Not Happy with CBA Awards Visa Anymore (44 Instead of 55 Days Interest Free Period). Help Me Find a New Bank

thrifty mum on 08/05/2024 - 11:48

NOT HAPPY JAN!!
I received my Visa Awards card statement from the Commonwealth Bank yesterday and the due date is super early, surely a mistake I thought. Nope! They've changed all their Award products to a 44 instead of 55 days interest free period. Was told we can switch you to 55 days with a different product but you lose your rewards.

I pay it off every single month, and use my Awards every few years to cash in and partly pay for a holiday. This will mean 11 days less each month the money won't sit in my offset account.

Obviously they're struggling to make a dollar and are ripping off their loyal customers.
I've had this CC for 25 years and have everything linked to it, (direct debits, bills etc.) I have several savings accounts and my son's 2 accounts set up with them, but feel like I have no choice but to take my business elsewhere.

Loyalty gets you nowhere anymore, so my problem is, who do I switch to? I've been with them since it was a State Bank of Vic when I was a kid. I had a stint with ANZ years ago, until they "accidentally" froze all my accounts one day so I withdrew everything from my savings that day and swore off them for good.

I need recommendations for a single bank who's App is user friendly (Android & iOS) and have great products including Everyday transaction with low or no fees, a good Savings account including for teen into Adult (son turning 18 and he has Bonus saver type account too), CC preferably with a reward program and standard 55 days interest free period. NOT ANZ please unless you have a good argument for them! Home loan with ME bank who I'll be leaving ASAP, so not them either.

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Comments

    • thrifty mum on 08/05/2024 - 13:55

      Yeah sure I'm grateful for their massive profits at my cost. Your argument for super benefits is moot in my case as at 46yo I have only $24k as a single SAHM so hardly of benefit to me.

    • albiilive on 10/05/2024 - 10:20
      +1

      Are you an idiot, who thinks like this?

      Dear god I hope that was sarcasm.

    • Big L on 03/06/2024 - 15:37

      No, it's important that the big four banks are stable as it's a pillar of Australian Government economic policy. That doesn't mean that they need to continually increase profit. The big four are propped up by this policy of increasing their profit by taxpayer insurance via the Federal Government; each four have had a foray into other continents and had their arses served back to them because fundamentally they're not competitive and don't understand how to be so. Sycophants of these policies make me ill.

  • Outrageous on 08/05/2024 - 12:21
    +6

    You're trying to find something which does not exist. All banks are in business to generate profit. You'll get screwed one way or another with any of them.
    How much are you spending on your CC? 11 days less of what amount in your offset account? Unless you're spending huge amounts it is probably negligible.

    • caboose on 08/05/2024 - 13:48
      +3

      If you have about $5k on your CC then it's about $10 of interest offset you're losing over those 11 days. Not quite nothing if this is continually the case over years and years, but probably not enough to get too worked up over.

      • Drpepper666 on 08/05/2024 - 13:52
        -1

        Easily solved, just spend $4990 instead of $5000 of crap each month on a credit card and chuck the $10 into your offset

        • thrifty mum on 08/05/2024 - 14:03
          +11

          I actually don't spend money on "crap". I work 60+ hours a week and don't have time for social life or shopping. I never eat out and I'm extremely frugal in everything I do. I pay for everything on my CC as that's the way I've always budgeted. This includes groceries, petrol, insurances, rego, rates and as many other things as I can. I wouldn't call those things crap! I managed to buy a home on my own last year, after only 18 months of full time work under my belt and saving hard, all while raising my special needs son on my own for 16 years.

          • Drpepper666 on 08/05/2024 - 14:08
            -1

            @thrifty mum: Good on you!

          • MS Paint on 08/05/2024 - 14:13
            +7

            @thrifty mum: More like super mum who is thrifty ✅

          • Joey2scoops on 09/05/2024 - 07:59

            @thrifty mum: Is it really that big a deal? If you pay monthly you're within the 44 days.

            The next question is what is the value of your time. If you're time poor then the time spent changing all your arrangements to a new card or bank may not be worth the amount of money you're losing out on by not accruing interest for X days.

      • thrifty mum on 08/05/2024 - 14:04

        I understand, I just think it's very poor form (but unsurprising) on their behalf, this is also on top of increased fees as well.

    • thrifty mum on 08/05/2024 - 14:09
      +1

      I guess this is true, I'm just feeling really annoyed and pissed off ATM that they've moved the goal posts on me after 25 years. I was also hoping for some solidarity and outrage, and as an added bonus discover some magical bank with features and services I'm unaware of.
      I guess this isn't the place for it🤷🏼‍♀️

      • try2bhelpful on 08/05/2024 - 16:24

        We prefer a measured response and research to outrage. Maybe you should take this to A Current Affair or one of the Shock Jocks. :)

        I learnt a long time ago that shit happens, especially to loyal customers. Sometimes, with a bit of looking around, shit can turn into fertiliser.

    • HeWhoKnows on 09/05/2024 - 07:55

      Agreed./ Its a trivial issue.
      OP is over reacting.

      • thrifty mum on 09/05/2024 - 08:15

        Trivial to you maybe, but not to me. I have a lot of lost time to make up for re my finances after putting my son's welfare first for many years. I have almost no super and am trying like crazy to get in front of my mortgage as I'm sure I won't be earning good money right up until I'm 70 when it matures. I account for every dollar I spend, right down to timing Afterpay purchases around my CC cycle to get the most time to pay them. This screws that all up completely.

        • HeWhoKnows on 11/05/2024 - 15:12

          Sorry but I stand by my observation
          Nobody is asking you to pay more mate.
          And nobody wants to hear your hard-luck stories either.

          You are over-reacting big time!

          You still have 44 days interest free plus the rewards.
          Now chill out and get on with your life

  • burningrage on 08/05/2024 - 12:33

    I can suggest some but they are all international bank so not sure your appetite.

  • dtc on 08/05/2024 - 13:15

    There arent many that have rewards points and 55 days. 55 days you can find, 44 days plus rewards points you can find.

    ANZ still has 55 days but presumably wont last long? Anyway, ANZ Rewards Premium. St George Amplify is another

    • thrifty mum on 08/05/2024 - 14:10

      Thank you for the constructive feedback!

  • Drpepper666 on 08/05/2024 - 13:45

    Try ANZ

    • thrifty mum on 08/05/2024 - 14:10

      😂😂😂so funny I forgot to laugh!

  • techno2000 on 08/05/2024 - 14:50
    +4

    All credit cards have gradually whittled down their perks one by one.
    The Coles platinum rewards mastercard which I have has now removed their free foreign currency transaction feature.
    I have used it numerous times overseas because it did not charge me extra.

    I have a free CBA credit card which doesnt net me any award points or have any perks but now I am being told I need to do $300 worth of transactions every month or I will be charged $3 in fees every month. And then of course them making it 44 days now.

    I also have an Amex essentials card which I am thinking of closing as there have been hardly any offers on it lately.

  • burningrage on 08/05/2024 - 15:20
    +2

    Current CC with 55 days and rewards AFAIK are:
    Bank of Melbourne's Amplify (Visa Signature) - with fees
    Citibank Premier (Visa Signature) - Fee Free for Life
    All HSBC reward cards

    • thrifty mum on 09/05/2024 - 08:07

      Thank you will look into these.

    • Big L on 03/06/2024 - 16:05

      Citibank are now Nab so I'm sure they'll change their T&Cs without notice as they've done to Premier

  • Ghost47 on 08/05/2024 - 15:43

    Do you need go with one bank for both a credit card and savings account? I would suggest going with a fee free AMEX and opening a UBank account.

    • thrifty mum on 09/05/2024 - 08:05

      I have a uBank savings account and wasn't aware of fee free AMEX, never actually considered an AMEX card TBH. Thanks.

      • blazerunner on 09/05/2024 - 10:28

        AMEX has its place but you might need a backup to cover places with surcharge, or you have to weigh up if the extra 3% is worth it if converting to points.

        Worth it for some, I’m too lazy to bother.

  • sahh on 08/05/2024 - 20:01
    +1

    Also thought there was an error when I saw the due date on my cc bill!!

  • ozbargainsam on 09/05/2024 - 08:28

    They can't really go much lower than 44 days anyway, otherwise there's kit a reasonable about of time to pay it off.

    Anyway, I'll keep saying this: the number of days IF is really only relevant for one off large purchases and for the first month you have the card. After the first payment date, it's exactly one month away until the next payment.

    Say you have 3 years days IF, and you spend $3k/month. From the 4th year, you're paying $3k/month back.

  • bamzero on 09/05/2024 - 10:32
    +1

    Yes CBA is turning their products to sh!t. (re my previous rants about the changing of rewards to Yello, and changing travel insurance to $500 min spend)

    Another thing in the notice of 44 days I saw is regarding secondary card holders. While this doesn't affect me, it seems pretty ridiculous.

    "Your additional cardholder will continue to be able to transact on your account user their card, even after we've processed your request for their removal. To stop your additional cardholder from transacting on your account using their card, you must ask your additional cardholder to return their card to you and delete their card from their digital wallet (if applicable)"

    Need to forcibly stop them? Put a stop on your account and get your main card reissued.

    For comparison, on another card (as you'd expect it to be)

    5.2 You will be liable for any use of a card, and any breach of the credit contract, by an additional cardholder.
    However, you will not be liable if the additional cardholder’s right to use the card was previously withdrawn in accordance with 5.3.

    5.3 An additional cardholder’s right to use a card will be withdrawn (and the additional card cancelled) when you have notified us you want that to happen.

    You can see an overview of credit card offerings at https://www.ratecity.com.au/credit-cards

    As far as everyday banking goes, Macquarie has been alright. App is decent, interest without jumping through hoops. Quirks though, they don't want to handle cash anymore and their debit card doesn't use EFTPOS so you're stuck using credit transactions. Haven't used their credit cards and don't look too bad at first glance, but they are hiking the annual fees and lowering the rewards earn rate on the rewards cards on 1/7

    • miwahni on 09/05/2024 - 21:36
      +1

      Macquarie's credit card is now only available to home loan customers - so if OP is looking at moving mortgage from ME, this could be useful.

      • bamzero on 09/05/2024 - 21:43

        Didn't realise that, see it now

        and you meet 1 of the below criteria:
        - are packaging a credit card with a new or existing home loan
        - are a Private Bank or Business Bank client

        and yet they are still hiking the annual fee… 🙄

    • borgainerz on 10/05/2024 - 11:34
      +1

      (re my previous rants about the changing of rewards to Yello, and changing travel insurance to $500 min spend)

      You can add: removing the 0% international transaction fee

      • bamzero on 10/05/2024 - 12:53

        Which card was that? I never had that one to lose with my card .

        • borgainerz on 10/05/2024 - 13:52

          I have the CommBank Low Fees Gold (Discontinued) and had a pretty bad surprise between my overseas travel last Christmas and my oversea travel this April. International transaction fees went from 0 to 3%, and costs me a couple hundreds.

          The thing is I don't remember getting any email telling me that they changes the rules.

          I wanted to churn, but it looks like almost no one is doing 0% international transaction fee anymore.

          • bamzero on 10/05/2024 - 14:11
            +1

            @borgainerz: Ouch.. Yeh, be sure check the end of your statements each month as they usually attach the changes there. I don't recall getting emails about any of the recent changes.

            Some debit cards are 0% but as far as credit cards, yeh not many left. Only ones I know of are Latitude and Bankwest Platinum.

          • bamzero on 10/05/2024 - 16:23
            +1

            @borgainerz: One other thought, did you try contacting them about it? Maybe you'll get lucky and they'll refund the fees (or at least some) this time.

          • techno2000 on 10/05/2024 - 16:24

            @borgainerz: There are still some debit cards and credit cards doing 0% international transaction fees.

            https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

            Some of the info may be outdated.

            • borgainerz on 10/05/2024 - 16:45

              @techno2000: very outdated yes, but thanks. Only looking for Credit Card (I can open a Wise debit card otherwise)

  • blazerunner on 09/05/2024 - 10:40

    CBA and Macquarie probably have the best app experience in my opinion, not sure about how their credit cards stack up. Switching is definitely a pain though!

    Can’t believe it’s still such a hassle to switch cards in 2024, if your card gets compromised it’s a pain in the ass. Thats the main reason why I funnel everything I can through PayPal, makes it a lot easier to switch cards, at the expense of them having your spending data.

    The switching time cost isn’t to be underestimated - you seem to have a lot of linked billing and accounts, I’d consider how much it costs per year vs how long it’s going to take to update all your billing and accounts - if it were me, I’d not be happy, but would probably stomach it if I were in your position. Sounds like you have a lot going on!

    And yeah, loyalty doesn’t mean shit to companies. New customer acquisition cost is always higher, that’s why deals are for them, and not existing customers.

    All the best in your search, seems like there might be no silver bullet. I’ve hopped around Up, UBank, ING, ended up back at CBA 🤦‍♂️

  • sprocketoctopus on 09/05/2024 - 13:33

    @thrifty mum ;

    I think they are all bastards in different ways.

    So, I guess it's finding the one that is less so. But I think you should just stay where you are - that is an awful lot of time on the telephone, and don't forget allow even more time for follow up calls for the inevitable stuff ups, in moving the direct debits.

    IMHO, the others are no better…

  • roonie on 19/05/2024 - 20:30

    I just found out about this. Usually get a statement about now, due just shy of the middle of next month. Now due end of month (so I pay twice this month). I’m a little surprised that it wasn’t advertised more (AFR is the only publication that I found). Went back to last month’s statement and I see it there in the footnote. Not a biggie but just surprised more attention wasn’t drawn to it

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