Copied off Commonwealth Bank Website Low Fee Gold Credit Card page:
What you'll get
Not bad not amazing, $89 fee per year to have travel insurance & extended warranty is reasonable
Pretty easy to meet the minimum spend if you use it as the daily to avoid any fee.
I've never had/ needed a credit card before. Are there any benefits of having one and, should I sign up for this?
Imo the 28 degrees card or the Bankwest Zero Plat are better than this offering.
No 10k spend required per year on either.
28 degrees is the best value for $0 pa, they just need to add free travel insurance & extended warranty then would be the ultimate card
28 degrees is the best value for $0 pa
Was I wrong in thinking that there was a small fee to pay every month ie some sort of transaction fee.
Is it 100% free if you pay on time?
@docians: if you dont pay the balance before the end of month there is a small fee, otherwise free if you settle it before end of month, well worth it either way, best is to just use the card for high end items for price protection & lost/stolen/damage insurance cover 1 year cover is pretty amazing
@docians: They have a small fee for BPay payments (95c IIRC). Have to pay via direct deposit if you want to be 100% fee free. You can setup a direct deposit authorisation on the 28 degrees website so you can login, check your balance and pay it all from the 28 degrees website.
I use the 28 degrees card for foreign transactions and use my Citibank Platinum (joined with the zero annual fee promo) to get the travel insurance.
The zero plat now has the 28 degrees beat. Both now charge cash advance fees, but the plat gives free insurance, warranty, etc.
The best overseas use card/account is still the citibank.
I still like my ING for travel cos it actually REBATES you for ATM fees. So it's not just free conversion and no transaction fees, but they actually pay you back for atm withdrawals which can be like $20 a pop each time you get a bunch of money out from some ATMs. It means I only need to get travel insurance from another ozbargain plan which is arguably better than included card insurance anyways as you can control what additions/exclusions/excess applies per the trip you're doing.
This is what I do. Global ATM fee rebate helps a lot as you don't have to carry loads of cash and ATM fees costs like $9 or some ridiculous fees.
That's because you still get charged the fee, so they offer to rebate it, which is very good! Was there a minimum spend/deposit for this account?
I use my Citibank card overseas, and so far in Spain, Morocco, Austria, New Caledonia, Japan, and Thailand I haven't encountered a single local bank ATM fee - perhaps because citi has associations with the bank ATM's I've used?
$1000 deposit per month, and at least five eftpos\Visa purchase transactions per month to get the fee rebates.
It's a pretty average card. Used it for 2 years, moved to Citibank. Never going back to Commbank for credit cards again.
One interesting thing about the commbank insurance is you can use it for medical even if you forgot to activate it before you leave. Furthermore, when you do activate it there is no minimum spend. This means you can use your other point/perk earning cards for all your expenses and just use this for the insurance.
Benefits of a credit card for me is that I have to pay for bills, shopping ect anyway, so I use the card and build up the points which I cash in for Visa vouchers.
Yes the travel insurance setup on this card is pretty good. You get insurance on any travel you do, you don't have to pay for it with the card. If you do nothing, you automatically get medical insurance when you travel just because you have the card. You can activate a policy before you leave to get full coverage, and again, there's no requirement that you pay for any of the travel with this card. So it definitely removes that element of complexity in determining whether you've met the spend criteria for the coverage to apply.
I have my mortgage with CBA (not probably ozbargain-like) but looking to sign up for this to get bonus points https://www.commbank.com.au/credit-cards/diamond.html?ei=awa… is it a decent deal considering I will have the annual fee waived? As I'm now got my 80k Qantas points creditted from the St George CC deal so might be a good time to move around.
Same boat. What does 120k 'Diamond points' transfer to? Never had a CBA card as they are basically rubbish promotions.
For example, this requires a 6K spend
Spend is before end of October…. unfortunately I'll be able to do that easily :(
Ok, I'll answer my own question to benefit others:
THE DIAMOND CARD, not the card in this post (no $349 annual with a mortgage package)
Earn rate 1.25 per $1 (which is better than the average 0.75 points per $1 non Amex card)
BUT…..
2.5: 1 . Qantas ($30 charge) - 120k = 48k QFF points
2:1 Velocity = 60k Velocity points
In summary, got 6k of bills and a CBA mortgage… it's worth getting. Ask to reduce your limit once successfully applied.
Thought this been like this for a while, whats new?
nothing new here i reduced my limit to $2500 and do a product transfer every year to avoid fee never use it keep it only for the travel insurance.
Not a bargain.
The thing getting in between this being a good deal is the spend $10,000 to save $89.
For cards that offer no currency exchange fees and insurance, bankwest zero platinum and 28 degrees are probably better as you don't need have to spend a minimum amount each year (although they do have minimum spend on insurance). ANZ travel adventures is also a good card as it's perks outweigh the annual fee of $225.
From their website:
Trade-offs
You won’t earn Awards points
Higher purchase interest rates compared to our Low Rate credit cards
It's like a slightly shittier version of the BankWest Zero Platinum.