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29 March 2006

Westpac Altitude goes platinum

Westpac has launched a new premium credit card program, offering customers all the benefits of the award winning Altitude program along with exclusive privileges such as a 24 hour concierge service and the chance to earn greater reward points.

Aimed at those who want superior rewards earning and superior service, Altitude Platinum cardholders can earn up to 4 points per dollar spent until 30 September 2006 and 3 points per dollar spent thereafter. Points earned can be converted for a wide variety of rewards and frequent flyer programs including Qantas. The program also includes a suite of other priority services.

Altitude Platinum incorporates an Altitude Platinum American Express® Card that can be used globally on the American Express network and an Altitude Platinum MasterCard that can be used at over 24 million locations worldwide for both purchases and ATM withdrawals. The two cards are part of one simple account – with one statement, one credit limit and one monthly repayment.

AC Nielsen research commissioned by Westpac confirms the importance of card rewards schemes in Australia. 85% of respondents with credit cards have a rewards point programme attached and 30% said the ability to quickly accumulate and redeem points was their most important criterion when considering a credit card.

Westpac's Head of Cards, Stephen Karpin, said: "Westpac's new Altitude Platinum program sets a new benchmark by giving cardholders more points, rewards and privileges.

"Our research shows that credit cardholders are not motivated by a product that talks about being "prestige" for the sake of creating an image. They are interested in tangible benefits and, based on concrete feature comparisons, we are confident that we have created the best Platinum offering available in terms of both benefits and value.

"The Altitude Platinum card will best suit cardholders who are higher spenders, value a service which saves them time and offers them the priority and personalised attention they believe they've earned. Altitude Platinum will particularly suit those who are time poor and travel often. A cardholder of this profile will get great value from our highest points earning rate, comprehensive insurance support, and concierge service designed to make things easier."

The AC Nielsen research also shows another key consideration for rewards programs was that there should be no cap or time limit on when the points can be redeemed.

The research shows that virtually all respondents with a rewards program accumulate points over a lengthy period. 78% of respondents say they usually look to redeem points for a big travel experience or an expensive item.

11% of respondents are accumulating points for a long time in the future, such as retirement, when they'll have enough time to enjoy their reward. Only 1% of respondents said they redeemed points to purchase smaller value items.

"Clearly, the reassurance that the rewards points are there for a lifetime is a critical consideration for most people and that's what the Altitude programme delivers," said Stephen Karpin.

Key features of Altitude Platinum include:

More points
Westpac Altitude Platinum provides the highest points earning rate available from a Bank Rewards program:

• Four Altitude points per $1 spent on the Altitude Platinum American Express Card until 30 September 2006
• Three Altitude points per $1 spent on the Altitude Platinum American Express Card thereafter
• One Altitude point per $1 spent on the Altitude Platinum MasterCard
• No points capping
• No points expiry

• Personal Shopper - if a customer wants to redeem their points for almost anything from practically anywhere in Australia, they can simply contact Altitude Platinum's Personal Shopper service and a dedicated consultant will use the customer's points to buy the desired item. This service is exclusive to Altitude Platinum customers.
• Altitude Travel - a consultant will find customers the best flights, accommodation, holiday packages and car rentals. Cardholders can use their points to pay, which means they can fly anywhere, anytime without restrictions.
• Frequent flyer programs – cardholders can redeem their Altitude points for Qantas Frequent Flyer points at a rate of two Altitude reward points for one Qantas Frequent Flyer point. They can also redeem Altitude points for Air New Zealand and Malaysia Airlines frequent flyer programs.
• A wide array of gift cards, vouchers and other products and services

• Platinum Concierge - available 24 hours a day, seven days a week from anywhere in the world, Concierge provides customers with emergency medical assistance, or simply assistance with entertainment bookings, dining referrals and reservations.
• Access to premium lifestyle programs from both American Express and MasterCard
• Platinum priority service- a dedicated Platinum Service line available 24 hours a day, 365 days of the year

• Overseas Travel Insurance - comprehensive travel insurance for overseas trips up to six months, including luggage and personal effects cover up to $20,000
• Rental Vehicle Excess Insurance - no need to pay car rental excess reduction
• Transport Accident Insurance - free insurance that pays up to $500,000 if customers or their family suffer serious injury or death while travelling
• Purchase Security Insurance - protects new items bought from loss, theft or damage for 120 days from date of purchase
• Extended Warranty Insurance - gives you an extension of up to 24 months on the standard manufacturer's warranty on most new domestic appliances purchased in Australia