Credit card news: ANZ gives 3 bonus point incentives the chop
ANZ has quietly scrapped bonus point offers that previously applied to three of its rewards credit cards, according to Mozo data.
The major bank’s Rewards Card, Platinum Card and Black Card will no longer come with bonus points ranging from 25,000 to 75,000, but will be replaced with other treats, in the form of a $250 Westfield gift card and an annual fee waiver for the first year.
The news of ANZ’s rewards card changes comes after the big four bank broke up a popular companion card affiliation with American Express only six weeks ago.
"While we have had a very successful partnership with ANZ, we understand the decision in the context, and as a consequence of, the current regulatory environment,” said an AMEX spokesperson last month.
According to Mozo’s Product Data Manager, Peter Marshall, whether ANZ’s decision to remove the bonus points is a good thing or not will come down to the personal preferences of Aussie spenders.
“For instance, if you love to use your rewards points to cash in on free flights and flight upgrades then the removal of the bonus point offers may mean these cards from ANZ are no longer the best option. However if you're more of a fan of gift cards, our data shows the value you'll receive is similar to or even greater than what ANZ was previously offering,” he explained.
Snapshot of the ANZ rewards card revamp:
Why is ANZ removing its bonus points?
Marshall suspects that it could be due to the Reserve Bank regulations set to come into effect on July 1, which will limit interchange fees charged between the banks.
Because the reforms are set to reduce profit margins for banks who offer rewards cards, credit card issuers such as ANZ have been scaling back the value of rewards points.
The good news is, that Aussie spenders who prefer nabbing points incentives rather than gift cards can still access bonus point offers available with ANZ Frequent Flyer rewards cards.