Westpac drop Amex companion credit cards - CBA holds out, but for how long?

Kelly Emmerton

06 Nov 2017

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UPDATE 19/4/18: Westpac has launched a pair of American Express issued rewards cards, available to all new cardholders as part of a bundle with Westpac issued Platinum and Black cards. More information here.

Westpac has become the third big bank to announce it will no longer offer American Express companion cards with its rewards credit card selection.

Citing regulation changes from the RBA, Westpac recently announced that it had reviewed its rewards card range. The result was some minor changes to points earn rates and caps on some cards, and the decision to can Amex companion cards.

From 1 February 2018, new card applicants will no longer receive an American Express companion card with their new Westpac plastic. Existing cardholders can continue to use their companion card for the time being, but from 4 April 2018, these too will close.

Other minor changes from Westpac included reducing the annual fee on the Altitude Black card to $250, bumping up the points earn rate on Altitude Black Qantas Frequent Flyer Visa cards from 0.625 points per $1 spent to 0.75 points and removing the points caps on both Altitude Platinum Rewards and Altitude Platinum Qantas Visa cards. These changes are effective from 4 April 2018.

The move from Westpac follows a trend set by ANZ in March this year. ANZ was the first big bank to can Amex companion cards in anticipation for RBA regulation changes which came into effect on 1 July 2017.

The new regulations bring Amex cards under the same interchange fee rules as other credit cards, effectively negating the value of offering them as far as big banks are concerned, as Mozo Data Services Director, Andrew Duncanson, explained at the time.

RELATED: American Express takes top credit card gong in Experts Choice Awards

NAB followed ANZ’s lead in early October, dropping Amex companion cards, effective from 13 November 2017.

The last big bank to still offer American Express companion cards with it’s credit card range in the Commonwealth Bank. But now that the other three big banks have announced plans to scrap American Express companion cards, CommBank may not be far behind, said Mozo Data Manager Peter Marshall.

“The big banks definitely have a history of making similar product decisions, so I wouldn’t be surprised at all if CommBank follows suit and gets rid of Amex companion cards soon,” he said.

“Having said that, CommBank has already cut back the value of Amex companion cards to the point where you earn more on Mastercard anyway. So, who knows, maybe they’ll just decide to keep them as a show of good faith to customers.”

CBA retained it’s Amex companion card range when ANZ first announced it would be scrapping the scheme, but slashed the points earn rate on regular domestic spends to just 0.5 points per $1 spent. On the other hand, most of CommBank’s rewards cards earn 1 point per $1 spent on Mastercard.

“CommBank is the last credit card provider in the market offering Amex companion cards, so it seems these cards have become a thing of the past,” Marshall summed up.

If this is the end of high earning Amex companion cards, it might be time to find a rewards credit card that will earn you more of the freebies you love. Check out our Rewards Revealer tool to crunch the numbers and find your plastic match, or check out some of the rewards credit cards below.

Rewards credit cards - rates updated daily

  • Apply By 30 April 2019

    Qantas Money Qantas Premier Platinum

    Receive 70,000 bonus Qantas Points when you spend $3,500 within 90 days of card approval, and an additional 30,000 bonus points after the first anniversary of the card. $299 per year. Special Offer- $149 annual fee for the first year, offer ends 30 April 2019.

    Qantas Frequent Flyer

    $299 $149 in the first year

    100,000

    1 point up to $10,000/month, then
    0.5 points uncapped

    • -

    • 19.99% p.a.

    • 0% p.a. for 18 months and then 21.99% p.a.

    • 21.99% p.a.

    • 55

    • 3.00%

    • $10.00

    • 1 point per dollar on Mastercard, up to $10,000 per month, then
      0.5 points per dollar on Mastercard, uncapped

    • Never

    • 100,000

    • 8,000 points

    • 120,000 points

    • 17,120 points

    • • Concierge

      • Travel Insurance

    Read our Mozo Review to learn more about the Qantas Premier Platinum

    Details Close

  • Apply By 30 April 2019

    Woolworths Everyday Platinum Credit Card

    Perfect for practical spenders, pay no annual fee in the first year and save up to $50 on your Woolies shop each month. Plus new cardholders can score a $50 Woolies eGift Card when you spend $150 a month for the first 3 months. Too easy!

    Woolworths Shopping Cards

    $49 $0 in the first year

    No current offer

    1 point uncapped

    • -

    • 19.99% p.a.

    • 0% p.a. for 14 months and then 21.99% p.a.

    • 21.99% p.a.

    • 55

    • 3.00%

    • $35.00

    • 1 point per dollar on Visa, uncapped

    • Never

    • No current offer

    • -

    • -

    • 20,000 points

    • • Concierge

      • Purchase Protection

    Read our Mozo Review to learn more about the Everyday Platinum Credit Card

    Details Close

  • CUA Platinum Credit Card

    0% p.a. balance transfer, $0 annual fee for the first year and also receive 1 rewards point for every dollar spent. Concierge service and purchase protection insurance.

    Life Rich Rewards

    $149 $0 in the first year

    No current offer

    1 point up to 100,000 points/year

    • -

    • 19.99% p.a.

    • 0% p.a. for 13 months and then 21.74% p.a.

    • 21.74% p.a.

    • 55

    • 3.40%

    • $12.50

    • 1 point per dollar on Mastercard, up to 100000 points per year

    • Never

    • No current offer

    • -

    • -

    • 25,000 points

    • • Concierge

      • Travel Insurance

      • Purchase Protection

    Read our Mozo Review to learn more about the Platinum Credit Card

    Details Close

  • Virgin Money Virgin Australia Velocity Flyer Card - Purchase Rate and Balance Transfer Offer

    Receive a $129 Virgin Australia gift voucher each year. 0.0% p.a. on purchases for up to 14 months.

    Velocity Frequent Flyer

    $129 $64 in the first year

    No current offer

    0.66 points up to $1,500/month, then
    0.5 points uncapped

    • 0% p.a. for 14 months

    • 20.74% p.a.

    • 0% p.a. for 6 months and then 20.99% p.a.

    • 20.99% p.a.

    • 44

    • 3.30%

    • $10.00

    • 0.66 points per dollar on Visa, up to $1,500 per month, then
      0.5 points per dollar on Visa, uncapped

    • Never

    • No current offer

    • 7,800 points

    • 119,600 points

    • 19,500 points

    • • Concierge

      • Guaranteed Pricing

    Details Close

  • Apply By 14 April 2019

    American Express Qantas Ultimate Card

    Receive a whopping 100,000 bonus Qantas Points when you apply online by 14 April 2019, are approved, and spend $3,000 on your new Card within the first 3 months. This offer is available to new Card Members only. Plus, until 14 April 2019 you'll earn an extra 0.25 Qantas Points per $1 spent on purchases, except for spends at government bodies in Australia. For eligibility, simply earn above $65,000 and have a good credit score. Credit Card Provider of the Year in the Mozo Experts Choice Awards 2018.^

    Qantas Frequent Flyer

    $450

    100,000

    1.25 points uncapped

    • -

    • 20.74% p.a.

    • 0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

    • 44

    • 3.00%

    • $30.00

    • 1.25 points per dollar on Amex, uncapped

    • Never

    • 100,000

    • 8,000 points

    • 120,000 points

    • 17,120 points

    • • Travel Insurance

      • Purchase Protection

      • Account alerts by SMS

    Read our Mozo Review to learn more about the Qantas Ultimate Card

    Details Close

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