Our members are lamenting the recent changes to a once popular credit card. The Woolworths Money Qantas Platinum credit card has long been a favourite due to its low annual fee and good Qantas points earning rate. However the card has changed in recent months for the worse.
Late last year the card was taken over from HSBC by Macquarie Bank. At the time of the changeover, the annual fee was increased from $89 to $139 (with a reduced fee of $99 in the first year). Although this made the card somewhat less attractive, it was still a fairly good deal.
However it was also announced recently that points earned at the rate of one point per dollar would be capped at 2,500 per month from March 2015. Any additional points earned in the space of a month will now earn at a lower rate of half a point per dollar. Previously there was no cap to points earned at the higher rate.
Understandably, our members are not happy with the change.
I just got my MasterCard WW Qantas EDR C/C statement. Right at the end……. as from March statement the point earn is 1:1 up to 2,500 then 1:2 wonder how much a month the turnover on these cards will now drop ? I’m looking at alternatives already, what about others
The sentiment is shared by many:
Yes me too. I will definitely not put more than 2500 on there and without a waiver of the annual fee I will cancel it
As the change makes the card significantly less attractive to those looking too accumulate frequent flyer points, many are looking at alternative cards.
There are a few cards around with 1pt per $1. Check out the Qantas credit card selector site. The days of $89 annual fees are gone with most around $200. There are some annual fee free for life’s floating around but they don’t seem to pay for ATO.
So, what are the alternatives? For an annual fee of $149, the Jetstar Platinum MasterCard could be a good option for earning points at a rate of 1:1 with a Visa or MasterCard. The card also comes with various complimentary insurances however points earn is capped at 100,000 per year.
Otherwise, most of the next best cards have annual fees in the $190-$200 range. A popular choice among our members is the Qantas Credit Union Visa Platinum card. Although the annual fee is slightly higher at $195, points are earned at a rate of 1:1 with no cap, and there is even a generous sign-up bonus available at the moment.
Will you be affected by the changes to the Woolworths Money credit card? Check out the advice from other members or share your thoughts HERE.