Credit Cards

What Should ANZ Cardholders Know with DBS’s Latest Credit Cards Announcement

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Peter Lin

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All good things must come to an end. It’s a sad fact of reality that I acknowledge the second I wake up each morning. And as an ANZ cardholder, it truly feels like the dream is over.

It’s been known since later 2016 that ANZ’s wealth and retail assets had been bought over by DBS, but the time for that transfer has come, and it’s 5 August 2017.

ANZ customers who are still in denial will soon have to accept that their favourite credit cards are no longer, and that final reality check should come when you receive corresponding DBS and POSB cards in the mail.

 

Will I still be able to enjoy my ANZ card’s benefits?

DBS will essentially replace your card with a similar one of their own, but you can say goodbye (if you haven’t already!) to the generous benefits ANZ cards were famous for. You may have noticed that ANZ cards were dying a slow death over the past few months.

That said, the DBS and POSB cards they’re going to give you in exchange aren’t always a poor substitute.

For example, the ANZ Optimum World Mastercard will be replaced by the POSB Everyday Card.

While it’s time to say goodbye to the Optimum card’s 5% standard rebate on dining (assuming that was your preferred cashback category), you can now enjoy the Everyday Card’s 3% rebate on dining on weekdays, 9% on weekends and a hefty 14% for online food delivery. That said, these are just promotional rates – and they’re only valid till 30 September 2017. The POSB Everyday Card traditionally does not give you any permanent rebates for dining.

And if you had the ANZ Travel Visa Signature Credit Card, you shouldn’t be surprised that it’ll be replaced by the DBS Altitude Visa Signature Card.

Gone is your ability to earn 1.4 Miles per $1 spent locally, replaced by the Altitude Card’s 1.2 Miles per $1 spent locally. And what’s worse, ANZ didn’t even wait for the transfer to remove the 2.8 Miles per $1 spent in Australia and New Zealand. It’s gone as of this month.

 

Exactly which DBS and POSB cards will I get in exchange for my ANZ cards?

Here’s a quick reference on what the ANZ Cards will be replaced by:

ANZ Card DBS Card
ANZ Travel Visa Signature Credit Card DBS Altitude Visa Signature Card
ANZ Signature Priority Banking Visa Infinite Credit Card DBS Altitude Visa Signature Card
ANZ Platinum Visa Credit Card DBS Black Visa Platinum Card
ANZ Platinum Mastercard Credit Card DBS Mastercard Platinum Card
ANZ Switch Platinum Mastercard Credit Card DBS Mastercard Platinum Card
ANZ Optimum World Mastercard Credit Card POSB Everyday Card

 

What about the ANZ Rewards Points/Travel$/Optimum$?

You’ll be happy to know that your rewards points and rebates are going to be converted 1 for 1. This means, every ANZ Rewards Point you have will be converted to 1 DBS Point. The cash rebates from your Optimum Card will be transferred to your POSB Everyday Card without any devaluation.

The only major change is the validity of your Rewards Points – where ANZ Rewards Points expire after 5 years, the DBS Points will expire after only 1. Do take note of that.

If you receive the DBS Altitude Visa Signature Card though, then good news, your ANZ Rewards Points will never expire once converted to DBS Points.

 

What should ANZ Cardholders do now before the transfer?

If you earned ANZ Rewards Points, you’ll definitely want to redeem as much ANZ Rewards Points as possible. Not only are they going to expire faster, but you’ll need more DBS Points to redeem the same item.

For one thing, ANZ Rewards Programme has a better deal when it comes to movie tickets – 1,000 ANZ Rewards Points can get you a pair of Shaw tickets, while 1,200 Points can get you a single IMAX ticket. Wait for your Rewards Points to be converted to DBS Points? You’ll have to cough up 1,250 DBS Points for 2 Shaw tickets.

A Courts $50 voucher can currently be redeemed for 2,500 ANZ Rewards Points, but will cost 3,350 DBS Points! That’s 850 more points you’ll have to earn if you don’t redeem now.

Also, consider applying for the card you’re going to get, in order to benefit from the sign-up bonuses. For example, the DBS Altitude Visa Signature Card gives you up to 10,000 miles if you apply online before 30 June 2017. You probably won’t be eligible for these bonus miles if you get the card as a replacement for your ANZ Travel Visa Signature Card.

DBS Altitude Visa Signature Card

DBS Altitude Visa Signature Card


Card Benefits

  • Win a 7D6N trip to New York for Two with return airfare on Singapore Airlines
  • (Local spend) S$1 = 1.2 miles
  • (Overseas spend) S$1 = 2 miles
  • (Online flight & Hotel transactions) S$1 = 3 miles
  • 6 miles/S$1 spend at Expedia; 10 miles/S$1 spend at Kaligo
  • Enjoy 2 Complimentary Global Airport Lounge Access visits and get up to S$1 million travel accident insurance coverage for you and your family members

 

 

What if I already have the DBS/POSB Credit Card that’s supposed to replace my ANZ Card?

As I said earlier, any Rewards Points, Travel$ and Optimum$ would have been transferred, and our outstanding account balance will be put in a temporary account until we pay it off in full. The credit limit will be temporarily increased, to make sure you’re not inconvenienced.

Whatever it is, when 5 August 2017 arrives, the ANZ dream will truly be over for us.

 

Are you an ANZ cardholder? What are your thoughts about the transfer? We want to hear from you.

Keep updated with all the news!

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Peter Lin

I am the poster boy for reinventing one's self. I've been a broadcast journalist, technical writer, banking customer service officer and a Catholic friar. My life experiences have made me the most cynical idealist you'll ever meet, which is why I'm also the co-founder of a local pop culture website. I believe ignorance is not bliss, and that money is the root of all evil only if you allow it to be.