Myer Credit Card Converted to Macquarie. Only a Month Later Macquarie Increases Annual Fee, Reduces Points Value?

Bargain434 on 15/04/2024 - 11:46

Myer credit card only just converted to Macquarie where they had said they would honour the annual fee Myer had. The value of points earned per spend was half of Myer but it seemed like an ok deal.

Only a month later (in fact, 3 days after I received the card in the mail) Macquarie has emailed to say they are increasing the annual fee. They have also reduced the number of points earned per spend and increased the points required to get a reward. A terrible grab to keep Myer’s customers and hope they stay. Will definitely be looking for a new card.

Financial Credit Card

Comments

  • lovesabargain77 on 15/04/2024 - 12:05
    +1

    Similar situation as myself with my Macquarie credit card that used to be the Woolworths Credit Card (although the changeover happened quite a while ago)

    It was bad enough losing the once a month offer of 10% off your shop at Woolworths but with the annual fee increasing from $49 to $149, i'll also be cancelling the card as I wouldn't earn close to that amount with their rewards scheme.

    • jv on 15/04/2024 - 13:18

      It was bad enough losing the once a month offer of 10% off your shop at Woolworths

      You can get that just by paying $70 per year….
      Also get double everyday rewards points, plus free item each month…

  • slknv on 15/04/2024 - 12:09
    +1

    Half the points, increased fee? Just like everything else in life (insurance in particular) staying "loyal" means you're being ripped off. Good decision to leave. If you're in the position to churn cards for points, might be time to start doing that.

    • Ghost47 on 15/04/2024 - 13:54

      Just like everything else in life (insurance in particular) staying "loyal" means you're being ripped off.

      Does this apply to relationships too?

  • Boorpitch on 16/04/2024 - 06:59
    +2

    This is an Absolute joke. I too just received the email. I really like where they say - We’re reducing the number of fees we charge down to three:*
    An annual primary cardholder fee, A cash advance fee, A late payment fee. Biatch please, I have always had 3 Fees just not inflated like your new Fees.
    I have been a Myer Credit Card Customer for over 8 Years now. 1000 Points would give you a $10 Myer Rewards Voucher. The new rate is 4255 Points for a $20 eGift Card, unfu#@ingbelievable. Sounds like when AGL sent me their new Plan. last year you used XX amount and paid $200 this Year you are Saving as you used only X amount but it still gonna cost you $200. Yay i use half Electricity on the new plan but pay the same amount, now thats a Saving.

    • Neoika on 17/04/2024 - 06:34

      OP and you can at least use it for one year, similar to first year no annual fee.

  • Neoika on 21/04/2024 - 07:59

    In the news, ”Macquarie Bank slapped with $10m fine after failing to detect fraudulent withdrawals.”

    It tries to recoup loss from customers.

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