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This is a brief update to Yellow Brick Road branches on upcoming changes to the legacy Yellow Brick Road Empower Credit Card product, issued and administered by Macquarie Bank.
Please be advised that the below changes to the Yellow Brick Road Empower Credit Card product are confidential and the market will not know about these changes until late-November 2023.
What is changing?
Macquarie Bank has made the decision to no longer offer Yellow Brick Road Empower Credit Cards. There is currently a small back-book of open Yellow Brick Road Empower Credit Card accounts (~350 accounts) which will undergo the changes detailed below.
Note: For customers who hold open Yellow Brick Road Empower Credit Card accounts, the below changes will not impact any open Yellow Brick Road home loans or other banking products.
What does this mean for Yellow Brick Road Empower Credit Cardholders?
- Inactive Yellow Brick Road Empower Credit Card accounts (who have not made a purchase or cash advance in the past 13 months) will be closed in late-November 2023, unless there is activity on the card before this date.
Customer communications advising of the above are targeted to be sent early-November 2023.
- Active Yellow Brick Road Empower Credit Card accounts will be moved to a Macquarie Platinum Credit Card account earning Macquarie Rewards in late-March 2024. Primary and additional cardholders should expect to receive their new Macquarie Platinum Credit Cards via post in April 2024.
Customer communications advising the above are targeted to be sent late-November 2023.
All Yellow Brick Road Empower Credit Cardholders will be provided comprehensive detail on the changes via comms and FAQs. For cardholders moving to a Macquarie Credit Card, over 90 days’ notice will be provided before the change, and customers will be able to opt-out if they do not wish to move to a Macquarie Credit Card.
What if I am contacted by a Yellow Brick Road Empower Credit Cardholder?
On the off chance a Yellow Brick Road Empower Credit Cardholder reaches out to a Yellow Brick Road branch with inquiries on the above change, please redirect the customers to the Yellow Brick Road Card Services phone line on 1300 150 100 (Macquarie Bank line).