The RBA have mmade some changes to the way banks make $$$ from credit cards including changes to rewards schemes.
Having recently received an ANZ Black, what impact will this have on my QFF rewards points collection?
I noticed they droppeed the points rate in half from 3 points to 1.5. Is it even worth having?
New rules come into effect on 1 Sept 2016 for large businesses and 1 Sept 2017 for smaller businesses.
Interesting how they give smaller businesses extra time. You would think it's the other way around because bigger businesses may have larger infrastructure (but then you could argue that they may have more resources).
The changes to the interchange costs and the surcharging are what led to:
These initiatives were starting earlier like March 2016 when the actual RBA changes will occur Sept 2016. This is clearly a conditioning action.
Apparently RBA is implementing control on how much bank charge for credit card transaction, which I think is a good thing. The down side is this will result in less generous reward programs.
http://www.canberratimes.com.au/business/banking-and-finance…
I think the main points from the recent announcement are:
1. Credit Card interchange fees are capped at 0.80% and Debit Card interchange fees are capped at 15 cents as a fixed amount or 0.20% if levied as %
2. The weighted average benchmark for Credit Cards remain at 0.50% while for Debit cards will be reduced from 12 cents to 8 cents
3. AMEX issued AMEX cards and Diners are excluded from this regulation
4. Bank issued AMEX companion cards are INCLUDED in this regulation (such as the ANZ one you currently have)
You don't directly pay this fee but are indirectly impacted because the banks use these fees to pay for the cards' benefits. As you mentioned, now that the banks get less, they will claw back revenue some other way and so the points per dollar earn ratio will decrease.
Of the Big 4 banks, ANZ and CBA have cut their points earn rates with Citi, Virgin, Bankwest and a few other cards also making changes.
Correct me if I'm wrong, but based on your post, I don't believe your card is earning QFF points as I don't believe ANZ has made any changes to that card. They've only changed their own ANZ Rewards cards. Besides AMEX issued cards, I haven't seen a card earning 3 points per $ for QFF. I could be wrong.
The RBA rules, which are currently being reported in the media, are different to what you are thinking.
Surcharges that some retailers charge their customers for credit card transactions will be limited to what banks actually charge. This should stop excessive credit card fees on transactions such as purchasing airline tickets. New rules come into effect on 1 Sept 2016 for large businesses and 1 Sept 2017 for smaller businesses.
The RBA cannot rule in terms of rewards schemes, I think. Banks are cutting rewards points because of a previous rule around what they can charge each other for interchange credit card fees. They make less income from charging each other. Just robbing Peter to pay Paul.