Macquarie ending Qantas Points on credit cards & home loans from October 2024

[Be.au]

While Macquarie stopped issuing Qantas earning products back in July 2022 (Earning Qantas Points on your home loan), existing card holders have been exempt from the removal... until now.

Unfortunately Macquarie have finally announced they'll be ending Qantas point earning cards and home loans from October Qantas credit card and home loan changes

Shame, as it was an easy card to use; no foreign transaction fees, a "decent" point earn rate (How to earn points on your credit card.), with bonus points on QF spend, and was free as part of a home loan package.

 

[oz_mark]

Well, that's unfortunate, but I guess expected.

 

[TheDefenestrator]

Damn, the QFF Macquarie cards were great imo. Guess it was a foregone conclusion this was eventually going to happen.
The Macquarie Rewards offering doesn't really appeal to me so I think it might be time to look for a replacement after October.

 

[DeKa]

I have this QFF Macquarie card on a FFL offer (which began as a Hilton card issued by Macquarie).
It's been a long time since I looked for a QFF Visa/Mastercard, but it looks like to get 1ppd for at least some spend you need to pay fairly high annual fees now - NAB Signature is 1:1 up to $5k/mth with a $295pa fee for 'life' (reduced from $395 if a NAB customer).

 

[liveinsydney]

Just received the email from MQ.
Any suggestions which card to go for after Oct?

 

[VPS]

Really annoying because again I got this through the Hilton and fee free for life and I’m still Hilton Diamond because of it.

Does anyone know off the top of their head what Macquarie rewards convert to?

 

[oz_mark]

Really annoying because again I got this through the Hilton and fee free for life and I’m still Hilton Diamond because of it.

Does anyone know off the top of their head what Macquarie rewards convert to?

e-gift cards. That's about it.

 

[DeKa]

I think because this is FFL for me, and has no FX fees, I’ll probably keep it and cancel something else. I’ll then look for something Qantas Points earning too.

 

[grandir]

e-gift cards. That's about it.

Their e-gift cards are still fairly decent value for money if those are the kind of rewards one goes after/prefers.

Most banks' $/point is around $0.002/point which while Macquarie's is roughly double that around $0.004/point after 1 July 2024. With a Home Loan, I believe Mac waives the AF for their cards so spending around just $2,500 per month with a Home Loan will net you around $250 of gift cards which is nothing to snort at if we're looking purely at the gift card market value for money.

 

[Supersonic Swinger]

Their e-gift cards are still fairly decent value for money if those are the kind of rewards one goes after/prefers.

Most banks' $/point is around $0.002/point which while Macquarie's is roughly double that around $0.004/point after 1 July 2024. With a Home Loan, I believe Mac waives the AF for their cards so spending around just $2,500 per month with a Home Loan will net you around $250 of gift cards which is nothing to snort at if we're looking purely at the gift card market value for money.

HSBC Premier card (if you are eligible) offers a $25 statement credit after each $4,000 of spend, effectively $0.00625 per dollar spent, without having to worry about getting and redeeming gift cards.

 

[Ansett Nostalgic]

What a dreadful bank.

 

[ausfox]

Cancelled mine as it has to have QFF connection.

 

[Viridis]

What a dreadful bank.

If you’re referring to HSBC I’d argue that Macquarie is at least as bad, probably worse based on my family’s experience.

HSBC has its issues but they offer a superior product, especially if you qualify for Premier and for any customers with financial interests abroad

 

[egeaher]

Well thats a shame. This was my go to credit card for Internation travel. As mentioned, no credit card fees for overseas transaction, good Qantas points earnings, plus no annual fees... I'll milk it until October, but in meanwhile will be looking for other options.

 

[ausfox]

Any suggestions on a reasonable Mastercard with QFF points?

 

[grandir]

HSBC Premier card (if you are eligible) offers a $25 statement credit after each $4,000 of spend, effectively $0.00625 per dollar spent, without having to worry about getting and redeeming gift cards.

Macquarie offers $37.60 back for every $4,000 of spend if redeeming gift cards or $25.60 if going for straight cash back.

HSBC offers $25 back for every $4,000 of spend regardless of gift cards or cash back so as I said, if your preferred redemption of CC points is gift cards, Macquarie still comes out on top.

However, Macquarie doesnt offer airline lounge access while HSBC gives you 2x entries per year, but Macquarie doesnt charge forex fees while HSBC charges 3% even if charged in AUD but merchant processes O/S (looking at you Spotify). HSBC is $0 AF but you have to achieve Premier status first and afaik you have to maintain it too e.g. deposit at least $9k into your account every month or maintain $150,000 of savings across your HSBC accounts. Macquarie has $249 AF, but is wavied if you have a home loan with them.

So all in all - if you prefer redeeming gift cards, Macquarie is quite competitive. But YMMV

 

[grandir]

Any suggestions on a reasonable Mastercard with QFF points?

The HSBC Premier Card is decent - 1QFF per $ up to $120,000 per year. But note you have to jump through a few hoops to qualify for Premier status first.

 

[nightelves]

Really annoying because again I got this through the Hilton and fee free for life and I’m still Hilton Diamond because of it.

Does anyone know off the top of their head what Macquarie rewards convert to?

Wait how are you still Diamond! That's insane!

 

[VPS]

Wait how are you still Diamond! That's insane!

Extension through Covid and then last year I did stay at a few but didn't qualify but they extended it anyway. Will probably lose it next year

 

[nightelves]

Extension through Covid and then last year I did stay at a few but didn't qualify but they extended it anyway. Will probably lose it next year

They didn’t extend it for me. Lucky you!