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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.
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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