Frequent flyer points slashed on Woolworths Qantas Platinum Visa card

Frequent flyer points slashed on Woolworths Qantas Platinum Visa card

Woolworths Money Qantas Platinum Visa cardholders will earn fewer frequent flyer points from next month, with the per-dollar earning rates slashed in half for the card’s highest spenders.

Currently awarding one Qantas Point per dollar spent with no limit, the changes will see a new $2,500 transaction ceiling introduced for each monthly statement cycle.

Spends up to that level will earn the same point-per-dollar, but beyond that the earning rate will be slashed to half a point per dollar until the cardholder’s next statement period begins.

To break that down: a Woolworths Money Qantas Platinum Visa  cardholder spending $10,000 in one statement period would today earn 10,000 Qantas Frequent Flyer points.

From their March statement that drops to 6,250 points, being 2,500 points for the first $2,500 and 3,750 points for the remaining $7,500.

Existing customers will be hit with the half-rate earning from the date that their March-issued statement commences – likely to be during the month of February.

“We regularly review our products to ensure customers are getting the best value and rewards,” a Woolworths Money spokesperson told Australian Business Traveller.

“The Qantas Points earn rate remains very competitive and we believe the annual fee is one of the lowest for a direct earn Visa or MasterCard credit card with a comparable earn rate.”

Previously issued by HSBC on behalf of Woolworths Money, that annual fee took a hike from $89 to $139 in October last year when Macquarie took the reins, with a $29 ‘additional cardholder fee’ also tacked on during the changeover.

Macquarie softens the blow in the first year with a reduced $99 annual fee for new customers, although rusted-on spenders who share the account with their partner are now paying almost twice as much in yearly fees to earn as little as half the number of frequent flyer points.

Options for affected Woolworths Money cardholders

Don’t let your spending go to waste – if you’re regularly pushing past that $2,500 monthly limit, it’s time to look elsewhere.

Two cards worth looking into are the Suncorp Clear Options Platinum Visa and the Jetstar Platinum MasterCard, which both earn one Qantas Point per dollar spent.

You’ll pay $148 for the Suncorp card with the Qantas add-on or just $1 more for the Jetstar card – only $9-10 more than the Woolworths Money annual fee – and can earn up to 120,000 and 100,000 Qantas Points each year, respectively.

The Jetstar Platinum MasterCard card also lets you avoid the low-cost airline’s usual ‘booking and service fee’ (normally $8.50 to $12.50 per passenger per flight), which easily covers your slightly higher annual fee if you fly with Jetstar.

And if you normally shop where American Express is accepted, there’s always the Qantas Discovery Card – awarding one Qantas Point per dollar spent with no annual fee, no points cap and no reduction on the number of points you can earn each month or year.

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Chris Chamberlin
Chris Chamberlin is a senior journalist with Australian Business Traveller and lives by the motto that a journey of a thousand miles begins with a single step, a great latte, a theatre ticket and a glass of wine!
 

18 comments

  • smit0847

    smit0847

    5 Feb, 2015 09:11 am

    The Average Joe is unlikely to be spending more than $2.5k per month on personal expenses anyway...

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  • Colin Steven

    colin5353

    5 Feb, 2015 09:39 am

    I dont know about that, someone I work with is a mother of 3 young adults and her montly shop (inc car ins, registration etc) is nearly $5k

    Wasnt this card pushed towards that market when it came out.

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  • Doubleplatinum

    Doubleplatinum
    Banned

    5 Feb, 2015 10:07 am

    So what? Ts & Cs change on products all the time boo hoo

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  • paperysomething

    paperysomething

    5 Feb, 2015 09:54 am

    The Jetstar Platinum MasterCard is also owned by Macquarie Bank. I'd be wary of switching to it in case they reduce the points earn on that card too.

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  • Colin Steven

    colin5353

    5 Feb, 2015 04:31 pm

    Change may be coming soon.  Emailed recd today about changes to the "insurance product"

    "Changes to your Jetstar Platinum MasterCard Insurance Policy 

    Dear Colin     

    We are making a number of important changes to your complimentary Jetstar Platinum MasterCard Insurance Policy, which will be effective from 1 March 2015.

    We would like to draw your attention to a particular change to the Overseas Travel Insurance cover. The new policy provides Overseas Travel Insurance cover for a period of thirty (30) days, reduced from the current cover period of one hundred and twenty (120) days. Any travel bookings paid for on your Jetstar Platinum MasterCard up to and including 28 February 2015 will receive one hundred and twenty (120) days Overseas Travel Insurance cover as detailed in the current Jetstar Platinum MasterCard Insurance Policy. Travel bookings paid for on your Jetstar Platinum MasterCard from 1 March 2015 onwards will receive thirty (30) days Overseas Travel Insurance cover as detailed in the booklet."

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  • DaveK

    DaveK

    5 Feb, 2015 10:33 am

    Thanks Chris..

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  • Roger Benson

    sharrkey

    5 Feb, 2015 10:34 am

    It's   Amazing   that   the  FF  points earn  rate     is   slashed   suddenly    by   the  banks/  companies   involved on a   whim. I  think   consumers    should   punish  an  action   like    this    by   cancelling/changing   this  card  and    not   shop  at   woolworths .  That's   the   only   way   to  make  these companies   understand   that  there   are    consequences   for  them.  The  same   applies   to  banks  who   suddenly   reduce   the   points    earned on  the  FF  credit  cards.  It's   fair   to   do   so   for   new   card   applications    but   not to  existing   card   holders. Also  I  think    if   banks    are   smart  they    should   offer   better   points   earning   rates (including   for   cards   used    for   ATO  payments)  to   customers   who  bank    with   them.

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  • Satoshi Takayama

    Michael Kao

    5 Feb, 2015 02:08 pm

    The problem is we don't have much competition here, unlike in the states, where they have cards that offer 100,000 of miles, lounge access, and ability to transfer to 20+ FFPs with no foreign transaction fees and low annual fee.

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  • Phil Young

    Phil Young

    5 Feb, 2015 02:59 pm

    Whilst I've heard talk about this change for a couple of months, I've not yet been notified by Woolworths of the change.  And whilst the new points limits are on the QF website, the Woolworths website is confusing.

    Their Platinum card points earning will certainly be soon slashed, but there doesn't seem to be any change to their Everyday credit card.

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  • lm1

    lm1

    5 Feb, 2015 03:29 pm

    Ratifies the decision (thanks to AusBT!) to go with the HSBC Qantas Platinum card for non Amex transactions. 

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  • rosie Davis

    gururose

    6 Feb, 2015 04:30 pm

    does this apply to the woolworths everyday rewards MasterCard ?

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  • Phil Young

    Phil Young

    6 Feb, 2015 04:33 pm

    Apparently not, for that is what I have.  But login to your Woolworths credit card account, and you should see a notice that you're about to receive a Platinum card.

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  • Nalin Wickramasinghe

    wicks21

    6 Feb, 2015 06:35 pm

    I have WOW Platinum MCard and the fee is still $89 - Macbank didn't hike the fee and have not recd any advice on point capping.

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  • Jonathan Noonan

    Jon N

    8 Feb, 2015 10:27 am

    Just checked my Feb statement on my WOW MC - indeed it states down the bottom that points earning above $2,500 will be reduced to 0.5 points per $

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  • Nalin Wickramasinghe

    wicks21

    8 Feb, 2015 10:47 am

    Thanks for the headsup. My Feb statement comes out next week, so I shall check. I don't usually spend much on the WOW MC, just when I can't use AMEX. 

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  • Peter Kapitola

    Atreides83

    24 Mar, 2015 04:31 pm

    You might like to update this. The Suncorp card is now $169 + $49 for Qantas points = $218. 

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  • Chris Chamberlin

    ChrisCh

    4 May, 2015 10:21 am

    Hi Peter,

    As this is a dated news story rather than a go-to guide (or similar), we don't retroactively update the content as fees and inclusions change over time.

    However, that's precisely what the comments are for, so thank you for pointing that out for the benefit of future readers visiting this page!

    Cheers,

    -Chris

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  • John Ahern

    Johnahern

    4 May, 2015 09:46 am

    Thanks Chris,

    I really enjoy your tips. I suspected this of the new Woolies card, but did not get around to researching it. The uncapped $1 points was a key feature I wanted and this change was never highlighted in their 'changeover' information. Macquarie appear to be gouging it on a number of fronts, but possibly still OK for sub $2500 spenders.

    regards John

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20 Jul, 2019 02:57 am

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