Macquarie Bank customers will soon earn fewer Qantas frequent flyer points on their Macquarie Platinum Visa, with the card’s current earning rate taking a dive next month.
Presently, shoppers receive one Qantas Point per $1 spent up to $2,500 per month, and 0.5 Qantas Points per $1 spent thereafter: but from March 15, that drops to one Qantas Point per $1 spent only on the first $1,000 of monthly charges, before switching to the lower 0.5/$1 earn rate.
For a cardholder spending $2,500 per month – on which they’d currently pocket one point per $1 spent on their entire balance – this means earning 750 fewer points each month or 9,000 points less over a full year.
That shortfall would be more than enough to book a one-way Qantas domestic flight in economy, such as from Sydney to Melbourne – easily worth around $100 at minimum, even after paying the associated taxes and fees on the reward booking – although the card’s annual fee will remain at $249.
A comparable alternative for cardholders to keep their points flowing in is the competing HSBC Platinum Qantas Visa, which continues to serve up one Qantas Point per $1 spent up to $2,500 per month and 0.5 Qantas Points per $1 thereafter, with a monthly cap of 7,500 Qantas Points.
HSBC’s card also comes with a lower ongoing annual fee of $199, and like Macquarie, supports Apple Pay. Switching to HSBC comes with a bonus of 60,000 Qantas Points for new cardholders who apply, are approved and spend $3,000 on purchases using their HSBC card within the first three months.
Macquarie’s higher-tier Black Visa with Qantas Points is unaffected by these changes – delivering one Qantas Point per $1 spent up to $4,000 per month and 0.5 Qantas Points per $1 spent thereafter with a more expensive ongoing annual fee of $299.
The bank’s Hilton Honors Macquarie Platinum Card also remains unchanged.