Just noticed the fee changes CBA snuck in at the end of my statement.
They are switching to monthly fees, with the annual equivalent for each card increasing from $119 -> $168, $249 -> $300, $349 -> $384 (unless you are on some other agreed fee which will stay the same but become monthly) and increases to a couple of others.
The $10 additional cardholder fee is going away at least.
Full changes here
CBA obviously struggling …
Shareholders are…
I know its irony, but I used to work there with general oversight over their CC business.
Its defs "struggling" in the sense that YoY revenue is dropping 10-20% for the past 4-5 years.
A lot of it BNPL and a lot is just a cultural shift away from CC's leaving a larger proportion of their customer base as non-interest paying.
It seems like this increase (as well as the prior shift to the monthly fee model for the ultimate/smart awards) in fees is to recoup "losses".
According to RBA, the introduction of Surcharge was to wean people off the CC and obviously along with BNPL (which is fee free and even that, RBA is trying to destroy the business), the chicken has now come to roost. So in short, RBA is the reason why they are struggling.
I am sensing in recent times that CC providers are providing easier access than it was 6 months ago where I keep get knocked down despite clean credit history and more than enough income qualification.
I think it's just their terrible offering compared to almost any other cc provider. I have never wanted a CBA cc and had almost if not every other one
oh yeah the offerings are terrible. these cards are fee-free with a home loan package but have no real benefits.
and the Smart/Ultimate with their one great perk (FX free free CC) is monthly fee based and doesn't have any HL waiver.
@JDMcarfan: CBA Wealth Package & Mortgage Advantage waives the annual fee and additional cardholder fee
@JDMcarfan: Agree, wouldn't be many fee paying CC customers out there. I'm simply saying/agreeing there are two great perks for those with the banking relationship: FX free with annual fee waiver (and travel insurance)
@sumyungguy: correct me if im wrong as its been a while since I worked there (and I cannot see the PDS for the Gold/Plat/Diamond) but these cards do come with the wealth package waiver but are slugged an FX fee for int transactions (approx 3-3.5%).
The opposite is true for the current smart/ultimate card offerings; no annual fees (monthly instead and thus don't get the fee waiver with a HL) but do get FX fee-free.
So its an either or situation not both. Ofc if you are spending >3500/>2000 p/m the ultimate/smart will be fee free as well
@JDMcarfan: I recall Wealth Package members holding these legacy cards got migrated to Smart/Ultimate, that was my experience
Cost of living ripping (off).
Matty Comyn is fanging to buy his 381st investment property, let's give him a break.
Do we even get diamond awards anymore? I thought it was just smart awards.
These are legacy cards: Gold Awards no longer for sale from 18 March 2018; Platinum Awards & Diamond Awards from 3 June 2023
Some years ago FastForward (7 Network) had a comedy skit on Banks.
I think the Bank of Burnt Toast was at the time called Commonwealth.
Anyway they were charging customers in a queue at the Branch a fee for breathing air while in the Branch and wear and tear on the Carpet.
why would you?
I'm assuming I worded it badly to suggest the switch to monthly was optional which is what you mean? Edited to be clearer anyway.
I got one free with my home loan package, but I’ve never used it because the points earn rate is terrible—like all CBA cards. I don’t know anyone who’s applied for these cards on their own, without the home loan package.
I have one of these but should probably change.
What cards do people use on an ongoing basis? I'm used to churning but I would like to have one card I maintain year round when not churning that I can use for travel insurance etc.
Do these cards even give you much benefit for the annual fee? I had a Commbank card several years ago (when they also offered an AMEX card) and they hardly had any benefits. I would never take out a credit card with them again.
Not really any more tbh.
I've been upgraded over the years to Diamond but still pay Gold fee so used to have enough benefits to justify that.
The travel insurance alone was enough as we used to be able to activate without spend so I could use my other FX fee free cards for my travel spend, but now there is a $500 min spend.
Then there were the cashbacks, which would get without any other requirements until that changed to Yello. Now need a transaction account and min transactions (though not too bad as always have the min transactions and the transaction account fee is waived just by transferring in the money to pay the card statement off)
Oh and the reduction to 44 days interest free kinda sucks too.
So now I'll need to see if I'll stay on my $119 fee if that's considered a special arrangement. Even so, the card doesn't really offer much apart from the fact that I'd be unlikely to get much else these days, especially with the level of credit they've given me over the years (from the days when they'd throw credit increases at you without worrying about whether you could actually afford it.)
Thanks