Bankwest reduces rate from 16 may

[Johninperth]

I just noticed the rate on platinum cards has reduced from 1:1 to 0.75:1. Has anyone else noticed this?
I messaged BW and they sent the following
"Effective from Friday May 16th 2014, the earn rate for new Qantas
Platinum Mastercards is decreasing to 0.75 Qantas points per $1.00"
And that my 1:1 rate would remain extant.

 

[burmans]

I just noticed the rate on platinum cards has reduced from 1:1 to 0.75:1. Has anyone else noticed this?
I messaged BW and they sent the following
"Effective from Friday May 16th 2014, the earn rate for new Qantas
Platinum Mastercards is decreasing to 0.75 Qantas points per $1.00"
And that my 1:1 rate would remain extant.

You've gotta love advanced notice.

 

[Aussie_flyer]

You've gotta love advanced notice.

It doesn't apply for existing card holders...

 

[deejo77]

*&^% this was next on my hit list to get..............it just lost a lot of its value for me

 

[Pleb Status]

Although existing card holders are grandfathered at this stage, I do not think it will be long before we are 'enhanced' to 0.75 points per AUD.

 

[Aussie_flyer]

Although existing card holders are grandfathered at this stage, I do not think it will be long before we are 'enhanced' to 0.75 points per AUD.

Well I guess my mc spend will go back to the woolies card

 

[WeeGraeme]

I just noticed the rate on platinum cards has reduced from 1:1 to 0.75:1. Has anyone else noticed this?

I noticed it the other day. I currently have a Woolworths Qantas CC, but I've just found out that they've sold their business to Macquarie Bank. I choose not to have a business relationship with Macquarie Bank, so I'll be looking for another card. I'd researched the Bankwest card a while bank and was half way through the sign-up when I noticed the changed earn rate. Time to find someone else now. They'll also lose my deposit business. I was in the process of transferring that over too.

 

[Isochronous]

I'd rather them just up the annual fee a little than reduce the points earn.

 

[JohnK]

I'd rather them just up the annual fee a little than reduce the points earn.

And then people request the annual fee to be waived?

 

[Isochronous]

And then people request the annual fee to be waived?

Bankwest could always have a hardline policy of no.

 

[JohnK]

Bankwest could always have a hardline policy of no.

Something has to give. Transaction fees remain the same. The banks cannot continue to pay out points at the current rate. Or can they?

 

[FrankC]

Something has to give. Transaction fees remain the same. The banks cannot continue to pay out points at the current rate. Or can they?

I hope they continue for existing card members

 

[severus]

To anyone who has Bankwest no foreign transaction fee credit card, how's the exchange rate like compared to citi debit plus/28 degree mastercard? Thinking of using it for overseas spend. Even with reduced point earn, it may be better than nothing.

 

[Isochronous]

Something has to give. Transaction fees remain the same. The banks cannot continue to pay out points at the current rate. Or can they?

No evidence available to prove that they were losing money on it.

 

[Pleb Status]

To anyone who has Bankwest no foreign transaction fee credit card, how's the exchange rate like compared to citi debit plus/28 degree mastercard? Thinking of using it for overseas spend. Even with reduced point earn, it may be better than nothing.

I have the Bankwest QF Platinum card and have found the FX rate to be right on the MasterCard wholesale FX rate. So they do not appear to be taking an 'additional hidden' FX fee.

https://www.mastercard.com/global/currencyconversion/

 

[severus]

I have the Bankwest QF Platinum card and have found the FX rate to be right on the MasterCard wholesale FX rate. So they do not appear to be taking an 'additional hidden' FX fee.

https://www.mastercard.com/global/currencyconversion/

Thanks, that's exactly what I want to hear.

 

[opusman]

My latest Bankwest statement has a note that the rate will be dropping to 0.75 pts / $ from November

Time to look for another card... do I really want to go back to Woolies??

 

[akeno]

My latest Bankwest statement has a note that the rate will be dropping to 0.75 pts / $ from November

Time to look for another card... do I really want to go back to Woolies??

Best to hold onto the card as I spoke with a representative that said a new card would be launched soon to coincide with these changes. So you don't have to go back to Woolies

 

[Isochronous]

Best to hold onto the card as I spoke with a representative that said a new card would be launched soon to coincide with these changes. So you don't have to go back to Woolies

Wonder what the new card will be like and if existing holders of the QF Plat can migrate automatically.

 

[FrankC]

Wonder what the new card will be like and if existing holders of the QF Plat can migrate automatically.

Pure speculation - I think it would be QF black & hope that they will give this free as part of the packaged homeloan