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Westpac axes relationship with American Express

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Say sayonara to the upper issues earn charges that come with your American Express card.

Westpac is now the 3rd of the Big Four banks to chop its ties with American Express this 12 months. As of four April 2018, Westpac is now not providing twin Visa or Mastercard and Amex bank cards. This will affect its Altitude rewards vary, together with the Westpac Altitude, Altitude Black, Altitude Platinum, Altitude Business Gold and Altitude Business Platinum playing cards.

Essentially, which means that cardholders will now not have the number of the usage of both their Visa/Mastercard or American Express to make purchases. As Visa and Mastercard are typically extra extensively permitted than Amex, the main problem of this breakup is the upper praise earn charges that it is advisable normally get when spending with American Express. Despite Westpac cutting the earn rates across its Amex products in July previous this 12 months, cardholders may just normally earn extra issues on that than their Visa or Mastercard.

You can examine the previous and new earn charges, efficient four April 2018, around the Westpac Altitude vary within the desk underneath. Please notice that some Altitude playing cards be offering cardholders the solution to earn both Altitude Rewards or Qantas Points, so we’ve equipped the main points for each.

Card Old earn charges New earn charges
Westpac Altitude (Altitude Rewards) 1 Altitude level in line with $1 on Visa and a couple of Altitude issues in line with $1 spent on Amex as much as five,000 issues in line with observation length 1 Altitude Point in line with $1 spent as much as five,000 issues in line with observation length
Westpac Altitude (Qantas Points) zero.five Qantas Points in line with $1 spent on Visa and 1 Qantas Point in line with $1 on Amex as much as 2,500 issues in line with observation length zero.five Qantas Points in line with $1 as much as 2,500 issues in line with observation length
Westpac Altitude Black (Altitude Rewards) 1.25 Altitude Rewards issues in line with $1 spent on Mastercard and a couple of.five Altitude Rewards issues in line with $1 spent on Amex, uncapped 1.25 Altitude Points in line with $1 uncapped
Westpac Altitude Black (Qantas Points) zero.625 Qantas Points in line with $1 spent on Mastercard and 1.25 Qantas Points in line with $1 spent on Amex, uncapped zero.75 Qantas Points in line with $1 uncapped
Westpac Altitude Platinum (Altitude Rewards) 1 Altitude Rewards level in line with $1 spent on Visa and a couple of Altitude Rewards issues in line with $1 spent on Amex as much as 7,500 issues in line with observation length 1 Altitude Point in line with $1 uncapped
Westpac Altitude Platinum (Qantas Points) zero.five Qantas Points in line with $1 spent on Visa and 1 Qantas Point in line with $1 spent on Amex as much as three,750 issues in line with observation length zero.five Qantas Points in line with $1 uncapped
Westpac Altitude Business Platinum 1 Altitude Rewards level in line with $1 spent in Australia and a couple of Altitude Rewards in line with $1 spent out of the country with Visa. three Altitude Rewards issues in line with $1 spent on Amex No adjustments introduced
Westpac Altitude Business Gold 1 Altitude Rewards level in line with $1 spent on Visa. 2 Altitude Rewards issues in line with $1 spent on Amex as much as 20,000 issues in line with observation length No adjustments introduced

The Westpac Altitude Black may also be shedding its annual rate from $395 p.a. to $250 p.a. Although the issues caps and earn charges were lifted throughout probably the most Visa playing cards, the absence of the Amex earn charges implies that the total rewards worth is lowered.

Why is Westpac breaking apart with Amex?

Westpac is severing its relationship with American Express because of the RBA interchange fee regulations that kicked in on 1 July this 12 months.

Prior to July, banks frequently charged a rate between 1.five% to one.7% to procedure transactions from top rate rewards bank cards. The income from those charges had been then used to fund their rewards systems. This interchange rate has been capped at zero.eight% since 1 July, so we’ve noticed a number of card issuers scale back their rewards perks and earn charges to make amends for the loss. It additionally implies that banks reminiscent of Westpac will now not search to deal with their rewards relationships with American Express.

Westpac is now the 3rd of the Big Four banks to chop its ties with Amex. In March, ANZ also announced that it would cut ties with Amex throughout its 3 Rewards bank cards. NAB did the same across its Rewards range in October. That simply leaves CommBank and its Awards bank cards within the ring, however it will handiest be an issue of time sooner than they’re knocked out too.

If you personal one of the crucial Westpac Altitude Rewards bank cards, take note of when those adjustments kick in to keep away from any nasty surprises. It may also be time to start comparing new rewards or frequent flyer credit cards. Or for those who’re going to pass over the perks of conserving an American Express, it is advisable get started comparing Amex-issued credit cards. Whatever making a decision, be sure to examine your choices and make sure the combo of rewards, charges and further options make it the precise card for you.

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