Australia: ANZ cuts ties with AMEX as companion cards are dropped

ANZ announced this week that dual ANZ and American Express cards will no longer be able to be used from the 5th of August this year, following the RBA’s decision to include American Express companion cards under a new set of interchange fee rules which come into effect later this year. One of the biggest appeals of American Express companion cards was that RBA interchange fee regulations did not affect them, so banks could offer customers more points compared to other rewards cards. Now with the new regulations, other dual American Express rewards cards are predicted to be cut as well.

ANZ customers will still be able to earn rewards points on other ANZ Visa rewards cards through a tiered points scheme, however this points system means rewards points halve after customers reach a set spend limit. There will also be other changes made to ANZ loyalty schemes, as customers will start to receive Westfield vouchers instead of points in some cases and new spending caps will be implemented.

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