Yahoo Finance Woolworths customers furious over major card change
News that Woolworths credit cards will be discontinued has shocked customers.
Woolworths credit card holders will have to look for alternatives after the retailer informed customers that the card is being discontinued after an eight-year partnership with Macquarie Bank.
Aussies card holders have turned to online forums to express their disappointment that the card will no longer be offered.
"This year, after careful consideration, Macquarie Bank has decided to no longer offer Woolworths credit cards and as a result, existing Woolworths credit card accounts will be moved to Macquarie Bank credit card accounts," a Woolworths spokesperson told Yahoo Finance Australia.
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"We'd like to thank our credit card customers for their loyalty over the years and remind them they can continue to get great value offers they had with their credit card, including the bonus 10 per cent off their monthly shop, through being customers of our Everyday Extra program, Everyday Insurance and Woolworths Mobile products."
Unhappy customers
The Woolworths credit card offered perks such as a 10 per cent discount off groceries once a month, which promised up to a $50 saving.
One member of a popular Facebook group who was lamenting the loss of the Woolworths credit card, revealed a potential gap that may be echoed by many other Aussie families. "This credit card worked amazing for our family. Gaining over $600+ a year in gift cards made Christmas easy for us," the customer commented.
"We were getting 10 per cent off our largest monthly shop, as well as approx a $200 gift card every quarter for our daily household spending," another member shared.
"The new program will not offer 10 per cent per month from October onwards, nor will it offer three points per dollar spent at certain retailers."
Meanwhile, other equally frustrated members of the group said they're already looking at alternatives to the discontinued card.
"Coles MasterCard - Flybuys rewards," one person commented, while another suggested other members consider a Kogan credit card or one issued by financial institutions such as Commonwealth Bank or ANZ.
What to expect
The Woolworths credit card rewards program is set to end from June 2023, and from then, card holders will begin earning Macquarie rewards instead.
"Any credit card points remaining on your account at the time we move your account, will automatically be converted to a Woolworths eGift Shopping Card and sent to the email address we have on file for your account," the notification reads.
Card holders will continue to have access to the 10 per cent discount off their grocery shop once a month up to Saturday 30 September 2023, by scanning the Everyday Rewards barcode at a Woolworths Supermarket branch. The Woolworths credit card is expected to stop working from October 2023.
Some of the other key changes that will be taking place from June 2023 are:
Card holders will automatically be covered by the Macquarie Platinum Card insurance policy
Online access to Woolworths credit card will no longer be available and the credit card will no longer be available on the Woolworths Money app. Card holders will be able to access their account via the Macquarie Mobile Banking app instead.
Access to other Woolworths credit card benefits will also change, with details on their support page
The Woolworths credit card operates separately from the Everyday Rewards program, so customers could continue to earn points by scanning their Rewards card regardless of their chosen payment method.
Members can still get $10 off a future shop or convert it to 1,000 Qantas Points every time they reach 2,000 Everyday Rewards points.
Macquarie Bank responds
In a statement to Yahoo Finance, Macquarie Bank provided context for the change.
"Macquarie has been the issuer of Woolworths credit cards for the past eight years and after careful consideration, we have decided to move Woolworths credit card customers to a Macquarie branded credit card as Macquarie will no longer be offering Woolworths branded credit cards," the statement reads.
"As part of the simplification of our credit cards business, since mid-2020 we've chosen to focus on offering credit cards to customers as part of a Macquarie home loan package. Macquarie branded credit cards remain an important part of our home loan offering and this reflects the broader shift in demand we are seeing from customers, who are increasingly wanting to package their credit card and home loan together."
Existing Woolworths credit card holders who need more information can call 1300 10 1234 or email woolworthsmoney@cardserve.com.au.
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