Coles Rewards MasterCard devaluation

[Cynicor]

Worse: It was the last credible Visa/MasterCard offering points with 0% FX.

Definitely not true at all.

In the Non QF Space (but offering FF):

CommBank Smart
CommBank Ultimate

In the QF:

Macquarie QF
Bankwest QF

In the non FF space:

Bankwest rewards
Macquarie rewards

No points but totally free-
Westpac
Bankwest
Couple of others

 

[Human]

Yep, heading to NZ next month, before the changes, and then will cancel immediately after that.

I'm eyeing the Commbank Smart Awards card, which doesn't have a great points earning rate but has the added advantage (for me) of converting to Qatar Avios. Long term I think it will be my new foreign transaction card. And it's a great card to keep and not churn because of its $3000 minimum credit limit which will hardly even make a dent on my credit score and/or ability to take out other cards.

 

[Fifa]

I’ll be using mine for a trip to Japan in June then I’ll be giving it the flick. Was a great card to use when Amex isn’t accepted.

 

[kyle]

I can't see where they are introducing an annual fee for the Coles No Annual Fee Platinum Mastercard

I'm on the rewards one with annual fee

 

[oz_mark]

In the QF:

Macquarie QF

I don't think it's a thing for new cardholders.

 

[SYD]

No points but totally free-
Westpac
Bankwest
Couple of others

Latitude 28° MC

Plus a plethora of debit cards with no FX - when it comes to it.

 

[I love to travel]

The only thing about relying on a debit card overseas is that many hotels don't accept them at check in for incidentals when the room is prepaid.

 

[Jacques Vert]

There were two things I liked about the Coles Rewards card:

1. Using the card at Coles I picked up 2 Flybuys per $ on the card + another point by scanning my Flybuys card; thus 3 points /$. Transfering to VA gave 1.5 /$ and then transferring to SQ (at 1.55:1) gave 0.97 SQ points / $. Since the devaluation of St Geo and Amex transfers to SQ, that's about a good as it gets. (And of course, there are often bonus points to be had.)
2. The other thing I liked was, of course, the fee free international transactions that still earned points. I have a lengthy o/s trip starting in 5 weeks and was planning to put most of our spending while there on the Coles card.

I'm thinking of keeping the card for the spend at Coles but now I need a plan B for overseas spend. I've still got the NAB version of the Citibank Plus so no overseas transaction fees but also no points. I'll need to decide on an alternative quick smart to have enough time to get a application approved (assuming I get approved).

All very annoying.

 

[SeaWolf]

There aren't many Visa or Mastercard left that earn at 1 Velocity point (or QFF point) per dollar for normal spend. Especially not with a relatively low annual fee. There's a small handful of them left around, but their numbers are dwindling.

 

[twiningb]

Definitely not true at all.

In the Non QF Space (but offering FF):

CommBank Smart
CommBank Ultimate

In the QF:

Macquarie QF
Bankwest QF

In the non FF space:

Bankwest rewards
Macquarie rewards

No points but totally free-
Westpac
Bankwest
Couple of others

Sorry, yes, I was working from my phone and oversimplifying.

QF is not that appealing as a primary earn partner, but in any event, Macquarie seems to be closed to new customers and/or only for people with loan packages.

The CommBank program is really opaque. @AFF Editor did a whole article on how they don't publish the partner list externally, and they reserve the right to delete partners without notice (and have done so). Also the fees are high and the earn rates aren't that good, except for overseas purchases.

Rewards programs that don't support transfer partners are basically like being locked-into redeeming your miles for the low-value gift card redemption.

I will crunch the numbers and it might turn out that I'm better off with 28 Degrees or something free, or maybe it's worth paying a fee for something like the NAB Signature with the upcoming changes. I have the HSBC Star card now but it's tiered and essentially covers all my direct debits just under the tier limit so I will want something for travel and for incidental purchases where AmEx is not accepted.

 

[SYD]

The only thing about relying on a debit card overseas is that many hotels don't accept them at check in for incidentals when the room is prepaid.

Which is probably a good thing!

But also why it’s essential to have at least one CC to put Hotel and rental car authorisations on - even if you settle with another payment method.

I often just pass over my AMEX for holds on prepaid stuff - even though it’s not FX free - it doesn’t matter.

 

[bjbear]

Very disappointing. This was one of my favourite cards and unfortunately it will be going.

 

[60spud]

I will also be cancelling my Coles Mastercard after 6 years. Another great move by NAB to kill off citi based cards. I have the citi prestige which is 3.4% on int transactions but gives you 1.2 krisflyer points per dollar overseas. They basically cancel out one another, unfortunately the fee free linked Diners card was also canned by NAB.

 

[Cynicor]

I will also be cancelling my Coles Mastercard after 6 years. Another great move by NAB to kill off citi based cards. I have the citi prestige which is 3.4% on int transactions but gives you 1.2 krisflyer points per dollar overseas. They basically cancel out one another, unfortunately the fee free linked Diners card was also canned by NAB.

If you’re paying that much for overseas stuff should probably get the cba ultimate card. 0% overseas and 1SQ per $

 

[60spud]

The Coles card also returned a $25. 00 Coles voucher twice yearly for spending $500.00, so for $49 annually it was a bargain to only use it overseas. Unlike the Commbank Ultimate card ($35 per month ) it didn't matter if I only used overseas. The citi Prestige also gives my wife and I unlimited access to Priority Pass lounges. We just returned from Africa where I used the lounge pass four time while there not including SIA business class lounges.The Commbank card does not pay enough points locally for me to warrant it. Thank you for you post.

 

[fkn_ace]

i agree with everyone else that this sux. This was our go to card for os travel because of the 0% int fees and velocity earn. time to close it and find something else before our next os trip in a few months. doh.

 

[SeaWolf]

This also used to be a card I'd recommend to others when I got asked what I thought was a good card to get. You could get Velocity points (exciting, aspirational, but complex) or just get money off your groceries (obtainable, practical, simple) and you could use the card anywhere and for everything without worrying you'd get hit with extra fees. It was a great card to recommend to someone who was a bit frequent-flyer curious, but wasn't necessarily going to invest the amount of time and obsession that we do to get the maximum.

It's still not bad for that, but the major perk of "you just have the one card that you use everywhere for everything" is now gone.

 

[Tacce73]

Hmm interesting. I haven't had this email for my cc. The only reason I've kept it is the fee free international transactions. It's my, was my, go to card, especially when travelling. Looks like I'm getting rid of this card as soon as this comes in. Citibank aren't making any friends.

 

[Cynicor]

Citibank aren't making any friends.

Not sure they care, as they have been bought out by NAB.
Not sure why you’d spend so much buying customers then just shut everything down, but clearly they have a “plan”…

 

[levelnine]

Market consolidation is reducing the need for banks to compete in the credit card space, so we'll see more and more products get devalued, especially those that offer an outsized value proposition to consumers.