Westpac dumps AMEX - changes points earn on MC

[TomVexille]

Bank's are not charities so if you are unprofitable - exiting you even after 30 years is fine. If all you have is a transaction account, a card that you pay no fees on and not much else then they have no motivation to keep you

It's amusing that you seem to think of all customers as idiots who don't understand that the banks are businesses whose goal is to make a profit for shareholders, which many people are. But we're talking about people who do actually pay the annual fee on multiple cards every year (but not interest as that would be silly)

 

[cove]

Most Australians have some Bank shares in their retirement accounts or directly.
For quite a few years our business was able to cut our banking cost with two Westpac credit cards to almost zero. The first was the Holden credit card that cut $3,000 off each car we bought and then the Kris Flyer Amex for Kris Miles travel.
Westpac will be more vulnerable to losing customers like us after April 3rd , 2018.

 

[Nutcase]

Nutcase we have been swanning around the world using that product for the past 8 years. I think of the Kris Miles earned as the way to get Suites Class flights on SQ at the wholesale price. It may crimp our style in 4 years time. 7 travellers in our family who will be affected.

As will all parties, they are always well and truly over well before the last stragglers leave.

 

[Nutcase]

Most Australians have some Bank shares in their retirement accounts or directly.
For quite a few years our business was able to cut our banking cost with two Westpac credit cards to almost zero. The first was the Holden credit card that cut $3,000 off each car we bought and then the Kris Flyer Amex for Kris Miles travel.
Westpac will be more vulnerable to losing customers like us after April 3rd , 2018.

The Holden card and Kris flyer card were both bit players whose lives were cut short due to lack of interest and demand. A $3,000 discount on the list price of a Holden is not what you would call a big benefit. Perhaps the Holden dealer saw you coming?

Given that by your own admission you have cut your Banking costs to zero, why would Westpac want to keep you?

Somehow the argument about Superannuation and shares seems redundant under these conditions.

 

[Nutcase]

It's amusing that you seem to think of all customers as idiots who don't understand that the banks are businesses whose goal is to make a profit for shareholders, which many people are. But we're talking about people who do actually pay the annual fee on multiple cards every year (but not interest as that would be silly)

Many customers seem to think that they have enormous value to the Bank when the opposite is actually true. The numbers don't lie.

 

[burmans]

Many customers seem to think that they have enormous value to the Bank when the opposite is actually true. The numbers don't lie.

Of course we are just a number to the banks. Which is precisely why we should take advantage of every offer the banks throw our way. Fortunately every year seems to throw up a new crop of marketing people who don't seem to have learnt the lessons of the past and long may it remain.

 

[TomVexille]

Many customers seem to think that they have enormous value to the Bank when the opposite is actually true. The numbers don't lie.

I'm sure that many do. And I'm sure they feel that way because that's what the bank wants them to think. Your disdain for customers is amusing however.

 

[cove]

Actually we were getting Holden’s $1800 better than national fleet pricing so the Holden CC saved us on a lot more on about 40 cars. Too bad Holden kept building low quality cars so we switched to “Oh what a feeling!”.

 

[oz_mark]

Many customers seem to think that they have enormous value to the Bank when the opposite is actually true. The numbers don't lie.

I found out once what value my banks assigned to me as a customer: 'Below Zero'

Apparently, Below Zero folk were called BOZOs.

Actually we were getting Holden’s $1800 better than national fleet pricing so the Holden CC saved us on a lot more on about 40 cars. Too bad Holden kept building low quality cars so we switched to “Oh what a feeling!”.

Their last model was fairly good (and i say this as a Ford man)

 

[Nutcase]

Actually we were getting Holden’s $1800 better than national fleet pricing so the Holden CC saved us on a lot more on about 40 cars. Too bad Holden kept building low quality cars so we switched to “Oh what a feeling!”.

As long as you think that you're getting a good deal the more power to you. The reality is that Holden wasn't giving anything away with that card which is why it no longer exists.

Holden's over inflated list pricing and subsequent deep discounts (fleet discount for everyone) tried to given the impression of a bargain. A Classic bait and switch.

People still fall for it.

 

[Nutcase]

I'm sure that many do. And I'm sure they feel that way because that's what the bank wants them to think. Your disdain for customers is amusing however.

As long as customers are making the Bank money then thats great. Unprofitable customers or unsuitable customers are exited all the time from the Business and Corporate Bank. Retail is no different.

Banks change their strategy and products all the time and some customers no longer fit that profile. The T's a C's allow the Bank to exit or change the rules.

Its not disdain rather its a commercial decision.

 

[Nutcase]

I found out once what value my banks assigned to me as a customer: 'Below Zero'

Apparently, Below Zero folk were called BOZOs.

My staff would use:

WOFTAM

Waste of Firms Time and Money.

LOMBARD

Lots of Money But A Real D**k Head

 

[Hvr]

I found out once what value my banks assigned to me as a customer: 'Below Zero'

Apparently, Below Zero folk were called BOZOs.

That's because we cost them money paying our credit card off fully every month.

Given Westpac is going to make me go through the hell of changing my automatic credit card payments next year I'm going to get as many points as possible to make it worthwhile for me.

This year I've changed my gas and electricity providers. 2018 is going to see a few more changes.

 

[Nutcase]

That's because we cost them money paying our credit card off fully every month.

Given Westpac is going to make me go through the hell of changing my automatic credit card payments next year I'm going to get as many points as possible to make it worthwhile for me.

Its worth maintaining some perspective regarding changing recurring payments.

A recurring payment change is common as your card expires periodically and needs to be updated at some point anyway. If this is hell for you then perhaps using a direct debit from a Bank account would be easier to manage.

Alternatively - perhaps recurring payments may be too hard to manage and a less stressful method may be better for you.

Most recurring payments can be updated online very easily and quickly.

Attempting to punish Westpac will not impact them at all. That is guaranteed.

"We cost them money" means that you are an unprofitable customer.

 

[cove]

We do enjoy being shareholders of banks. The only time they lose is during recessions.

 

[TomVexille]

As long as customers are making the Bank money then thats great. Unprofitable customers or unsuitable customers are exited all the time from the Business and Corporate Bank. Retail is no different.

Banks change their strategy and products all the time and some customers no longer fit that profile. The T's a C's allow the Bank to exit or change the rules.

Its not disdain rather its a commercial decision.

I'm not talking about the bank. I'm talking about you

Lowering points earn while increasing product cost says that banks think that people are suckers. Which I'll agree with. It's just too bad for those that aren't.

 

[Hvr]

A recurring payment change is common as your card expires periodically and needs to be updated at some point anyway. If this is hell for you then perhaps using a direct debit from a Bank account would be easier to manage.

There was a little hyperbole in my post. My main point was that I'm not going to meekly continue with products/services no longer suitable for me.

 

[Nutcase]

I'm not talking about the bank. I'm talking about you

Lowering points earn while increasing product cost says that banks think that people are suckers. Which I'll agree with. It's just too bad for those that aren't.

Customers are great - providing they are profitable.

If customers aren't profitable then they are an unnecessary cost that needs to be managed out.

 

[Steady]

Customers are great - providing they are profitable.

If customers aren't profitable then they are an unnecessary cost that needs to be managed out.

CC providers are great - providing they are lucrative

If CC providers aren’t lucrative then they unnecessarily tie up credit limits and need to be dumped .....

 

[burmans]

CC providers are great - providing they are lucrative

If CC providers aren’t lucrative then they unnecessarily tie up credit limits and need to be dumped .....

Beat me to it.