Westpac is capping rewards points monthly from June 17th 2013

[cove]

More music!
Na Na ,Na Na Na Na goodbye to Westpac and their new profit centre.
it will be sad for all those folks who don't or cannot read who keep these cards and get capped out.

 

[Keith009]

So it reads like the new Altitude Black cards still earn at a maximum of 3 Points per $ (AMEX) which converts to 1.5 KrisFlyer mile per $. I'm sticking to the KrisFlyer Platinum since it remains untouched for now - difference in annual fee isn't worth it for virtually the same earn rate unless the Black cards come with solid travel insurance (something approaching the old AMEX Platinum charge card insurance before it was devalued or at least ANZ Platinum).

 

[burmans]

So it reads like the new Altitude Black cards still earn at a maximum of 3 Points per $ (AMEX) which converts to 1.5 KrisFlyer mile per $. I'm sticking to the KrisFlyer Platinum since it remains untouched for now - difference in annual fee isn't worth it for virtually the same earn rate unless the Black cards come with solid travel insurance (something approaching the old AMEX Platinum charge card insurance before it was devalued or at least ANZ Platinum).

Krysflyer Plat for me too, has been a good card for us over the years, would definitely be moving any other cards! Having said that there really aren't many good offers at the moment, Citibank cards are good but lacking competion so signon bonuses not great.

Am really hoping Comprehensive Reporting changes that, reputedly in other markets competition markedly increases when this is in place.

 

[wxxnxs]

Updated information:

One of my friend who has home loan package with WBC has already received a letter to inform him that his Altitude platinum card will be upgraded to black once its launched without any extra cost, his annual expense is not large but average. Another friend who works for WBC also told me that the most profitable customers for banks are those spend large amount but never pay them off, so banks can charge exorbitant interest on them, the least profitable customers are those spend large, pay the full balance off and gain large number of points.

 

[d00dz]

of course at 20%+ interest rates why wouldn't those that never pay it off be not profitable.

You'd be silly to do that though, spend within your means

 

[Keith009]

Rewards cards are meant to be used like debit or charge cards. The interest charges negate the value of the Points. You're better off getting a low rate card or personal loan if you need to spend beyond your means, and save up for commercial air tickets which would still cost you a lot less than interest charges incurred on a rewards cards.

 

[medhead]

Another friend who works for WBC also told me that the most profitable customers for banks are those spend large amount but never pay them off, so banks can charge exorbitant interest on them, the least profitable customers are those spend large, pay the full balance off and gain large number of points.

I don't mean to be rude but that seems to be a statement of the blindingly obvious. I'm not sure you'd need to work at WBC to understand this reality. But I note that even the least profitable are still profitable.

 

[wxxnxs]

I don't mean to be rude but that seems to be a statement of the blindingly obvious. I'm not sure you'd need to work at WBC to understand this reality. But I note that even the least profitable are still profitable.

You are right, the least profitable is still profitable, but banks have choice to upgrade what type of customers to their best products. Who has higher priority and who has lower priority, I think numbers will tell.

 

[medhead]

You are right, the least profitable is still profitable, but banks have choice to upgrade what type of customers to their best products. Who has higher priority and who has lower priority, I think numbers will tell.

I wasn't making any comment or assumption about who should be upgraded or otherwise.

 

[shearsense]

Yes, that's true

I didn't know that! I hadn't previously checked :shock:

 

[Ben174]

This platinum is being replaced by an invite only black card from westpac. It will be offered to select platinum card holders and will have no points capping. The new black card will be released before the points capping begins.

 

[blackcat20]

This platinum is being replaced by an invite only black card from westpac. It will be offered to select platinum card holders and will have no points capping. The new black card will be released before the points capping begins.

My chance of getting one of those is diddly squat.

 

[blessed11]

All Earth cards, whichever type, may get an offer. Depends on spend. Which loan package gives yours free?

No and No - have a look at my personal details and hopefully it will be clear. Black will be available to all.

This platinum is being replaced by an invite only black card from westpac. It will be offered to select platinum card holders and will have no points capping. The new black card will be released before the points capping begins.

@Ben174 - The info that the card is invite only is contradictory to what AdMEL reported above saying that application will be open to all. Not contesting your info, though may I ask how you know that the Black will be invite only?

 

[Deleted User]

While I don't agree with points capping, what really confuses me is why the cap has been set so LOW... 2.5k QFF on an earth card per month, as someone in here said before, what are these guys smoking...! Fools...!

So @ 2,500 QFF per month / 30,000 points cap per annum

Annual fee of $75 (This must be reduced / removed now...!)

At a value of 1 cent per QFF point, the first $7.5k to "cover / pay" the fee will consume 3 months of the points cap...

Effectively this card is a 0 points per $ card for 1/4 of the year....MADNESS even for an "emergency" card as mine is...!

Snip Snip, farewell fools

 

[burmans]

Snip Snip, farewell fools

Yes, aside from those who have Krysflyer cards am wondering if the reason this thread has quietened down is because eveyone is busy applying elsewhere and getting those scissors out/writing a dirty letter to WBC!

 

[medhead]

Yes, aside from those who have Krysflyer cards am wondering if the reason this thread has quietened down is because eveyone is busy applying elsewhere and getting those scissors out/writing a dirty letter to WBC!

Personally I'm waiting to see if I'm offered a black earth. I've also put out feelers to NAB, I'm not going to do $100k a month and there is a small chance I can get it for free.

 

[legroom]

I just returned from the local Westpac branch returning my pristine, unopened and inactivated Alt Plus Plat cards.

They were cut up in front of my eyes.

Now, I am free to apply for the Kris Flyer Plat to be used as a reserve.... until further 'enhancements' comes along.

Hopefully, not too soon!

 

[kpc]

I just returned from the local Westpac branch returning my pristine, unopened and inactivated Alt Plus Plat cards.

They were cut up in front of my eyes.

I would have waited to see what materialises from the Black card first.

Now, I am free to apply for the Kris Flyer Plat to be used as a reserve.... until further 'enhancements' comes along.

Hopefully, not too soon!

I wouldn't take it for granted you will be automatically approved for one given actions above

Personally I'm waiting to see if I'm offered a black earth. I've also put out feelers to NAB, I'm not going to do $100k a month and there is a small chance I can get it for free.

Ditto here...

 

[Ben174]

@Ben174 - The info that the card is invite only is contradictory to what AdMEL reported above saying that application will be open to all. Not contesting your info, though may I ask how you know that the Black will be invite only?

Just got off the phone with Private Banking at Westpac and confirmed it will be invite only to begin, however those who will make the invite cut will only need a $6,000 credit limit to get the invitiation, hardly a hard thing to get then! Contradicts the whole invite only black card status thing everyone beleives in haha

 

[blessed11]

Just got off the phone with Private Banking at Westpac and confirmed it will be invite only to begin, however those who will make the invite cut will only need a $6,000 credit limit to get the invitiation, hardly a hard thing to get then! Contradicts the whole invite only black card status thing everyone beleives in haha

Haha, thanks for clarifying. I've spoken to my banker earlier today and asked him to send an invite my way, which he was only too happy to do!

Now, I just hope with this 'new product' they don't restrict business expenditure on the card or ATO transactions