CBA and Woolworths EzyBanking "parting ways"

[beardoc]

I just noticed this on http://www.infochoice.com.au/banking/news/creditcards/05/12/article14169.asp

This is a worry, because it might mean the end of the generous 1:1 point conversion for the Woolworths EzyBanking Mastercard.

Woolworths and CBA dissolve credit card alliance
2 December 2005

Woolworths may seek to issue a co-branded credit card with another bank after negotiating an early end to an exclusive agreement with Commonwealth Bank. Commonwealth Bank markets credit cards under the Woolworths Ezy Banking brand at present, under an agreement reached in 1999. Ezy Banking has 480,000 debit card accounts and 130,000 credit card customers. Woolworths may become only the second non-bank to secure a credit card licence following GE MoneySwitch.


By Herald Sun

 

[oz_mark]

I have long had my doubts about either sides commitment to EzyBanking. But will be interesting to see what path they take with it, although the article seems a bit inconsistant - there's the bit about partnering with another bank, and then ther's the bit about being a non bank getting a credit card license.

I guess they could set up there own finance arm. Seems to be a strategy that has worked for David Jones.

 

[beardoc]

I'm not really worried about where they happen to partner - what I'm worried about is the potential loss of the 1 QFF point per $1 spent, which is so rare with a Mastercard/Visa these days in a form that doesn't require enormous annual fees or very high income requirements.

 

[oz_mark]

It will probably depend on what sort of leverage Woolies has over its next partner, and how much business they propose would be created out of the partnership. But I can see how you would be concerned about the future of the conversion rate.

 

[one9]

what will happen to existing cards? I have recently applied for the card as the Platinum CBA cards now has points capping. I received my PIN in the mail today, so should get my card in the next day or two. Hopefully Woolworths wont end the card too soon.

 

[beardoc]

what will happen to existing cards? I have recently applied for the card as the Platinum CBA cards now has points capping. I received my PIN in the mail today, so should get my card in the next day or two. Hopefully Woolworths wont end the card too soon.

I think it's the case that we don't have any further information at this point. It is a concern that they might introduce points capping, but I guess that we just have to wait and see, and use it whilst we can.

 

[JamesF]

Hi all,

just went to check the ezybanking website and couldnt find anywhere to sign up for this card. All the points transfer details have disappeared too. Has this card been discontinued for good? have been offline for a few weeks so maybe missed something?

fingers crossed it still exists as it's a great deal.

cheers
james

 

[serfty]

Hi all,

just went to check the ezybanking website and couldnt find anywhere to sign up for this card. All the points transfer details have disappeared too. Has this card been discontinued for good? have been offline for a few weeks so maybe missed something?

fingers crossed it still exists as it's a great deal.

cheers
james

Something is quetly happeing here. See this thread: Something is afoot .... :-|

 

[Maca44]

Hi all,

just went to check the ezybanking website and couldnt find anywhere to sign up for this card. All the points transfer details have disappeared too. Has this card been discontinued for good? have been offline for a few weeks so maybe missed something?

fingers crossed it still exists as it's a great deal.

cheers
james

I heard the rumour some months ago that CBA and Ezy Banking were parting company, but nothing in the media or elsewhere since that time.

To transfer points to QF (and I did it today) you telephone them and the points are t/f to QF within two days. I have had the Ezy card for 6 mths, only as a backup when merchants don't accept AMEX, but have recently received a wizard mastercard as a secondary backup for cash advances when in overseas..no annual fee and great rates etc so its not costing me anything to have it. Be warned though, there is another thread where someone was having trouble with obtaining cash advances in Sth America as the card was blocked and I think was was because they did not complete and send back a "identification Reference Form" when they received the card in the first instance.

 

[serfty]

ANZ in the Mix?

Not sure how relevant this will prove to be, but I was in my 'home' Safeway (Victorian "Woollies") last evening and noticed an area outside the cash registers with a large Sticker (~1 sq. Metre) on the floor.

Can't recall the exact working but it was something like:

Coming Soon:
ANZ/Safeway ATM

:?:

This leads to all sorts of possibilities ... or none! :-|

 

[JamesF]

Hmm interesting serfty... I havent seen the ANZ promos up here yet, but maybe, as you say, it might lead to something. Although it'd seem strange for ANZ to do something which might take potential business away from the Qantas FF visa.

Will keep our eyes open. I'm sure if anything new comes up, AFF will be the first place we'll read about it

cheers

James

 

[oz_mark]

There was an article in The Australian this morning that mentions the issue in passing. The focus of the article was on other things, so not much detail.

Luscombe wasn't going to be left on the shelf

[...]
Woolies has now teamed up with ANZ to install automatic teller machine terminals in its supermarkets and liquor outlets - a rejection of Luscombe's checkout-based Ezy Banking model, although Woolies insists the current service will continue
[...]

.

 

[Philip76]

This is a worry, because it might mean the end of the generous 1:1 point conversion for the Woolworths EzyBanking Mastercard.

I thought that 1:1 ratio disappeared over a year ago when it disappeared for the other cards. Didn't it? I transferred a heap to Qantas before then so that I didn't lose half their value.

If it's still 1:1 I'd better transfer another bunch of them now.

 

[serfty]

I thought that 1:1 ratio disappeared over a year ago when it disappeared for the other cards. Didn't it? I transferred a heap to Qantas before then so that I didn't lose half their value.

If it's still 1:1 I'd better transfer another bunch of them now.

Still at 1:1, here is a web page with that information:

Ezy Rewards. Note you can no longer access this from the EzyBanking home page.

You need a minimum of 3,600 Ezy Rewards points to do the transfer.

 

[Philip76]

Thanks for that. I've just transferred a stack to QF in case Ezybanking goes bye bye without leaving an option to transfer.

 

[openseat]

Just to add confusion.....

I received last week a letter offering to increase my credit limit. I also had my card renewed. So it seems to be still functioning well.
However, my card magically appeared in my netbank access page.

 

[akumaslair]

EZY MAster card RIP!!!

THe deadline according to everyone and that letter is tomorrow 6th OCt 2006, so I call up just a few minutes ago and ask to transfer the remanining points...

I get told I have 7500 points which is the same number of points on my last statement as of 8th of September, I say WTF, how come my points haven't been upgraded, response by the turkey was maybe call back tomorrow, I say 'well if they haven't upgraded for the last 28 days or so, what are the chances of it upgrading tomorrow??' she says "we are doing an upgrade tomorrow". Frankly I think this is BS, so I have asked for as superviosr, and was told that he/she will call me back....... still waiting

IS anyone else having the same experience, I have been busy earning 15,000 points in hte past month as a final effort.......

gonna be very peeved if this doesn't work.......

 

[Sheriff]

I have been trying very hard for the past month to push the CBA to waive the $200.00 Platinum MasterCard fee without any success

I have finally managed to convince the CBA to waive the $200 Platinum MasterCard fee.Today, I received a letter from the CBA confirming the annual fee waiver.The letter says

"Thankyou for taking the time to speak to us regarding your CBA Mastercard Ezy Credit Card- your request is easy to arrange.

We confirm you have requested a Mastercard Platinum, with a credit limit of $100,000.This is easy to arrange: Simply sign and date the form included and return in the reply paid envelope or fax the form to us on ...

Please read the Acknowledgment and Consent in this letter before signing........

When the annual fee becomes next due on your MasterCard Platinum, it will be waived for 12 months.

Consent

Yes, I would like to transfer my Ezy MasterCard account number ...., to a new MasterCard Platinum with a credit limit of $100,000.

Thank you again for choosing to stay with the CBA........."

A very polite Customer Service Representative from the CBA also rang to advise that the next annual fee on my new Platinum Mastercard will be due October 2008. He also suggested to call back then to discuss a possible further annual fee waiver.

So, bye-bye Ezy MasterCard , hello Platinum Mastercard.

Thank you CBA , much appreciated.

Cheers
Sheriff

 

[JohnK]

A very polite Customer Service Representative from the CBA also rang to advise that the next annual fee on my new Platinum Mastercard will be due October 2008. He also suggested to call back then to discuss a possible further annual fee waiver.

I guess it is everyone for themselves, but do you think they waived the annual fee because of the very high credit limit or your persistence?

 

[Sheriff]

do you think they waived the annual fee because of the very high credit limit or your persistence

Neither.

The credit limit on my Ezy MasterCard is $100,000. The CBA will simply transfer the existing credit limit over to the new Platinum MasterCard. Ezy

Persistence is good, but persuasion is the key. To persuade the bank to give you a credit card fee waiver you must be able to:

1. Provide good reason(s) to justify a credit card fee waiver.
2 Demonstrate a good business relationship with bank for many years.
3. Demonstrate your loyalty to the bank for many years.
4. Demonstrate a good credit repayment history.

By the way, CBA fully refunded my Ezy MasterCard annual fee too.

Good Luck!

Cheers
Sheriff