Diners Club to exit Australian card market in July 2024
Diners Club will close all business and corporate accounts by 15 April, but you have until July to redeem any reward points.
This news follows Diners Club's announcement for personal cardholders in November 2023.
"From 14 February 2024 we will pro-rata refund any Annual Fees and Rewards Fees charged on your Diners Club Business Card and Companion Mastercard for the previous 12 months," the company's announcement said.
"This refund will appear in your March or April statement."
A similar statement was made for corporate accounts.
Diners Club also said there would be no further annual fees or reward fees for additional cardholders from 14 February.
If you have a business or corporate Diners Club card, you can continue using it until the 15 April cut-off date.
You'll also be able to earn Diners Club Rewards Points up until this date.
And you have until 30 July 2024 to redeem your points.
"Any unclaimed rewards points post this date will be forfeited," Diners Club said.
The end of an era for Australia's credit card market
Diners Club was one of the first credit-based cards in the world.
In 1956, it also became the first charge card available in Australia.
But, unlike Amex, interest in Diners Club has declined over the years.
This is partly due to banks and other international brands increasing competition on the credit card market.
But it's also because Diners Club acceptance is limited.
Along with American Express, it is the only issuing brand that also has its own payment processing network.
All other cards issued in Australia use the Visa and Mastercard networks.
In 2012, the brand partnered with parent company Citigroup to offer accounts with both a Diners Club card and a Mastercard.
This dual card setup meant you could still earn Diners Club Rewards Points but with the wider acceptance of a Mastercard.
It also meant you could access other Diners Club benefits, including its wide network of airport lounges.
This was one of the biggest drawcards for people, according to forum posts on Australian Frequent Flyer.
But lounge access for personal Diners Club cardholders ended on 31 January.
Business and corporate cardholders can still get access until 15 April.
After that, you may want to compare other cards with airport lounge access.
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