There is news out this evening that ANZ will be cutting the earn rate on the some ANZ Rewards credit cards associated with the accounts. Holders of both the Black and Platinum levels of the card have reported receiving communications from ANZ on the matter.
The changes are reported to be coming into effect as from 14 March, 2016. For ANZ Rewards Black, it affects the Visa card, while for the Platinum card, both the American Express and Visa card is affected. The changes are summarised in the following table:
|Card||Current Earn Rate||Rate from 14 March, 2016|
|ANZ Rewards Visa Black||2 points per Dollar||1.25 points per Dollar|
|ANZ Rewards American Express Black||No change|
|ANZ Rewards Visa Platinum||1.5 points per Dollar||1.0 points per Dollar|
|ANZ Rewards American Express Platinum||3 points per Dollar||2 points per Dollar|
One of the popular rewards associated with the ANZ Rewards card is to transfer points to the Velocity program. ANZ Rewards can transfer to Velocity at a rate of 2 ANZ Rewards points to 1 Velocity. For a ANZ Rewards Visa Black card, this means that the effective Velocity Points rate will reduce from 1 Velocity Point down to 0.625 Velocity points for each dollar spent on the card.
At this point, there is no information on the basic card, and how its earning may be affected. I will update the table when I receive any information on this.
It should be noted that this does not affect the ANZ Qantas credit cards.