Westpac dumps AMEX - changes points earn on MC

[Steady]

Given that no one here has ever paid any interest, ancillary fees and also refuses to pay an annual fee yet expects free lounge passes, free travel insurance and a set of steak knives, WBC are probably glad to see the back of the AMEX deal and many of the card holders as well.

Do you pay interest on your CC Nc?

 

[get me outta here]

And yet every 12 months they sign us up again.

 

[Nutcase]

Do you pay interest on your CC Nc?

Of course not. No one on the forum does.

 

[Nutcase]

And yet every 12 months they sign us up again.

You sign up with them - they don't sign you up.

 

[burmans]

Given that no one here has ever paid any interest, ancillary fees and also refuses to pay an annual fee yet expects free lounge passes, free travel insurance and a set of steak knives, WBC are probably glad to see the back of the AMEX deal and many of the card holders as well.

and yet, the banks still keep handing out large signup bonuses. The type of people you are trying so hard to diss don't really care about the earn rate (because that's not their main aim in getting a card - churning for the signup bonus is) and wouldn't care much about WBC being keen to see the back of them because being a long term account holder was never their aim.

 

[cove]

Used both Kris Flyer Amex CCs tonight for November ATO. I will miss using this card for Telstra and ATO. I have really enjoyed the first class travel. Haven’t really needed to use the Platinum CC.

 

[N860CR]

Given that no one here has ever paid any interest, ancillary fees and also refuses to pay an annual fee yet expects free lounge passes, free travel insurance and a set of steak knives, WBC are probably glad to see the back of the AMEX deal and many of the card holders as well.

I've been paying the annual fee on this card for years. Actually, it was my first real rewards card back when it was an Earth+. If things have to change, then that's just how it is. I was just surprised that they've done not a thing to slightly improve the World MC product while leaving the annual fee the same. I can now get better points earn on much cheaper cards.

 

[edcba]

I was just surprised that they've done not a thing to slightly improve the World MC product while leaving the annual fee the same. I can now get better points earn on much cheaper cards.

In my case they have raised the annual fee by 50%.

 

[blackcat20]

Not too impressed to see the annual fee unchanged and will probably ditch the card, which is disappointing as it has been my staple card for a very long time.

 

[mhen]

In my case they have raised the annual fee by 50%.

Likewise. Not interested in paying more for less. Over the last 20+ years I moved all my banking, business and personal to Westpac because I was happy with their credit card now I am not happy so will undo it all.

 

[albyd]

I’m keeping my Altitude Black until Westpac unveil their Amex direct offering before I decide on my next move. This card is otherwise not getting any spend from me until then. I see it as a free call option on a new Amex assuming the approval process is easy to encourage migration and the new Westpac card is not considered towards the Amex direct 4 product limit.

 

[Nutcase]

and yet, the banks still keep handing out large signup bonuses. The type of people you are trying so hard to diss don't really care about the earn rate (because that's not their main aim in getting a card - churning for the signup bonus is) and wouldn't care much about WBC being keen to see the back of them because being a long term account holder was never their aim.

Signing up for cards and getting bonus points and then ditching the card for the next deal is not some kind of witchcraft that is only known by a select few. Its common knowledge and everyone can do it.

With sign on bonuses, all thats happening is that the first years fee is being rebated by Qantas in the form of points or there's a back end deal with Qantas or the points provider (pinpoint) and they share the cost.

Given how small the revenue bucket is that points are paid out of for spending (average 0.50%) its ultimately a dead end. Customers who think that they are of enormous value to the Bank and expect everything for free (including the churn and burn customers) are quite the opposite and I said, WBC will be happy to see them go.

 

[TomVexille]

...
Customers who think that they are of enormous value to the Bank and expect everything for free (including the churn and burn customers) are quite the opposite and I said, WBC will be happy to see them go.

Will they also be happy to see 30 year customers go who have been alienated by the attitude disdain the bank has had for the customer in this case?

 

[cove]

This is a cruel blow for our family.

 

[burmans]

Will they also be happy to see 30 year customers go who have been alienated by the attitude disdain the bank has had for the customer in this case?

If they assess you as not being profitable, of course. Nutcase tries to portray this as being about disloyal customers but the banks haven't shown much loyalty either when they give all the bonuses to new rather than existing customers.

Look after your own interests, that's what the banks are doing!

 

[oz_mark]

If they assess you as not being profitable, of course. Nutcase tries to portray this as being about disloyal customers but the banks haven't shown much loyalty either when they give all the bonuses to new rather than existing customers.

Look after your own interests, that's what the banks are doing!

Bonus points on signup are just an acquisition cost, not something that goes on....Not much different to how insurers discount policies for new customers...
Play the game and move your business around....

 

[cove]

I can do that. No point staying if the CC does not work for you.

 

[Nutcase]

Will they also be happy to see 30 year customers go who have been alienated by the attitude disdain the bank has had for the customer in this case?

Bank's are not charities so if you are unprofitable - exiting you even after 30 years is fine. If all you have is a transaction account, a card that you pay no fees on and not much else then they have no motivation to keep you

 

[Nutcase]

This is a cruel blow for our family.

A cruel blow? No one died or got hit by a car. Its just a Bank product thats been changed. Some perspective may be beneficial.

 

[cove]

Nutcase we have been swanning around the world using that product for the past 8 years. I think of the Kris Miles earned as the way to get Suites Class flights on SQ at the wholesale price. It may crimp our style in 4 years time. 7 travellers in our family who will be affected.