remove the fee as a "one off" so I got the $370 removed. which is better than nothing. Not sure if they are serious about it not been waived next year, but I might have to look at another CC

 

[wxxnxs]

OK, So I spoke to the onshore agent, and they said they could remove the fee as a "one off" so I got the $370 removed. which is better than nothing. Not sure if they are serious about it not been waived next year, but I might have to look at another CC

Despite the annual card fee is waived, I would not consider this card at all, with rewards fee is being charged per card not the account, it’s just outrageous.

 

[burmans]

OK, So I spoke to the onshore agent, and they said they could remove the fee as a "one off" so I got the $370 removed. which is better than nothing. Not sure if they are serious about it not been waived next year, but I might have to look at another CC

As suggested above, this proves you can still negotiate to a degree with the right wording.

Post automatically merged: Jun 27, 2024

Despite the annual card fee is waived, I would not consider this card at all, with rewards fee is being charged per card not the account, it’s just outrageous.

While I agree, surely this is off topic!

 

[infrequent_flyer]

seems as though Craig has a loan (home loan I'm guessing?) with ANZ which might give compel the agent to waive the fee... I wonder if they'll even bother entertaining card churners with just the credit card open with ANZ as other posters have mentioned their experience being told to either keep it or cancel it

 

[bjm76]

I called ANZ yesterday and said I was considering cancelling the card - the agent said that's fine and started the process to cancel. I asked if there was anything they could do to keep me and she said a flat out "no we don't do offers for you to keep the card", she didn't even ask why I was cancelling the card. So card now cancelled and looking for new card.

 

[wsthong]

It is ridiculous. The bank cannot provide retention offer to existing card holders but can entice new applicant to spend a certain amount for high reward points.
What a policy?