The Woolworths Qantas Everyday Rewards credit card has been a popular credit card among Qantas Frequent Flyers, due to being one of the few Mastercard (or Visa) products that pay pay 1 Qantas Point for each Australian Dollar spent on the card. Unlike a number of other cards, the Qantas Points earn is also uncapped, so you get points on every dollar spent.
Since their launch, they have been issued by HSBC, but come 24 October 2014, Macquarie Bank will take over as credit provider for the cards.
While nothing is currently proposed to change for the Qantas points earning side of the card, there are a few changes being made in the Terms and Conditions that are worth being aware of. Woolworths Money have been sending out mail packs outlining the changes.
Perhaps the most immediately significant change is in the Annual Fee on the card. This will be increasing from the current $89 per year, up over 50% to $139 per year. Quite a steep increase in fee. On top of that, if you have a supplementary card, a new $39 per year fee will apply to that.
There is also going to be a $2.50 statement fee, if you choose to have the statement delivered by mail. Electronic delivery (i.e. email) should avoid this fee.
There are various other fees and charges that will be changed as part of this move, so it will be worth reading the mail package that is being sent out, to understand how these will affect you.
On the plus side, Woolworths Money is saying that the service centre will be available 24*7 from 27 October, 2014. They have also promised a better online experience for the card.
Woolworths have set up a mini site to outline the changes. This may be accessed from this link.