Macquarie Bank cuts credit card Qantas frequent flyer points

By Chris Chamberlin, February 16 2018

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.

Chris Chamberlin

Chris Chamberlin is the Associate Editor of Executive 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!

Michael Kao

Michael Kao

Qantas - Qantas Frequent Flyer

06 Nov 2014

Total posts 338

I hope Jetstar card doesn't get affected either......

colin5353

colin5353

Qantas - Qantas Frequent Flyer

03 Jul 2011

Total posts 180

From May 2018 JQ card points will only be 1/2 point per $1 spent.

ausJCP

ausJCP

Qantas - Qantas Frequent Flyer

28 Aug 2014

Total posts 213

There's really no compelling reason to remain with them, retail banking is not their strong point. Internal transfers between my Macquarie accounts takes multiple business days to settle. Their telephone service is awful.

Slashing the earn rate on my Macquarie Visa Platinum card is the tipping point for me; I'll now be cutting ties with them altogether and shifting back to one of the Big Four.

peterd647

peterd647

Qantas - Qantas Frequent Flyer

23 Dec 2015

Total posts 22

I recently called to cancel my Macquarie Black Visa (I've replaced it with the NAB Signature) and Macquarie offered me 1,000 QFF to stay. I took the points and will cancel next month now instead. Hopefully their retentions unit will throw some points at the Platinum cardholders too when they initially call to cancel.

Pointsman

Pointsman

Virgin Australia - Velocity Rewards

18 Jan 2017

Total posts 10

Macquarie have also recently altered the interest earn rate on accounts. No interest paid on the first $5000! I sense a big shake up.

I would love to know how much money was transferred out when it was implemented, I certainly removed mine.


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