ANZ black retention offers

[shuuy]

Any recent experiences on ANZ Black Frequent Flyer retention offers?

 

[Scr77]

I didn’t think banks were allowed to make such offers any more?

 

[watchingwatchesau]

I didn’t think banks were allowed to make such offers any more?

They aren't. Entire retention team probably got made redundant when this was legislated. If you look at National Consumer Credit Protection Act 2009 (Cth), Chapter 3 - Part 3-2B, Division 8, 133BV

Credit provider not to suggest the consumer not terminate the credit card contract
When this section applies
(1) This section applies if:
(a) a consumer who is the debtor under a credit card contract has a credit card termination entitlement under the contract; and
(b) the consumer has requested to terminate the credit card contract.
Requirement
(2) The licensee who is the credit provider under the credit card contract must not suggest that the consumer remain in the credit card contract.
Civil penalty: 5,000 penalty units.

Offence
(3) A person commits an offence if:
(a) the person is subject to a requirement under subsection (2); and
(b) the person engages in conduct; and
(c) the conduct contravenes the requirement.
Criminal penalty: 50 penalty units.

 

[shuuy]

What if it's framed as "I'd like to keep the card - what offer can you give me to stay?"

(ie I haven't triggered 1(b) - 'requested to terminate')

 

[watchingwatchesau]

What if it's framed as "I'd like to keep the card - what offer can you give me to stay?"

(ie I haven't triggered 1(b) - 'requested to terminate')

You could give it a shot. If I were running this, I would just not offer anything as it could cause problems. Limits liability. Most of the money made from the bank is from home loans anyway.

 

[wsthong]

I didn’t think banks were allowed to make such offers any more?

Who's brilliant was this not to offer retention bonuses.
Yet banks are allowed to set minimum spend for bonus points on new members.

 

[Scr77]

Who's brilliant was this not to offer retention bonuses.
Yet banks are allowed to set minimum spend for bonus points on new members.

The change was introduced quite a few years ago. I think at the same time merchants were allow to pass on credit card surcharges and the interbank exchange rate was cut, causing points earn rates to be cut.

 

[Ansett Nostalgic]

In the past they've been able to waive part of the annual fee. IS that still a thing?

 

[DC3]

What if it's framed as "I'd like to keep the card - what offer can you give me to stay?"

(ie I haven't triggered 1(b) - 'requested to terminate')

 

[wxxnxs]

What if it's framed as "I'd like to keep the card - what offer can you give me to stay?"

(ie I haven't triggered 1(b) - 'requested to terminate')

This probably will work for AMEX, but definitely won't work for big 4 or other retail banks within Australia, as mentioned above, they are not allowed to offer any incentives regardless, it's black or white, keep or cancel.

 

[burmans]

Despite this we do continue to get reports of people negotiating both on this forum and elsewhere on the web, eg

How to negotiate a retention offer with Amex (2023) - pointsHq

The thing I love most about American Express Cards is that they pretty much pay for themselves. What I mean

www.pointshq.com.au

I had an idea the legislation only applied to post 2019 contracts so maybe that’s one factor. Would be good to read the actual legislation to check if there are potential loopholes.

 

[GCC]

In the past they've been able to waive part of the annual fee. IS that still a thing?

Yes. I rang and suggested it would be hard to justify keeping the card at the full annual fee. CSA quickly said they would waive the bank fee but couldn’t waive the QFF component. So $120 for current year