Suncorp is making changes to the points caps that apply to its Suncorp Clear Options Platinum card. The changes affect the number of Qantas Points that may be earned by cardholders that have chosen the Qantas Points option.
The big change is a move from an annual cap to a monthly cap. The way the caps are changing results in a significant reduction in the maximum number of points that can be earned annually.
Suncorp Clear Options changes
As it stands, cardholders opted into the Qantas Frequent Flyer program earn 0.5 per $1 spent on all eligible purchases. There is an annual cap of 120,000 Qantas Points in a 12 month period. This does require a spend of $240,000 over a full year before reaching the cap.
As of June 15, 2017, the earn rate of 0.5 per $1 spent on eligible purchases will not change. However, there will be a new cap of $8,000 per statement period. This equates to a point cap of 4,000 Qantas Points per month.
As a result, the annual limit reduces to 48,000 Qantas Points. Even then, the spend needs to be evenly distributed through the year. Overall, that represents in reduction in overall earn of up to 60%, which is quite a reduction.
The Citibank Link
The Suncorp Bank credit cards are issued by Citibank. Citibank itself has been making adjustments to its own cards over the last week. It is probably not surprising that the Suncorp changes come into effect on 15 June – the same date that its own cards are changing.
As with the main Citibank cards, there has been no reason given for the change. However, it is generally believed that the changes result from changes to Interchange Fees that come into effect on 1 July, 2017.
Full details on the change may be found here.
