Bankwest reduces rate from 16 may

[akeno]

As you appear to be in the 'inner circle', do you know if the FX surcharges will be waived on the World like the they are for the Platinum? This is the biggest selling point for me over other 1:1 earn MC/Visa cards (even the Citi Signature for free). I easily cover my current $99 annual fee with the FX savings (if you spend more than AUD3350 on FX in a year, which I can do in a single trip with flights, hotels etc).

Sorry, I wouldn't know.

From a product design perspective, it wouldn't make sense to not waive the foreign transaction fees. There needs to be an incentive and many good reasons for us to upgrade and pay a higher annual fee.

 

[Pleb Status]

Sorry, I wouldn't know.

From a product design perspective, it wouldn't make sense to not waive the foreign transaction fees. There needs to be an incentive and many good reasons for us to upgrade and pay a higher annual fee.

That was my thought as well but while they are 'enhancing' the product, the FX surcharge waiver could just disappear to be 'fairer and simpler'.

 

[kallinch]

Just chatted to Bankwest via their online chat and had a very helpful attendant called "Jacqui".

She confirmed the following about the "Bankwest Qantas World Card"

-$190 Annual fee
-Currently ONLY available to existing cardholders and not sure as to when/if it will go public.
-Requires min. 12k credit limit
-Includes the "no forex fees" the same as the Platinum

 

[rweir]

fingers bemusedly crossed for a Bankwest Zero World.

 

[Mr_Orange]

Just chatted to Bankwest via their online chat and had a very helpful attendant called "Jacqui".

She confirmed the following about the "Bankwest Qantas World Card"

-$190 Annual fee
-Current ONLY available to existing cardholders and not sure as to when/if it will go public.
-Requires min. 12k credit limit
-Includes the "no forex fees" the same as the Platinum

If true, that is only a $50 hike over my existing annual fee and I can easily qualify for the min credit limit if I take up the increase they have offered me.

Might not be so painful....

 

[Pleb Status]

World card is supposed to be available for existing customers from today but no one can sell it to me because they are all busy..... Call back scheduled for tomorrow.

 

[kpro]

Just chatted to Bankwest via their online chat and had a very helpful attendant called "Jacqui".

She confirmed the following about the "Bankwest Qantas World Card"

-$190 Annual fee
-Currently ONLY available to existing cardholders and not sure as to when/if it will go public.
-Requires min. 12k credit limit
-Includes the "no forex fees" the same as the Platinum

Funnily enough, that's actually less than my current annual fee - signed up before they had the $99 or $160 reduced fee promotion. I'll call up sometime this week to see if I can swap.

 

[Isochronous]

Just chatted to Bankwest via their online chat and had a very helpful attendant called "Jacqui".

She confirmed the following about the "Bankwest Qantas World Card"

-$190 Annual fee
-Currently ONLY available to existing cardholders and not sure as to when/if it will go public.
-Requires min. 12k credit limit
-Includes the "no forex fees" the same as the Platinum

Do you have to file a new application and do the whole rigmarole of sending in ID/pay slips etc or can they just upgrade you and change the annual fee?

 

[kallinch]

One would assume they just swap you over assuming you have the min. 12k credit limit...Well that's how it works at Commbank at least.

 

[Pleb Status]

Do you have to file a new application and do the whole rigmarole of sending in ID/pay slips etc or can they just upgrade you and change the annual fee?

If you have a credit limit >= 12k, it is just a product change. The staff in the Perth branch are trying to find the PDS for me so I can transfer.

 

[madrooster]

More information regarding the world MC:

There are two variants only - the More and Qantas cards only. There is no Zero or Breeze world MC.

The annual fee for the More version is $190, and for the Qantas version is $220.

You also get SPG gold after 1 night's stay at a SPG property, providing that booking is charged to the world MC.

There is also the up to 12 months travel insurance etc.

Minimum credit limit is indeed 12k. For those with an existing account and have a >= 12k credit limit, there is a form to fill out and fax back and it is just a product transfer. For those with less than 12k you will need to apply for a limit increase first. A new card number will be issued.

Of note is the following in the application form:

If you have paid an annual fee on your current account type; no part of this fee will be refunded.

 

[Mr_Orange]

More information regarding the world MC:

There are two variants only - the More and Qantas cards only. There is no Zero or Breeze world MC.

The annual fee for the More version is $190, and for the Qantas version is $220.

You also get SPG gold after 1 night's stay at a SPG property, providing that booking is charged to the world MC.

There is also the up to 12 months travel insurance etc.

Minimum credit limit is indeed 12k. For those with an existing account and have a >= 12k credit limit, there is a form to fill out and fax back and it is just a product transfer. For those with less than 12k you will need to apply for a limit increase first. A new card number will be issued.

Of note is the following in the application form:

If you have paid an annual fee on your current account type; no part of this fee will be refunded.

Hmmm, for the QF card this is an $80 annual fee hike in order to essentially keep the same product I have now.

The SPG gold is the only addition and only of any benefit if I stay more than once in an SPG property. I assume it only last for 12 months and is a once off so of very little value, IMO.

I read the text in italics that you quoted from the application form to mean that I would pay the $220 annual fee on the day I upgrade irrespective of when my last annual fee was paid, so it makes sense to delay upgrading until towards the end of the statement year.

I must say that I am disappointed with these changes and will tell Bankwest as much when I next speak to them.

 

[akeno]

included with the World MasterCard is the standard membership into Priority Pass with two complimentary airport lounge visits per year.

That is a saving of $99 Priority Pass standard fee membership and 2 X $27 visit fee. You save $153 per year.

 

[rweir]

included with the World MasterCard is the standard membership into Priority Pass with two complimentary airport lounge visits per year.

That is a saving of $99 Priority Pass standard fee membership and 2 X $27 visit fee. You save $153 per year.

well, remember Citi will gave that to you for free with your free Signature card, too.

 

[akeno]

well, remember Citi will gave that to you for free with your free Signature card, too.

I was trying to be sarcastic when i went into the whole mathematics of calculating how much i would save by upgrading

 

[rweir]

I was trying to be sarcastic when i went into the whole mathematics of calculating how much i would save by upgrading

ah right it is hard to justify for people grandfathered in to the 1:1 points system, which does me wonder how long that'll last...

 

[madrooster]

ah right it is hard to justify for people grandfathered in to the 1:1 points system, which does me wonder how long that'll last...

Not for much longer, grandfathered accounts will go to the current 0.75/$1 earn from mid November.

 

[coles525]

well, remember Citi will gave that to you for free with your free Signature card, too.

In regards to citi, does it apply if you choose the qanras points option?

 

[rweir]

Qantas is the same except it is direct sweep and costs $49/year.

 

[coles525]

Will need to try and get my friend signed up (not into all this ff stuff) soon then!

We are away overseas at the end of the month, so I hope citi don't take their sweet time with getting g the checks done!