Westpac is capping rewards points monthly from June 17th 2013

[blackcat20]

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.

I understand, and was kind of replying in general but quoted you for reference. It's true that it won't affect me as much as some, im never going to spend $6k+ per month, but my card limit is over 2500 and I do go over it... I only took up the Earth card as a product swap recently so it's a bit annoying to have it change so soon.

 

[kpc]

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.

Good to know about the Earth Plat Plus / MC combo What about the Altitude Plat Plus / Visa combo? Shall I pay the annual fee next month and wait hopefully til later in the year for a Black invite??

 

[wasabiman]

I have Altitude Plat Plus with a Visa. Just got a letter promising an offer to Altitude Black with World MC. So for all you out there wondering if Visa is a barrier, apparently not.
Family member has an Altitude with MC (vanilla Altitude, not Plat or Plat Plus) and got the same letter with a promise of an Altitude Black. Jealous....
I have been waiting for WBC to come up with a CBA Diamond competitor for awhile, but did not expect them to do this points capping cough too. From one of the most generous to definitely the most stingiest with a stroke of a pen... I don't really understand it though, you put this stingy as all hell cap on your credit cards, but then throw an uncapped upgrade to your high points earners for free?

As an aside, 3pts on MC spend on overseas merchants is a handy little bonus - brings it into line with the extra overseas earn on the SQ cards.
And what does World MC give you extra over a Plat MC?

 

[ComeFlyWithMe]

As an Earth Plat Plus cardholder with a $30k limit and a usual $20-25k monthly spend, if I don't get invited to this 'Black' thing, I will be applying for the NAB card stat and telling WBC where they may stick their points cap.

 

[Edge]

i'm another with the earth plat plus mc / amex combo under the advantage package with the loans, etc. $30k credit limit, spend probably $8-10k per month on average. never pay any interest. so far my dealings with my "relationship manager" have been a waste of time... everything i've asked for has been answered with a "sorry, no". hence i'm considering swapping financial institutions...

this points capping tops it off!

 

[ChrisFlyer]

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.

If you aren't able to get a more suitable offer from Westpac (and you spend mostly on Amex), may I suggest applying for the QF Amex Discovery card - also earns 1 point/$1 but with no points capping, and like the Earth, it earns an extra point per $1 spent with QF (as well as the 7,500 sign-on bonus). No annual fee either, and the min limit is around $2-3k IIRC. They sometimes have some good bonus partners too - eg late last year AAMI transactions earned 6pts/$1 on this card, provided you registered for the AAMI offer. Worth a thought?

 

[burmans]

And what does World MC give you extra over a Plat MC?

It gives you the world at your feet clearly!

 

[blackcat20]

If you aren't able to get a more suitable offer from Westpac (and you spend mostly on Amex), may I suggest applying for the QF Amex Discovery card - also earns 1 point/$1 but with no points capping, and like the Earth, it earns an extra point per $1 spent with QF (as well as the 7,500 sign-on bonus). No annual fee either, and the min limit is around $2-3k IIRC. They sometimes have some good bonus partners too - eg late last year AAMI transactions earned 6pts/$1 on this card, provided you registered for the AAMI offer. Worth a thought?

I actually just got that card in the mail last week, so it well well-timed. Plus a 5000 point bonus which is not too shabby. At this point I'll just juggle both as needed to get the most amount of points and go from there. Still disappointing to have the change bought in after only having the Earth card for two months.

 

[ChrisFlyer]

I actually just got that card in the mail last week, so it well well-timed. Plus a 5000 point bonus which is not too shabby. At this point I'll just juggle both as needed to get the most amount of points and go from there. Still disappointing to have the change bought in after only having the Earth card for two months.

Oh nice work!

 

[wafliron]

And what does World MC give you extra over a Plat MC?

For the cardholder, not much useful. For Westpac, a new, higher level of merchant fee whenever you use the card...

 

[albatross710]

Is Westpac playing the consumer behaviour and NLP game here.

For some reason they have changed from the 'slowly decreasing the value of an offering' which banks like to do so well. They slowly, slowly decrease the benefit of a product until the laggard profitable clients are using the product. We see this with 'promotional' interest rates to get people into a product which is then milked for the next few years.

What stands out to me on this action is the drastic change. It has certainly got the attention of forum members and no doubt the wider Westpac card population. And, it was probably designed to do so. They don't want people on these card but they want people to make the 'choice' to change to one of the other cards. Why?

Qantas backend contract not suportive or flexible? needed to change ppl to a new contract which required new cards
Changes to backend funding arrangements?
New, more restrictive T&C changes, instead of having to negotiate the changes with current users, 'encourage' people to change cards and acept the T&Cs in a new clean contract.
Post GFC risk changes, get everyone to update their financial position by making them apply for a new card.

I'm sure there are more knowledgeable people on here whom may know more about banking, but it is such a dramatic change.

I had already decided:

Westpac professional package - cancelling this year as the offered rate discount can be negotiated anyway.
Westpac Krisflyer - renew on condition that the points are not capped over the period of the renewal.

Alby

 

[burmans]

Westpac professional package - cancelling this year as the offered rate discount can be negotiated anyway.

Did this for another bank, the guy who rang me had been some brainwashed on the benefit offered by the package it took me about 10 minutes to walk through the actual benefits and show him that they wren't really as valuavle as he had been "trained" they were. Thought I saw a lightbulb momemnt at the end but not convinced this is getting back to the decision makares.

Westpac Krisflyer - renew on condition that the points are not capped over the period of the renewal.

+1 on this, I'm keeping for now but will dump quickly if points capping comes along.

 

[PLANT]

Points capping 7.5K MORONS!
I have a high limit that currently sits in the draw due to my other Free Plat cards giving me 1:1....but if this stays then I will reduce limit and invest(free of course) in other cards for my needs

 

[ossi]

I suspect that WBC was able to cut a better deal with MC than Visa. Black seems to be only available MC/Amex

 

[ij05]

I received my letter outlining the changes tonight. Unfortunately no mention of an invite to Black.


I hold a Altutude Platinum Plus (MC), but it's free as part of my home loan package.


I also hold an Altitude Business.


Not sure how they determine who they invite, but I have had considerable spend and thus points through it.


hopefully I get an invite so I don't have to pay any fees but just like new home loan packages that don't allow the Plat Plus as being part of the package, I'm guessing they want the annual fee for thus card from me!

 

[albatross710]

I hold a Altutude Platinum Plus (MC), but it's free as part of my home loan package.

Another way of looking at this..."It was included as part of the value proposition with the home loan. By reducing its value Westpac have decreased the value of the package."

I'm not meaning this as a direct comment on your post, just that when we say things are 'free' it lessens the value. I prefer to say that it was included [as part of Westpac's part of the deal.]

 

[ij05]

Another way of looking at this..."It was included as part of the value proposition with the home loan. By reducing its value Westpac have decreased the value of the package."

I'm not meaning this as a direct comment on your post, just that when we say things are 'free' it lessens the value. I prefer to say that it was included [as part of Westpac's part of the deal.]

In reading your comments, I actually agree... it is true that my home loan package with them will diminish considerably if I have to seek a rewards card elsewhere (and thus pay an annual fee), which will mean that my business with them is at threat. Also, its a much better way of putting it to my RM when I start asking questions as to where is my free invite! Thanks.

 

[ComeFlyWithMe]

The launch of Black is imminent, which will be, as some have said, invite only, however the following indicates it may also be available 'on request'. I've made an enquiry and they are calling me back, but it is likely to be available from 25 March 2013. Based upon the outcome of my enquiry I will decide whether to go black - if invited, or to move to the ANZ uncapped or NAB $100k capped top tier cards.

New rewards cards coming soon | Westpac

 

[cove]

I think Westpac would be pretty stunned if they ever saw the billions of dollars their business customers put thru more generous non Westpac cards.

 

[wxxnxs]

I think Westpac would be pretty stunned if they ever saw the billions of dollars their business customers put thru more generous non Westpac cards.

Or maybe that's exactly they want, don't want you to put too much amount on ATO payments, so they don't have too give you so many rewards.