Meh! "Important information about your ANZ Rewards credit card account"

[theevilmuppet]

As far as I'm understand, the black has no change, only the visa one will change. Will it be better of switching to Westpac Altitude Black?

No.

All the card issuers will need to adjust their earn and/or redemption rates for Visa and MasterCard offerings - ANZ and Citi simply acted first.

The cut in Interchange Rates (for absolutely no justifiable reason for consumers or businesses) means there is simply less value for each issuer to realise per transaction and thus something has to give.

Fraud detection / prevention, processing costs and perks such as insurance all come out of the Interchange revenue stream to at least some degree. Reducing that revenue at a time when banks are being subjected to greater capital requirements will only result in staff being made redundant, revenue reductions for the main destinations of points earn (Virgin and Qantas) and associated staff reduction and absolutely no improvement in merchant costs for accepting Visa and MasterCard.

The RBA Payments System board need to be dismissed.

 

[Moopere]

Geez, how disappointing. I've not received any notification yet - but they'll come out in batches as per usual I'm sure.

I wonder what the internal marketing people consider the value of this card to be now? At circa $400/year fee, whats it providing again? Anyway, I'm less than a month off harvesting the 75K VA points and should get to push one last ATO payment through before that finishes ... then off to churn again I suppose.

 

[Fiches Mouser]

Got my notice today, with a friendly reminder:

As a reminder, there is no limit on the number of Reward Points that you can earn on eligible purchases made using your ANZ Rewards Platinum cards.

Oh, well that's fine then. Don't know what I was worried about!

 

[bbqwer]

So it seems westpac altitude black Mastercard is the best value for SQ points ? $1 for 0.625

Any visa/MC card better than above for SQ points ?

 

[theevilmuppet]

So it seems westpac altitude black Mastercard is the best value for SQ points ? $1 for 0.625

Any visa/MC card better than above for SQ points ?

Citibank Prestige will be 1 KrisFlyer Mile per dollar after the changes that come into effect on March 18.

Westpac have not yet changed their earn structure - they definitely will though so assessing theirs as the best for any particular program is only going to be valid for a month or so.

 

[theevilmuppet]

Got my notice today, with a friendly reminder:

Oh, well that's fine then. Don't know what I was worried about!

Yes there is - the RBA's ideological stupidity.

Perhaps I should build a web site that lets people select their points-earning card and their monthly spend on their last statement before spitting out an invoice to send to the RBA for the points these changes are denying cardholders...

 

[Fiches Mouser]

Yes there is - the RBA's ideological stupidity.

Perhaps I should build a web site that lets people select their points-earning card and their monthly spend on their last statement before spitting out an invoice to send to the RBA for the points these changes are denying cardholders...

It's hard to believe this wasn't considered by the RBA. I mean, they're economists... surely they get it?

 

[theevilmuppet]

It's hard to believe this wasn't considered by the RBA. I mean, they're economists... surely they get it?

Well, I know what I'm doing this weekend!

 

[bullerdude]

I find it odd that new customers will have the current earn rate (as per the current updated website T+Cs) but existing customers are being downgraded to the new earn rate.

 

[albyd]

I'm sure everyone's earn rate will change at the same time and the cynic in me says ANZ won't change it on the website until it becomes effective since it's still technically "true".

 

[Fiches Mouser]

I find it odd that new customers will have the current earn rate (as per the current updated website T+Cs) but existing customers are being downgraded to the new earn rate.

This would be absolutely staggering. What a slap in the face.

 

[Plutonus]

I'm sure everyone's earn rate will change at the same time and the cynic in me says ANZ won't change it on the website until it becomes effective since it's still technically "true".

Sounds like an easy case for misleading or deceptive conduct.

 

[jlien]

Err wtf, i literally got my cards last friday.

 

[Guvner]

Wait...I am about to apply for this card for my main Velocity point earn, maybe not such a good idea. Pretty much false advertising if the above is true.

I just called them and directly asked if it is changing and no one has any idea.

Why don't you email the ANZ person named in the letter in the opening post?

firstname.lastname at companyname.com

 

[theevilmuppet]

Sounds like an easy case for misleading or deceptive conduct.

That title belongs to the RBA's Payments System Board in equal measure - their baseless, harmful changes have caused this.

 

[JohnK]

I find it odd that new customers will have the current earn rate (as per the current updated website T+Cs) but existing customers are being downgraded to the new earn rate.

This has always been the case.

Why offer someone with a history of churning credit cards 80,000 points but ignore an existing continuous customer since 2000 who regularly spends and pays interest?

 

[theevilmuppet]

Why offer someone with a history of churning credit cards 80,000 points but ignore an existing continuous customer since 2000 who regularly spends and pays interest?

People pay interest on credit cards?!?

 

[JohnK]

People pay interest on credit cards?!?

Yep. Not everyone is perfect.

 

[trippin_the_rift]

Blame the ignorant sods at the RBA that have mandated lower interchange rates to the detriment of many and benefit of no one whatsoever.

Agree, and should also blame the creative-less managers who look after card products at the banks. They're taking the easy way out by cutting rewards instead of looking at opportunities and new direction t generate *new* revenues to offset any potential upcoming losses.

Lack of innovation frustrates me.

 

[theevilmuppet]

Agree, and should also blame the creative-less managers who look after card products at the banks. They're taking the easy way out by cutting rewards instead of looking at opportunities and new direction t generate *new* revenues to offset any potential upcoming losses.

Lack of innovation frustrates me.

The new revenues part is difficult in the payment space unfortunately, although a few immediately do come to mind.

Coles manage to increase points earn by 1 Flybuys point per Coles Insurance policy linked to a given Flybuys account as one example. If a financial institution offered an increased points earn rate for each piece of my business that I gave them, they'd have a compelling product even if the earn uplift was somehow capped.

If American Express can offer a card with an annual fee that is very easily offset by the included perks and has an earn rate of 4 points / dollar for the most common types of every day spend, there's clearly room for at least some innovation.