ANZ follows NAB to cut credit card perks: Is the points game over?
Key takeaways
- ANZ has joined NAB in cutting back some of its credit card points offers ahead of the card surcharge ban.
- The bank has slashed bonus Qantas Points offers on its Frequent Flyer Black and Frequent Flyer Platinum cards.
- What's next: More credit card providers will likely cut back points and perks in the weeks and months ahead.
ANZ is cutting back the bonus Qantas Points offers on two of its most popular credit cards.
Effective immediately, the bonus Qantas Points offer on the ANZ Frequent Flyer Black is now 80,000 points, down from 130,000.
The bonus Qantas Points offer on the ANZ Frequent Flyer Platinum has been slashed from 75,000 points to 40,000 points.
Annual fees for both cards remain the same, but the $200 cashback on the Black card and the $100 cashback on the Platinum have been removed too. This effectively makes the cards more expensive without raising fees.
There are no changes announced to ANZ's other Black and Platinum offers, which let customers earn ANZ Rewards Points or Velocity Points.
Want more points?
Grab a better offer, while you still can
Why are points programs getting less rewarding?
ANZ is now the second big bank to slash credit card perks after NAB. More will follow soon.
This is because of the RBA's incoming ban on credit card surcharges. From October, merchants can't charge a fee when use a credit card at the shops.
That's good news. But those fees helped subsidize bank points programs. The RBA estimates the fees are worth about $660 million a year.
Card offers have to get less rewarding to cover the shortfall. Today's changes won't be the last.
Ask a question