I just read this article: https://www.ausbt.com.au/anz-stops-issuing-american-express-…
I guess it'll mean more room in the AMEX lounge in Sydney but I wonder if others will follow suit. Hope not 😑
ANZ Are Dropping AmEx
seanbaussie on 01/03/2017 - 15:32
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I don't think it will affect Veloce. That's a deal that ANZ have, not Amex. Type your Travel Adventures or Black visa number into the Veloce site and it should work fine.
True!
Wow, this is really surprising after how much they pushed their VISA+AMEX Travel Rewards card.
I picked that one up because of the dual-merchant feature, guess I'll be letting it lapse at the end of the year.ANZ seem to be blaming the new interchange fee laws - it'll be interesting to see what effect this has on other points/rewards cards.
Hm but it's not surprising because of the interchange changes.
I'm actually surprised it took this long for one of the banks to make this move, but I forgot they only come into effect mid this year. I'm suspecting that all banks are likely to cull their AMEX cards eventually.
there were signs, westpac didn't have amex template when submitting black card re-design couple months back.
Wow interesting! Perhaps ANZ should lower their annual fees then!
Wow. That's really bad news for all those Amex deals. I don't have ANZ amex but will big 4 follow…?
Luckily there's still enough AMEX card options out there with no annual fee, and with 4 free supplementary cards.
So if all you're doing is chasing AMEX deals, you'll be okay.
Any references? With earn rates similar to ANZ?
I recently picked up a Platinum Edge through a deal posted here on OzBargain - first year fee free, great earn rate (3 points at supermarkets).
A handful of always-free AMEX cards too, although earn rate isn't as good. Just browse through the amex.com.au homepage
@railspider:
Cheers. Looking for something with a good general earn rate as we spend a lot outside the main supermarkets etc. Was very happy with the ANZ QFF Amex. $249 for the Platinum Edge sounds too high for me, will have to keep looking. Maybe the Coles Mastercard.@galapogos01: First year free + bonus points through this deal - there's also anecdotal evidence in the comments that Amex will waive the fee in future years if you spend enough.
Coles Mastercard has good point earn if you shop at Coles a lot (and if you bundle with other Coles products like insurance). Still has a fee however.
Doesn't really surprise me. Merchants dislike taking Amex because the company charges them a higher percentage premium of sales, and even if they accept the cards often pass the extra charge on to customers.
Annual fees are relatively high compared with other credit card companies, and the benefits are becoming less apparent as these others improve their customer rewards.
So what happens for those of us with ANZ Travel Rewards VISA and AMEX cards? We will only be able to use the VISA from Aug 5th 2017?
Will this affect the free annual flight or 2 virgin loung passes per year?
Yes only be able to use the visa card. Points per dollar will go up a little. You'll still get your flight and passes, that's a velocity promo, nothing to do with amex
Thank you!
forcing me to quit ANZ … :(
time to start calling anz and asking for a refund I recon. reason I signed up for the travel rewards was for having both cards!!!!
I agree with the sentiment but I don't like your chances, there will be some slimy clause buried deep in the T&Cs that allow for this. I'm glad it's happened in the first year (first 2 months in fact) of being a customer, I'll get my 60k Velocity points, use by Virgin flights later this year & lounge passes and then cancel.
that website doesn't like ad-blockers. I don't like that website.
They have to get their money to keep going from somewhere, and that would be by advertising.
Hilariously, the ad for the amex card does show, then they kill the site with the ad-blocker banner. stoopid.
easy, update your favourite adblocker with the anti-Adblock killer URLS
There are a lot of places that charge fees for using credit cards - even places like the Crown Casino restaurants - go figure. There are also a lot of places that charge extra fees if you go AMEX or don't take AMEX at all. Not really surprised it has come to this.
no email notifications to customers yet ??
Nah, no one seems to have gotten anything.
Its ANZ, you'll get snail mail instead.
… sent to your old address from 2 years ago
My ANZ Amex QFF black is my most used card. Will have to find a new cars to earn qff points on.
The good thing about the credit card industry is there's lots to choose from and plenty of competition. And ts easy to switch.
Here's how I see this going:
John and Jane Does: those who don't chase points, use the credit card included in their mortgage package (hence they have a bank issued Amex for free) and don't actively look for the best credit card, or those that use cash/non-rewards cards to pay for their everyday expenses
Professionals: OzBargainer Professionals, AFF Forum Members or other point chasers who will take the effort to use the card that gives them most points (e.g. Amex)For places that surcharge because they don't price it in their prices:
- Casual users: they'll be better off, they pay a lower surcharge
- Professionals: will select their payment method and have their rewards subsidised by the Does.
For places that do not surcharge because they value overseas travellers, or price in the cost of acceptance their prices:
- Casual users: they'll be worse off, because they are now getting less value for their dollar
- Professionals: better off because now competing with less people with high rewards cards, therefore they get a bigger piece of the pie.
Overall, I think Professionals will be OK in the short term because while the pie is smaller due to the RBA regulations, they get a much bigger piece of it.
In the long term, businesses will want to maintain Amex surcharge or stop accepting their card, because less people will have Amex. In order for Amex to maintain their competitive edge, they will have to maintain the acceptance of their card and also stop businesses from charging a ridiculous surcharge (e.g. 10% for $20 Opal top up).
Just got my card, now the rewards been downgraded
that is really sucks
ANZ Rewards Travel Adventures Visa
1.5 Reward Points per $1 spent on eligible purchases up to and including $2,000 per statement period
0.5 Reward Points per $1 spent on eligible purchases above $2,000 per statement periodUntil 5 August 2017 receive 1.5 Reward Points per $1 spent on eligible purchases uncapped
Bummer. We use the ANZ FF black AMEX heaps. 1.5 points per $1 is great earnings…
We also like the 2 qantas lounge passes PLUS the amex lounge at sydney airport.
Why kill my vibe ANZ? Where can i go now!!!!???
Also Veloc lounges overseas
I will definitely be dropping ANZ if they drop Amex I am sure many more will also
Not a great deal at all.
The play with this seems to have another rewards card, which you can use once you've reached your cap. But it's hard to really limit your spending to exactly 2k before switching to another card.
This will mean a slower points build up. Plus,the fact that points expire after 3 years, not a great deal at all. They can easily change the minimum transfer to frequent flyer points to 20k like Citibank and that would be even more of a disaster.
However, if anz was able to rid of that expiry…it might work.
.5pts after 2k spend. That equals to .25 frequent flyer points….and you're spending 225 annually for the travel rewards card. Wow
Closed mine today. Made good use of some of the amex deals while I had it.
Because of this? You could've just held it until your annual fee was due, unless you have the whole bonus points thing in mind and the 12 months exclusion period.
annual fee was due in April anyways. also i am re-financing our mortgage - so the less credit the better for that.
Is the "12-month exclusion period" the same as the first year annual fee waiver or is it another condition?
No it refer to something in the fine print that ANZ have. How it works is if you have previously held a ANZ Credit Card and taken advantage of a bonus points offer, you will be ineligible for another bonus points offer from them if you have held a card with them in the last 12 months - so you need to know when you cancelled and then count 12 months from that.
I don't know how it would work if you had held a card in the last 12 months, but didn't get the bonus points.
Well that sucks. I finally decided to become a points chaser and got my Amex QF FF Black only a couple of weeks ago.
Yeah, same, just got mine a few weeks ago as well - How crappy!! Damn changing goal posts.
Is the Amex Platinum Edge a good alternative? I called Amex and they told me that they can upgrade my current Discovery card, but I have not decided yet. What is the best card out there can you guys recommend? Thanks.
depends on what you want. discovery earns qff points directly, while plat edge earns amex mr points and u cannot transfer to qff program.
amex can upgrade u to any of their cards, provided u meet minimum requirements.
I have not decided yet as I heard that Amex will also make some changes in the earn rate on their cards until June/July. They also offered me a reduced annual fee for life on the Qantas Premium card but this card is really similar to my Discover card except 2 Qantas lounge invitations.
Earn 2 Qantas Points per $1 spent at major supermarkets and petrol stations in Australia, that's the other difference.
If you are chasing QFF points, like all eggs in one basket and the reduced annual fee for life favours you, go for it.
On the other hand, if you don't do grocery shopping and fill up petrol much or at all, you better off sticking with your current Discovery and save the annual fee cost.
From 1/6/17, the Premium card will no longer earn 2 pts /$1 (reduced to 1.25 pts)spent at supermarkets and petrol stations, so that's why I am still thinking.
sorry didn't realise that. $1 to 1.25 points seems to be a massive drop. might be better to keep fee-free discovery then.
"amex can upgrade u to any of their cards"..do you know if this need a credit history check?
Amex doesn't run the credit check if you upgrade your card on the phone or increase the limit of your current card. I did and there is no credit enquiry in my Veda account.
Check out the Amex Explorer.
Well, I was planning to cancel my ANZ credit cards before August anyway when my fee free first year was up. So, this is just more incentive to do so.
Sad though, because I almost considered staying and paying the annual fee for the benefits of having an extra Amex to use on deals and the Android pay compatibility. Oh well, guess I'll find something else.
[edit:] Bugger, just checked and was charged the annual fee 2 weeks ago. Might have to go have a chat to ANZ…
So is there a good alternative to the ANZ travel card?
I'm actually still thinking about going for it, although I would like to see a lower yearly fee. This is presuming you still get the free flights and lounge visits. Plus it still seems to be one of the few cards that don't charge international fees, other than 28 degrees of course.
- Bankwest Zero Platinum
- Coles Rewards Mastercard
- ANZ Advenure Rewards
- 28 Degrees
- Bankwest Breeze Platinum
- Bankwest QANTAS Platinum
Might be good for you to say get the Bankwest Zero Platinum ($0 Annual Fee) for the international transactions you do, and get a decent AMEX that earns good points like the AMEX Platinum Edge or AMEX Explorer.
So an inside source has told me Amex wants to use a direct model in Australia (same as they do in USA) and ANZ is the first of many banks that will drop AMEX. Mark my Words.. Expect an announcement from CBA within the month.
"Ozbargain…Where you heard it first" 😎😎😎
Even without the inside source I would say it was assumed anyway :P
This wouldnt surprise me. CBA were giving out free upgrades to existing credit card holders. I assume CBA get commission from AMEX for sign ups? Possibly also same reason ANZ were promoting their travel card with 50K bonus Velocity knowing it would be cancelled?
https://mozo.com.au/credit-cards/articles/anz-ditch-amex-com…
According to Duncanson, the benefit of AMEX companion cards originally was that they weren’t subject to the Reserve Bank regulations on interchange fees between the merchant's bank and the card issuer. Because companion cards didn't have limits on interchange fees, they could offer more points per dollar than a Visa or MasterCard.
So what changed to make ANZ pull the plug on companion cards?
“Last year, the Reserve Bank issued new regulations that brought Amex companion cards under the same interchange fee rules. Those new rules kick in on 1 July 2017. So from that date, banks won't be able to afford the higher points anymore which means Amex companion cards will become extinct,” Duncanson said.
I think this is more likely the reason. Amex have benefited from companion cards greatly. How many people have paid using Amex that wouldn't normally have
Just confirmed with ANZ that the annual fee will remain at $425. If they lowered the fee substantially, I might consider keeping the card for a while, but instead I'll just cancel.
Such a shame as I loved this card. Really disappointed at the lack of communication from ANZ too.
Was really keen on their adventure card after seeing alot of advertising for it and the Amex plat edge cards being slightly changed maybe upgrade next 100k points or something really enjoy collecting points
So no more Amex lounge access?
only reason I kept my ANZ cards was for the AMEX deals.
I shall move back to Westpac for points (until they get rid of their AMEX).I get about $2k a year In cash as rewards from my ANZ black amex. If they drop it I'll just switch banks. Dumb move.
Signed up nab visa platinum reward for 80k points but might hold on to it now as their visa points seems much better than AnZ. Also you need less points for $100 voucher than AnZ reward. Always hated AnZ but just can't get away now I'm canning their ass.
Any idea what happens if you've booked travel (flights, etc.) and you are depending on the AMEX's travel insurance? According to the PDS, the insurance is only good if you still have an account. But what happens to everyone who has booked travel past August?
That's what I was thinking too; Maybe someone can enlighten us?
You lose the travel insurance I believe. I'm in the same boat with one of my Amex credit card. They told me if I were to cancel any trips that were insured with Amex won't be.
Best to hold onto the card because it's a bloody pain when the account closed and speaking to the CSR just to follow up with an overseas travel tickets that you may have bought.
The 2016-06 ANZ Premium Card Insurances document (assuming that's where you're getting the travel insurance) is agnostic to which card you used. It's an ANZ Premium Card benefit.
Merged from ANZ Rewards Travel Adventures CC - who will be keeping it?
I have just received a letter from ANZ stating from 5th August 2017 onward AMEX will no longer be accepted and only the VISA card may be used - for adjusted points; 1.5 points per $1 up to $2000 spend, then 0.5 points per $1 spent above $2000, in each statement period
This is my first CC which I specifically applied (only a month or so ago) for in order to accumulate points for travel (plus the virgin lounge access and free flight is handy). So it is a little annoying for these changes to now take place.
Those with this CC currently, what are your thoughts/plans?
received the official correspondence from ANZ.
august 5th last day for amex.
Yup! Looking at other alternatives at the moment. Westpac has free first year annual fee for existing Westpac customers.
Otherwise my no fee Engineers Australia AMEX will do it for now.
have you received the letter about the Engineers Australia an AMEX partnership coming to an end 30 june 2017…
automatically converts to American Express Gold Credit Card,
quick look online shows a $160 annual fee.I haven't received any letter! EA's website is still displaying applications for AMEX which is quite confusing if the partnership is ending soon.
Can't find any detail about this online either.
this is what I received a while ago.
http://thydzik.com/important-information-about-american-expr…
edit: i called and there isn't any annual fee if you're being converted.
This does suck, but I don't mind it too much. My spend rarely goes over $2k a month and as I do fly interstate at least once a year, I'm happy to keep my travel Visa for as long as ANZ does the free return flights with it. Lounge passes are a great bonus too :)
Not sure if there's another new thread but I just attended a market research event for the cash and we discussed the Westpac bank issued Amex. Around April or June 2018, it has been confirmed that Amex earth black and Amex altitude black will be serviced by American Express. The existing MasterCard will remain with Westpac. The new Amex with American Express will now attract an annual fee (including existing) and most probably $0 first year.
Will the account still be held with Westpac or transferred to Amex?
The MasterCard will be with Westpac but Amex with American Express. So you will have double credit limit, double login details and double transaction. Your amex will be cancelled but you will have the opportunity to apply for it using a link on the Westpac website that will direct you to American Express website. A letter will be sent out followed by an email.
Based on the documentation I reviewed, AMEX will be $0 first year. I suggested Westpac waive Qantas $49 annual fee for Qantas points with MasterCard (even though I'm not paying it)
Thanks for letting us know. I am just using the AMEX Platinum Edge card for now, after ANZ dropped their AMEX Black. So less money to ANZ for sure.
NAB are also dropping Amex next year.
Haha I was just about to post this!
Yea kinda sucks but it actually isn't all that bad. The increase earn rate on a lot of the cards for Visa/Mastercard is actually quite good, although the cap will sick for high spenders. There aren't too many Visa/MCs that have earn rates of $1/1pt.
But this now means your ANZ Black AMEX lounge access now technically "expires" on Aug 5 2017. I assume this will also mean no more complimentary Veloce lounge access too.