With the arrival of the fourth quarter in 2024, various issuing banks have gradually started adjusting the benefits of their credit cards. Following the recent cancellation of 7 co-branded cards by the three major banks and the cancellation of GoGo card LINE Pay rewards by Taishin Bank, there have been changes in the rules for accumulating points that can be redeemed for goods at convenience stores.
Three banks have reduced the “convenience store points exchange” and two banks have cut back on reward points.
Regarding the recent adjustments to credit card benefits by major issuing banks, the following is a summary by “Digital Times”:
Reduction in “convenience store points exchange”: Taishin Bank, Yuanta Bank, First Bank
Recently, Taishin Bank, Yuanta Bank, and First Bank have successively announced changes to their point redemption policies. Both cardholders and bank members will be affected when redeeming points at 7-Eleven, OK Mart, FamilyMart, and Hi-Life stores.
Taishin Bank announced that starting from January 1, 2025, the redemption of Taishin credit card points for goods at 7-Eleven and OK Mart kiosks will be discontinued. The redemption of Taishin credit card points for EasyCard automatic top-up and eTag automatic recharge will also be stopped.
So, where else can points be redeemed? Taishin Bank pointed out that as long as it is done through the Richart Life APP, the current Taishin Points still have the following 5 redemption services:
– Bill deduction: 100% deduction for credit card expenses before billing
– Point Plus: 100% deduction for Taishin Pay expenses, applicable to 70,000 cooperating stores nationwide
– Point Redemption: Instant redemption for brand points
– Point Shopping: 100% deduction for Richart Mart online shopping
– Good Exchange: Redemption of various selected items and brand codes
The cardholder benefit of redeeming goods at convenience stores with Taishin credit card points will end next year.
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Taishin
Yuanta Bank announced that starting from January 1, 2025, its credit cards will no longer offer redemption services for Miramar Cinemas and Life-ET at Hi-Life stores. If there is a need for such redemptions, it must be completed within this year.
As for First Bank, it has made changes to the benefits of the member points on its LINE official account’s “Fan Coin Collection Platform”. It announced that starting from December 1, 2024, Fa Points transferred to the platform will temporarily stop being usable, in order to coincide with the year-end tax declaration period. Fa Points with a value of 2000 points that have been transferred to the platform between January and September 2024 will only be available for use on the FamilyMart app starting from January 1, 2025, until March 31, 2025. Fan Coin members are urged to be aware of the validity period.
Significant reduction in credit card rewards: Yuanta Bank, Standard Chartered Bank
Yuanta Bank announced that starting from January 1, next year, the cashback and reward points for Yuanta credit cards/debit cards, as well as the rewards and points provided by co-branded partner groups, will be calculated in New Taiwan Dollars, and any decimal amounts will be rounded down unconditionally. If the calculated reward points are less than 1 point, they will be rounded down to the nearest whole number.
Standard Chartered Bank also made significant adjustments to the benefits of multiple cards, which will take effect from 2025. The changes in benefits include the “Standard Chartered Flying World Business Card,” which will change the domestic consumption rate from “18 NT dollars per mile” to “20 NT dollars per mile.” The cashback rate for the Standard Chartered Sustainable Simple Card for general domestic and overseas purchases, which was previously 2% with no limit, will be reduced to 1.2%.
Further reading:
Changes to Taishin’s Dual Dog Card! GoGo card LINE Pay rewards discontinued, FlyGo rewards suspended… December’s new benefits plan at a glance.
Check your credit cards now! Three major banks cancel 7 co-branded cards, Mega Bank, Yuanta Bank, Taishin Bank… card cancellation dates and replacement card types at a glance.
Editor: Li Xiantai
