Amex Qantas Ultimate reduce earn rate after 100k points

[Spacetravel]

Just received the following email from Amex for my Qantas Ultimate Card, appears the changes are going through the whole product line.


Drawing particular attention to Qantas points earned in all categories of spend contribute to 100k Qantas points limit. I understand this as the earn rate for QF purchases is 2.25 points per $, while the earn rate for this spend does not change after 100k points, it will contribute to the limit for other spend. So it would make sense to do all Qantas spending after hitting the threshold instead of prior.

While Amex highlight I don't earn 100k points anyway (I haven't had the card for 12 months yet so we will see) knowing there is a chance of hitting the cap concerns me. I've been on the fence for a long time to switching to Platinum Charge (despite its also devaluations) after some consideration I might look at changing to that or switching to one of the Qantas Money cards. As not being limited to Amex places would be a nice change. Either way, points from card spend is certainly not what it use to be.

 

[Lynda2475]

Yes this isn't great, but at least bonus points don't contribute to the cap.

I have multiple earning cards, so if I reach the cap will look to preference other cards if the earn rate is higher from that point on.

Noting however that many of the bank issued rewards cards cap or reduce earn at the much lower 5k per month level; so comparatively speaking this remains one of the best earning cards for regular spend.

 

[levelnine]

The great credit card points devaluation continues.

To be fair to Amex, this is one of the least worst changes. The gutting of sign-up bonuses is far worse in my opinion. My last Qantas Ultimate gave me 130K points in 2022. Current offer is 75K.

 

[Brucetiki]

I got the same email too. Given I'll get nowhere near 100,000 points (in normal spend) per year, it doesn't really affect me, and it's still one of the better points earning cards out there.

 

[33kft]

Interesting. I don't have that 4th point in my email about not being impacted so I guess they worked out my annual points earnings exceed that. It's certainly another slice in the thousand cut death of AMEX's value

 

[Spacetravel]

Interesting. I don't have that 4th point in my email about not being impacted so I guess they worked out my annual points earnings exceed that. It's certainly another slice in the thousand cut death of AMEX's value

Yeah the value of AMEX is really going down hill. Across all cards. Even the platinum charge is a shadow of what it once was. I get it, they don't make the money they use to due to interchange fees changes which use to pay for benefits but come on. I think they are taking the piss now. If they are really that tight I'd rather an increase to the annual fee than the cut of benefits we have. Note to amex employee reading: no, not an annual fee increase AS well to these changes, I mean prior to the cuts the cards have had over the last few years.

 

[Fil-Ski]

I got the same email. Unfortunately nothing much on the market comes close to the Amex earn rate for Qantas

 

[wsthong]

Yeah the value of AMEX is really going down hill. Across all cards. Even the platinum charge is a shadow of what it once was. I get it, they don't make the money they use to due to interchange fees changes which use to pay for benefits but come on. I think they are taking the piss now. If they are really that tight I'd rather an increase to the annual fee than the cut of benefits we have. Note to amex employee reading: no, not an annual fee increase AS well to these changes, I mean prior to the cuts the cards have had over the last few years.

Isn't this is Turnbull's fault for the interchange fees changes

 

[Doctore1003]

Enjoy it while it lasts. Given the trend towards cashless payments, I'd expect to see another RBA "review" of interchange fees in a few years, leading to a further reduction, and even lower points earn rates.

 

[bigpete]

The gutting of sign-up bonuses is far worse in my opinion. My last Qantas Ultimate gave me 130K points in 2022. Current offer is 75K.

How long have you held the Amex Ultimate? As a long-term member I reckon churners are getting better rewards than loyal customers.

 

[levelnine]

How long have you held the Amex Ultimate? As a long-term member I reckon churners are getting better rewards than loyal customers.

My 18 month wait period between sign-up bonuses is almost complete. I never keep a card for more than a month or two. Churn and burn is the only way to win at this game.