Changes to AMEX Rewards Maximiser Point Earning

[PaulZ]

From 1 April 2009, the Rewards Maximiser Card will change its point earning rules.

Cardmembers will earn 1.25 points per dollar spent, capped at $100,000 spend per annum.

This is a huge and unfortunate, but expected change... particularly considering the other cards and caps they have in their portfolio.

There is now no unlimited point earning card in the market that doesn't require direct sweep into Qantas (That I know of... please correct me if i am incorrect). (St George Private Bank Visa doesn't cap points [neither does ANZ Business One, but that is $1.50 per 1 point]). The AMEX Qantas Ultimate card still allows $1 = 1.5 QF Points, unlimited.

See American Express for the new rules.

 

[edcba]

Diners Club has no cap.

 

[opusman]

From 1 April 2009, the Rewards Maximiser Card will change its point earning rules.

Is this for new members only, like the change to "no Qantas FFP from MR Ascent after August 1", or does it apply to existing cardholders as well?

The link you posted is targeted at new members and I can't find any mention of this change for existing cardholders.

 

[serfty]

From 1 April 2009, the Rewards Maximiser Card will change its point earning rules.

Cardmembers will earn 1.25 points per dollar spent, capped at $100,000 spend per annum. ...

It's not so much capped at $100K as:

reverting to 1 point per dollar thereafter (reset annually).

Hmmm ... I'll be having a close look at any T&C changes that may be enclosed with my next statement.

 

[JohnK]

A little caution is required when reading thread titles alone without the details. :shock: I don't earn anywhere near $100,000 a year so I am not likely to exceed most of the caps placed on credit cards.

I don't want to be critical in any way but I wish there was much more stricter guidelines in earning membership rewards points, especially for people with big business spend, so that the QFF program can return to being a frequent flyer program rather than a frequent spender program....

 

[kamchatsky]

What is the annual fee for this card? Doesn't really mention it on the pages ....... Also anyone know of offers that gives more than 5000 points?

 

[Flying Fox]

Is this for new members only, like the change to "no Qantas FFP from MR Ascent after August 1", or does it apply to existing cardholders as well?

Yes, this is the real question in my mind.

 

[serfty]

What is the annual fee for this card?...

It is $192 p.a.

 

[kamchatsky]

It is $192 p.a.

If that is the case wouldn't it be better off getting Platinum Credit Card? Since that is 1.5 point per dollar, with free domestic flight/night and free subscription of T&L?

Also do they still have first year annual fee free? It used to be the case but this is not even mentioned.

 

[beardoc]

If that is the case wouldn't it be better off getting Platinum Credit Card? Since that is 1.5 point per dollar, with free domestic flight/night and free subscription of T&L?

A lot of people used to get the fees on this card waived pretty regularly, as it only needed $8000 annual spend on it to have the fees waived.

 

[beardoc]

A little caution is required when reading thread titles alone without the details. :shock: I don't earn anywhere near $100,000 a year so I am not likely to exceed most of the caps placed on credit cards.

No, you won't - but you might be affected by the drop back from 1.5 points per dollar back to 1.25 points per dollar.

A pity - I might go back to my fee-free Professional Organisation's Gold Amex after this.

 

[serfty]

If that is the case wouldn't it be better off getting Platinum Credit Card? Since that is 1.5 point per dollar, with free domestic flight/night and free subscription of T&L? ...

Until now it's been a wash with the 1½ uncapped MR points per AUD.

Note that even the Platinum card reverts to 1 MR point per AUD after 100K spend.

 

[oz_mark]

I don't want to be critical in any way but I wish there was much more stricter guidelines in earning membership rewards points, especially for people with big business spend, so that the QFF program can return to being a frequent flyer program rather than a frequent spender program....

Many of the cards do have conditions around personal spending. Enforcement is another issue however.

 

[PaulZ]

Is this for new members only, like the change to "no Qantas FFP from MR Ascent after August 1", or does it apply to existing cardholders as well?

The link you posted is targeted at new members and I can't find any mention of this change for existing cardholders.

I rang AMEX and they confirmed that all stays the same until 1 April 2009... when all Rewards Maximiser Cardholders revert to the new system... $1 = 1.25 pts, capped at $100,000 p.a.

As mentioned... it was a little ridiculous having a card offering unlimited points at the $1 = 1.5 conversion for such a low annual fee...

Oh well...

 

[beardoc]

As mentioned... it was a little ridiculous having a card offering unlimited points at the $1 = 1.5 conversion for such a low annual fee...

The card is a hangover from the days when Amex was still commanding very large amounts in merchant fees and the RBA was putting the regulations on interchange fees on Visa and Mastercard cards. Back then Amex could fund it more easily.

I suspect that QANTAS are charging a lot more these days for their QFF points - hence the reductions, removing QFF point conversions from Ascent, etc. It's a much harder thing these days to offer 1.5 points per dollar.

 

[PaulZ]

The card is a hangover from the days when Amex was still commanding very large amounts in merchant fees and the RBA was putting the regulations on interchange fees on Visa and Mastercard cards. Back then Amex could fund it more easily.

I suspect that QANTAS are charging a lot more these days for their QFF points - hence the reductions, removing QFF point conversions from Ascent, etc. It's a much harder thing these days to offer 1.5 points per dollar.

Yep. I can understand that.

However, I just enquired to accept AMEX as a merchant... and they wanted 3.25% + GST... This was as a not-for-profit organisation.
That must cover alot of the points expense!

They can take it and shove it! Visa and Mastercard are 1.099%.

 

[opusman]

I suspect that QANTAS are charging a lot more these days for their QFF points - hence the reductions, removing QFF point conversions from Ascent, etc. It's a much harder thing these days to offer 1.5 points per dollar.

Well this is really a change to the MR Ascent earn rate. Given that there's no change to the QFF conversion rate (and the fact that they don't even offer QFF points to new members any more) I don't think Qantas can really be blamed for this particular change.

 

[Flashback]

I say good luck to those who are trying to spend $100k/year on the card.

Having only had my card for a week, I have had a 50% hit rate of being able to use the darn thing :evil:

 

[kamchatsky]

If that is the case it would almost be better off getting a fee free Amex Gold Credit card and just pay $80 per year for Ascent Membership Rewards program and earn $1 spend = 1 point, assuming that the Rewards Maximiser annual fee is not waived?!

 

[AnonymousCoward]

If that is the case it would almost be better off getting a fee free Amex Gold Credit card and just pay $80 per year for Ascent Membership Rewards program and earn $1 spend = 1 point, assuming that the Rewards Maximiser annual fee is not waived?!

Does the Gold Credit Card still exist? I can only see the Gold Choices Credit Card (which credits to Choices, not Ascent program)