HSBC is dialling back frequent flyer points on the HSBC Platinum Qantas Visa credit card, while simultaneously bumping up the annual fee.
For new cardholders, the product now provides 1 Qantas Point per $1 spent up to $1,000 per month. Previously, this was 1 Qantas Point per $1 spent up to $2,500 per month.
Transactions exceeding that ceiling every month earn points at a reduced rate of 0.5 Qantas Points per $1 spent, up to 7,500 Qantas Points in total each month.
New applicants will also pay a higher annual fee of $99, up from $79 previously. HSBC's other fees, such as the bank's 3% international transaction charge, remain in place.
However, existing cardholders can breathe a sigh of relief, with an HSBC Australia spokesperson confirming to Executive Traveller that "these changes are for new customers only."
"Existing customers who have this product will continue to receive the $79 annual fee," as well as the higher, previous Qantas Points earn rates, the spokesperson also confirmed.
To sweeten the blow, HSBC is now offering 20,000 bonus Qantas Points to new customers when they apply and spend $3,000 on eligible purchases within the first three months.
There are no changes to HSBC's separate Premier Mastercard for either new or existing customers, on which cardholders can instead earn up to 10,000 Qantas Points per month.