DBS’s acquisition of ANZ’s consumer banking arm has led to a lot of questions for ANZ credit card holders. What will happen to my existing ANZ cards? My ANZ points? Do I need to cash out my ANZ points? If so, when?
There’s been some speculation about this, with ANZ cardholders recently getting a notice that their points and cards will transfer over to DBS equivalents, but we finally have some concrete word from DBS as to what will happen.
I mentioned that the fair ratio to convert ANZ Travel $ to DBS points would be 2:1, because 1 DBS point is worth 2 miles with Krisflyer and Asiamiles. That’s exactly what has happened.
Similarly, ANZ Rewards Points are valued the same as DBS points with 1 point getting 2/5th of a mile. The conversion ratio DBS is offering is equivalent.
Although your ANZ Travel card’s Travel $ had a maximum validity of 5 years, once they’re transferred over to DBS they will have no expiry, in line with the no expiry policy for points earned through DBS’s Altitude cards.
However, if you’re a holder of ANZ’s Platinum or Switch Platinum cards you’re going to lose out. These points were valid for 5 years, but when they transfer to DBS they’ll only be valid for a further 1 year after the date of transfer, in line with DBS’s points expiry policy for its non-Altitude cards.
There’s a mapping tool on the DBS FAQ page that shows you what ANZ cards map to what.
- ANZ Travel Visa Signature= DBS Altitude
- ANZ Platinum Mastercard = DBS Mastercard Platinum
- ANZ Platinum Visa= DBS Black Visa
- ANZ Switch Platinum= DBS Mastercard Platinum
- ANZ Optimum World Mastercard= POSB Everyday Card
- ANZ Signature Priority Banking Visa Infinite= DBS Altitude Visa Signature
It’s unsurprising that the Travel Visa maps onto the Altitude, but I am surprised that DBS is converting ANZ Signature Priority VI cards to DBS Altitude cards, given that the Signature Priority VI is for ANZ’s top earners and the DBS Altitude is an entry-level credit card. That said, given how crappy the earn rate is on the ANZ Signature Priority VI, I doubt many will mind.
If you already own the DBS card that your ANZ card will be mapped onto, DBS will transfer your outstanding card balance to a new DBS card account opened exclusively for the payment of your outstanding balance. This account is transitory and is not for further transactions. Whatever rewards points you have will be transferred to your DBS account.
ANZ’s departure from the credit card market in Singapore is unfortunate insofar as it means less competition, but we all know that ANZ’s cards were dying a slow, undignified death in recent times, with the devaluation of several key benefits. So I don’t think too many tears will be shed about that.