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

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 - last updated 16 February 2025
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Citi Rewards - Rewards Points Offer
Citi Rewards Program
$199 $99 in the first year
100,000
1 point up to $10,000/month
100,000 bonus Citi reward Points when you spend $5,000 on eligible purchases within 3 months from approval. That’s $400 when you Pay with Points! Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
CompareCompareRewards - Rewards Points Offer
100,000 bonus Citi reward Points when you spend $5,000 on eligible purchases within 3 months from approval. That’s $400 when you Pay with Points! Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
- Rewards program
- Citi Rewards Program
- Annual fee
- $199 $99 in the first year
- Bonus points
- 100,000
- Earn rate per $1
- 1 point up to $10,000/month
- Intro rate
- -
- Ongoing Purchase rate
- 22.49% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- 22.99% p.a.
- Interest free days on purchases
- Up to 44
- Foreign exchange
- 3.40%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Mastercard, up to $10,000 per month
- Reward point expiry
- Never
- Bonus points
- 100,000
- Sydney to Melbourne
- 19500.0
- Sydney to London
- 299000.0
- $100 Gift card
- 20900.0
- Card Benefits
- Extended Warranty Insurance,
Purchase Protection Insurance,
Mobile Phone Insurance
- Rewards Bonus Points
- Points uncapped for eligible international purchases.
Read reviews and learn more about rewards credit cards
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Apply By 8 Apr 2025
American Express Explorer® Credit Card
Membership Rewards
$395
100,000
2 points uncapped
Receive 100,000 Bonus Membership Rewards® Points when you apply online by 8 April 2025, are approved, and spend $4,000 on eligible purchases on your new American Express Explorer® Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
CompareCompareExplorer® Credit Card
Receive 100,000 Bonus Membership Rewards® Points when you apply online by 8 April 2025, are approved, and spend $4,000 on eligible purchases on your new American Express Explorer® Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- Rewards program
- Membership Rewards
- Annual fee
- $395
- Bonus points
- 100,000
- Earn rate per $1
- 2 points uncapped
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- Up to 55
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 2 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 100,000
- Sydney to Melbourne
- 15600.0
- Sydney to London
- 239200.0
- $100 Gift card
- 20000.0
- Card Benefits
- Travel Insurance,
Extended Warranty,
Account alerts by SMS,
Card Purchase Cover
- Rewards Bonus Points
- Earn 1 points per $1 spent at government bodies.
Read reviews and learn more about rewards credit cards
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Citi Rewards - Balance Transfer and Purchases offer
Citi Rewards Program
$199
No current offer
1 point up to $10,000/month
Enjoy 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate. Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. Balance transfer fee applies. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
CompareCompareRewards - Balance Transfer and Purchases offer
Enjoy 0% p.a. for 15 months on purchases and balance transfers. Balance transfer reverts to cash advance rate. Earn up to 1 Citi reward Point per $1 on eligible transactions. Apply for a credit limit from $2,000 up to $100,000. Balance transfer fee applies. This product is provided by National Australia Bank Limited, using certain trademarks temporarily under licence from Citigroup Inc.
- Rewards program
- Citi Rewards Program
- Annual fee
- $199
- Bonus points
- No current offer
- Earn rate per $1
- 1 point up to $10,000/month
- Intro rate
- 0% p.a. for 15 months
- Ongoing Purchase rate
- 22.49% p.a.
- Balance transfer rate
- 0% p.a. for 15 months and then 22.99% p.a. (2.00% balance transfer fee)
- Cash advance
- 22.99% p.a.
- Interest free days on purchases
- Up to 44
- Foreign exchange
- 3.40%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Mastercard, up to $10,000 per month
- Reward point expiry
- Never
- Bonus points
- No current offer
- Sydney to Melbourne
- 19500.0
- Sydney to London
- 299000.0
- $100 Gift card
- 20900.0
- Card Benefits
- Extended Warranty Insurance,
Purchase Protection Insurance,
Mobile Phone Insurance
- Rewards Bonus Points
- Points uncapped for eligible international purchases.
Read reviews and learn more about rewards credit cards
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American Express Velocity Escape Plus Card
Velocity Frequent Flyer
$95
20,000
1 point up to 12,000 points/year, then
0.75 points uncappedReceive 20,000 bonus Velocity Points when you apply online, are approved, and spend $1,000 on eligible purchases on your new American Express Velocity Escape Plus Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only. Get 1.75 Velocity Points per $1 spent on eligible purchases with Virgin Australia. Spend $50 or more on eligible flights on your Card with Virgin Australia and receive a $50 statement credit. T&Cs apply.
CompareCompareVelocity Escape Plus Card
Receive 20,000 bonus Velocity Points when you apply online, are approved, and spend $1,000 on eligible purchases on your new American Express Velocity Escape Plus Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only. Get 1.75 Velocity Points per $1 spent on eligible purchases with Virgin Australia. Spend $50 or more on eligible flights on your Card with Virgin Australia and receive a $50 statement credit. T&Cs apply.
- Rewards program
- Velocity Frequent Flyer
- Annual fee
- $95
- Bonus points
- 20,000
- Earn rate per $1
- 1 point up to 12,000 points/year, then
0.75 points uncapped
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- Up to 55
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Amex, up to 12000 points per year, then
0.75 points per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 20,000
- Sydney to Melbourne
- 7800.0
- Sydney to London
- 119600.0
- $100 Gift card
- 19500.0
- Card Benefits
- Account alerts by SMS,
Travel Insurance (T&Cs apply, see 'Other restrictions')
- Rewards Bonus Points
- Earn 0.5 Velocity Points per $1 spent at government bodies, earn 1.75 Velocity Points per $1 spend on selected Virgin Australia products and services.
Read reviews and learn more about rewards credit cards
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Apply By 6 May 2025
American Express Essential® Rewards Credit Card
Membership Rewards
$108
60,000
1 point uncapped
Receive 60,000 Bonus Membership Rewards® Points when you apply online by 6 May 2025, are approved, and spend $3,000 on eligible purchases on your new American Express Essential® Rewards Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
CompareCompareEssential® Rewards Credit Card
Receive 60,000 Bonus Membership Rewards® Points when you apply online by 6 May 2025, are approved, and spend $3,000 on eligible purchases on your new American Express Essential® Rewards Credit Card within the first 3 months. T&Cs apply. Available to new American Express Card Members only.
- Rewards program
- Membership Rewards
- Annual fee
- $108
- Bonus points
- 60,000
- Earn rate per $1
- 1 point uncapped
- Intro rate
- -
- Ongoing Purchase rate
- 23.99% p.a.
- Balance transfer rate
- No current offer
- Cash advance
- -
- Interest free days on purchases
- Up to 55
- Foreign exchange
- 3.00%
- Late payment
- $30.00
- Points earning
- 1 point per dollar on Amex, uncapped
- Reward point expiry
- Never
- Bonus points
- 60,000
- Sydney to Melbourne
- 15600.0
- Sydney to London
- 239200.0
- $100 Gift card
- 20000.0
- Card Benefits
- Extended Warranty,
Account alerts by SMS
- Rewards Bonus Points
- Earn up to 5 points per $1 spent on eligible eat and drinks purchases, up to 3 points per $1 spent on selected streaming subscriptions, up to 2 points per $1 spent at selected major retailers.
Read reviews and learn more about rewards credit cards
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^See information about the Mozo Experts Choice Rewards Credit Card Awards
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