Cancel ANZ cashback credit card will lose cashback

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Forums › Finance and wealth management › Cancel ANZ cashback credit card will lose cashback

tripseagull

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#303522 15-Feb-2023 20:15

Since ANZ has decreased the cashback rate, I've decided to switch to SBS and AMEX free credit cards.

When I contacted ANZ customer service, they informed me that my cashback deposit date falls after the annual fee charging date. If I cancel my credit card before the annual fee is charged, I will lose the cashback I earned.

If I want to receive my cashback, I can't cancel the card until the cashback is paid out, which means I will have to pay the annual fee for the next cashback year. However, they also informed me that I can change my card to a Low Rate Visa, and the cashback can be paid to it.

Alternatively, I can request cancel the card after cashback is paid out, the annual fee will be refunded partially. However, they are not certain how the refund percentage will be calculated.

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Uber Geek

#3037377 15-Feb-2023 20:34

The way I see it, you're entitled to the cashback, that's a benefit you get from having the card. Provided you meet the criteria (presumably having a card for the entirety of the qualifying period), then it should be a simple matter of cancelling from that date, incurring no additional fee.

It's probably as simple as calling up on the day the renewal is due and asking them to cancel the card, but it's best if you can have someone confirm that. You probably need to be persistent and find the right person to talk to (a seemingly impossible task when it comes to banking). If you have a personal banker, you should talk to them, otherwise ask to speak to someone in the cards department.

networkn

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#3037378 15-Feb-2023 20:37

Yeah, that seems like sales BS to me, I'd be asking for an escalation and asking them to show you where it states that in the terms and conditions.

shk292

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#3037380 15-Feb-2023 20:55

ANZ have really killed the benefits on their credit cards. I have an Airpoints Platinum Visa and it's basically worthless now. I only got it because Westpac, who are my main bank, were very slow to implement Google Pay. Fortunately they pay out the Airpoints Dollars every month so I can just cancel the card before renewal fee is due

I assume this is all due to the decrease in transaction rates paid by merchants.

networkn

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#3037383 15-Feb-2023 21:04

shk292:

I assume this is all due to the decrease in transaction rates paid by merchants.

Yes, they are really suffering. I am surprised they aren't on food stamps:

https://www.rnz.co.nz/news/business/477492/anz-s-record-full-year-net-profit-nz-has-been-far-more-resilient-than-expected

michaelmurfy

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#3037388 15-Feb-2023 21:10

shk292:

I assume this is all due to the decrease in transaction rates paid by merchants.

You assume right. All banks will follow if they haven't already and that includes SBS.

AMEX are the only exception to the rule but merchants that accept AMEX are much less than other cards.

Personally, I'm keeping my Airpoints Visa Platinum at-least for now.

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Kraven

729 posts

Ultimate Geek

#3037409 15-Feb-2023 22:49

It sucks, but it is set out in the T&C's (link to PDF):

4. Crediting CashBack Rewards
1. Your CashBack Reward will be credited to your Card Account on
the date of your next statement following the anniversary of your
first purchase transaction on your Account. Details of the amount
credited will appear on that statement. On each anniversary
date CashBack Rewards earned for the previous Year are cleared
and Eligible Purchases processed after that date earn CashBack
Rewards for the following Year. On the termination or closure of
your Card Account any CashBack Rewards are forfeited.

eracode

Smpl Mnmlst
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#3037417 16-Feb-2023 02:58

BNZ has recently reworked its cards’ rewards scheme - cashback is one of the options. With our Visa Advantage Platinum card we have elected to receive cash back to the credit card account - paid on the last day of each month and equates to about 1.1% of the amount spent on the card that month.

Sometimes I just sit and think. Other times I just sit.

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jonathan18

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#3037421 16-Feb-2023 06:07

eracode:

BNZ has recently reworked its cards’ rewards scheme - cashback is one of the options. With our Visa Advantage Platinum card we have elected to receive cash back to the credit card account - paid on the last day of each month and equates to about 1.1% of the amount spent on the card that month.

Cashback has been an option with the BNZ cards for many years; from a practical point of view, the change for those already using this is the end of the month payout vs it happening a day or so after the monthly bill closes.

Ages ago we used to have an ANZ cashback card - I can’t even recall how we extracted ourselves from that if their policy had been the same! Made worse as the fee is charged annually (others, such as BNZ, charge six monthly).

eracode

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#3037437 16-Feb-2023 08:46

jonathan18:

Ages ago we used to have an ANZ cashback card - I can’t even recall how we extracted ourselves from that if their policy had been the same! Made worse as the fee is charged annually (others, such as BNZ, charge six monthly).

We get our card and supplementary card fees immediately credited back under some sort of BNZ recognition programme. I believe it depends on how much volume you put through the card.

Sometimes I just sit and think. Other times I just sit.

networkn

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#3037442 16-Feb-2023 08:55

Kraven:

It sucks, but it is set out in the T&C's (link to PDF):

4. Crediting CashBack Rewards
1. Your CashBack Reward will be credited to your Card Account on
the date of your next statement following the anniversary of your
first purchase transaction on your Account. Details of the amount
credited will appear on that statement. On each anniversary
date CashBack Rewards earned for the previous Year are cleared
and Eligible Purchases processed after that date earn CashBack
Rewards for the following Year. On the termination or closure of
your Card Account any CashBack Rewards are forfeited.

I stand corrected.

Batman

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#3037489 16-Feb-2023 11:12

looks like it's all in the fine prints

Aucklandjafa

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Ultimate Geek

#3040442 22-Feb-2023 06:49

Yeah, same boat with ANZ. Currently have a platinum airpoints card. With the changes, the value isn’t really there (especially that I’m not planning on renewing my Koru membership). Gonna move it to TSB’s new platinum card - $1 cash back for every $100 spent coupled with a $90 annual fee, just runs rings around ANZ (and probably most other banks).

michaelmurfy

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#3040448 22-Feb-2023 07:40

@Aucklandjafa hmm their credit card doesn’t look too bad at all. Nor do their banking packages.

Aucklandjafa

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Ultimate Geek

#3040449 22-Feb-2023 08:19

michaelmurfy: @Aucklandjafa hmm their credit card doesn’t look too bad at all. Nor do their banking packages.

Yeah, had my mortgage with them for the last 4 years with no issues. Only now have they brought out rewards card so gonna move my CC over to that too.

Aucklandjafa

395 posts

Ultimate Geek

#3040450 22-Feb-2023 08:21

Aucklandjafa: Yeah, same boat with ANZ. Currently have a platinum airpoints card. With the changes, the value isn’t really there (especially that I’m not planning on renewing my Koru membership). Gonna move it to TSB’s new platinum card - $1 cash back for every $100 spent coupled with a $90 annual fee, just runs rings around ANZ (and probably most other banks).

*$1 cash back for every $70 spent

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