Westpac is capping rewards points monthly from June 17th 2013

[Deleted User]

What is the point of the new card...? Other than being uncapped for points....?

I feel smoke & mirrors are behind all this rubbish, I'm not buying it at all

 

[blackcat20]

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

Harder for some of us actually. If it's "only" $6k then I've got no chance in hell of being invited to anything.

 

[Ben174]

Harder for some of us actually. If it's "only" $6k then I've got no chance in hell of being invited to anything.

Not trying to belittle anyone or anything but just saying$6,000 credit limit for a 'black' 'invite only' card kind of doesnt fit what they are selling. I remember when CommBank released the Diamond Card which has a cap still and they wanted something like a $18,000 credit limit to get it. I cant see how beneficial it will be for Westpac unless of course this black card is a $500 annual fee or something, as i would assume to even have a Platinum you would have at least 5 or 6k credit limit like CBA and NAB?

 

[medhead]

Earth platinum plus has a published minimum credit limit of $8000.

 

[AdMEL]

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

Business expenditure will be against terms of Black - it is a personal card only, just as Earth and Altitude platinum are. Westpac cards that allow business expenditure are Altitude Business and Altutude Business Gold, which will have caps applied at the same time. Caps are a little more generous though.

Not trying to belittle anyone or anything but just saying$6,000 credit limit for a 'black' 'invite only' card kind of doesnt fit what they are selling. I remember when CommBank released the Diamond Card which has a cap still and they wanted something like a $18,000 credit limit to get it. I cant see how beneficial it will be for Westpac unless of course this black card is a $500 annual fee or something, as i would assume to even have a Platinum you would have at least 5 or 6k credit limit like CBA and NAB?

As I noted earlier in this thread, standard annual fee will be $395, with invited card holders remaining on the same fee they currently pay. Effectively a bonus for existing card holders.

Min limit for plat cards is $6k - this is set by Visa and MasterCard, not the banks.

EDIT: min limit for plat visa is $6k. $8k for plat MasterCard. There is no way the min limit on the Black card will be lower than $8k.

 

[prozac]

Just opened the letter which says I will be invited to take-up the Black card. I notice it is now a Mastercard / Amex combo and wonder how this will be treated by the airlines for points conversion. Will it be as now for Krisflyer where 2 Westpac Visa/Amex points are required for one Krisflyer mile or will it convert at a lesser rate?

 

[AdMEL]

Just opened the letter which says I will be invited to take-up the Black card. I notice it is now a Mastercard / Amex combo and wonder how this will be treated by the airlines for points conversion. Will it be as now for Krisflyer where 2 Westpac Visa/Amex points are required for one Krisflyer mile or will it convert at a lesser rate?

Westpac reward cards have all been combo for several years! Black will earn 1.25 points on MasterCard and 3 points on Amex per $, with points converting at 2 for 1 to airline program's.

 

[Princess Fiona]

Westpac reward cards have all been combo for several years! Black will earn 1.25 points on MasterCard and 3 points on Amex per $, with points converting at 2 for 1 to airline program's.

Will the Earth Black MC/Amex combo have the same rewards earnings as the current Platinum Plus product ?
I currently put $10-15K personal spend a month through the Earth Platinum Plus so the new points cap will make this card combo useless to me.

 

[blackcat20]

Earth platinum plus has a published minimum credit limit of $8000.

True, however it isn't just Platinum which is affected by this change. I'm on the basic Earth card and will also be capped. If this new card isn't available to those of us with lower credit limits, then we're being screwed over even more so.

 

[tim374]

As I noted earlier in this thread, standard annual fee will be $395, with invited card holders remaining on the same fee they currently pay. Effectively a bonus for existing card holders.

Min limit for plat cards is $6k - this is set by Visa and MasterCard, not the banks.

EDIT: min limit for plat visa is $6k. $8k for plat MasterCard. There is no way the min limit on the Black card will be lower than $8k.

I don't think this is correct. I have Earth Plat Plus with limit of $5k. I did have the standard Earth with $4k and changed card (rather than applying for a new one) - increased to $5k after the card change. If MasterCard says minimum is $6k, then I shouldn't have been able to change.

 

[AdMEL]

Will the Earth Black MC/Amex combo have the same rewards earnings as the current Platinum Plus product ?
I currently put $10-15K personal spend a month through the Earth Platinum Plus so the new points cap will make this card combo useless to me.

Given the Altitude Black has the same points earn on Amex and slightly higher on MasterCard, I assumd Earth Black will at least Earn the as Plat Plus, if not slightly more.

I don't think this is correct. I have Earth Plat Plus with limit of $5k. I did have the standard Earth with $4k and changed card (rather than applying for a new one) - increased to $5k after the card change. If MasterCard says minimum is $6k, then I shouldn't have been able to change.

That's the way it's supposed to work! Obviously there are exceptions!

 

[Beta4Me]

I have Alt Plat Plus Amex/Visa with $30K limit. Should I contact my Private Bank RM for the upgrade info letter as I wouldn't automatically get it as I have a Visa or do I need to go for a MC beforehand or should I just sit tight and see..?

 

[tim374]

That's the way it's supposed to work! Obviously there are exceptions!

Fair enough.

 

[AdMEL]

I have Alt Plat Plus Amex/Visa with $30K limit. Should I contact my Private Bank RM for the upgrade info letter as I wouldn't automatically get it as I have a Visa or do I need to go for a MC beforehand or should I just sit tight and see..?

You can ask to be put on invite list for when Visa black gets issued later this year (Oct/Nov), but if you want one before then, you will have to change to MasterCard. Probably no point doing that until Black is actually available in late March. Note that if you don't wait until You get invited you may have to pay the full annual fee.

 

[prozac]

I have Alt Plat Plus Amex/Visa with $30K limit. Should I contact my Private Bank RM for the upgrade info letter as I wouldn't automatically get it as I have a Visa or do I need to go for a MC beforehand or should I just sit tight and see..?

My invite letter only arrived yesterday. I'd sit tight.

 

[Beta4Me]

You can ask to be put on invite list for when Visa black gets issued later this year (Oct/Nov), but if you want one before then, you will have to change to MasterCard. Probably no point doing that until Black is actually available in late March. Note that if you don't wait until You get invited you may have to pay the full annual fee.

Might get in touch with the RM, let him know my intentions and get swapped to a MasterCard. I don't really care whether I have a MC or Visa...

 

[kpc]

AdMel....you seem to have a bit of inside knowledge. In my case, I have both the Altitude Plat Plus (with Visa) and Earth Plat Plus (with MC), and both cards have a reasonably high limit and I spend close to the limit on each card each month. I received a letter about the changes to the Altitude Plus card yesterday with no "Black" invite but have not received any letter re the Earth Plat Plus card as yet. Based on the (known) invite criteria, would I be expected to receive an invite? I don't want to be chasing Westpac yet, but my annual fees for both cards are due early April. Clearly, if no Black card invite is forthcoming, I will cancel both cards in lieu of the ridiculously low points cap. Any thoughts? thanks

 

[medhead]

True, however it isn't just Platinum which is affected by this change. I'm on the basic Earth card and will also be capped. If this new card isn't available to those of us with lower credit limits, then we're being screwed over even more so.

My comment was made in relation to the view that any platinum card will exceed the $6000 limit quoted. It did not consider other cards. I will also engage in some card snobbery and say that Earth Platinum Plus is a platinum card and earth platinum is a gold card regardless of the renaming.

Just on the lower credit limit, in theory the cap should not affect someone with a limit of $5000 or lower. Normal cycling suggests an average monthly spend of about $2500. So it should have minimal effect. However, for an extra $14 a year something like the Everyday rewards card has to be a winner. No cap and same bonus points for qantas spend.

 

[AdMEL]

AdMel....you seem to have a bit of inside knowledge. In my case, I have both the Altitude Plat Plus (with Visa) and Earth Plat Plus (with MC), and both cards have a reasonably high limit and I spend close to the limit on each card each month. I received a letter about the changes to the Altitude Plus card yesterday with no "Black" invite but have not received any letter re the Earth Plat Plus card as yet. Based on the (known) invite criteria, would I be expected to receive an invite? I don't want to be chasing Westpac yet, but my annual fees for both cards are due early April. Clearly, if no Black card invite is forthcoming, I will cancel both cards in lieu of the ridiculously low points cap. Any thoughts? thanks

Letters are being sent over a couple of weeks. I would almost guarantee you will get an invite for the Earth MC. The actual cards themselves won't be sent out until April/May.

 

[blessed11]

Letters are being sent over a couple of weeks. I would almost guarantee you will get an invite for the Earth MC. The actual cards themselves won't be sent out until April/May.

I've got the Mrs who was going to sign up for an Altitude Platinum Plus. Do you know if RM's are able to send black invites to non-existing CC members?