Bankwest to cut earn rates

[Doctore1003]

This is incorrect. The RBA cut interchange fees last year in November which is what sparked the sudden Citibank earn rate cuts. The other banks have taken their time before implementing cuts unlike Citibank.

Hi madrooster, this is not correct - see this media release from the RBA. It outlined its preferred option and started a consultation process, which ended in February. It indicated a decision not before May. The Payment Systems Board that makes the decision meets quarterly and has a meeting in late May.
Consultation on Changes to the Bank's Standards for Card Payment Systems | Media Releases | RBA

 

[Isochronous]

We should be sending hatemail to the Payment Systems Board to make it clear that we don't want them to screw us over as consumers.

 

[madrooster]

Hi madrooster, this is not correct - see this media release from the RBA. It outlined its preferred option and started a consultation process, which ended in February. It indicated a decision not before May. The Payment Systems Board that makes the decision meets quarterly and has a meeting in late May.
Consultation on Changes to the Bank's Standards for Card Payment Systems | Media Releases | RBA

The changes from the RBA in terms of interchange fees is about regulating the fees and including Amex into the schemes that are regulated. Now if the RBA gets their way, we'll be seeing Amex earn drop dramatically too.

If you don't believe me about the interchange fees changing late last year, have a look on the internet using those web archive sites (eg. web.archive.org) for the interchange fees before November and now...

Specifically these two current pages:

Interchange rates | MasterCard®
Visa Australia | About Visa | Interchange | Interchange

And here's a version from before November:

http://web.archive.org/web/20150930...rchant/getting_started/interchange_rates.html
http://web.archive.org/web/20151011...om.au/aboutvisa/interchange/interchange.shtml

The fees were cut from just under 2% for super premium cards (eg. signatures, prestige, world cards) down to about 1.3% and the Citibank earn cut late last year was exactly in line with these changes to the interchange fees. In fact the earn cut effective date was identical to the date the new reduced fees became effective.

 

[cove]

Started hammering both World and Platinum as the bell is ringing.

 

[Mr_Orange]

This is disappointing, if not unexpected, but the fee free transactions abroad still make this card the best VISA/MC for me. I have the World on a grandfathered annual fee from the Platinum days so not too bad. I may well hit them up for an annual fee reversal though.

 

[Mattg]

This is really very disappointing. The Bankwest Platinum/World cards used to be good products (particularly as one of the only cards in Australia that earns points while not charging a foreign transaction fee).

 

[waflyer]

Really disappointed with this. I've had the Platinum for years and just 'upgraded' it to the World. Is still handy for overseas transactions, but won't be putting any AUD spend on it once the earn rate changes while my other MC / Visa give better points/$.

 

[exceladdict]

At the moment, i am planning to hit them up for an annual fee reversal and then swap to zero platinum (if it works with no credit check, and if it retains 55 interest free days) as an alternative to 28 degrees for forex purchases, or close it altogether to free up lending power for my next application.

 

[cove]

Based on other card changes the Bankwest earn rates may still be competitive going forward. It will mean our UK spending points earn will drop back from around 1.9 QF points per £ to around 1.3 QF points per £ on the BW World card.

 

[Mr_Orange]

At the moment, i am planning to hit them up for an annual fee reversal and then swap to zero platinum (if it works with no credit check, and if it retains 55 interest free days) as an alternative to 28 degrees for forex purchases, or close it altogether to free up lending power for my next application.

Interesting idea, but I would wait and see what other VISA/MC that currently earn 1ppd do over the coming months. AFAIK, there are only the Jetstar, HSBC, Macquarrie and Citi cards offering this earn rate. No point in swapping if they all devalue too.

 

[exceladdict]

Interesting idea, but I would wait and see what other VISA/MC that currently earn 1ppd do over the coming months. AFAIK, there are only the Jetstar, HSBC, Macquarrie and Citi cards offering this earn rate. No point in swapping if they all devalue too.

True. I guess this all assumes amex will not be touched, also.

 

[Pleb Status]

Media Release : Notice of Change to the “Bankwest Qantas MasterCard^® and More MasterCard credit cardsâ€

The official word above on the cuts to the earning on the BW World and Platinum. I can understand the points earn change (due to the interchange reduction) but not the 55 to 44 day interest free period change.

 

[ksthommo]

Page four from yesterdays statement

 

[cove]

I guess it is good news then to receive an email from the accountant detailing how much we need to pay the fiscal fiend before the change of points earn date.

 

[astrosly]

Got an email about the changes from Bankwest yesterday. Interesting they are still advertising the Platinum card with the higher earn and there is nothing on their website that says it will change in a few weeks, not even in the small print. I'll have to review my usage in October to see if it is worth keeping with $160 p.a. fee as I'm only using it for overseas purchases and withdrawals now.

 

[cove]

Well Mrscove is running hot with her BW card and she is leaving me behind in the dust. Until the changes she is getting better than 1.95 points per £ I think with no special "enhanced forex fees".

 

[Mr_Orange]

This reminds me. I need to follow up my phone call about getting my annual fee reduced. The indication was that they would do something but it's all gone quiet.

 

[Isochronous]

This reminds me. I need to follow up my phone call about getting my annual fee reduced. The indication was that they would do something but it's all gone quiet.

Let me know how you go.

 

[global_nomad]

Called them to ask for a fee reversal/reduction and they didn't budge. I dug in my heels, said that I had only had the card for a few months (since Dec 2015) and wouldn't have signed up and paid the $160 with the 0.5 point earn. I've paid every statement 100% and on time and have most of my other accounts with BW. Spent a good 25 min on the phone, with the rep checking with someone else, and the best I got was that if I cancelled immediately, they'd refund the fee.

I'm definitely not happy, but don't currently have an alternative (only AMEX) so I'll wait until my 12mo are up in the meantime will look for another Visa/MC.

Curious to hear if anyone gets any further!

 

[Mr_Orange]

Let me know how you go.

Called them to ask for a fee reversal/reduction and they didn't budge. I dug in my heels, said that I had only had the card for a few months (since Dec 2015) and wouldn't have signed up and paid the $160 with the 0.5 point earn. I've paid every statement 100% and on time and have most of my other accounts with BW. Spent a good 25 min on the phone, with the rep checking with someone else, and the best I got was that if I cancelled immediately, they'd refund the fee.

I'm definitely not happy, but don't currently have an alternative (only AMEX) so I'll wait until my 12mo are up in the meantime will look for another Visa/MC.

Curious to hear if anyone gets any further!

Nope, I got no further. The only offer was to speak to the sales team to find a more appropriate product. What I was told the first time I called was completely ignored and I got the line, "Annual fees and propduct features are fixed and cannot be changed or reduced."

I'm considering swapping to the Zero Fee Platinum for overseas use and then getting either the Jetstar or Woolies Mastercard for 1pt/$ earn or potentially just sucking up the loss of points and saving on an annual fee and using the Zero Fee Plat for non-Amex everyday purchases too.