IN BRIEF | G&C Mutual Bank is dialling back the number of frequent flyer points customers can earn on its Qantas Platinum Visa credit card from December 1 2017.
As of next month, the earn rate drops from one Qantas Point per dollar spent to 0.85 Qantas Points per dollar spent, with a new monthly points cap of 20,000 points also coming into effect – reached when spending $23,530 in a single month.
Notably, the bank’s Qantas Platinum credit card was the last remaining card in Australia to offer one Qantas Point per dollar spent on everyday purchases, uncapped, without being an American Express product or subjected to points tiering.
The move follows other changes made by G&C Mutual back in June, which blocked Qantas Points from being earned on government transactions (including payments to the ATO), but continued to provide one Qantas Point per dollar spent on everything else without limit.
Most Australian banks have overhauled their credit card line-ups this year in reflection of the Reserve Bank’s cuts to credit card ‘interchange fees’ which came into effect from July 1.