CommBank Changing Their Terms and Conditions for Credit Cards No Longer Sold

borgainerz on 18/08/2023 - 16:47

I am surprised,

I received a notification that my Low Fee Gold Credit Card from CBA will change from 25th August 2023. They stopped offering this card, but I was not expecting them to change the annual fees.

BEFORE:
$89/year or $0 if you spend $10,000 in a year

AFTER:
The fee will change to $8 per month from August 2023. Fee will be waived when you spend $2,000 per month from 25 August 2023

$2000/month is a huge jump ($24,000/year)

I am considering switching, any recommendation?

What's important to me:
- low fee / no monthly fee
- international travel insurance
- purchase protection / 3rd year warranty

I don't care about the interest rate as I always pay on time each month.

Thank you

Financial Credit Card

Related Stores

Commonwealth Bank
Commonwealth Bank

Comments

  • AussieDeals on 18/08/2023 - 16:59
    +4

    Bendigo Ready Platinum MasterCard (minimum credit limit is $3000) & BankWest Zero Platinum MasterCard (minimum credit limit is $6000) both have no annual fees, provide free travel insurance (check T&Cs to see if the cover is suitable), have extended warranty benefits, and offer 0% foreign transaction fees. Looks like they fit your listed requirements to replace the CBA Low Fee Gold MasterCard

    https://www.bendigobank.com.au/personal/credit-cards/ready/
    https://www.bankwest.com.au/personal/credit-cards/no-annual-…

    • borgainerz on 18/08/2023 - 21:28

      Thanks legend!

      I'll check this! if any have a cashback offer it's a banger!

  • Gdsamp on 18/08/2023 - 17:04
    +1

    Yea both mentioned above look quite good by comparison.

    For those willing who stay on the CBA Gold card and don't meet the new requirements for fee waiver, I thank you for your service in contributing to increasing Commbank's earnings. Really helpful for my portfolio & super balance.

  • KangaDrew on 18/08/2023 - 17:18
    +2

    Low Fee Gold Credit Card

    Current Fee: $80
    Future Fee: $96

    They may want to change the name of the card while they're at it. ~$100 is not a "low fee" card.

    • borgainerz on 18/08/2023 - 21:26

      $0 if you spend 10k in ine year, easy

      now you need to spend 24k to waive it, not easy

  • highon2str on 18/08/2023 - 17:48
    +1

    is this the one with 0% international transaction fees (online and in-store)? Very handy to have when overseas and buying stuff.

    • borgainerz on 18/08/2023 - 21:31

      yes, I saved like $80/$100 in transacrions fees each time I went abroad last year

  • Neoika on 18/08/2023 - 19:12
    +1

    It has been discussed. I think the new policy applies to any existing credit cards, regardless of any grandfathered setting.

    It is actually the minimum spend per statement (not per month) to waive monthly fee.

  • trapper on 18/08/2023 - 19:31

    God I wish my CC bill was only $2k per month….

    • HardQuiz on 18/08/2023 - 20:01

      Do you pay rent by CC ?

  • northern nsw on 18/08/2023 - 22:35

    My last Statement for this card includes the following:

    "We will start charging your new monthly fee on the date that you would have next been charged your annual fee"

    So maybe for some there's a good delay in when the monthly fee kicks in, I got my card in March 2022 so I expect the new montly fee won't apply until March 2024.

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