Macquarie Bank Introducing Annual Fee on Black Credit Card for Former Hilton Platinum Card Holders

ilovemangoes on 04/04/2024 - 10:09
Last edited 30/06/2024 - 18:23 by 1 other user

I received an email from Macquarie yesterday saying that they were changing the annual fee on my Macquarie Rewards Black credit card to $249 from 1 July 2024. However, there was a small asterisk next to the annual fee amount leading to a footnote to the email, which said:

If your financial table describes a waiver or other condition on your annual fee or annual percentage rate(s) - such as a waiver of the credit card Annual Primary Cardholder Fee while you hold a Macquarie Home Loan - this continues to apply.

I currently pay a $0 annual fee on the card because I used to hold their Hilton Honors Platinum credit card, which I applied for during their $0 annual fee promotion many years ago. The card converted to the Macquarie Black card in 2019 when Macquarie ceased its affiliation with the Hilton Honors program but I continued to have a $0 annual fee.

When I rang their call centre today to confirm whether my current $0 annual fee was a fee waiver that would continue, I was initially told yes, as my account said there was a permanent waiver of the annual card fee, but then put on hold and then later told no, as only Macquarie Home loan package customers will continue to get the annual fee waiver.

Has anyone else gotten a definite answer from Macquarie? I plan to cancel the card if I will be charged an annual fee, but don't want to cancel it if the person I spoke to gave me the wrong information and the fee waiver will continue.

Thanks.

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Comments

  • Zyktato on 04/04/2024 - 10:26

    I'm in the same boat. 3 of us in our household have the card from the promotional period when it was Hilton branded. We'd be looking at cancelling these cards if this fee came into effect.

  • PLA74 on 04/04/2024 - 10:37

    In the same boat. Annual credit card fee $295 will apply on anniversary date from 1st July 2024.

    On the phone I did mention I've been a long time Macquarie customer since Hilton Honors days etc. but they still can't waive the annual fee.

    I'll be closing mine soon after redeeming all points/have no account balance and moving to a better deal :)

    • lidgen on 18/04/2024 - 16:49

      Can you share your better deal cause I am in the same boat too?

  • justdigi on 04/04/2024 - 11:04
    +1

    I’ve called twice and got different answers each time. I don’t think the call centre staff know for sure. I suggested the 2nd time that perhaps they should email out to confirm.

    Same scenario, I’m grandfathered in on the Hilton HHonors $0 annual fee deal, but will be cancelling if they start charging. Had the card for 7+ years.

  • mrshorty on 04/04/2024 - 11:41
    +1

    Got the same email - will be closing it down too if they charge annual fee. Plenty of other cards have free international fees

  • PLA74 on 04/04/2024 - 12:41

    Just a call from Macquarie after submitting a complaint on no clear answer relating to annual fee.

    They confirmed annual fee will be charged for Hilton Honors customers too.

    Time to close my account & move to another bank!

    • mrshorty on 04/04/2024 - 13:16

      Although Im not surprised since Macq aren't in the business of giving out free things but would be interesting to see if someone fights the fees if/once it gets charged - as our initial Hilton card came with the fee free for life offer

      I cant be bothered as I don't need the card and gives me a good excuse to finally get rid of it!

      • freefall101 on 04/04/2024 - 14:14
        +1

        I imagine they'd argue that technically no one has the Hilton card and everyone moved to Macquarie Rewards Black instead. It'd depend what is in the conditions of those, but I would imagine it didn't mention any lifetime offers anymore (and the usual "subject to change" conditions).

        Anyone who wants to take it on could flick a complaint to AFCA now and hope for the best, but that'd be the only way to get anywhere.

  • Tee Rex Arms on 04/04/2024 - 12:43
    -1

    Confirm annual fee. Byeeee

  • foggy10 on 04/04/2024 - 13:56
    +1

    Confirmed via chat. Fee is chargeable. It will be charged on the anniversary date of your card, after 1 July 2024.

    Remember to redeem any points as they go up by ~10.5% after 1 July

  • pencilman on 04/04/2024 - 22:45
    +1

    Really disappointed and still hoping they continue honour the $0 fee offer.

    How can one easily check the renewal date of the credit card?
    Can't see any info on the app.

  • coolsteps on 07/04/2024 - 12:19

    we all should submit a complaint maybe they will change their minds if there is a backlash
    is their another macquire card you can do a product transfer too that has no fee or lower?

    • Neoika on 07/04/2024 - 12:35

      No, it won't work. I think bank like MQ knows to make this move after 5 years with the minimum negative impact. People forcibly switching from Woolworths to MQ last year may face the similar situation after a few years.

  • coolsteps on 07/04/2024 - 13:27

    i just read the email which is in general in nature the same notice on their website to all card holders so maybe it wont apply to the old hiltion ones? Anyone still have their hilton card LOA so i can read the original offer we signed up for. I wonder if it stated no annual fee for life?

  • T-man on 07/04/2024 - 21:29

    Can I legally sell a product, such as cloud storage, advertised as "free for life" and then start charging customers later, similar to bank practices? Can any lawyers provide insight on this?

  • bargrin on 08/04/2024 - 13:43

    I alsojust called and got confirmed my Hilton $0 fee will not be honoured as this is a "new business decision going forward".

    As I understand they only been offering these cards to home loan customers since 2 years ago I think?

    They would be getting next to no margi from me as I pay closing balance everytime.

    I was told I need to close before end of July to not pay $249 fee.

    Since the also devaluing points for gift cards and capping point earn , then more reason not to pay $249 fee

    However can I ask this question below in my next post….

  • bargrin on 08/04/2024 - 13:51

    Keen to hear what others are switching to?

    I would like to find a provider with following benefits similar to my Macquarie black card:

    1) no overseas transaction fee

    2) good fx rate (close to xe.com rate)

    3) app that informs every time transaction takes place

    4) not an amex (already have 2) only visa or mastercard

    5) no fee or at least low fee or if over $100 fee at least comes with good perks/rewards/points

    So far I think Bankwest, ING and the 28 Degree card might be the go?

    • MrGarciaA on 11/04/2024 - 12:24

      You could also consider CBA Ultimate or Smart card. Both charge monthly fees but are waived provided you meet minimum monthly spend criteria (Ultimate charges a higher fee and has higher spending criteria for waiver).

      Both have no forex fees and are exchanged at the MC rate which is as close to the xe.com rate as you'll get if you're not a financial institution. Dunno if the app will notify you of transactions, but from my friends' experience I think you can set it up so that it does. It's an MC so no need to worry about Amex acceptance.

      CBA rewards are known to be basically a joke, but if you spend big, they can end up being OK value. Ultimate card also comes with 2 free loung entires per year.

    • His_Holiness on 14/04/2024 - 02:20

      Look at Coles Rewards

    • Ryk on 05/05/2024 - 19:22

      yep, those, and Bendigo ready credit card

  • eatwell365 on 10/04/2024 - 17:27
    +1

    I provided feedback to MQ re new annual fee $149 (from 1st July 2024, will be charged to MQ Platinum card. Previously was Woolworths Everyday CC customer with zero fee,

    For those who may be interested , below is MQ response:
    “We understand that you've raised concerns with the changes that are being made to the fees and reward points associated with your credit card, and we're sorry to hear you're disappointed with these changes.

    We carefully consider the changes we make to our product offerings and we're unable to provide more information about this decision or to make an exception or reverse these changes.

    Should you wish to close your account, please reach out to our specialist team on 1300 150 300 or if you are calling from overseas, on +61 2 8232 1684. Alternatively, you can close your account via online/mobile banking by following the instructions found here …”.

    Cancelling MQ cards. ANZ zero fee first year and get paid seems like the way to go.

    • pharmlover on 16/04/2024 - 15:47

      Which ANZ credit card is a good replacement for Macquarie? They offer so many different ones…

  • jumbokevin on 13/04/2024 - 15:19

    How are we supposed to know when the anniversary date of our card is?

    I initially thought it was the month of expiry of the card - then realised that the expiry cycle of cards isn't a multiple of 12 months which makes it tricky to work out when I first registered for the Macquarie card all those years ago

  • oldrocker on 22/04/2024 - 12:33

    Macquarie's move is pure greed. My $69 fee is going up to $149!! More than double….
    I'm going to close all my accounts, including savings and transaction accounts soon.

  • orangeblossom on 05/05/2024 - 19:20

    New macquarie black card has annual fee of $149 instead of $249. I'm going to try to call them see if they can match the annual fee into $149.

  • mrshorty on 16/05/2024 - 23:45

    Weird - I was going to cancel my card but was double checking with Macq when my new annual fee would kick in as I was speaking to them about some fraudulent transactions. They said annual fee would still be waived on this for life

    • bargrin on 18/05/2024 - 15:07

      They told me fee $249 charge sometime in July.

      Assume same for others as to commence in new financial year.

      Coming back here after 30 June to see if they did indeed follow through

  • destroyerx on 19/06/2024 - 10:52
    +2

    I contacted Macquarie today about the $149 fee shown online and they confirmed the previous correspondence for the $249 was apparently in error now (totally different to when I first asked) and that the $0 annual fee would be honoured. Getting it in an email as well.

    • jazzleg on 19/06/2024 - 11:17

      Who did you email? Can I get the email address?

      • destroyerx on 21/06/2024 - 11:51

        Was through the chat on Macquarie website. They don't do transcripts and I'm still waiting for their customer service to confirm in writing.

        The card itself appears to have changed. When I first got the notification the updated terms on their website was showing lounge passes but I think they scrapped the changes.

        • jazzleg on 25/06/2024 - 14:43

          Did you manage to get a written confirmation?

          • destroyerx on 25/06/2024 - 16:24

            @jazzleg: Annoyingly nope! If you try their online chat they should be able to confirm for you as well though.

    • mily on 28/06/2024 - 16:25
      +2

      I am ready to cancel the card and paid off all the balance, redeemed all the points and went for online chat today.
      The CSR confirmed that my card has a permanent fee waiver and it will still apply after the change on July.
      I have asked for an email confirmation, which will be sent in a couple business days, and also requested a reference number for our conversation.
      I guess I can keep this card for a bit longer.

      • hnl on 28/06/2024 - 16:48

        Did you open the card from the hilton macquarie offer?

        • mily on 28/06/2024 - 17:09
          +1

          Yes. That's how most of us in this thread got it I reckon?

          • hnl on 29/06/2024 - 18:36

            @mily: Weird, the online chat confirmed that the $149 will be applicable to my account next financial year. I guess you are lucky.

            • pencilman on 29/06/2024 - 21:56

              @hnl: When was this, hnl?

              • hnl on 30/06/2024 - 17:50

                @pencilman: 28/06/24 at ~16.30

                • pencilman on 30/06/2024 - 22:01

                  @hnl: That's strange. Maybe the others have other accounts like a Macquarie Transaction account, or have used the card more. Or maybe it's just an online chat person who wasn't aware of the fee waiver.

                  • mily on 01/07/2024 - 10:36
                    +1

                    @pencilman: Idk. I have no other account with MQ nor home loan. It's my main card for living expenses etc. in the last few years but not huge usage. I redeemed ~510k points for $2600 giftcards before contacting them, so in average about $50k spending on the card per year since 2019, I don't think that would make big difference.
                    Anyway, I am still waiting for an email confirmation, and in the worst case that doesn't arrive, I kept the screenshots of my online chat and the reference number. Let's see how it goes after July.

      • justdigi on 01/07/2024 - 16:04

        I did the same thing Friday and they basically didn't care? The CSR even denied they have a retention department and couldn't transfer me or advise how to contact anyone else. I was told my fee was $299 (even though my email/letter said $249) and he said the $149 on the website is incorrect. He said there is an option in the app or in internet banking to close it, so rep wouldn't do it, and he said there is even a check box that the reason for closure is that they have introduced a fee (which was true, and I ticked it). I received a letter confirming the closure today.

  • justdigi on 01/07/2024 - 16:00

    I've just finished moving all my business: Debit Card, Credit Card(s), Share Trading and Savings to HSBC Premier. It may not suit everyone, but it was the closest I could find to Macquarie that had zero fees. When I said I was moving from Macquarie HSBC waived the qualification period for Premier Status, although you still have to meet the requirements ongoing. They have branches in capital cities and unlike Macquarie they aren't closing them. They also have their own branded ATMs that are fee free here in Australia and overseas.

    Visa debit card is monthly fee free with 2% cash back on PayPass/EFTPOS tap transactions and has zero foreign currency conversion fees. World MasterCard has similar benefits to Macquarie Visa Signature, but unfortunately has currency conversion fee. It has Dragonpass airport lounge access (2 free two-person + kids visits per year, additional visits at cost), access to the Entertainment app including purchasing gift cards and either HSBC rewards or Qantas points. Share Trading is also run on Third Party Platform, the same as Macquarie, so was easy to transfer.

  • potm on 02/07/2024 - 16:37
    +2

    Confirmed via live chat and call centre that my account still has an annual fee waiver.
    This was after talking to them in April and being told a fee would be applied.
    Looks like miscommunication initially or they’ve changed their minds.

    • Neoika on 02/07/2024 - 17:19

      I think those who pay no annual continues. The increase only affects those paying it. For notification email, it can not differentiate among all the cardholders. If it says some pay no annual fee to everyone, it makes others unhappy.

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