CBA Ultimate Awards Credit Card - Increasing to $4000 Spent for Monthly Fee Waiver

Lrayikaruga on 18/06/2023 - 18:11

Moved to Forum: Original Link

Just by chance that I was notified by a CBA customer service that the monthly spending to be qualified for monthly fee waiver for the Ultimate Awards Credit Card will go up from $2500/mo to $4000/mo from 25th Aug:
No monthly fee* if you spend at least $2,500 on your Ultimate Awards credit card in your statement period (From 25 August 2023, you’ll need to spend at least $4,000 in your statement period to qualify for no monthly fee for that month)

These can be found in the product introduction as well.

Giving that I did now received any update for the previous $2000 to $2500 change, and this time it is a quite big change: 60% increase, I am posting this thread so people can be aware of this change to avoid an unexpected charge or cancel the card beforehand.

Financial Credit Card

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Comments

  • WoodenSpoon on 18/06/2023 - 18:15
    +4

    OzMightNoLongeraDeal

  • ringooo on 18/06/2023 - 18:18
    +1

    Absurd increase really. This has been my everyday card for years but it’s probably time to move on

  • SeaWolf au on 18/06/2023 - 18:26
    +1

    They're also introducing the new Smart Awards card, which might be a better match for a lot of people who have been using this card.
    https://www.commbank.com.au/credit-cards/smart-awards.html

  • lilfatbum on 18/06/2023 - 18:28
    +2

    CBA the lowest of the credit cards…

    • Ghost47 on 18/06/2023 - 18:54
      +1

      Yeah I've never rated them either. Poor value for money. I only have one now after years of not having one because they were offering a $300 cashback on $1500 spend, which I thought was decent.

  • powerhead on 18/06/2023 - 18:38
    +1

    Thanks for the post OP, however was already discussed at length here https://www.ozbargain.com.au/node/779100

  • Neoika on 18/06/2023 - 19:00

    Spend criteria seem to be up across all CBA credit cards.

    Low Fee: $0 annual fee in the first year and subsequent years when you spend $1,000 (changing to $0 monthly fee when you spend $300 per month from 25 August 2023, standard $3 per month).

  • slknv on 18/06/2023 - 21:57

    Meh. I signed up for this card a month ago just for the bonus points, planning to get rid of it ASAP.

    No one should really hold this card longterm anyway as it's a poor points earner, 0.4ppd on general spend is terrible.

  • p1 ama on 18/06/2023 - 23:43
    +3

    CommBank credit cards are absolutely awful. I thought they were on the right direction when they launched this card. It was a low earn rate, but could be basically zero fee, so at least had some value proposition.

    Overall not great with only 0.4 QFF points per $1 spent, but at least with a $2,500 monthly minimum and no yearly fee, it somewhat made sense.

    Some rough calculations will give you $2,500 x 12 = $30,000, so with this card, you'd get 12,000 points per year, whereas with something like a NAB Platinum, you'd get 30,000 points spending the same amount, but with an annual fee of $295. Arguably, the 18,000 QFF points would only be worth around $270 (at an average of 1.5c per point), so this card was viable.

    Obviously at $4,000 per month to avoid the fee, it's no longer a viable card.

    • MechEng on 17/07/2023 - 21:51

      They have double the points you get, still not great value.

  • spack on 29/06/2023 - 14:51

    First time signing up, this totally sux.
    The old bait and switch.
    I've been using this card for ALL my transactions and bills.
    Going to have to cancel the card and find something better, and change all billing details.

    Any suggestions on what card?
    Can't believe they're not grandfathering this. Criminal.
    Pretty sure bait and switch tactics are illegal.
    You could justify perhaps an increase from 2500 to 3000 as inflation related, but 2500 to 4000, that's just taking advantage of people.
    Might be worth making complaints to fair trading etc?

    • slknv on 29/06/2023 - 16:12

      Meh it's a crappy card anyway only earning 0.4ppd most of the time. Only good for a churn card and dump asap.

      • spack on 30/06/2023 - 00:34

        pretty sure its around 2ppd, it only drops to 0.5ppd if you spend over 10k per month

        • slknv on 30/06/2023 - 08:21

          ah, i'm only talking qantas points. 1.2qff points on international spend, 0.8qff on supermarkets, petrol stations and a few others, 0.4 qantas points on everything else. I still reckon it's a crap card only worth churning, so don't waste you time going to fair trading, accc, unicef etc, just leave as there's plenty much better rewards cards out there.

          • MechEng on 17/07/2023 - 21:49

            @slknv: I thought they increased the points you earn and give you two free lounge access per year
            "Awards points for spend in Dining (cafes, restaurants & fast food1) and Utilities (water, electricity & gas) will increase from 1 Awards point (or 0.4 Qantas Points) to 2 Awards points (or 0.8 Qantas Points)2 per $1 spent
            You'll receive two complimentary airport lounge passes each year with Mastercard Travel Pass3 provided by DragonPass4"

            • slknv on 17/07/2023 - 22:07

              @MechEng: Still meh. Get 1.25 qantas points on amex which is 55% better points earn rate

  • sghetti on 29/06/2023 - 15:10
    +1

    Thankfully signed up late April and got my 70k bonus QFF points earlier this month. Switched to a NAB card but will be closing this card at the end of this statement cycle. Was an incredibly cheap was of getting the 70k points, only the $30 QFF annual fee paid and met min spend requirements for the 2 months to have the monthly fee waived.

    Not sure I'd look to churn back to this one in the future with this min spend requirement.

  • fedex11 on 22/07/2023 - 10:57

    Probably worth keeping if travelling lots with the no international fee transactions and ability to earn points with it. Latitude, Revolut etc don’t earn points for eg.

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