Macquarie Bank takes over from HSBC

[Princess Fiona]

That and the ridiculous annual fee and additional card holder price hike.

Say hello to the ANZ Platinum with $0 annual fee and 25,000 points.

I don't have any ATO and might go back to HSBC. ANZ still has points capping unless you take out the Black card.
I earn on average 8-10K per month on the Woolies card currently.

 

[bismarck]

I must say, I really don't understand the logic of points capping from the banks perspective.

Surely one big-spender earns the same in fees as 2-3 $2.5k spenders??? (assuming it's not all earned through our friends in CBR)

 

[Mark3000]

Apologies if this has already been posted but learned today that 0.5 points per dollar after $2,500 spend for all existing cardholders from March 2015.

Shame, I liked this card.

Wow, why would they do that. A fee hike and the killing the attractiveness of the card. I will be canceling for sure if they do thay

 

[awilcockson]

What a complete joke. I rang them when the fee hike was announced and was told they don't do fee reductions or waivers (I put $8-10K a month through my card).

I was also told that "the fee increase was necessary to cover the range of extra features that would shortly be announced that would make frequent flyers very happy" (that's pretty much exactly an exact quote).

The should have said enhancements rather than extra features, then I would have understood where they were going.

I'll be pushing for a pro-rata refund of my annual fee, you can't up the fee, charge the fee, and then reduce the features. Surely?

 

[awilcockson]

I got mine without any annual fee, for life. You need to use the "hidden" link Citibank Rewards Credit Cards - Limited Offer

You are a champion, I owe you a beer

Just signed up, fingers crossed for approval!

 

[ReLoad]

Well this totally blows.
The question is what's the next best alternative.

Like others went about 10k a month through, hardly an insignificant customer.

I think I need to hire a AFF consultant to find the best card for us!

 

[burmans]

Well this totally blows.
The question is what's the next best alternative.

Like others went about 10k a month through, hardly an insignificant customer.

I think I need to hire a AFF consultant to find the best card for us!

If it's not ATO points you want hard to go past the Citibank Signature fee free for life. If it is, yes I think we need a thread to determine best replacement.

 

[Princess Fiona]

If it's not ATO points you want hard to go past the Citibank Signature fee free for life. If it is, yes I think we need a thread to determine best replacement.

Does that cost $49 PA for QF points ?

 

[medhead]

I must say, I really don't understand the logic of points capping from the banks perspective.

Surely one big-spender earns the same in fees as 2-3 $2.5k spenders??? (assuming it's not all earned through our friends in CBR)

That's right. 2-3 times the fees but only have to pay out 2500 points.

Does that cost $49 PA for QF points ?

Yes

 

[awilcockson]

Does that cost $49 PA for QF points ?

It does.

I'm hoping someone can confirm that it's $49 per account and not per card (with supplementary cards)?

$49 a year is pretty good value considering the uncapped points, free wine at dinner and free priority pass membership

 

[kpc]

It does.

I'm hoping someone can confirm that it's $49 per account and not per card (with supplementary cards)?

$49 a year is pretty good value considering the uncapped points, free wine at dinner and free priority pass membership

Per account, Andrew. I have just cancelled the QF direct earn feature of this card so that I can earn citi rewards which can then be converted to Krisflyer or VA, at essentially 1:! ...I have a little too many QF points atm.

 

[burmans]

Does that cost $49 PA for QF points ?

As per others reply, yes but I prefer KF points.

 

[bismarck]

That's right. 2-3 times the fees but only have to pay out 2500 points.

I guess I implied in my comment that the big spender would leave of points capping in place. And that 2-3 customers are harder to attract/retain than 1 customer.

Anyway, slightly OT.

 

[Walter_Plinge]

Qantas Employees Credit Union and the Visa Platinum Card ($197 pa) looks interesting: "Everyone can join! Now everyone can join and get a better deal for their banking at Qantas Credit Union." A few months ago when I look you had to have a referral from a Qantas staff member (which I could have got). Uses Westpac and Bank of Melbourne ATMs.

 

[cove]

I looked up what the silver donut has paid in Qantas points since the takeover and it is almost 6 figures.
I am thinking about the strategy to get the absolute value out of the $139 annual fee before the proposed cut back on points earning rate that is proposed for early March.
I think I will need to get the accounts to zero and the good news is we have 3 family cards I can use separately so we have $417 invested to score a return on investment.
It seems it will be over for us on these cards in about 49 days so it won't matter if they want to close down any of the cards.

 

[burmans]

So I rang today to cancel my EDR card because I genuinely haven't used it for a year (my go to cards are the Krysflyer Amex, the Citi Sig converted to fee free and the plat Amex edge). after all the bull**** after what a great card it is (cancelled the earth black today and got more of the same) they offered to waive AND give me a 1.9% transfer.

So no transactions in a year. Close enough and I get a fee waiver, work that one out. I frankly can't work out why they want me as a customer.

 

[chrisishere]

So I rang today to cancel my EDR card because I genuinely haven't used it for a year (my go to cards are the Krysflyer Amex, the Citi Sig converted to fee free and the plat Amex edge). after all the bull**** after what a great card it is (cancelled the earth black today and got more of the same) they offered to waive AND give me a 1.9% transfer.

So no transactions in a year. Close enough and I get a fee waiver, work that one out. I frankly can't work out why they want me as a customer.

How did you manage to get the Citi Sig fee free? I tried last year and they will waive the fee but not give it fee free for life

 

[burmans]

How did you manage to get the Citi Sig fee free? I tried last year and they will waive the fee but not give it fee free for life

From the other thread it's clear experiences vary but I just said I'd cancel and then reapply in the future.

 

[Scr77]

My January statement posted yesterday. All points, including ATO are already in Qantas account. Read statement thoroughly and there is still no notice of pending points cap. I wonder if Mac are planning on notifying us?

 

[medhead]

I guess I implied in my comment that the big spender would leave of points capping in place. And that 2-3 customers are harder to attract/retain than 1 customer.

Anyway, slightly OT.

I guess I was trying to imply that there is a balance between those who leave and those who don't.