ANZ Changes to Rewards Points Scheme

Lyoungchinaman on 02/02/2016 - 18:51

Just received an email from ANZ regarding changes to their Credit Card Rewards, reducing the value of points per dollar spent:

From 14 March 2016:

• You’ll earn 0.75 Reward Points for every $1 spent on eligible purchases made using your ANZ Rewards Visa card. (previously 1 point per $1 spent)
• You’ll earn 1.5 Reward Points for every $1 spent on eligible purchases made using your ANZ Rewards American Express® card. (previously 2 points per $1 spent)

Given that ANZ only last year increased the number of points required for redemption of gift cards and now the added decrease in the points earned, would be interested to hear any suggestions on perhaps what is the best value rewards point scheme.

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Comments

  • fantafox on 02/02/2016 - 20:36

    Ive been with ANZ for my CC for a long time but I think its time to vote with my feet. Better off switching each year when the right deal cone along - qff / no anual fee first year.im lookingnat options now, will get you know what I find

    • youngchinaman on 03/02/2016 - 10:16
      +1

      Cheers, I've been with ANZ for around 20 years so convenience is to stay but reduction in points is ticking me off. Will be interested in hearing what you find.

  • conan2000 on 02/02/2016 - 21:57

    I have their Platinum rewards, and the Amex has been very good to date, but haven't seen any notifications like this, so not sure it will impact my card. I have recently taken a mortgage with CBA though and am eligible for their Diamond Awards card free, the Amex on this is better than the ANZ one. Probably no good if you need to pay an annual fee though.

    The Citibank Signature card provides the best ratio of spend to rewards of any Visa/Mastercard I have seen, so wait for a free lifetime membership on that one. Ignore the secondary cards attached to Amex cards if you can get this, the ratio of points to rewards isn't great.

    • maverick on 01/03/2016 - 01:58

      … don't know how you can say that "The Citibank Signature card provides the best ratio of spend to rewards of any Visa/Mastercard I have seen". The Coles Rewards MasterCard gives a better ratio of spend to reward on giftcard/money-off type rewards by around 20% compared to the Citi Signature.

      • conan2000 on 01/03/2016 - 22:54

        Maybe because I'd never seen or considered the card! Just had a look and yes, you are correct. It's about 20% better. Doubt I spend enough per year on Visa to make it worth paying an $89 fee though. (Citibank Signature pops up regularly as a free for life card), not sure if the Coles card can be obtained with something similar?

  • Pigey on 03/02/2016 - 02:33
    +1

    Probably relates to the reduced interchange fee that they're allowed to charge by RBA.

  • RockyRaccoon on 03/02/2016 - 04:23
    +1

    Many years ago they did the same, then they reintroduced their card again. Looks like its a pattern with ANZ they reduce the rewards, the accountants point to the savings, then the card usage drops off, then the marketers come up with a bright idea to boost acceptance and the cycle continues. The dumb ones stay with ANZ thru the cycle, The smartest just avoid the ANZ cycles in the first place.

    • conan2000 on 04/02/2016 - 23:08

      Just got a similar email, dropping my Amex points from 3 to 2 and Visa from 1.5 to 1. Makes it significantly less useful, so will be closing the card and my other accounts with ANZ shortly (I only used the credit card anyway).

      Used to work for them so I had everything free, got really annoyed with the company, they'll have offshored most of their staff soon, so I'm moving everything to CBA who support Aussie jobs.

      • Holysmoke on 04/02/2016 - 23:09

        Offshored to NZ?

        • conan2000 on 05/02/2016 - 20:42

          Customer facing call centres to NZ. Mostly to India and Manilla for anyone that doesn't speak to customers.

  • MiniMad on 05/02/2016 - 09:34
    +1

    Was getting some good returns from that AMEX at 3 points but this reduction is really annoying.
    Need to look around to see what else is out there - perhaps moving my whole home loan and cards to someone else.

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