Westpac is capping rewards points monthly from June 17th 2013

[Beta4Me]

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.

Reduce "government bodies" earn Amex-style and no points cap?

 

[Deleted User]

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.

That being the case, I would expect 0% credit card fee (or at the very least a significant drop in the current fee structure)

Having your cake & eating it too does not sit well with me at all, no points, then lower the fees.....simple really

If they have to change their current model, fine, but as I said before.....snip snip

 

[burmans]

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.

The trouble with this logic is that's it's not ATO payments they are restricting, it's all large payments. I am having great difficulty understanding their business strategy here, CC's are great money earners and it seems to me they will be losing a fair few customers with this. Unlike Home Loans, Credit Card customers are much less loyal and will look elsewhere. Once they are elsewhere they may decide to do the same for the rest of their business.

 

[cove]

When Westpac turn off their business customers it is not just the ATO payments that they miss.
They can miss the lot as we get comfortable with other financial institutions.
We have used Westpac for more than 30 years but now we have Citi, Bank West, HSBC, Amex and CBA and each of these are asking for a chance to get more.

 

[AdMEL]

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

As I posted earlier in this thread, Black will not be invite only! However, existing card holders may receive an invite for the card at no additional cost to their current card, instead of paying the $395 Black annual fee.

 

[ComeFlyWithMe]

As I posted earlier in this thread, Black will not be invite only! However, existing card holders may receive an invite for the card at no additional cost to their current card, instead of paying the $395 Black annual fee.

Thanks, however now it is published on their website it has moved on from hearsay and we have an official source (and launch date).

 

[wafliron]

Thanks, however now it is published on their website it has moved on from hearsay and we have an official source (and launch date).

To save anyone else digging around, like I just did: https://www.westpac.com.au/personal-banking/credit-cards/black-cards-coming-soon/

Not much in the way of specific detail so far, but available from 25 March.

 

[ComeFlyWithMe]

To save anyone else digging around, like I just did: https://www.westpac.com.au/personal-banking/credit-cards/black-cards-coming-soon/

Not much in the way of specific detail so far, but available from 25 March.

See my post 138!

 

[wafliron]

See my post 138!

Apologies - I somehow missed a chunk of posts in this thread over the past few days, including yours @ 138.

 

[Newk]

Apologies - I somehow missed a chunk of posts in this thread over the past few days, including yours @ 138.

LOL...it's so easily done in this place

 

[wallacej]

OK, so letter arrived in the mail telling me my Amex/Vis plat plus will be capped. No other info about black card etc.
I made a call, and afte a while on hold I was advised to wait until March 25, and while she could not cinfirm anything I should get something in the mail, and if I dont, to call back and they will work it out.

 

[Deleted User]

OK, so letter arrived in the mail telling me my Amex/Vis plat plus will be capped. No other info about black card etc.
I made a call, and afte a while on hold I was advised to wait until March 25, and while she could not cinfirm anything I should get something in the mail, and if I dont, to call back and they will work it out.

looks like a total brain fade here from westpac.... what fool in marketing this product sends a letter like this out and not expecting mass calls to cancel the card, it would be prudent for them to provide a little more information on availability of a new card which may settle the heartburn for some people regarding a points cap...

99% sure I will be cancelling mine when next statement is due, this sort of activity from them needs to be acted on IMHO

Edit: While this points cap may not affect me, there will be months where this card only stays in the wallet for a few days...after this it shall be put away in the draw awaiting the next month where points will again be awarded, I can't see myself really being happy with this arrangement, hence snip snip before it becomes a problem

 

[AdMEL]

To clarify:

- Black will be Mastercard only (with companion Amex);

- Existing Mastercard holders may get an offer to upgrade to Black at no additional cost, which will be mentioned in the points cap letter either already received or to be received in the next week (if offered, actual Black card will be sent between March 25 and June 17);

- Existing Visa holders will not get an offer to upgrade (Visa arrangement does not allow this until after October), but can contact Westpac and ask to be included, in which case they may be offered a Mastercard on their current fee arrangement.

 

[Deleted User]

any leaks what the fee for the black card will be....? Points earn per $...? core benefits...?

From where I sit with a $75 earth card (fee waived last year), with a points cap represents terrible value, the black with unlimited earn will only be attractive based on earn rate & annual fee. I assume the fee will be high, but with several inclusions such as insurance etc. but in regard to a basic points earning card.... guess westpac not interested in these types of cards anymore, hence I expect mass applications through ANZ / NAB & EDR

 

[Deleted User]

OK, so letter arrived in the mail telling me my Amex/Vis plat plus will be capped. No other info about black card etc.
I made a call, and afte a while on hold I was advised to wait until March 25, and while she could not cinfirm anything I should get something in the mail, and if I dont, to call back and they will work it out.

Possibly there could be a points sign-up for the launch of this card, so canning it and re-apply may be better for some than others (churners)...? i.e if the new black is $395 as earlier suggested in here, then one would possibly expect a sign-on bonus since its a new card launch, so a free upgrade may "save" you $145, but would remove you from the opportunity of sign-on bonus. With previous sign-on offers in the past, I'd expect something around 30k in points if there was a sign-on bonus...

Remember, these companies are much more generous in their sign-up back office than retention's, sure they are trying to skimp on handing out easy points, but they are still trying to "launch" a totally new product...

 

[k_sheep]

any leaks what the fee for the black card will be....? Points earn per $...? core benefits...?

Got my letter today (Platinum MC + Amex). It says I'll get an invitation to black prior to 8th July. "all for the current fee arrangement as your existing card account" - so $149/year for me.

The MC will earn 1.25 pt / dollar at Australian merchants, 3 pt/$ overseas merchants
Amex 3pt/$.

 

[albatross710]

New rewards cards coming soon | Westpac

I notice that the Qantas FF is part of that logo...let's assume the direct sweep arrangement will stay in place.

Maybe that is why the KrisFlyer card has not been sacrificed yet.

I did speak to Westpac on Sunday night, the operator didn't introduce Black into the conversation until after I said I knew about it. He said he didn't know anything. I said to check Google.

Roll out renewal.

 

[ComeFlyWithMe]

I notice that the Qantas FF is part of that logo...let's assume the direct sweep arrangement will stay in place.

Maybe that is why the KrisFlyer card has not been sacrificed yet.

I did speak to Westpac on Sunday night, the operator didn't introduce Black into the conversation until after I said I knew about it. He said he didn't know anything. I said to check Google.

Roll out renewal.

I was advised staff are receiving training next week in preparation for the launch on the 23rd. Wouldn't be the first institution to send out letters/emails about something staff know nothing about (I'm looking at you QF )

Earth Black = Direct Sweep to QFF
Altitude Black = Westpac Rewards Programme

 

[ComeFlyWithMe]

Got my letter today (Platinum MC + Amex). It says I'll get an invitation to black prior to 8th July. "all for the current fee arrangement as your existing card account" - so $149/year for me.

I find that a little unfair, considering those of us on Platinum Plus are paying $250pa already. Will be discussing with RM.

 

[kpc]

Well absolutely NO love from Westpac:evil:: Altitude Plat Plus / Visa combo = NO Black card offer with letter advising about capping; and today....Earth Plat Plus / MC combo = NO Black card offer with letter advising about capping.

Each card has a credit limit just under 20K, and more than 150K was spent on each card in the last 12 months. Will be sending Westpac an email, and if no satisfactory offer forthcoming, it will be scissors time! I wonder if the fact that both cards are currently fee free made any difference as to whether a Black card offer is made or not?:shock: