Westpac is capping rewards points monthly from June 17th 2013

[wxxnxs]

Is it true that Wpac and CBA already don't pay points on Bpay purchases?

Sorry mate, but which world are living in? WBC never give points on any Bpay transactions, CBA stopped from 17 Nov 2012.

 

[opusman]

I was planning to ditch my Qantas Ultimate Amex since I have the ANZ Amex/Visa platinum combo, but now I'm wondering if I should keep it - if caps like this are the trend it can't be long before ANZ bring one in too.

 

[blackcat20]

:shock: :shock: I nearly fell off my chair!
Loyal Westpac customer who will be cancelling all cards.
Is there an uncapped direct sweep QF Amex left?

The Discovery card still appears to be uncapped.

Pity I only just got the Earth card...

 

[ChrisFlyer]

Not impressed on seeing that... A single ~$2400 QF booking wipes out the points allocation for the month... A *very* angry letter will be coming their way... If they think they can limit their highest level card to only $2400/mo, they are dreaming!!

 

[kevrosmith]

Ha! Just saw this on their website for the Earth Platinum Plus card..



Can't imagine they'll be getting those awards next year.

 

[blessed11]

Just two weeks ago signed up for the Altitude Platinum Plus and received Friday as I thought it's nice to have a 'backup' in my back pocket. Will be sure to be cancelling. If the Platinum Plus is aiming for the "high income individuals", on personal spend alone $2.5k a month is very easily surpassed. Very upset!

 

[Beta4Me]

Going to be complaining about this one to our Private Bank manager...

 

[kpc]

Unbelievable!!! 3750 QF Pts cap / month for the Earth Plat Plus card......what are they smoking??

It is actually from June 17th!!

If I cancel my Earth Plat Plus card, and subsequently cancel a QF flight that I purchased using this said card, how would QF refund me the fare??

:shock: :shock: I nearly fell off my chair!
Loyal Westpac customer who will be cancelling all cards.
Is there an uncapped direct sweep QF Amex left?

See below, NAB Amex but capped at 100K per month. I might go and have a look at it!:idea:

It makes the NAB $100k point-earn limit (recently introduced) look so generous now... :shock:

 

[legroom]

The CBA Platinum card (free with the Wealth Package) suddenly looks generous by comparison.

1.5 QFF:1 earn rate (AMEX only, not MC or Visa)
Capped (at that rate) at $40K p.a. working out some 60K QFF points per year (that's a cool 4K per month - for a free card)

Who in their right minds would spend $295 for these Westpac cards?

I think they are signalling that they do not want CC clients anymore.

Blessed11: I am like you. I picked up the cards on Friday but declined their offer to activate them. Still remains inactivated as of today !

 

[kamchatsky]

The CBA Platinum card (free with the Wealth Package) suddenly looks generous by comparison.

1.5 QFF:1 earn rate (AMEX only, not MC or Visa)
Capped (at that rate) at $40K p.a. working out some 60K QFF points per year (that's a cool 4K per month - for a free card)

Who in their right minds would spend $295 for these Westpac cards?

I think they are signalling that they do not want CC clients anymore.

Blessed11: I am like you. I picked up the cards on Friday but declined their offer to activate them. Still remains inactivated as of today !

Actually, Westpac does not want all those ATO bill churners..... It must have cost them heaps. Otherwise why other banks are doing the same?

 

[medhead]

Actually, Westpac does not want all those ATO bill churners..... It must have cost them heaps. Otherwise why other banks are doing the same?

Right so put on a $2500 cap? Is this a joke? They're not just stopping ATO bill churners with that cap but also their normal everyday customers.

As for stopping ATO payments. Why? Why would they care? They get their merchant fee regardless. If they don't like it increase the fee. Really simple really.

Did you even stop to think about your post?

 

[burmans]

Right so put on a $2500 cap? Is this a joke? They're not just stopping ATO bill churners with that cap but also their normal everyday customers.

As for stopping ATO payments. Why? Why would they care? They get their merchant fee regardless. If they don't like it increase the fee. Really simple really.

Did you even stop to think about your post?

Agree with this, don't want to encourage them but appears to me that Amex has found the way to overcome the ATO issue.

 

[kamchatsky]

Right so put on a $2500 cap? Is this a joke? They're not just stopping ATO bill churners with that cap but also their normal everyday customers.

As for stopping ATO payments. Why? Why would they care? They get their merchant fee regardless. If they don't like it increase the fee. Really simple really.

Did you even stop to think about your post?

Of course I think about my post. Thank you very much! You don't need to question my thinking!

Most people are not AFFers who look at their point balance like an accountant. They just look at it and not think too much about it. So for most people they can get away with it.

My educated guess is the banks would have contract with Qantas or whatever airline on how much each point would cost them. It could be that the contract is constructed that for each person who earned points more than a certain threshold per month it cost the bank more to have those points issued. That's why you see so many banks have points cap, as the fees they got for high spend won't cover the additional cost for banks to issue the points.

I would say that ANZ still have existing contract with QF without this condition yet. Once their contract is getting renewed then I would say ANZ would do the same thing.

Also noway Westpac would increase the fees because even more people (ie including non AFFers) would complain and jump ship.

 

[amaroo]

Only the Qantas Amex Ultimate. And then only if you've already got one.

+ 1 also have CBA Diamond Amex....however, I've never used it.

 

[wxxnxs]

Actually, Westpac does not want all those ATO bill churners..... It must have cost them heaps. Otherwise why other banks are doing the same?

You are not suppose to use personal card to pay BAS anyway, all of banks including AMEX are now realising how people abuse the system, that's why banks have business credit cards available.

 

[amaroo]

Actually, Westpac does not want all those ATO bill churners..... It must have cost them heaps. Otherwise why other banks are doing the same?

They probably make more money from balance transfer customers I.E. no points issued & interest always accrued, building up to the 20%+ sweet spot Vs points always being issued & in most cases, no interest ever paid as 100% of the charges are paid in full every month.

If I was a bank - I know which CC customer I would want to attract.

 

[kamchatsky]

You are not suppose to use personal card to pay BAS anyway, all of banks including AMEX are now realising how people abuse the system, that's why banks have business credit cards available.

You are absolutely correct. But do you think people in this forum follows this rule? That's why banks are doing this.

Note: I do not have business myself and definitely only have personal spend on my CCs.

 

[drewbles]

Westpac have lost the plot long ago. I've been a customer of them for over 20 years, and next month sees a substantial financed amount being paid off. About 6 months ago, they called me (a 'local' bank manager) asking me if they could assist in my finances or any planning. I said "no, not really, once the outstanding amount is paid off i'm cancelling all my accounts with you and going elsewhere". Their response? "Oh, ok then sir sorry to bother you".

I don't expect much more from them on the CC side either :S

 

[blessed11]

The CBA Platinum card (free with the Wealth Package) suddenly looks generous by comparison.

1.5 QFF:1 earn rate (AMEX only, not MC or Visa)
Capped (at that rate) at $40K p.a. working out some 60K QFF points per year (that's a cool 4K per month - for a free card)

Who in their right minds would spend $295 for these Westpac cards?

I think they are signalling that they do not want CC clients anymore.

Blessed11: I am like you. I picked up the cards on Friday but declined their offer to activate them. Still remains inactivated as of today !

@legroom - I've not activated either and am currently considering swapping my Altitude Plus for a SQ direct earn card as this does not seem to be affected with the recent 'enhancements'... yet.

 

[kpc]

Westpac Platinum Kris Flyer Amex appears to be the only survivor. All the others will need to get cancelled after emptying any warehoused points. That will create room in my credit card/ gift card wallets.
Need to load up before the changes.
Westpac will get stacks of market share losses but I don't think they care.

@legroom - I've not activated either and am currently considering swapping my Altitude Plus for a SQ direct earn card as this does not seem to be affected with the recent 'enhancements'... yet.

In addition to the Earth Plat Plus card, I also have the Altitude Plat Plus card...I will be asking them to swap this card to the Platinum Kris Flyer Amex, otherwise I'm cancelling this as well!