New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel now.

[geocro120122]

I have an ANZ Frequent Flyer Gold account and have received a letter from the bank basically halving my earn rate on Visa and capping my points at 2000 points per month. I decided I might as well cancel the card as I get a far better uncapped and dollar for dollar earn rate on my Woolworths Everyday Rewards card.

I rang up ANZ today to cancel my card and told them that I expected a pro-rata refund of my annual fee which was taken out in June from the card. I was told in no uncertain terms that ANZ would not under any circumstances give me a pro-rata refund as it was an annual fee and as such non refundable. My point is that I "agreed" to an annual fee based on a certain earn rate and a certain cap which they have now drastically lowered.

Am I unreasonable in thinking that ANZ have changed the terms of their agreement with me and therefore I am enitled to ask for the unused part of the yearly fee to be returned?

It isn't that much money but I just find it annoying that they just hide behind their legalese mumbo jumbo and we as consumers have to put up with it.

They changed the ball park on me, I should have the right to cancel my card and receive a portion of the fee back.

 

[Alanslegal]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

The T&Cs would probably reveal ANZ is within "their right" to change the program with reasonable notice. That said, I am affected as well because the Platinum visa card changes as well, but I don't mind because now I will cancel my Platinum FF card as well as the basic FF card I signed up last month to receive the 50,000 bonus points.

 

[TomVexille]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

I don't think your're being unreasonable but I have no idea what your chances are.

 

[Himeno]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

Try talking to someone different at the bank?

I dumped ANZ a few months ago after months of trying to get them to even understand the problem they had created. They added "Challenge Questions" to their internet banking system late last year. I could not set any answers for the preset question options they give, thus could not access online banking.

 

[burmans]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

Try talking to someone different at the bank?

I dumped ANZ a few months ago after months of trying to get them to even understand the problem they had created. They added "Challenge Questions" to their internet banking system late last year. I could not set any answers for the preset question options they give, thus could not access online banking.

Lodge a complaint with their Internal Dispute Resolution team (ask for them by name) and suggest you are prepared to lodge a complaint with the External Dispute Resolution scheme (FOS), I think you'll find you have more success.

 

[MEL_Traveller]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

My guess is that you paid for a product which now no longer matches what you paid for. I would have thought this was a fairly straight-forward example of getting a pro-rata refund. IIRC even Qantas allows you to do the same if they change their Qantas club rules and it substantially changes the product.

If no success with another couple of agents - go down the route burmans has outlined.

 

[AV8]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

The T&Cs would probably reveal ANZ is within "their right" to change the program with reasonable notice. That said, I am affected as well because the Platinum visa card changes as well, but I don't mind because now I will cancel my Platinum FF card as well as the basic FF card I signed up last month to receive the 50,000 bonus points.

What card/s would you recommend in lieu - (Visa/MC & Amex) - Woolworths Everyday & Amex Platinum/Edge/Reward?

 

[Alanslegal]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

What card/s would you recommend in lieu - (Visa/MC & Amex) - Woolworths Everyday & Amex Platinum/Edge/Reward?

Depends on what u want to achieve. My own goal is to earn as many SQ KF points and QF points where I can't earn KF ones. So I have an Amex Edge 3:2:1 that can convert to KF and then a Citibank card that also converts to KF. For groceries I double dip and use AX and my EDR loyalty card together to earn QF. There is a current Citibank Signature fee free for life card promo... http://citibank.com.au/familyandfriends/

 

[11sjw]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

What card/s would you recommend in lieu - (Visa/MC & Amex) - Woolworths Everyday & Amex Platinum/Edge/Reward?

Doesn't the NAB card(s) basically do what the ANZ card(s) did prior to the capping being announced?

NAB Qantas Card here: NAB Qantas Rewards Premium Card - NAB

 

[amaroo]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

What card/s would you recommend in lieu - (Visa/MC & Amex) - Woolworths Everyday & Amex Platinum/Edge/Reward?

Assuming you want QFFP.....

CBA DIA M/AMex capped at 500,00pa
ANZ Black V/Amex uncapped
WOWEDR MC uncapped
Amex Ult uncapped

The first three are CBR friendly The last one is good for x3 for QF and x2 for hotels/rest/foreign spend

 

[trippin_the_rift]

Re: New lower ANZ points capping, ANZ say they keep all the annual fee if I cancel no

Anz used to refund unused portions of the annual fee just like every other bank.

I had the same problem a few years back with anz and when I was told no- I changed my tune and said I wanted to dispute a transaction which the merchant did not fully provide the service for....

I got a refund.