Tag Archives: anz

DBS announces points conversion, mapping for ANZ credit cards

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.

Points Conversion

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.

Card Mapping

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.

Conclusion

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.

ANZ points to be converted to DBS points

It was announced in October 2016 that ANZ would be ceasing its consumer banking operations in Singapore and transferring its assets to DBS.

At the time, I mentioned that you might consider cashing out your ANZ Travel $, given that we didn’t know what would happen with the bank’s credit card program post the merger. I myself cashed out 10K of my ~13K ANZ Travel $, assuming that ANZ would eventually ask all cardmembers to convert their points by a certain date or lose them. I took the remainder 3K as a write off.

Well, perhaps I didn’t have to do anything, because the following notice has popped up on ANZ’s website.

In case you can’t read that, it says

Important Notice
Your unused Rewards Points will be transferred to DBS for future usage if you choose not to redeem via the ANZ Rewards Programme before the latest dates specified below:

  • 19 June 2017: For Redemption of KrisFlyer Miles or Cash Credits
  • 06 June 2017: For Redemption of all other Rewards including Travel Cash

You will receive more information prior to the transfer to DBS, or if you require immediate assistance, please call 1800 269 2269 or +65 6269 2269 (overseas).

No further information is given about the mechanics of the transfer (what does it mean for customers who don’t have DBS cards?) or the ratio (1 DBS point to 2 Travel $ would be the “fair” amount).

The lack of a ratio does worry me slightly, Because think about it from a business point of view- Travel $ are a liability on the balance sheet of ANZ. ANZ got the benefit of merchant fees etc when customers used their ANZ cards to pay for things. ANZ then incurred a liability in the form of the Travel $, which represent a commitment to deliver miles to the customer at some future point in time (and to incur an expense buying the miles from SQ/CX).

DBS is now taking over ANZ, and assuming those liabilities on their balance sheet by converting Travel $ to DBS points. But DBS didn’t get the benefit of those ANZ customers spending money on their cards (well, ok in some abstract way they did, because when they paid for ANZ I imagine that got priced in). So will they be willing to assume the liability at the full rate? Or will this be an opportunity for a devaluation in the transfer process?

For the record, I don’t think DBS will pull a dick move or anything (because that would be a super dick move), but I’d rather they come out and clarify this sooner rather than later. Whatever the case, I certainly hope they announce more details before 19 June, because this will let people decide whether they want to cash out their Travel$ or let them be converted to DBS points.

(HT: The Shutterwhale)

The ANZ Travel Visa Signature is dying a slow and undignified death

I received an SMS from ANZ informing me that the ANZ Travel Visa Signature Card T&Cs had been updated with effect from 1 April 2017.

Image result for visa signature travel anz

I’m sure this is a good thing! I said to myself as I clicked on the link. After all, SMSes have always brought me good news, useless PDPA act notwithstanding-

Please be informed that with effect from 1 April 2017,

– Complimentary airport limousine and lounge access for ANZ Signature Priority Banking Visa Infinite Card and Travel Visa Signature Card will cease.

– There will be revisions to the ANZ Travel Card Rewards Programme Terms & Conditions:

Additional  bonus 10,000 Travel$ will no longer be awarded to ANZ Travel Cardmembers who pay Annual Fee from the 2nd year of membership.

The revised T&C can be found here

When the ANZ Travel Visa Signature card launched back in July 2012, it was something genuinely novel. It offered 1.4 mpd on local spending with no minimum spend required, 12,000 miles upon payment of the $200 annual fee, 2.8mpd on overseas spending, unlimited lounge access and limo transfer with a $1,500 spend.

Then they started chipping away at the benefits.

First, the 2.8mpd on all overseas spend was replaced by 2.8mpd on spend in Australia and NZ only. Then, the renewal miles went from 12,000 to 10,000. Then, unlimited lounge access was taken away and the limo service minimum spend went up to $2,500, then required you to redeem Travel$, then disappeared (it was brought back for a limited period but needed S$7,000 spend per calendar quarter)

This card has died the death of a thousand cuts. Given that you can’t even use it to buy miles at 2 cents each anymore, I can’t think of any reason to hold on to it. I’ve said that you should never pay annual fees unless you get something in return and there’s no reason an exception should be made for this card.

Final point: The Milelion has some affiliate links for the ANZ Travel card. In light of these changes, I cannot in good conscience recommend the card to anyone. These links will be removed.

Given ANZ’s impending demise in Singapore, it might be a good idea to look for a way to cash out on your Travel$ asap.

Alas ANZ Travel card, we barely knew ye!