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It makes no difference what type of card it is, the drivers are the same for scheme cards and so are the revenue buckets. Non scheme (Diners and AMEX) offer enhanced data which Visa and MC cannot which does make a difference to the product offering. There are only a handful of scheme card...

Whoa - easy there cowboy. 1) Citibank provide the benefit that you are referring to. How on earth do you think it happens otherwise? 2) Firing the product people will not bring your points back 3) The problem is reduced interchange revenue. This is mandated by the RBA. 4) The solution to the...

So thats a "No"? As someone with an economics background, I struggle with the idea of "pulling figures out of the air" as you have done and "I bet it would be..." as a premise. Numbers don't lie.

It may be useful to see these promotions in the past tense given up coming changes.

https://www.ausbt.com.au/citibank-diners-club-virgin-money-overhaul-credit-card-points Oh dear. There will be tears.

For now....

Cash is still used extensively and whilst ATM use in in decline (and so is cash) "practically no one pays with cash" is not accurate. ATMs on the decline as customers go digital Do you have statistics for your claims that prices have risen by 1-3% for 90% of customers?

You are right. Its a payments tool with (in this case) a credit facility hanging off the back of it and a lot of lipstick and makeup. It will be impossible to extract more value out of any scheme card than the annual fee.

Ok - Then you cant buy a Maserati now. Its the same with the citibank changes. You cant have the same points as you once did.

I am not a fan of surcharging however I am a fan of businesses doing their own thing. Personally, I also wont use a merchant who surcharges or has a minimum transaction amount. The reason for this is that the merchant is not paying a click fee on transactions and if they are paying more than...

The RBA called it a cartel (which it is) and wanted interchange to be zero. What we have here is a compromise. Interchange is an opaque fee that adds no value and provides no benefit. The acquirer pays the issuer - for what?

Any proof of that? Australia has some of the lowest Merchant service fees in the world. The RBA changes have been a huge success from that perspective.

This is a world wide issue. The EU has a cap at 0.30%. The USA will move in this direction as well and NZ is in play too. Most governing banks are aware of the problem and are on the way to regulation as the schemes wont regulate themselves. Australia is just part of the puzzle. The RBA did...

You are blaming the RBA for your points being reduced. That's like blaming Smith and Wesson when someone gets shot. Perhaps the blame sits with Qantas loyalty (and the other rewards partners) for charging the banks too much for rewards points in the first place? Why don't Qantas (and the other...

And replace it with what? This is the new normal. Im surprised at the outrage. The writing has been on the wall for 12 months and the discussion around this has been endless. I have been warning of this since the white paper was released by the RBA in 2016. The threats of cutting up cards and...

All thats happened is that you haven't met the T's and C's (the inclusion of the annual fee) and the people that you spoke to didn't know that this was the case. Its a bit of bad luck really Im afraid that tilting at windmills with WBC wont credit the points :(

No, its a new customer acquisition strategy.

How is applying the Terms and Conditions "Underhanded cough". Im sure if the shoe was on the other foot.....

Re: ANZ QFF/Rewards card earn rates enhanced™ Stupid rules? If you are referring to interchange its important to know that Australia is not the lowest interchange environment in the world. The RBA has been on record as wanting it at zero. EU has it at 0.30% and most western countries are...

The card schemes set the FX rates and therefore have their own treasury strategy (and spread) sitting in behind that. They do this for several reasons (making money is the biggest one) however it goes a long way to explain why you get an AUD transaction (or pre-auth) immediately when transacting...