Macquarie Bank has announced a cut to the earn rate on its Macquarie Platinum Card with Qantas Rewards card. As from March 15, 2018. the earn rate will be reducing to an earn rate of 0.5 Qantas Points per dollar on spend above $1,000.
This announcement comes shortly after another Macquarie issues card, the Woolworths Qantas Platinum Card had its earn rate cut. At this point, no changes to the earn rate on the Macquarie Black Card have been announced.
Macquarie Platinum Card with Qantas Rewards earn rates
As of March 15, 2018, the earn rate of the card will be
- First $1,000 per statement period: 1 Qantas Point per dollar,
- Spend above $1,000 in the statement period: 0.5 Qantas Points per dollar
This compares to the current earn rate (valid until March 15)
- First $2,500 per statement period: 1 Qantas Point per dollar,
- Spend above $2,500 in the statement period: 0.5 Qantas Points per dollar
The bonus of 1 Qantas Point per dollar spend is remaining in place.
It has been two years since the last round of cuts to the card. The previous round in 2016 introduced the tier system, and also moved to exclude payments to the Australian Tax Office
Over the last few years, a range of cards have moved to a tiered earning rate – with 1 point per dollar being earned in the first tier. Of these cards, this has one of the lowest spend rates to drop down to the lower tier.