Macquarie Bank has announced that it will stop issuing Qantas Points on its credit card portfolio. In addition, Qantas Points will no longer be on offer if you have a Macquarie home loan product.
Credit Cards
The first product that this affects is credit cards. Macquarie stopped accepting applications for Macquarie Credit Cards with Qantas Rewards on 21 July 2022. However, existing customers retained the ability to earn Qantas Points.
When will this happen?
If you have a Macquarie credit card that offers Qantas Points, you will be able to earn Qantas Points up until 21 October 2024.
Macquarie say that points earned by 21 October 2024 will find their way to your Qantas Frequent Flyer account within 30 daysThese points will find their way into your Qantas Frequent Flyer account within a month of that date.
What happens then?
From 21 October 2024, you will be moving onto the Macquarie Rewards program. As such, you will begin to earn points in the Macquarie Rewards program. There is no ability to transfer these points into a frequent flyer account.
Home Loans
As with the credit card products, Macquarie stopped accepting applications for Qantas Frequent Flyer home loans in 2022. While existing customers continued to earn Qantas Points, this is stopping from 21 October 2024. This includes both the monthly Qantas Points and the anniversary bonus points.
Final Words
It is worth noting that Macquarie stopped issuing Qantas Points products in July 2022. From that time, you were no longer able to apply for a product that offered Qantas Points. However, existing customers were able to continue earning Qantas Points. I guess Macquarie were bound to pull the pin on Qantas Points altogether, and that time has now come.
It is quite noticeable that over the last few years, Macquarie has been winding back its credit card portfolio. Cards such as the Hilton Honors card and the Woolworths credit cards are no longer issued. Cardholders with those products had been moved onto other credit cards in the Macquarie portfolio.
Further information is available on the Macquarie website.
