Commonwealth Bank Awards

Leve on 10/12/2012 - 20:13
Last edited 11/12/2012 - 15:09

In your opinion, what's the best value award for points earned?

Edit:
What's the best way to redeem points on the CBA rewards program?

I used to get the myer gift card but barely shop there because of their inflated prices.
Then I thought I'd start donating to charity.. But I've found it would be better to donate directly when you calculate in tax.
Recently, I've started to trade for Coles cards - not the best value for points, but still comparable considering ill actually use it

The Amex and MasterCard combo is the first step though!

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Comments

  • Lancerx on 10/12/2012 - 20:18

    in my opinion, forget commonwealth, get AMEX..much better reward program =P

    • zzzsianzzz on 10/12/2012 - 20:37
      +1

      velocity amex escape card is the equivalent of the qantas amex express direct, both with promotional free bonus points (requires minimum spending within the first 3 months, depends which card u apply, $300 or $500).. for $0 annual fee…

      for CBA, its the diamond awards card (amex and mastercard) that has the highest earning points, but also the most expensive annual fees along with it… if u have a loan with CBA etc, it might come free.. :)

      • eve on 11/12/2012 - 15:21

        Wealth package is $375/yr… The benefits come from the interest drop on your home loan, which offset the yearly fee. And then you get the Amex and MasterCard =)

      • Hunter80 on 12/12/2012 - 19:56

        I have a wealth package ($375 pa fees) with Cba, got a platinum card but reckon diamond card is better value if I can get it for free as well. I don't pay platinum card fees as I pay wealth package fees.. Has any one got diamond card for free? Any suggestions if I can get it??

        • eve on 13/12/2012 - 23:16

          Have you spoken to your Relationship Manager? One of my friends went to Diamond on the Wealth Package, but he had to increase his credit limit.

  • mangew on 10/12/2012 - 20:56

    Any bonus codes for gift cards or cash out?

  • KD3735 on 10/12/2012 - 21:23
    +1

    Coles Mastercard is better than CBA with no annual fee for the first year($49 after).
    2 points per dollar, about 1% return.
    I use this site http://rewardscompared.com/cards to do some of the comparison.

    If you use AMEX a lots, CBA is not bad if you are quality for their Platinum or Diamond cards(annual fee from $295). 3 points per dollar on Amex, about 1.5% return.

  • battler on 10/12/2012 - 23:19
    +3

    OP, what exactly is your question?
    do you want to know which card has best rewards scheme?
    or best way to redeem the points on card you already have?
    please clarify

  • Pumpkin_rrr on 11/12/2012 - 10:10

    Pity all the cards stated above charge International Transaction Fees…

    • KD3735 on 11/12/2012 - 10:16

      28 Degree MasterCard :). NO annual fee, no international fees, but no reward.
      Cost nothing to keep, use it for international purchase.

      • Pumpkin_rrr on 11/12/2012 - 10:21

        Not entirely a good option given that we shop a lot when we are overseas. The hassle of having another card, with no reward at all.
        No annual fee for my CBA card anyway.
        Has anyone try to compare the cost and benefit against paying Int'l Fees against Rewards gained??

      • eve on 11/12/2012 - 15:12

        One of the awesome benefits of the 28 deg card is that there are no fees on cash withdrawal from international ATMs! Great when you are going market shopping..

        • Pumpkin_rrr on 11/12/2012 - 15:20

          Granted. But what is the value of this "Feature"? I dont think I will be using the ATM machine while overseas all that much…. Again, it is weighing the cost vs benefit…

        • dealman on 12/12/2012 - 17:42

          One of the awesome benefits of the 28 deg card is that there are no fees on cash withdrawal from international ATMs!

          Because they make the money on the poor exchange rate anyway…

        • KD3735 on 12/12/2012 - 18:10
          +1

          Exchange rate from 28 degree MC, is pretty much market rate.
          With CBA, you are paying about 3% on international fee.

          www.commbank.com.au/personal/credit-cards/card-fees-charges.…

          I don't know of any credit that offer a Rewards gained of more than 3% :).
          With CBA diamond, 1.25 pts = .625% return, and Amex 3pts (1.5% return).

    • rewardscompared on 11/12/2012 - 16:46
      +1

      Bankwest Platnium More Rewards card (if you qualify for Platnium) don't charge anything for International Transaction Fees

      • KD3735 on 12/12/2012 - 18:22

        @Pumpkin_rrr
        If you do shop oversea a lots, may be say $15,000+ a year(to cover annual fee of $99). This is a better cards, earn 2pts(equivalent of 1.33 CBA points) per dollar spend and don't charge any international Transaction fees. Otherwise 28 degree MC would still be a better option.

  • coolhead on 11/12/2012 - 15:40
    +1

    well i have CBA and pretty happy with it,,,
    Option 1: best thing is get $20 cash back for every 4000 points.. I usually acculmulate the points n get $100 for 20,000 points..

    option 2: get coles 100 voucher for 18500 points.. saving of 1500 points as compared to option 1.

    Option 3: kmart $100 voucher for 17400 points.. saving of 2600 points as compared to option 1.

    These 3 work best for me depending on where i am planning to shop.. or else coles is safest option

  • churchado on 11/12/2012 - 16:11

    You can now pay directly at Myer with your CBA award points. Not sure of the points to dollar ratio however.

    • leeroys_dad on 12/12/2012 - 07:06

      you're about 4000 points worse off for $400 worth of redemption in store

  • Cryptarcadian on 12/12/2012 - 14:31

    If you normally shop at Coles anyway, it seems like Coles gift cards are the best option (essentially redeeming for as close to cash as you can get).

    CBA didn't have their usual discount redemption offer at end of the last financial year though :/

    Still worth going for the higher denominations though:

    • $25 for 4900 points = 196 points per dollar
    • $50 for 9700 points = 194 points per dollar
    • $100 for 18500 points = 185 points per dollar
    • $250 for 44400 points = 177.6 points per dollar
    • $500 for 87000 = 174 points per dollar
  • robbie613 on 12/12/2012 - 16:09

    I've got a gold CBA card, points easily outweigh the annual fee. If you call up you can ask for an increase in the points to cash conversion eg. 10% which works out pretty good (190 points to $1 cash), also I pulled these out of the Awards listing:

    • 174 points = $1 for Target $100 voucher
    • 164 points = $1 for target $500 voucher
    • 162 points = $1 for home insurance rebate
    • 162 points = $100 crown voucher

    These are the lowest points to $ value I can see. Most products are hideously overpriced.

    • moo on 12/12/2012 - 19:45

      What do you mean by calling up to get better points conversion? Pls elaborate.

    • thushan on 12/01/2013 - 18:43

      Hmm I too am interested in this asking for an increase.

  • starpost97 on 07/01/2013 - 11:25

    Hey, I can get you better redemption rate (usually 5-10%) for certain gift cards. PM me with your email.

    • mangew on 07/01/2013 - 16:26

      You need to turn on your PM

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