19-04-2016 04:01 AM - edited 19-04-2016 04:02 AM
I just opened my new credit card statement, and read that:
- My 55 interest free days is being reduced to 44 interest free days - essentially I have 11 days less now to pay off my credit card
- My 1 Qantas Point earn per $1 spent is being reduced to 0.66 Qantas Point earn per $1 spent
What is BankWest's game here?
I payed a premium for this credit card, and now there is essentially no difference between the FREE Platinum card I had.
I feel ripped off big time!
Thanks BankWest - thanks for making banking so much easier at getting ripped off. There's no such thing as valuing customers these days.
on 19-04-2016 02:01 PM
19-04-2016 02:46 PM - edited 19-04-2016 02:46 PM
I understand where you're coming from @cgm and while I can't reverse the changes I thought I'd at least give you a bit of background.
The changes made by the Reserve Bank Australia in November 2015 has reduced the interchange earnings that are used to directly subsidise the cost of reward points and as a result the product features need to be updated to continue to deliver a sustainable product. We've had to adapt our product in response to market changes but feel this product still remains competitive.
I've brought this to the attention of our Products team. Sorry I can't do more to help here.
20-04-2016 04:12 AM - edited 20-04-2016 04:13 AM
The changes were outlined on my credit card statement I received yesterday @thewinchester!
I have the Bankwest World credit card, it seems it is happening across the entire range though.
I'm furious that I paid an annual fee only months ago, and the value I put on the card, which is the 1QFF per $1 spent is essentially being halved.
I want a refund of my annual fee.
20-04-2016 04:17 AM - edited 20-04-2016 04:17 AM
20-04-2016 07:37 AM - edited 20-04-2016 03:20 PM
I've only just got this card!
There was also no notification in my eStatement about this change, no Bankmail message or notification, nor has there been any postal or print notice either.
And if the whole Qantas card range has been affected, the BWA website still shows the current earning rates, and provides no hint or suggestion to customers interested in the products that the earning rates are about to be introduced - which creates some tangible issues for BWA in the realm of deceptive conduct.
Also - if this change is happening, it will be big enough for me to end my custom with Bankwest and move my entire banking relationship elsewhere.
on 20-04-2016 03:31 PM
I've just had a callback from a BWA Contact Centre agent (who works in home loans normally, but just happened to be allocated my call), and she has confirmed the changes to the cards.
Effective 20 JUN 2016, earn rates on the following cards will be dropping:
- BWA Qantas World Mastercard - 0.66pts/$ (down from 1pts/$)
- BWA Qantas Platinum Mastercard - 0.5pts/$ (down from 0.75pts/$)
The interest free period on all Qantas Mastercard products will also be dropping from 55 to 44 days as previously mentioned here.
The information only made it to the Contact Centre staff at 10am AWST this morning. As of now, the BWA website, product pages, and respective PDS documents haven't been updated to reflect these changes - so customers are likely considering these products not being aware of the full facts and that what they might be about to sign up for will be changing in less than 60 days.
Interestingly, the agent I spoke was working from materials that told them that Qantas was the one who forced these changes on Bankwest. That's a question I'll be taking directly to Qantas Loyalty's CEO Leslie Grant - who i've met personally at a couple of social occasions.
Adding insult to injury with this change - Even's BWA's parent owner CommBank does slightly better with an equlivilent product at at 1.2pts/$ (Diamond Awards - as long as you're using the linked Amex card of course).
Needless to say, I'm now going to be actively reconsidering my entire banking relationship with Bankwest. Even with the benefits on the World and Platinum cards, there's much better value and earning to be had with card products from other banks and financial institutions.
on 21-04-2016 02:46 PM
The change dates you have been advised of are certainly correct, however, I have been looking into this with my colleagues.
These changes were not made at the request of Qantas. I have spoken with one of our Contact Centre Managers and I can assure you that our colleagues were educated about these changes last week, prior to any communication going out to customers. I'm sorry that you were given incorrect information and I'd really like the chance to make sure this is addressed with the colleague you spoke to. So that I can ensure this happens, and also ensure that colleagues are informed, can you please send me a quick email to email@example.com ? Please include your full name, contact number and your forum username, so I can arrange for a supervisor to call you and discuss this in more detail.
In regards to the website and PDS documents being up to date, this information will be updated shortly. We have sent communications to all of our existing customers to let them know of the changes, as we want customers to be well informed and prepared in advance of the changes taking place.
I'm here to help you so, if you have any more questions about this, please let me know and I'd be happy to look into it further and answer your questions.