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Westpac dumps AMEX - changes points earn on MC

rock86

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This is great news!

Let's hope that if you hold an AMEX issued card you will still be eligible to obtain the bonus points from the 'Westpac/AMEX Partnership' cards. Although I'm dubious, as AMEX has tightened their rules this year so it may not bode well for the eligibility of existing cardholders.
 

Nutcase

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Not sure how you spin this as "great news" but each to their own I guess.

From April next year - WBC/AMEX cards will no longer be supported.

The standalone black MC will earn $1 = 1 point for the first $5k of a statement.

AMEX will issue a co-branded WBC card however this will be an AMEX product and behave as a proprietary AMEX product albeit with a WBC brand.

No news about sign on bonuses.
 

rock86

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Not sure how you spin this as "great news" but each to their own I guess.

From April next year - WBC/AMEX cards will no longer be supported.

The standalone black MC will earn $1 = 1 point for the first $5k of a statement.

AMEX will issue a co-branded WBC card however this will be an AMEX product and behave as a proprietary AMEX product albeit with a WBC brand.

No news about sign on bonuses.

So you think they are entering this partnership so you can earn reduced points from the AMEX card? They were going to drop the companion card anyhow, as per all the other major banks, and why wouldn't you as it just isn;t worth it under the new rules imposed.

I really can't see how this is not positive in respect to the current environment for reward point earnings through credit cards.

They could have just got rid of an AMEX card altogether, yet they decided to try and come up with another alternative unlike the other majors.
 

lovetravellingoz

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Not sure how you spin this as "great news" but each to their own I guess.

.

Well for those of us that like to build good point stashes, more new cards offers more often than not means more chances to earn good points. A bank hungry for business often means good point offers. Opportunities abound for those who seek them.

I know that you love the gloom and doom, but as an avid points runner the last year has been simply fabulous!

Even my less favoured Velocity and Qantas FF Point Balances are bulging. With my favoured KF program the removal of fuel fines now means that most flights in premium cabins now cost virtually no $$$. And for thos happy to fly in Y, it now makes sense to do so.

Good times in indeed for the FF Points Runner ;)
 

Nutcase

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So you think they are entering this partnership so you can earn reduced points from the AMEX card? They were going to drop the companion card anyhow, as per all the other major banks, and why wouldn't you as it just isn;t worth it under the new rules imposed.

I really can't see how this is not positive in respect to the current environment for reward point earnings through credit cards.

They could have just got rid of an AMEX card altogether, yet they decided to try and come up with another alternative unlike the other majors.

This will cost WBC nothing and will upset the RBA which is probably deliberate on WBC's part. The rumour was that they were going to do this 12 months ago.

Expect a standard AMEX card from the existing fleet, except with a WBC logo on it.

WBC will split the annual fee revenue with AMEX for the referral. AMEX will carry the credit limit and that will be that.

It could work although I would expect that the RBA will lodge a rather large complaint to which WBC will show a single digit from their right hand.
 

Nutcase

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Well for those of us that like to build good point stashes, more new cards offers more often than not means more chances to earn good points. A bank hungry for buisness often means good point offers.

I know that you love the gloom and doom, but as an avid points runner the last year has been simply fabulous!

Even my less favoured Velocity and Qantas FF Point Balances are bulging. With my favoured KF program the removal of fuel fines now means that most flights in premium cabins now cost virtually no $$$. And for thos happy to fly in Y, it now makes sense to do so.

Good times in indeed for the FF Points Runner ;)

You're a very clever boy. Daddy is proud of you.
 

albyd

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This is clearly designed to navigate a path around the changes in July. Bank issued Amex pegged back to same regime as MC/Visa as they only existed to get around it.

This latest innovation takes it a step further. Hoping won’t catch the RBA’s attention as if it’s successful for Westpac, others may follow and RBA might restrict Amex issued cards too next time.

Converted my Altitude Black to a $30 Visa. If I reverse it, for the purposes of which Amex product I’m converted into (Amex traditionally then doesn’t allow product transfers) will it matter what tier Altitude card I have? Probably a little early but thought I’d ask as it appeared several posters on this thread might know. I’m looking at a strategy to move my Westpac Credit limit to Amex through this process.
 

rock86

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This will cost WBC nothing and will upset the RBA which is probably deliberate on WBC's part. The rumour was that they were going to do this 12 months ago.

Expect a standard AMEX card from the existing fleet, except with a WBC logo on it.

I still can't see the problem, and they may structure it like the DJ AMEX cards they currently which would be great.

WBC will split the annual fee revenue with AMEX for the referral. AMEX will carry the credit limit and that will be that.

It could work although I would expect that the RBA will lodge a rather large complaint to which WBC will show a single digit from their right hand.

Can't see how the RBA could do anything about this partnership, WBC will not be issuing the card but rather probably 'earning' a commission from AMEX for the business, so will not fall under the new inter-bank fee rules.

This is a positive for anyone who churns cards or likes a higher earn rate.
 
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lovetravellingoz

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You're a very clever boy. Daddy is proud of you.

Clever? If being pragmatic and acting on opportunities makes one clever then yes.

However only the foolish focus on what they cannot do, rather than what they can do.

To gain points one does not need to be clever, one just needs to be logical and willing to act.
 

Nutcase

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Clever? If being pragmatic and acting on opportunities makes one clever then yes.

However only the foolish focus on what they cannot do, rather than what they can do.

To gain points one does not need to be clever, one just needs to be logical and willing to act.

I have simply provided an update regarding WBC's move with its AMEX fleet and some commentary around why this is happening and what the potential outcomes may be. What you do with this is up to you.

Whenever I post on this board you go to great lengths to try and impress me with your ability to apply for and cancel cards, gain my approval for your efforts as well as take a thinly veiled swipe at me.

Im not sure why you are doing this but if it makes you feel better then as I said; Im very proud of you.
 

Dr Ralph

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'Westpac dumps AMEX'


This just isn't true and is an utterly false statement from you designed to sensationalise what has happened. Based on this false claim it is evident that you do not appear to have understood what has happened at all.

To be very clear Westpac HAS NOT dumped AMEX. Instead they have entered into a new arrangement. It's quite inappropriate for you to falsely report this situation.

See email received overnight to assist in your understanding of the situation:


"Hi Dr Ralph,

Westpac are pleased to announce a new partnership with American Express, introducing a new range of credit cards in early 2018. These cards are exclusive to eligible Westpac cardholders, and will be issued and serviced directly by American Express.

These new cards will allow customers to enjoy the benefits of American Express, including accelerated points earned on eligible local and international purchases, into an existing Westpac Altitude Rewards or Qantas Frequent Flyer account.

Look out for more details on the new cards in early 2018, or for more information visit westpac.com.au/personal-banking/credit-cards/americanexpress

The new partnership follows the review of Westpac's rewards credit cards, due to the regulatory changes introduced by the Reserve Bank of Australia. Westpac's current American Express cards, issued and serviced by Westpac, will close on 4 April 2018. Full details on what these changes mean for your account will be sent to you over the next five weeks."
 
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blackcat20

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Despite having all my personal and business banking with Westpac, I haven't heard a peep out of them in regards to the changes. As a long time Earth card holder I'm pretty disappointed.
 

ChrisFlyer

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The standalone black MC will earn $1 = 1 point for the first $5k of a statement.
Where did you see this? Nothing in the article you linked to or on the bank's website (unless it's hidden somewhere..?).
 

Nutcase

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Where did you see this? Nothing in the article you linked to or on the bank's website (unless it's hidden somewhere..?).

Other minor changes from Westpac included reducing the annual fee on the Altitude Black card to $250, bumping up the points earn rate on Altitude Black Qantas Frequent Flyer Visa cards from 0.625 points per $1 spent to 0.75 points and removing the points caps on both Altitude Platinum Rewards and Altitude Platinum Qantas Visa cards. These changes are effective from 4 April 2018.

https://mozo.com.au/credit-cards/ar...n-credit-cards-cba-holds-out-but-for-how-long

Another article mentioned the $5k cap - the one posted says it was removed.

I will keep looking for the article with the cap mentioned.
 

Nutcase

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'Westpac dumps AMEX'


This just isn't true. You do not appear to have understood what has happened.

Westpac HAS NOT dumped AMEX at all. Instead they have entered into a new arrangement. See email received overnight:


"Hi Dr Ralph,

Westpac are pleased to announce a new partnership with American Express, introducing a new range of credit cards in early 2018. These cards are exclusive to eligible Westpac cardholders, and will be issued and serviced directly by American Express.

These new cards will allow customers to enjoy the benefits of American Express, including accelerated points earned on eligible local and international purchases, into an existing Westpac Altitude Rewards or Qantas Frequent Flyer account.

Look out for more details on the new cards in early 2018, or for more information visit westpac.com.au/personal-banking/credit-cards/americanexpress

The new partnership follows the review of Westpac's rewards credit cards, due to the regulatory changes introduced by the Reserve Bank of Australia. Westpac's current American Express cards, issued and serviced by Westpac, will close on 4 April 2018. Full details on what these changes mean for your account will be sent to you over the next five weeks."

I note that you have changed your post since I quoted it to tell me that what I have said is now utterly false and inappropriate.

Whats with the personal attacks? This information is publicly available. AustralianBT and Mozo are reporting it.

I understand perfectly what has happened with WBC and why.

The AMEX companion card is no longer a viable product and has been dumped hence the title of the post "Wetspac dumps AMEX."

The "partnership" that WBC will now have with AMEX will be to refer WBC customers to AMEX who will issue an AMEX card, carry the risk and manage the customer.

The weasel words in the email only give part of the story and not the background nor does the email explain anything of any substance.

Part of this deal will be for WBC to share customer credit information with AMEX in order for AMEX to offer a credit limit without a full credit application but still with a credit enquiry.

WBC will have a referral relationship with AMEX only given the RBA interchange caps.

This is not the same as the David Jones deal where AMEX purchased the debt book from David Jones and became the issuer of David Jones store card as well as the AMEX branded David Jones card in a deal that also involves revenue sharing on AMEX spend. There is no RBA involvement in that deal from the perspective of interchange of course.
 
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KLN

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hhhmmm, i wonder what the ATO earn rate will be?
 

Nutcase

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hhhmmm, i wonder what the ATO earn rate will be?

Given that the interchange for Government is so low (0.275% for Visa and 0.11% for MasterCard) then expect basically zero ATO points from the WBC scheme card. Keep in mind that these rates overrule the 0.80% cap and 0.50% average.

As for the AMEX? Expect what AMEX offer now for government spend points earn.
 

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