Westpac devalues points

[albatross710]

Kaching$$....just got the latest catalogue from Altitude with the points revisions.

Retail vouchers are my preferred redemption method. They have just increased the points required by a whopping 11.33%.

We all know that points can be expected to devalue...but almost 3 times inflation.

For instance
$100 David Jones Gift Card was 15,000 points, now 16,700 points

Same earning rate, same coughpy bank attitude.

Banks really do stink!

 

[ric_melb]

You could see it this way.
Westpac buy Gift cards from David Jones.
David Jones put up the price they charge Westpac.
Westpac put up the points they charge customers.

So is it Westpac with the coughpy attitude or David Jones?

 

[NM]

You could see it this way.
Westpac buy Gift cards from David Jones.
David Jones put up the price they charge Westpac.
Westpac put up the points they charge customers.

So is it Westpac with the coughpy attitude or David Jones?

How can David Jones put up the price for a fixed price gift card?

DJ: "I'm sorry, Mr Westpac. Due to inflation, we are not going to have to increase the cost of a $100 gift card to $110. I am sure you and your customers will understand".

now I can understand that inflation may increase the cost of a toaster, but I fail to see how a fixed value item such as a $100 gift voucher can increase in cost.

 

[bambbbam2]

You could see it this way.
Westpac buy Gift cards from David Jones.
David Jones put up the price they charge Westpac.

Yes I have noticed that the $100 gift voucher now costs a lot more than that!

 

[albatross710]

Also, there was no notice given. I haven't bothered to check the T&Cs as I recall it is something like changes to rules is 30 day notice, changes to awards at their descretion.

I do recall a discussion other times on the forum about the effects of inflation and how points also get devalued over time.

Unfortunately in my case I usually redeem for one card about each month. Before Christmas we decided to start accruing the points in Altitude with a view to subsidising family travel later in the year. I haven't worked through the Altitude travel values as they are usually such poor value that we transfer the points to QFF.

I called Westpac yesterday afternoon to voice my thoughts but gave up after being on hold for 15 minutes. While on hold I notice:

Feb 2006 $100 vouchers 14,000 pts
Feb 2007 $100 vouchers 15,000 pts
now $100 16,700 pts

Eventually got thru to the Westpac complaints people who politely logged a complaint and said someone would explain the devaluation.

In the meantime, anyone and everyone in Altitude should lodge a complaint for feedback purposes.

Feedback/complaints can be lodged online at https://altituderewards.com.au/public/email.aspx.

Within AustraliaFrom Overseas
1300 887 820+ 61 2 9352 3130
8am – 8pm (AEST), Monday to Friday excluding National Public Holidays

 

[straitman]

Also, there was no notice given. I haven't bothered to check the T&Cs as I recall it is something like changes to rules is 30 day notice, changes to awards at their descretion.

I do recall a discussion other times on the forum about the effects of inflation and how points also get devalued over time.

Unfortunately in my case I usually redeem for one card about each month. Before Christmas we decided to start accruing the points in Altitude with a view to subsidising family travel later in the year. I haven't worked through the Altitude travel values as they are usually such poor value that we transfer the points to QFF.

I called Westpac yesterday afternoon to voice my thoughts but gave up after being on hold for 15 minutes. While on hold I notice:

Feb 2006 $100 vouchers 14,000 pts
Feb 2007 $100 vouchers 15,000 pts
now $100 16,700 pts

Eventually got thru to the Westpac complaints people who politely logged a complaint and said someone would explain the devaluation.

In the meantime, anyone and everyone in Altitude should lodge a complaint for feedback purposes.

Within AustraliaFrom Overseas
1300 887 820+ 61 2 9352 3130
8am – 8pm (AEST), Monday to Friday excluding National Public Holidays

albatross710,

If you had an email address you may get some takers but at a 15min plus wait I really don't think many will be bothered.

.... it's all part of the conspiracy :!:

 

[albatross710]

Good point. Feedback/complaints can be lodged online at https://altituderewards.com.au/public/email.aspx.

I'll go back and edit that into my previous post.

My call was answered this morning much faster, less than the time it took to type my post.

 

[ric_melb]

I doubt that Westpac pay a full $100 to David Jones.
They probably buy the cards at a discount, David Jones reduce the discount, hence Westpac increase the points required.

 

[albatross710]

I'm pretty sure it is a Westpac decision as all of the products have increased in the same quantum ie Harvey Normal, Bunnings, Coffee Club etc

 

[albatross710]

I did get to lodge the feedback and received a call back from Westpac complaint handling people.

Initially she pointed out that the points have no value to the bank as they don't value them. I explained that in fact, contrary to how the bank works, I do value them.

Then she explained that I was getting a premium David Jones product which, of course, would cost more than a Bunnings voucher. I pointed out that the DJs and Bunnings vouchers were the same points value and her comment didn't make sense.

After this, she quoted the Terms & Conditions.

My initial point was not their rights under the terms and conditions to vary the awards...it was simply to provide them with the feedback that they are devaluing their clients.

Westpac 1
Customers 0

Alby

 

[oz_mark]

David Jones gift cards come in two flavours, the standard gift card, and the premium gift card. The premium card is described as

For that special occasion, the David Jones Premium Gift Card is a gift like no other. Presented beautifully in a stylish black box accompanying a gold and black greeting card, it’s the ultimate gift for an occasion that needs that perfect touch.

They retail for $6.95 more than than value of the card, so a $100 premium gift card costs $106.95.