St George visa is diluting from 30 September

[carls888]

I just received an email stating that there will be a $75pa fee to continue with Amplify points on my St George Visa card.
But sadly, the further dilution of redemptions has been announced. (see chart attached) Amplify to SQ will shift from 3 to 4 points per KF mile and from 2 to 4 points per mile in Velocity.
Joy.
Another one bites the dust.
Here is the link with further information:

Credit card pricing changes

Increases to our credit card interest rates

www.stgeorge.com.au

 

[luckypierre]

And sadly as part of the same empire BANK SA is following suit :

Credit card pricing changes | BankSA

 

[Rayesfeg]

That change in Velocity transfer rate is terrible! It has literally halved in value.
Also how does it make sense to now charge customers to earn Amplify points, but then decrease the redemption value of those points. It's a double negative!
This is really looking just like when supermarkets blamed 'inflation' on increasing the costs of groceries, but really it was them increasing their profit margins and blaming the economy.

 

[lovestotravel]

Was bound to happen thanks to the RBA!

Higher prices from retailers as they can't surcharge

Lower points from credit cards

Yep, such a great outcome and some on here said it would be good.............

 

[lovestotravel]

That change in Velocity transfer rate is terrible! It has literally halved in value.
Also how does it make sense to now charge customers to earn Amplify points, but then decrease the redemption value of those points. It's a double negative!
This is really looking just like when supermarkets blamed 'inflation' on increasing the costs of groceries, but really it was them increasing their profit margins and blaming the economy.

Because alternatives are limited

I'll pay the $75 and take the enhancement of points earn....

 

[Nate-Dawg]

A substantial devaluation for anyone who was waiting for the second year 100k Amplify points bonus, as it has essentially gone from 50k Velocity points to 25k.

 

[HarryFlyer]

Have anyone asked for the annual fee refund with the card cancelation?

 

[bjm76]

I just applied for this card and received the card this week. I want to earn SQ miles so will have to deal with the lower transfer rate... boo. Not many choices left to credit to SQ.....

 

[Beer_budget]

Was bound to happen thanks to the RBA!

Higher prices from retailers as they can't surcharge

Lower points from credit cards

Yep, such a great outcome and some on here said it would be good.............

The reduced acceptance cost should obviate the need to put prices up, on the whole. Amex surcharges are likely to come back though.

I'm currently using this card overseas and hoping to hit the first year bonus points before the end of September to maximise value. Will reassess once things settle whether it's still the right card (since I'm also losing the HSBC Visa and do need an Amex backup of some stripe).