ANZ will cap the number of Qantas frequent flyer points you can earn monthly on its range of Visa and American Express credit cards from October.
The new points capping arrangements also encourage spenders to move transactions across from their higher-earning ANZ American Express cards to the companion ANZ Visa card, which can earn as little as half a point per dollar spent.
The cards affected are both the ANZ Frequent Flyer Platinum and the ANZ Frequent Flyer Classic cards.
ANZ’s top-tier Frequent Flyer Black cards remain uncapped, with the bank’s line of non-Qantas ‘Rewards’ cards also unaffected by the shake-up.
Existing customers will find the caps progressively introduced throughout October, with the bank providing each affected cardholder with four weeks written notice of the changes ahead of when it applies to their particular account.
Applications for the affected cards received on or after September 24 2014 are immediately bound by the points capping rules, while those received before that date will be given the same four-week notice period ahead of the new points caps.
How many points can I earn?
Base-level ANZ Frequent Flyer Classic members can earn points on the first $3,000 spent each month on the American Express card, plus on the first $3,000 of monthly Visa spend.
At one point per dollar on the AMEX and half a point per dollar on the Visa, that totals a maximum of 4,500 points each month or a miserable 54,000 points each year if hitting the full monthly caps.
If you instead spend the full $6,000 on your American Express card, you’ll still earn points on the first $3,000 charged each month – giving customers the choice of either using their AMEX to earn no points for the remainder of the statement cycle, or switching to the Visa and its lower earning rates.
ANZ Frequent Flyer Platinum sees the monthly capping figures doubled to $6,000 on both the American Express and the Visa.
Piling up 1.5 Qantas Points per $1 on the AMEX and 0.5 points per $1 on the Visa, cardholders can earn a maximum of 12,000 points each month – with up to 9,000 of those stemming from the high-earning American Express card.
Over a year, that’s 144,000 points, or 108,000 points at the advantageous 1.5 points per $1 rate.
Both the Classic and Platinum Visa and American Express cards also pay out an extra point per dollar spent on Qantas flights charged in Australian dollars, plus on Qantas Club and Qantas Frequent Flyer memberships.
That’s not affected by capping, so even if you’ve exceeded your monthly threshold for frequent flyer points, you’ll still earn the Qantas bonus.
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