As we enter the fourth quarter of 2024, various issuing banks have gradually begun to adjust the benefits of their credit cards. Following the recent cancellation of 7 co-branded cards by three major banks and the cancellation of GoGo card LINE Pay rewards by Taishin Bank, there have also been changes in the rules for redeeming points for goods at convenience stores.
Three banks reduce points for convenience store redemptions, two banks cut back on rewards points
Regarding the recent adjustments to credit card benefits by major issuing banks, the following is a summary by “Digital Times”:
Reduction in points for convenience store redemptions: Taishin Bank, Yuanta Bank, First Commercial Bank
Recently, Taishin Bank, Yuanta Bank, and First Commercial Bank have successively announced changes to their points redemption policies, which will affect both cardholders and bank members when redeeming points at 7-Eleven, OK convenience stores, 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 convenience store terminals will be discontinued. The redemption of Taishin credit card points for EasyCard automatic top-up discounts and eTag automatic recharge discounts will also be discontinued. Where else can points be redeemed? Taishin Bank pointed out that currently, Taishin Point can still be used for the following five redemption services through the Richart Life APP:
– Bill deduction: 100% deduction for credit card expenses that have not yet been billed.
– Point Plus Cash: 100% deduction for Taishin Pay purchases, applicable to 70,000 cooperating stores nationwide.
– Point Exchange Points: Instant redemption of brand points.
– Point Shopping: 100% deduction for Richart Mart online shopping.
– Redeem Goods: Redeem a wide variety of selected items and brand codes.
The rights of cardholders to redeem points for goods at convenience stores using Taishin credit card points will end next year.
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 convenience stores. If there is a need for related services, please make sure to redeem them by the end of this year.
As for First Commercial Bank, it is making changes to the benefits of its newly launched member points system on its LINE official account called “FenShiBi Collection Platform”. It announced that in order to coincide with the year-end tax declaration period, starting from December 1, 2024, the Fa points accumulated in the FenShiBi platform from FamilyMart will temporarily stop being used. For the 2,000-point codes that have been accumulated from January to September 2024, if users want to use them in the FamilyMart APP, First Commercial Bank plans to open the points redemption service to the public only from January 1, 2025, and the usage period will be until March 31, 2025. FenShiBi members are urged to make use of them before they expire.
Significant reduction in credit card rewards: Cathay United Bank, Standard Chartered Bank
Cathay United Bank announced that starting from January 1, next year, the cashback and reward points for transactions made with Cathay United 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 amounts after the decimal point will be rounded down unconditionally. If the calculation of the rewards points is less than 1 point, it will be rounded down unconditionally until the integer point.
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 WorldMiles Business Card,” where domestic spending will change from “NT$18 for 1 mile” to “NT$20 for 1 mile.” The Standard Chartered Sustainable Simplicity Card, which currently offers 2% cashback on general domestic and overseas spending with no limit, will be reduced to 1.2%.
For more information, please read:
Taishin Bank’s Dual Dog Card Changes! GoGo Card LINE Pay Rewards Removed, FlyGo Suspends 2 Rewards… December’s New Benefits Plan in One Look
Check Your Credit Cards Now! Three Major Banks Cut 7 Co-branded Cards, Mega International, Cathay United, Taishin… Card Suspension Time, Card Replacement, All in One Look
Editor: Li Xiantai