Bankwest Transaction account [General Discussion]

[Mattg]

I got the email too this afternoon:



A disappointing development indeed. With interest rates in Australia as low as they've been for the past few years, I've been quite happy earning 0.4 Qantas points/$100 per day instead of "real interest". Might have to re-assess now.

At least they haven't tried to make up some story about "our customers told us they wanted a lower earn rate" or some other rubbish. This is clearly just a way for the bank to cut costs. There aren't that many other bank accounts in Australia that award Qantas points in the same way, so they might even get away with it.

 

[ramamba]

Shame. I was able to avoid account closure back in the days and still use the account as my main transaction account. Never minded a few extra points every month and I quite like the app, lightweight and fairly functional. I guess i'll keep using it, this enhancement although annoying is not enough to force me to switch out of principle.

 

[MEL_Traveller]

I got the email too this afternoon:



A disappointing development indeed. With interest rates in Australia as low as they've been for the past few years, I've been quite happy earning 0.4 Qantas points/$100 per day instead of "real interest". Might have to re-assess now.

I didn't even get an email!

I'm wondering what you are considering as an alternative with the rate going to 0.3/$100? It's a harsh reduction - but I guess it could have been worse... I was fearing the '40%' reduction as mentioned in a couple of headlines (but that only applies to the 'per transaction' points).

0.3 probably still outweighs any available interest rate whether bonus saver or e-saver or term deposit? (especially if you have to pay tax on interest).

 

[Mattg]

0.3 probably still outweighs any available interest rate whether bonus saver or e-saver or term deposit? (especially if you have to pay tax on interest).

You may be right, but I will have to do the calculations at some point and decide how to proceed. I was comfortable with forgoing the interest at the current Qantas point rates, but not sure how the maths stack up after the changes.

As you say, interest rates are so low anyway that Bankwest might still make sense. (Maybe that's what they're counting on.)

 

[DnM]

When Bankwest cancelled accounts, I switched to Qudos. No running Macros, but reasonable points PLUS some interest.
What do others think of this account?

 

[Radio8tiv]

When Bankwest cancelled accounts, I switched to Qudos. No running Macros, but reasonable points PLUS some interest.
What do others think of this account?

I have had this account for years also and recommend it to friends who are at risk of losing Qantas points due to inactivity, it’s an easy set and forget way to earn a few points.

 

[Danger]

When Bankwest cancelled accounts, I switched to Qudos. No running Macros, but reasonable points PLUS some interest.
What do others think of this account?

I'm interested. Is there a thread on this? I'd like to know how the earn rate compares in reality.

 

[MEL_Traveller]

I'm interested. Is there a thread on this? I'd like to know how the earn rate compares in reality.

Doing the math really quickly it doesn't look like Qudos will come near Bankwest's new '.3' rate.

 

[Dr Ralph]

Doing the math really quickly it doesn't look like Qudos will come near Bankwest's new '.3' rate.

Unless you've been banned from Bankwest!

 

[MEL_Traveller]

Unless you've been banned from Bankwest!

True

But Bankwest's '.3' is now just slightly better than being able to find a term deposit or super 'e-saver' account and, after interest, buying lifemiles. So I think Quodos is going to be less advantageous.

 

[cookienator123]

Hi @BudgetFly could you give me any tips on the micro payment set up ,in new to sorting/setting up that type of thing.
thanks mate.

 

[BudgetFly]

Hi @BudgetFly could you give me any tips on the micro payment set up ,in new to sorting/setting up that type of thing.
thanks mate.

I don't know about auto payments but read the terms and conditions. Bankwest Qantas account pays 5 points for every Mastercard debit payment over $2.

 

[Ktan89]

I don't know about auto payments but read the terms and conditions. Bankwest Qantas account pays 5 points for every Mastercard debit payment over $2.

What an idea! Will do this for my next 2 Telstra bill.

 

[bam71]

This is how ( I don't know HOW many of us) got banned ... it was all rather blatant. ... Late 2016 - lots of closed accounts..

 

[Rnwillia]

Unfortunately, as with much in life today, those trying to rip off the system for massive personal gain, have once again "killed the golden goose" and forced Bank west to reduce the benefits that we regular users can obtain. Bank west should have closed down these scamming methods from the start to minimize their exposure and to protect the average user for the long term - for that I am angry with Bank west, albeit not as angry as I am at these scammers and people who are hell bent on ruining what was an excellent scheme for the average user. Damn you Scammers!!!

 

[Rnwillia]

I've done well out of my Bankwest account. I pay my Telstra bill in $2 increments = 5 points per transaction.
Electricity and Health fund at $5 a payment = 5 points per transaction. Any purchase under $15 I use my Bankwest debit. Over $15 my Velocity debit card kicks in. Small steps...

Thanks to your type all us other Bank west customers now have to suffer - Rorter!!!

Post automatically merged: Mar 27, 2020

Rumour has it someone back in the days extracted 3 million points from Bankwest using micro payment. I could only extra 150k from them

These rorters of the system always crue it for us genuine normal users!! so sick of these mongrels!!

 

[33kft]

I'm not sure that the change in point award is attributed to the actions of those who made large numbers of micro-transactions in the past. I suspect it's just one of those business / product decisions that get made as a matter of course. It's a shame, but I was hardly shocked given the changes that have occurred to card transaction fees over the last few years.

 

[Coops1]

The reduction in Qantas points is more in-line with the reduction in bank interest, which has gradually gone down from ~3% a couple of years agonto ~1.5% currently.

 

[BudgetFly]

Thanks to your type all us other Bank west customers now have to suffer - Rorter!!!

Post automatically merged: Mar 27, 2020

These rorters of the system always crue it for us genuine normal users!! so sick of these mongrels!!

Thanks to your type all us other Bank west customers now have to suffer - Rorter!!!

Post automatically merged: Mar 27, 2020

These rorters of the system always crue it for us genuine normal users!! so sick of these mongrels!!

Don't be a knob jockey - I'm hardly a "rorter" with about 25 small payments per week. I know nothing about automated "micro" payments. Yes, I may be a "mongrel" but I'd rather that than be a "genuine normal user" which you tout as something to work towards. These forums are a platform for all members to discuss points earnings from various sources. Maybe I should ask admin if you can be put in "self isolation" for a while. May your toilet paper run out...

 

[33kft]

May your toilet paper run out...

If that isn't the perfect 2020-themed sentiment I don't know what is might have to steal this one