It looks like Commbank has released a new credit card today.
It looks like it has the same design as their 'World Debit Card' which they are apparently still trialing with a select group of customers (i.e its a portrait design).
https://www.commbank.com.au/credit-cards/ultimate.html?ei=aw…
Fee's
- $35 Per month ($420 per year) ($0 per month if you spend $2500+ per statement period)
- 55 Days Interest Free
Points Earning:
- International Transactions = 3 Commbank Awards Points (Up to $10,000 per statement period)
- Super Markets and Petrol Stations = 2 Commbank Awards Points (Up to $10,000 per statement period)
- All other purchases = 1 Commbank Awards Point (Up to $10,000 per statement period)
- Over $10,000 = 0.5 Commbank Awards Points
Other features:
- No International Transaction Fee
- Extended Warranty
- Price Guarentee
- Purchase Security (Loss/Stolen)
- Travel Insurance
- Mastercard Airport Experience (Lounge Key Access)
- $0 Additional Card Holder Fee
- $6000 minimum credit limit
So I have some questions:
How much are Commbank Awards points actually worth? I can't seem to find a table which tells me how much I can redeem for Velocity Points Cashback onto the credit card.
Do I have it right? Assuming you spend $2500 per 55 day statement period, you essentially have a zero fee, awards point earning credit card that has no international fees and travel insurance.
What do you all think?
CBA has one of the worst conversion rates out there for their points program. Their awards points convert to qantas points at a rate of 2.5 awards points to 1 QFF point
Most of their credit card products are seriously noncompetitive (i.e. complete garbage) compared to other banks and will only really make sense to those who have a mortgage package with them (e.g. Wealth package) that will remove the annual fee entirely
You can read the full list of points conversion rates here: https://www.pointhacks.com.au/credit-cards/commonwealth-bank…
Also if you want QF points at that terrible 2.5:1 conversion rate it seems you have to also pay them $30/year extra for the privilege https://www.commbank.com.au/credit-cards/awards-program.html…
The $420 annual fee for the card if you don't spend $2500 every month is also absurd considering its terrible points earn rate. Also be aware that most 'black tier' cards from other banks (their VISA Signature or Mastercard World cards) come with Insurances, lounge access, better points rates and lower annual fees (and their annual fees are also waived if you have a mortgage package with them)