Do you want to know how to cancel ANZ rewards? Keep reading.
If you are a keen member of the ANZ Rewards points program, you must understand how difficult it is to accumulate a significant amount of points.
It takes a lot of time and a huge hole in your pocket to earn a substantial amount of rewards, and thus the last thing you want is to cancel or lose them.
Even a few hundred rewards balance may require hundreds or even thousands of dollars in purchases and many months to earn.
For example, depending on the type of card you have, you will have to spend a dollar to earn 2 points.
And even after accumulation your reward points, you will need a large number of them if you want to redeem them for a benefit.
For instance, 250 ANZ rewards points are worth just a dollar.
What You Need To Know Before Cancelling ANZ Rewards
The ANZ Reward has not provided a clear framework for canceling your rewards, but since we know how you can earn them, we can figure out how to not earn it.
First of all, you need to apply for the rewards cards in order to start earning the reward points.
The rewards cards are – ANZ Rewards Travel Adventure, ANZ Rewards Black, ANZ Rewards Platinum, and ANZ Rewards.
Of course, these four reward cards have different terms and conditions as well as expenditure to points ratio.
Once you have any of the above cards, all you need to do is start paying your eligible expenses using the card per credit statement period.
How to cancel ANZ Rewards
The most sure-fire way to cancel your ANZ rewards will be by canceling your credit card.
If you want to cancel your ANZ Rewards card, follow the steps below:
Step 1: Log in to your ANZ goMoney account on your Android, tablet/phone, or iPhone.
Step 2: Locate “Services” in Android and choose Services directly in your iPhone.
Step 3: Go to Manage Cards and choose the card you want to cancel.
Note that you will have to give a reason why you want to cancel your ANZ Rewards.
The most common reasons are stolen or get lost.
Step 4: Confirm your cancellation process, click Cancel this card and then Confirm.
Step 5: If you want a replacement, choose where you want the new card sent to.
Choose the address you have been using for the previous card for your card to be ordered automatically.
Still, if you select a different address, you may have to call the customer service office to order the new one, and you may be charged a replacement fee.
But you are not out of the woods just yet; canceling a card can have a massive effect on your credit score.
In any case, that is how to cancel ANZ rewards in Australia.
What Happens When You Close Your Rewards Program
When you close a credit card account, you tend to lose the credit limit on the card.
As a result, it will increase the percentage of credit or your credit use.
Bear in mind that the credit use ratio makes up more than 30% of your credit score.
Credit use ratio is simply the ratio of all your balances to your available credit, and thus when you cancel your credit, you also reduce your credit available, thus increasing your credit use ratio while reducing your credit score.
So make sure you certainly have a good reason to cancel your ANZ Rewards; otherwise, it will have massive implications on your credit score.
If you lost your ANZ Rewards card or it was stolen, that is a good enough reason to cancel the card.
Another reasonable reason might be if you are having issues using your card responsibly, such as missing payments.
Another important key thing to keep in mind before canceling your ANZ Rewards is using up all the rewards remaining on the card.