Closing CommBank Awards CC Account, Best Use of Points Earnt?

LSShannonAU on 26/01/2024 - 13:51

I've had a CommBank Awards Credit Card since 2017, and I've earned 137k points over this time. From memory I think I've only used the points to get some AirPods, but now I'm looking to close the account as I've realised its not the best value CC, so I need to use the points before I close the account.

In your opinion, what would give the best value of using 137k points?
Some of the options…

1) Transfer them to my Velocity FF account @ 2 CC points = 1 velocity point… (I usually fly Qantas as I have heaps of points and status)
2) $650 Gift Card to a major retailer (eg Coles, Aldi etc)
3) $485 cashback to my credit card
4) Buy something tangible from the CommBank Awards Points store (not much there that interests me)

Any other suggestions?
Probably leaning towards option 2.

TIA!

Financial Reward Points

Related Stores

Commonwealth Bank
Commonwealth Bank

Comments

  • Muzeeb on 26/01/2024 - 13:53
    +2

    2)

  • Koulie on 26/01/2024 - 14:03
    +1

    2) Gift card and move on

  • jv on 26/01/2024 - 14:33
    -2

    I've realised its not the best value CC

    Mine is free.

    I'd say it's still pretty good value.

    • SShannonAU on 26/01/2024 - 14:51

      My main CC is now with ANZ, so I'm not meeting the minimum spend and being charged a monthly fee.

  • ozbs25 on 26/01/2024 - 14:52
    +1

    I really only use my points to buy stuff at Myer. Can be difficult as their prices aren't the best. We usually wait for some sort of clearance sale and just use the points at the register. You don't even need to get gift cards this way. If you want to use your points quickly then maybe get some gift cards to the near $25 then spend the rest in-store.

  • vaporwave on 26/01/2024 - 15:00
    +1

    i'd say get a gift card and then use on shopping or whatever. clearly the cashback option sucks in comparison.

  • SShannonAU on 19/02/2024 - 11:42

    Thanks all for your input. I ended up getting the gift cards. Cheers!

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