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There are no words.

They have had super premium interchange for a while but just never issued a card. They did a BIN flip at the back end so that the Platinum card was actually earning higher interchange because reasons. Its an old Jedi mind trick that card companies do to play games with interchange.

Busy day today in Card product land. Im sure there will be tears. Awaiting WBC to roll though shortly. https://www.ausbt.com.au/nab-next-in-line-to-cut-credit-card-frequent-flyer-points

Thats a bit overblown. The FOS wont be too bothered with something as trivial as this. Your account is closed however your customer profile is still open. NAB keeps your customer details forever not matter what products you have now/have had in the past.

https://www.ausbt.com.au/commonwealth-bank-retains-amex-cards-slashes-credit-card-points I will just leave this here

Citibank are the 5th largest issuer of cards in Australia. They are also strategic about what part of the retail market they play in. Unlike the big 4, Citi are happy to leave some products alone. They are also have the Diners Club Business which has the Australian government contract for...

The RBA has wanted interchange to be 0.00% since the late 1990's. They were not a fan of Scheme debit then either and wanted EFTPOS to work better however that didn't work out so well. Visa and Mastercard fight very hard when it comes to maintaining interchange and legal fights with them are...

Thats completely untrue. As closed payment networks AMEX and Diners are able to offer services that Visa and Mastercard cannot. These are mainly relevant for back office functions such as finance and accounting. By way of example, Diners Club is the Australian Government's card for airfares...

In situations like this its important to see rewards (and the ability to redeem those rewards) as a privilege and not a right. The other option is to pay market value for the ticket that you want. None of these card products guarantee that you will get what you want when you want it nor do...

After 25 years in Financial Services (Cards and Payments specifically) I lose track of who's in my Rolodex so its just easier to refer to LinkedIn. FS people dominate the platform because they are always looking for their next opportunity. It makes it so easy to find the right person and I have...

Small problem Eligible Transaction means any purchase excluding (but not limited to) Cash Advances, Balance Transfers, Special Promotions, BPAY payments,purchases of foreign currency and travellers cheques...

This used to be true however it is no longer the case. A few years ago, EFPTOS moved their revenue model to copy the way Visa and master card operate where the acquirers pays the issuer. Until then, the issuer paid the acquirer hence the money made on EFTPOS transactions. You are getting...

November 3, 2016 In the last (nearly) 6 months there has been nothing about it since. I think you can safely assume that it's dead. Trying to dislodge the incumbents in the bill payments space (especially Bpay as it will be the first overlay service for NPP) is not a smart strategy.

AMEX's core cards business is Travel and Entertainment and it will remain strong there due to its corporate & Business card programs, enhanced data and other benefits such as rebates to the company using the cards. The challenge will be to get millennials to take up AMEX cards as they view AMEX...

This is the new normal with AMEX. As the cost to accept Visa and MC decreases and usage increases, AMEX acceptance will decline due to the much higher cost to the merchant.

Thats exactly how it works

I am very familiar with the Citibank card fleet and this product in particular. It is part of a citibank global card strategy and the "prestige" brand off the back of the Visa ultimate card program. In this market however, the revenue buckets are regulated and are shrinking and as a results many...

Premium Credit cards are never loss leaders and are never used for relationship footings. Footings are secured lending (mortgages) or deposits (cash) not unsecured high risk credit facilities with declining revenue streams and increasing costs that can be easily moved to other providers...

The theory of the broader customer relationship is great however the fly in the ointment is that each product must stand on its own. In this instance, the customer was unprofitable. If he was profitable he would still have the card and more products and be a loyal Citibank customer and not have...

The issuing Bank earns interchange paid by the acquirer. This funds rewards. If you spend $100 then the bank will earn $.50 (average) interchange of which $0.70 will be paid away for points for a $1 = 1 point exchange. This is how they make a loss and why rewards are being cut. Under the...