Credit Card Woes

This time I am going to whinge about the banks. Who isn't whinging about the banks these days anyway?

Last Friday I received a notification letter from ANZ about the changes to the credit card fees. I have been an ANZ customer (both everyday access account and credit card) ever since I started working full-time, and has since upgraded the VISA to their Telstra Gold to take advantage of their insurance, free additional cards, access account fee waived and great reward points. I used to recommend people ANZ's Telstra VISA, if they do pay off the amount at the end of the month, because I see no reward is better than actual cash reward - you can redeem your reward points into credits on your card, and you can make at least 0.8 cents back for every dollar you spent. However with the recent changes in fees and conditions, claimed by ANZ that it is necessary as they don't make as much profit due to changes introduced by the Reserve Bank of Australia, have shaken my view on the value of ANZ's VISA card. Here's a list of changes that affects me:

  • Now you need to spend 50% more to earn the same number of points. The maximum is also capped at $100,000 per year, but I seriously doubt that it will affect me :)
  • It used to earn me twice the points on foreign currency spendings, but now it earns the same amount, plus you still have to pay that extra conversion fee.
  • Additional card now costs me AUD$22 per year.
  • No more access account fee waived - that means I need to pay at least AUD$60 annually to keep my money with ANZ using the current account.

On top of that, I still need to pay high annual fee + reward fee for this card, which I hope will be offseted by the rewards and benefits that have just been reduced.

Don't you just love the banks?