ANZ QFF card earn rates enhanced™

[Ken1]

Re: ANZ QFF/Rewards card earn rates enhanced™

I have ANZ QFF Black Visa & Amex cards which I requested to be upgraded from Platinum when the monthly points earning limits were introduced on the Platinum since at that time I was putting ATO spend on the ANZ Amex card. Because I requested the upgrade I had to pay the increased fee of $425 (Annual Fee $370 + $55 Reward program Fee) plus the additional fee for my Wife's supplementary card, which I thought was worthwhile at the time so I could keep using that card for ATO payments before ANZ stopped giving points for ATO but I think it is now way overpriced for Visa only spend.

My wife also has ANZ QFF Black Visa & Amex cards and her fee is only $95 (Annual Fee $40 + reward program Fee $55) plus the additional fee for my supplementary card on her account, since she didn't request the upgrade from Platinum to Black - ANZ offered the upgrade with no change to the annual fee. We have both had ANZ cards for many years, probably over 20 years.

I phoned ANZ today asking if the fee on my card can be reduced as I think it's not worth $425 without Amex being included. I was told that an announcement has not yet been made regarding any change to fees but that we will be notified with at least 30 days notice if there is any change. I was then put through to the Card Solutions team to discuss my situation and was offered and have accepted a 50% refund of my current annual fee, which is due in September, so $212.50 will be credited to my account, but I was told that I would have to pay the full $425 when it is due for renewal.

I'll try again before renewal time but if they won't reduce it I'll cancel my card and we'll just use my Wife's card account with the low annual fee for our Visa spend. We are now using the Amex Explorer card for all Amex spend.

 

[oz_mark]

Citi is talking directly to QF loyalty about issuing a card which MAY be Diners.

Can't see that being a useful card

 

[Ambo]

Re: ANZ QFF/Rewards card earn rates enhanced™

WBC were rumoured to be looking at having AMEX issue a cobranded card with the WBC logo on it and AMEX carrying the credit risk and owning the customer relationship in order to get around the RBA changes however its not clear yet if they will proceed. Westpac would get a clip on the transactions under that model but the RBA would not be impressed.

Am I missing something here? Westpac would get a clip but what would AMEX get out of it? If AMEX can only issue AMEX and not issue a companion Visa or MC, what would be the benefit of going for an AMEX branded Westpac card over a direct AMEX proprietary card?

Citi and Qantas are in talks to launch an exclusive card

Damn, not a big fan of Citi....

 

[opusman]

Re: ANZ QFF/Rewards card earn rates enhanced™

If AMEX can only issue AMEX and not issue a companion Visa or MC, what would be the benefit of going for an AMEX branded Westpac card over a direct AMEX proprietary card

A way to gain a lot of new customers?

 

[DontGetMeStarted]

Re: ANZ QFF/Rewards card earn rates enhanced™

I have ANZ QFF Black Visa & Amex cards which I requested to be upgraded from Platinum when the monthly points earning limits were introduced on the Platinum since at that time I was putting ATO spend on the ANZ Amex card. Because I requested the upgrade I had to pay the increased fee of $425 (Annual Fee $370 + $55 Reward program Fee) plus the additional fee for my Wife's supplementary card, which I thought was worthwhile at the time so I could keep using that card for ATO payments before ANZ stopped giving points for ATO but I think it is now way overpriced for Visa only spend.

My wife also has ANZ QFF Black Visa & Amex cards and her fee is only $95 (Annual Fee $40 + reward program Fee $55) plus the additional fee for my supplementary card on her account, since she didn't request the upgrade from Platinum to Black - ANZ offered the upgrade with no change to the annual fee. We have both had ANZ cards for many years, probably over 20 years.

I phoned ANZ today asking if the fee on my card can be reduced as I think it's not worth $425 without Amex being included. I was told that an announcement has not yet been made regarding any change to fees but that we will be notified with at least 30 days notice if there is any change. I was then put through to the Card Solutions team to discuss my situation and was offered and have accepted a 50% refund of my current annual fee, which is due in September, so $212.50 will be credited to my account, but I was told that I would have to pay the full $425 when it is due for renewal.

I'll try again before renewal time but if they won't reduce it I'll cancel my card and we'll just use my Wife's card account with the low annual fee for our Visa spend. We are now using the Amex Explorer card for all Amex spend.

I just called them too as my renewal is in July told them I had all my savings accounts etc with them, been a customer for 30 years (also ex ANZ employee) put me on hold for 5 minutes and came back and said the fee would be $425.00 and no reduction offered....

 

[Nutcase]

Re: ANZ QFF/Rewards card earn rates enhanced™

Am I missing something here? Westpac would get a clip but what would AMEX get out of it? If AMEX can only issue AMEX and not issue a companion Visa or MC, what would be the benefit of going for an AMEX branded Westpac card over a direct AMEX proprietary card?

Under this scenario, AMEX issue the card as per normal however if it was co branded Westpac, then Westpac would negotiate a revenue share of fees. The card would behave as normal. Its a work around solution to the RBA interchange rules. Westpac would refer business to AMEX.

This is basically Westpac walking away from premium rewards and is a rumour in as much that it was on the table as an option.

 

[Nutcase]

Re: ANZ QFF/Rewards card earn rates enhanced™

I just called them too as my renewal is in July told them I had all my savings accounts etc with them, been a customer for 30 years (also ex ANZ employee) put me on hold for 5 minutes and came back and said the fee would be $425.00 and no reduction offered....

Sounds like you weren't a very profitable customer for them. If you don't revolve a balance then it would be marginal that they would make money out of you. Losing a retail savings account happens every day so that wouldn't bother them.

If you had a mortgage or substantial deposits (millions) with them they would be all over you like a cheap suit.

 

[DontGetMeStarted]

Re: ANZ QFF/Rewards card earn rates enhanced™

No not millions with them unfortunately but loyalty counts for nothing these days

 

[Nutcase]

Re: ANZ QFF/Rewards card earn rates enhanced™

No not millions with them unfortunately but loyalty counts for nothing these days

Loyalty at the expense of profit? No.

Loyalty doesn't keep the Bank profitable rather its probably costing them money. Ive seen many "loyal" Business, corporate and private Bank customers exited from the Bank due to the Bank losing money by having them on the books.

 

[theblank]

Re: ANZ QFF/Rewards card earn rates enhanced™

I just called them too as my renewal is in July told them I had all my savings accounts etc with them, been a customer for 30 years (also ex ANZ employee) put me on hold for 5 minutes and came back and said the fee would be $425.00 and no reduction offered....

You would know first hand that the worst customers are the ex staff, and its best to get rid of them! (IMO ex-nab staff are the worst of all, and I live up to it)

When I cancelled my ANZ black, and the phone lady just said 'rightio' and that was it. Did not ask why, did not try to retain, and I didnt get 11.99 months earlier on a signup bonus either. I was never going to keep it anyway, even if I was offered, but I was a bit miffed they didnt beg, even just a little.

The only reason that I can think of that they didnt try to retain me, is she noticed I had recently paid out and cancelled my breakfree package, and maybe she just saw the bleeding obvious.

 

[kyanar]

Re: ANZ QFF/Rewards card earn rates enhanced™

Under this scenario, AMEX issue the card as per normal however if it was co branded Westpac, then Westpac would negotiate a revenue share of fees. The card would behave as normal. Its a work around solution to the RBA interchange rules. Westpac would refer business to AMEX.

Wouldn't work. The RBA would just regulate the commission payments as they don't like banks trying to dodge their stupid rules.

 

[Nutcase]

Re: ANZ QFF/Rewards card earn rates enhanced™

Wouldn't work. The RBA would just regulate the commission payments as they don't like banks trying to dodge their stupid rules.

Stupid rules? If you are referring to interchange its important to know that Australia is not the lowest interchange environment in the world. The RBA has been on record as wanting it at zero. EU has it at 0.30% and most western countries are looking to regulate.

Its just the way that the world is going.

 

[Danger]

Re: ANZ QFF/Rewards card earn rates enhanced™

I contacted ANZ to ask what sort of pro rata refund of the annual fee could be expected after I paid mine in full at the end of November. Surprise, surprise, no refund. The agent said "our AMEX is a companion card that was introduced to maximise the amount of points you could earn per month; however in doing so there were no changes to the annual fee for your credit card". There is also a dedicated number to phone if you want more info: 1800 824 433.

I won't be keeping the card but I have an overseas trip planned for beyond when the annual fee is payable and which I'm relying on this card for insurance. I looked around the ANZ website last night and discovered that all of their cards that offer travel insurance offer the same policy. So I'm going to downgrade to a pretty basic ANZ Rewards Platinum credit card for just $95 in order to keep the insurance benefit. The underwriter, QBE, has confirmed to me in writing that changing from one card to another won't impact my existing insurance.

 

[opusman]

Re: ANZ QFF/Rewards card earn rates enhanced™

The agent said "our AMEX is a companion card that was introduced to maximise the amount of points you could earn per month; however in doing so there were no changes to the annual fee for your credit card".

Did you take the product out before they added the Amex card? No. You took the product out specifically because it had an Amex card, which they have now withdrawn.

 

[Danger]

Re: ANZ QFF/Rewards card earn rates enhanced™

Did you take the product out before they added the Amex card? No. You took the product out specifically because it had an Amex card, which they have now withdrawn.

I may well be wrong but I've had the card for many years. I believe I had it when it was just a Visa. But, again, I may be wrong.

That aside, I'm paying an annual fee for two cards. Now there's one. What's more, my annual fee is going from A195 to $290.

 

[Spongbob]

Re: ANZ QFF/Rewards card earn rates enhanced™

That aside, I'm paying an annual fee for two cards. Now there's one. What's more, my annual fee is going from A195 to $290.

But think of the benefit, now you will only need to one (1) card with you, and not two. This should be worth something?

 

[Danger]

Re: ANZ QFF/Rewards card earn rates enhanced™

But think of the benefit, now you will only need to one (1) card with you, and not two. This should be worth something?

Sadly no. I'd much rather carry two cards and pay $195 than one card and pay $290.

 

[bbqwer]

Re: ANZ QFF/Rewards card earn rates enhanced™

Mothers Day is coming , I am hoping coles offering prepaid mastercard please

 

[CatherineC]

Re: ANZ QFF/Rewards card earn rates enhanced™

Received the formal letter today and confirmed above discussions. Of more interest was the part telling me my annual fee would increase to $295 after 5 August ( fee of $240 and reward fee of $50). I have previously only paid $95 as i was one of those who was upgraded to black from platinum and was told my fee wouldn't change! Apparently it can change and will change and effectively increase by around 200%!!

 

[Spongbob]

Re: ANZ QFF/Rewards card earn rates enhanced™

Received the formal letter today and confirmed above discussions. Of more interest was the part telling me my annual fee would increase to $295 after 5 August ( fee of $240 and reward fee of $50). I have previously only paid $95 as i was one of those who was upgraded to black from platinum and was told my fee wouldn't change! Apparently it can change and will change and effectively increase by around 200%!!

CatherineC, increasing your annual fee by $200 for no additional benefit (indeed fewer benefits with the end of the ANZ AMEX) does seem to be a good reason to cancel your card ANZ QFF Black Visa. But, is there another card that will give you 1 QFF point for each dollar spent that has an annual fee of less than $295?