In a world where the value of money fluctuates constantly, and the cost of living is on a steady incline, it's refreshing to see a financial institution step up to offer a more flexible way for customers to manage their spending.

One of Australia's leading banks released a significant update to its banking app that is set to revolutionise the way millions of Aussies handle their daily transactions.

Westpac has introduced a new feature that allows customers to pay for any credit card purchase using their accumulated points.

This innovative move is a first in the Australian banking sector and will change the game for many.

The process is simple. Customers can activate the 'pay with points' option by tapping on the Westpac app.

Points could be used by customers to pay for any Westpac credit card purchase above $3. Credit: Westpac

‘Pay with Points is all about putting power back in our customers’ hands, giving them more convenience and choice and allowing them to use their points in ways that suit their lifestyle and preferences,’ Westpac Chief Digital Officer Jason Hair said.

‘Our customers have been asking for this, and I’m delighted we’ve now delivered it.’

‘We know Aussies are tightening their belts at the moment, but opening up the ability to use points towards everyday purchases gives a little bit of flexibility that we know will be appreciated.’

The charm of this system is in its simplicity and accessibility. Customers can utilise this feature with a minimum of $3 in points, and it is purchaseable with Mastercard.

Moreover, there is no need to worry about points expiring or being capped at a certain amount for a single transaction. This means you can use as many points as you want.

In related news, a supermarket giant has launched a new partnership with Accor's loyalty program, Accor Live Limitless (ALL).

Members of the Accor program can accumulate Everyday Reward points worth up to $20. You can read the details here.

Key Takeaways

• Westpac introduced a new feature allowing customers to pay for purchases with Altitude Rewards points.
• This feature is available through the Westpac app and applies to any purchase where Mastercard is accepted.
• Customers can instantly receive cashback by selecting 'pay with points' to make everyday purchases.
• Using points for everyday expenses provides flexibility when Australians tighten their belts.

Are you excited about Westpac’s new feature? How do you think it will affect you and your spending habits? We’d love your thoughts and opinions in the comments below.

 

[Veggiepatch]

Somewhere hidden in this article is where these points come from.

I might be blind but I am guessing the points accumulated come from Woolworths Everyday Rewards?

Doesn't worry me as I don't bank with Westpac nor have any loyalty cards or accounts.

 

[LeahI]

Not with Westpac but it's a very uninformative article. How are these magic points accumulated? SDC - Gian T?

 

[PattiB]

We do have a Westpac card & I think points are accumulated when it’s used to purchase stuff. It’s not used a lot so I’ve forgotten all the details but maybe I’ll have to start using it again. I think our points are transferred to Qantas.

 

[JimmyFlatrock]

Somewhere hidden in this article is where these points come from.

I might be blind but I am guessing the points accumulated come from Woolworths Everyday Rewards?

Doesn't worry me as I don't bank with Westpac nor have any loyalty cards or accounts.

Veggiepatch,

This is a bit long, but it is the best way I can think of explaining it.

It is how PattiB has described it. Whenever anything is purchased using a credit card there are points rewarded or awarded that accumulate over time. Generally 1 point per dollar spend. Some are 1.5 per dollar spend. The bank keeps the tally.

I'll call it award points, because that is what my bank calls it.
It's all really available because of deals between retailers and the bank.

When I look at my online bank accounts against the credit card sits a link to my awards. The award points can be used for all manner of purchases that you do not have to pay for if you have sufficient award points to cover the 'buy'.

The awards points is a big part of the reason I continue to use credit cards. The other big reason (award points aside) is because I can use the banks money, free of interest or any charges, for transactions. This interest free period extends to 55 days. At that point in time, I clear the outstanding amount that is about to be charged interest, thus allowing me to use the banks money for no charge. I love it because I've always hated paying interest and fees. Anyway, back to the award points.

For instance, I have at the moment accumulated over more than a couple of years, slightly more than 164,000 points @ 1.5 per dollar spend. I know its a lot, but I did some reno's using the card to make the points mount up.

This number of award points entitles me, at the moment, to any one of the following

• $790 spend at Flight Centre
• $790 spend at Myers
• $581 cash back to credit card
• $775 Coles gift card
• $790 spend at Travel Booking

You get the idea, the other places available for gift cards are

• Aldi
• Ampol
• BP
• The Athletes Foot
• Dymocks
• Event Cinemas
• Freedom
• Hoyts
• KMart
• Rebel
• Supercheap Auto
• Target
• Home

At different times, some shops offer more points for your dollar spend, like

• Adrenaline 12 points per $1 spend
• Kings 8 for $1
• Dyson 5 for $1 spend

There's more but...

From my perspective, I don't see it as a credit card, but a multi-opportunity card that allows me to get back at the banks using their own system against them by

1. keep any investments earning interest for an additional 55 days
2. Use the banks money for 55 days free of interest and fees to purchase anything I can clear within the 55 days.
3. Use accumulated award points for cash back to credit card or get stuff for free.

So Westpac, are simply suggesting that customers can reduce the cost of purchases if they have accumulated reward points and choose to do so.

It's a bit like what my bank has been doing for decades, offering a cash back amount for redeeming the points. The cash back comes off the credit card balance and I have used it at times over the decades.

The whole trick about is to only put on the card what you can repay in 55 days. And clear it all, not just the minimum payment because that means an interest charge.

If anything above doesn't make sense to you, just give me a kick in the Kyber pass and I'll try to answer it.

 

[MariaG]

Veggiepatch,

This is a bit long, but it is the best way I can think of explaining it.

It is how PattiB has described it. Whenever anything is purchased using a credit card there are points rewarded or awarded that accumulate over time. Generally 1 point per dollar spend. Some are 1.5 per dollar spend. The bank keeps the tally.

I'll call it award points, because that is what my bank calls it.
It's all really available because of deals between retailers and the bank.

When I look at my online bank accounts against the credit card sits a link to my awards. The award points can be used for all manner of purchases that you do not have to pay for if you have sufficient award points to cover the 'buy'.

The awards points is a big part of the reason I continue to use credit cards. The other big reason (award points aside) is because I can use the banks money, free of interest or any charges, for transactions. This interest free period extends to 55 days. At that point in time, I clear the outstanding amount that is about to be charged interest, thus allowing me to use the banks money for no charge. I love it because I've always hated paying interest and fees. Anyway, back to the award points.

For instance, I have at the moment accumulated over more than a couple of years, slightly more than 164,000 points @ 1.5 per dollar spend. I know its a lot, but I did some reno's using the card to make the points mount up.

This number of award points entitles me, at the moment, to any one of the following

• $790 spend at Flight Centre
• $790 spend at Myers
• $581 cash back to credit card
• $775 Coles gift card
• $790 spend at Travel Booking

You get the idea, the other places available for gift cards are

• Aldi
• Ampol
• BP
• The Athletes Foot
• Dymocks
• Event Cinemas
• Freedom
• Hoyts
• KMart
• Rebel
• Supercheap Auto
• Target
• Home

At different times, some shops offer more points for your dollar spend, like

• Adrenaline 12 points per $1 spend
• Kings 8 for $1
• Dyson 5 for $1 spend

There's more but...

From my perspective, I don't see it as a credit card, but a multi-opportunity card that allows me to get back at the banks using their own system against them by

1. keep any investments earning interest for an additional 55 days
2. Use the banks money for 55 days free of interest and fees to purchase anything I can clear within the 55 days.
3. Use accumulated award points for cash back to credit card or get stuff for free.

So Westpac, are simply suggesting that customers can reduce the cost of purchases if they have accumulated reward points and choose to do so.

It's a bit like what my bank has been doing for decades, offering a cash back amount for redeeming the points. The cash back comes off the credit card balance and I have used it at times over the decades.

The whole trick about is to only put on the card what you can repay in 55 days. And clear it all, not just the minimum payment because that means an interest charge.

If anything above doesn't make sense to you, just give me a kick in the Kyber pass and I'll try to answer it.

Took the words right out of my mouth.
We have been doing things that way for years. Not just the points, but also as a means of tracking all of our spending. So long as we pay the full amount before the due date, no worries. We use our points for Christmas. Comes in handy for the big special shop.

 

[Veggiepatch]

Veggiepatch,

This is a bit long, but it is the best way I can think of explaining it.

It is how PattiB has described it. Whenever anything is purchased using a credit card there are points rewarded or awarded that accumulate over time. Generally 1 point per dollar spend. Some are 1.5 per dollar spend. The bank keeps the tally.

I'll call it award points, because that is what my bank calls it.
It's all really available because of deals between retailers and the bank.

When I look at my online bank accounts against the credit card sits a link to my awards. The award points can be used for all manner of purchases that you do not have to pay for if you have sufficient award points to cover the 'buy'.

The awards points is a big part of the reason I continue to use credit cards. The other big reason (award points aside) is because I can use the banks money, free of interest or any charges, for transactions. This interest free period extends to 55 days. At that point in time, I clear the outstanding amount that is about to be charged interest, thus allowing me to use the banks money for no charge. I love it because I've always hated paying interest and fees. Anyway, back to the award points.

For instance, I have at the moment accumulated over more than a couple of years, slightly more than 164,000 points @ 1.5 per dollar spend. I know its a lot, but I did some reno's using the card to make the points mount up.

This number of award points entitles me, at the moment, to any one of the following

• $790 spend at Flight Centre
• $790 spend at Myers
• $581 cash back to credit card
• $775 Coles gift card
• $790 spend at Travel Booking

You get the idea, the other places available for gift cards are

• Aldi
• Ampol
• BP
• The Athletes Foot
• Dymocks
• Event Cinemas
• Freedom
• Hoyts
• KMart
• Rebel
• Supercheap Auto
• Target
• Home

At different times, some shops offer more points for your dollar spend, like

• Adrenaline 12 points per $1 spend
• Kings 8 for $1
• Dyson 5 for $1 spend

There's more but...

From my perspective, I don't see it as a credit card, but a multi-opportunity card that allows me to get back at the banks using their own system against them by

1. keep any investments earning interest for an additional 55 days
2. Use the banks money for 55 days free of interest and fees to purchase anything I can clear within the 55 days.
3. Use accumulated award points for cash back to credit card or get stuff for free.

So Westpac, are simply suggesting that customers can reduce the cost of purchases if they have accumulated reward points and choose to do so.

It's a bit like what my bank has been doing for decades, offering a cash back amount for redeeming the points. The cash back comes off the credit card balance and I have used it at times over the decades.

The whole trick about is to only put on the card what you can repay in 55 days. And clear it all, not just the minimum payment because that means an interest charge.

If anything above doesn't make sense to you, just give me a kick in the Kyber pass and I'll try to answer it.

All is cool! Gives me a better insight to how things work.

@JimmyFlatrock thank you for your time and effort!

 

[Ebby]

Veggiepatch,

This is a bit long, but it is the best way I can think of explaining it.

It is how PattiB has described it. Whenever anything is purchased using a credit card there are points rewarded or awarded that accumulate over time. Generally 1 point per dollar spend. Some are 1.5 per dollar spend. The bank keeps the tally.

I'll call it award points, because that is what my bank calls it.
It's all really available because of deals between retailers and the bank.

When I look at my online bank accounts against the credit card sits a link to my awards. The award points can be used for all manner of purchases that you do not have to pay for if you have sufficient award points to cover the 'buy'.

The awards points is a big part of the reason I continue to use credit cards. The other big reason (award points aside) is because I can use the banks money, free of interest or any charges, for transactions. This interest free period extends to 55 days. At that point in time, I clear the outstanding amount that is about to be charged interest, thus allowing me to use the banks money for no charge. I love it because I've always hated paying interest and fees. Anyway, back to the award points.

For instance, I have at the moment accumulated over more than a couple of years, slightly more than 164,000 points @ 1.5 per dollar spend. I know its a lot, but I did some reno's using the card to make the points mount up.

This number of award points entitles me, at the moment, to any one of the following

• $790 spend at Flight Centre
• $790 spend at Myers
• $581 cash back to credit card
• $775 Coles gift card
• $790 spend at Travel Booking

You get the idea, the other places available for gift cards are

• Aldi
• Ampol
• BP
• The Athletes Foot
• Dymocks
• Event Cinemas
• Freedom
• Hoyts
• KMart
• Rebel
• Supercheap Auto
• Target
• Home

At different times, some shops offer more points for your dollar spend, like

• Adrenaline 12 points per $1 spend
• Kings 8 for $1
• Dyson 5 for $1 spend

There's more but...

From my perspective, I don't see it as a credit card, but a multi-opportunity card that allows me to get back at the banks using their own system against them by

1. keep any investments earning interest for an additional 55 days
2. Use the banks money for 55 days free of interest and fees to purchase anything I can clear within the 55 days.
3. Use accumulated award points for cash back to credit card or get stuff for free.

So Westpac, are simply suggesting that customers can reduce the cost of purchases if they have accumulated reward points and choose to do so.

It's a bit like what my bank has been doing for decades, offering a cash back amount for redeeming the points. The cash back comes off the credit card balance and I have used it at times over the decades.

The whole trick about is to only put on the card what you can repay in 55 days. And clear it all, not just the minimum payment because that means an interest charge.

If anything above doesn't make sense to you, just give me a kick in the Kyber pass and I'll try to answer it.

Thanks for all that helpful information.l have 45.820 points with Telstra can they also be transfered?

 

[PattiB]

All is cool! Gives me a better insight to how things work.

@JimmyFlatrock thank you for your time and effort!

Veggiepatch,

This is a bit long, but it is the best way I can think of explaining it.

It is how PattiB has described it. Whenever anything is purchased using a credit card there are points rewarded or awarded that accumulate over time. Generally 1 point per dollar spend. Some are 1.5 per dollar spend. The bank keeps the tally.

I'll call it award points, because that is what my bank calls it.
It's all really available because of deals between retailers and the bank.

When I look at my online bank accounts against the credit card sits a link to my awards. The award points can be used for all manner of purchases that you do not have to pay for if you have sufficient award points to cover the 'buy'.

The awards points is a big part of the reason I continue to use credit cards. The other big reason (award points aside) is because I can use the banks money, free of interest or any charges, for transactions. This interest free period extends to 55 days. At that point in time, I clear the outstanding amount that is about to be charged interest, thus allowing me to use the banks money for no charge. I love it because I've always hated paying interest and fees. Anyway, back to the award points.

For instance, I have at the moment accumulated over more than a couple of years, slightly more than 164,000 points @ 1.5 per dollar spend. I know its a lot, but I did some reno's using the card to make the points mount up.

This number of award points entitles me, at the moment, to any one of the following

• $790 spend at Flight Centre
• $790 spend at Myers
• $581 cash back to credit card
• $775 Coles gift card
• $790 spend at Travel Booking

You get the idea, the other places available for gift cards are

• Aldi
• Ampol
• BP
• The Athletes Foot
• Dymocks
• Event Cinemas
• Freedom
• Hoyts
• KMart
• Rebel
• Supercheap Auto
• Target
• Home

At different times, some shops offer more points for your dollar spend, like

• Adrenaline 12 points per $1 spend
• Kings 8 for $1
• Dyson 5 for $1 spend

There's more but...

From my perspective, I don't see it as a credit card, but a multi-opportunity card that allows me to get back at the banks using their own system against them by

1. keep any investments earning interest for an additional 55 days
2. Use the banks money for 55 days free of interest and fees to purchase anything I can clear within the 55 days.
3. Use accumulated award points for cash back to credit card or get stuff for free.

So Westpac, are simply suggesting that customers can reduce the cost of purchases if they have accumulated reward points and choose to do so.

It's a bit like what my bank has been doing for decades, offering a cash back amount for redeeming the points. The cash back comes off the credit card balance and I have used it at times over the decades.

The whole trick about is to only put on the card what you can repay in 55 days. And clear it all, not just the minimum payment because that means an interest charge.

If anything above doesn't make sense to you, just give me a kick in the Kyber pass and I'll try to answer it.

Westpac points are Altitude points though I refer to them as attitude points. My husband has recently received an email from the bank about it so might look into it as I think years ago we opted to auto transfer to Qantas.

 

[JimmyFlatrock]

Thanks for all that helpful information.l have 45.820 points with Telstra can they also be transfered?

Ebby, I'm honestly not sure how that would work. Best guess would be no.
From how I understand it, the credit card based rewards/awards/altitude points are only generated by purchases made with the credit card.

Telstra points, I think, may only emanate from Telstra purchases or bill payments. I have those points as well and Telstra keep asking me to use them on a spend for a phone or tablet, but the points are not enough and I don't need another phone at this stage.

So I think the Telstra points are entirely separate from the banking ones.

 

[Ebby]

Ebby, I'm honestly not sure how that would work. Best guess would be no.
From how I understand it, the credit card based rewards/awards/altitude points are only generated by purchases made with the credit card.

Telstra points, I think, may only emanate from Telstra purchases or bill payments. I have those points as well and Telstra keep asking me to use them on a spend for a phone or tablet, but the points are not enough and I don't need another phone at this stage.

So I think the Telstra points are entirely separate from the banking ones.

Thanks for your relpy.l have the same problem never enough points for what l really want either.

 

[getting there]

Thanks JimmyFlatrock, so well explained I copied it for future ref

 

[Veggiepatch]

Westpac points are Altitude points though I refer to them as attitude points. My husband has recently received an email from the bank about it so might look into it as I think years ago we opted to auto transfer to Qantas.

Is these Altitude points connected with GE Finance?

 

[PattiB]

Is these Altitude points connected with GE Finance?

Have no idea Veggiepatch, will ask Ted when he’s free, but why would they be connected to a finance company?

 

[Veggiepatch]

Have no idea Veggiepatch, will ask Ted when he’s free, but why would they be connected to a finance company?

My mistake!

I got Altitude and Latitude (formerly GE Money) mixed up! Please accept my apologies!

 

[PattiB]

My mistake!

I got Altitude and Latitude (formerly GE Money) mixed up! Please accept my apologies!

No worries Veggiepatch.

 

[JimmyFlatrock]

My mistake!

I got Altitude and Latitude (formerly GE Money) mixed up! Please accept my apologies!

Veggiepatch, I can't imagine you getting latitude mixed up with anything, going on this definition of wide latitude:

freedom to behave, act, or think in the way you want to

You have that in spades.

 

[Veggiepatch]

Veggiepatch, I can't imagine you getting latitude mixed up with anything, going on this definition of wide latitude:

freedom to behave, act, or think in the way you want to

You have that in spades.

That's me to a tee!!