Westpac looks for new frequent flyer partner
Now at a competitive disadvantage due to the Ansett collapse Westpac Banking Corporation has commenced negotiations with Qantas seeking to form a new frequent flyer alliance to replace the now defunct Ansett Global Rewards scheme.
With other card issuers such as ANZ maintaining rewards incentives to customers through existing partnerships with Qantas and Telstra, the bank faces pressure to retain its Global Rewards-linked business, which boasts about 650,000 cards.
Westpac has moved quickly to activate a customer retention strategy by lowering standard interest rates on all Global Rewards cards by 2 percentage points to 14.9 per cent until its new rewards program is launched. It will also waive all annual account fees on rewards credit cards.
Australian Financial Review, p48, 20/9/01