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Answered Forfeit QF points on final statement when closing?

AviationNZ

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I found some other threads discussing this about Amex, but wondering if others have any experiences speciailly with NAB when cancelling a card and then getting the points for the final statement. I've just gone to cancel my NAB QF Signature online and the below message comes up. It states that "...any rewards points not credited when you close the account will be forfeited (inclduing points earning in the current statement period)."

If I'm reading this correctly, I won't get any QF points from spend I've made between the end of the last statement until now when I cancel the card. If that's the case, I find that extremely devious and tempted to submit a complain to AFCA.

Any thoughts/experiences?

NAB.JPG
 

opusman

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I'd say that would be fairly standard. You need to work out what the points transfer cycle is and wait until your last transfer before closing it (and also stop spending on the card to avoid accruing additional points you won't get).
 

AviationNZ

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I don't know what is devious about it. It is as per the terms and conditions.
Sorry, devious might've been the wrong choice of word. Put it this way, I've cancelled about 10 cards over the last few years and this is the first time I've come across it. In every other circumstance, I've spent the money on the cards, earned the points, and been credited the points. To me, this seems like they just screw you right at the end.

I'd say that would be fairly standard. You need to work out what the points transfer cycle is and wait until your last transfer before closing it (and also stop spending on the card to avoid accruing additional points you won't get).
Get your point about managing the cycle, I was purely planning on using it right up to the annual fee being due, then cancelling. I'll be out about 1,000 points which is frustrating but not the end of the world.
 
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theblank

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If I'm reading this correctly, I won't get any QF points from spend I've made between the end of the last statement until now when I cancel the card. If that's the case, I find that extremely devious and tempted to submit a complain to AFCA.
You dont have any grounds for complaint to AFCA because you already agreed to these terms when you signed up for the account. AFCA would only step in where the bank is not meeting its obligations or stated service.

All of the credit cards that generate points direct to VFF or QF at end of the month have this same condition. Its only those banks that have a seperate rewards scheme, like NAB Rewards where you choose when and where to use the points that give you time after closing to do so.

It sucks, but you are talking about 1000 points, so worth maybe $10. Its probably cost you more than that to create a topic about it.
 

AviationNZ

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You dont have any grounds for complaint to AFCA because you already agreed to these terms when you signed up for the account. AFCA would only step in where the bank is not meeting its obligations or stated service.

All of the credit cards that generate points direct to VFF or QF at end of the month have this same condition. Its only those banks that have a seperate rewards scheme, like NAB Rewards where you choose when and where to use the points that give you time after closing to do so.

It sucks, but you are talking about 1000 points, so worth maybe $10. Its probably cost you more than that to create a topic about it.
You're dead right, I did sign up to those T&C's, although didn't notice that specific point in the fine print. I guess I was venting as it hadn't happened to me previously, so was a bit surprised.

Onwards and upwards...
 

Lynda2475

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I'm about to cancel a card so have been familiarising myself with the points posting timeframes. To ensure I dont lose any points, Im going to stop using the card 3 business days before the end of the billing cycle (to ensure there are no pending transactions when the period ends), wait for the points to post and then cancel the next day. That way when i cancel there are no unrewarded transactions on the card. For that 2 week period I will just use other cards.
 
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Usually the QFF points are credited when the statement is issued. You then pay the balance owing a week or so later (before due date at least) less the credit card fees and then telephone to cancel the account.
 

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