Comm Bank to issue AMEX... changes to QF/Velocity point earning

[Joshua]

Re: CBA AMEX offering

Sorry, yes I had a brain fade... as Diesellife has quoted. What they haven't said is about Air NZ changing. How long have they had them as an option anyway?

 

[Diesellife]

Re: CBA AMEX offering

but my big purchases only accept v/mc.... sigh

 

[lovestotravel]

Re: CBA AMEX offering

but my big purchases only accept v/mc.... sigh

Where ? I am sure there are other establishments that accept Amex

 

[NM]

Re: CBA AMEX offering

The new card actually looks pretty cool but it does not come cheap - new annual fee is $250 (With package) or $280 (Without)...

So expensive...and more importantly, CBA rarely waive its annual fee...my card is free until Sep 2010 and after that...m.....

I have a CBA Gold Visa with no annual fee (free with "wealth package" that is actually a "debt package" that comes with mortgate).

And I don't send CBA points to QF. I use CBA Visa for places that don't accept Amex. So a CBA Amex is no benefit for me at all. If they send me one, its going to sit in the desk drawer un-activated.

 

[Diesellife]

Re: CBA AMEX offering

My current spending method is everything on Amex 1.5:1 as much as possible.
Then non acceptance transaction will go into CBA plat for 1:1 QFF... and once it reaches cap, then I use NAB visa 0.66:1.

so if CBA drops the rate to 0.5, my dilemma is I would put all visa transactions into NAB instead of CBA, because earns more point and unlimited...Both cba amex and mc will go into the draw...what a waste because it looks good

 

[skybolt_]

Re: CBA AMEX offering

Yes, they are very flash looking cards.

 

[straitman]

Re: CBA AMEX offering

And I don't send CBA points to QF. I use CBA Visa for places that don't accept Amex. So a CBA Amex is no benefit for me at all. If they send me one, its going to sit in the desk drawer un-activated.

I have one of those from Westpac in the drawer:!:

 

[GoldCoastGuy]

Just received an email from Comm Bank (via Netbank... so it's legit).

Still reading through the brochure located at http://www.commbank.com.au/personal...-printed-forms/Notice-of-VariationADB2857.pdf

From what I've read so far:

From Oct 23, Comm Bank Mastercard or Visa cardholders can receive an Amex on the same account.

If you use that AMEX instead of MC/Visa, that transaction (for a Platinum cardholder) will attract 3 points per $1 instead of 1 point.

However..... from 1 Feb 2010, each $1000 spent on the AMEX card, they will transfer 1500 points (1000 points for Gold and 750 points for standard), and for each $1000 spent on the MC/Visa, they will transfer 500 points (regardless of the card you have). This is for both Qantas and Velocity transfers.

Basically, if you use the MC/Visa, your points will be halved, if you use the AMEX, your points increase by 150%.


Will post more if I find anything more in the booklet.


Evan :->

 

[Mal]

There's a bit more background information in this thread:

http://www.frequentflyer.com.au/community/commonwealth-bank-rewards/cba-amex-offering-19014.html

But yes, it will affect how the Commbank cards push points to partner loyalty schemes in the future.

 

[GoldCoastGuy]

Thanks for that.

Did a bit of a search but didn't notice that thread.

 

[GoldCoastGuy]

Re: CBA AMEX offering

Press release here:

Commonwealth Bank Group - Commonwealth Bank transforms credit card offering

More details about the cards here:
Commonwealth Bank Group - Credit Cards Expect More

They do look pretty stylish!

They do look much better.

I keep having to replace my Platinum Visa every few months as the word "Platinum" rubs off. To Joe Shopkeeper, I merely have a silver card.

I hope the Visa doesn't end up having the Pay Pass chip. If a card with that chip is in your wallet with a QLD Translink Go Card (which has the same type of chip), the bus/train/ferry swipe wont work as one chip interferes with the other. You have to physically get the card out of your wallet.

That 2nd website quoted above now has a link where you can request your AMEX. I'm probably going to shop around between now and Feb.

3.45% on OS transactions (on AMEX) is a bit much too.



Evan :->

 

[Mal]

Re: CBA AMEX offering

Did anyone else notice this nasty in the new T&C's?

International Transaction Fees on transactions overseas but in Australian dollars
There is a 2.00% International Transaction Fee where a transaction is in Australian dollars but the party accepting the card is overseas. This “Transactions overseas but in Australian dollars” fee replaces the “Transactions converted by any other means” fee in your Schedule.

Nasty, Nasty, Nasty.


The fees brochure (dated on the 15th Sept) shows this fee already in it:
http://www.commbank.com.au/personal/apply-online/download-printed-forms/ADB1682.pdf

but also talks about Amex etc, so looks to be updated.

An older 'fees' brochure is here:
http://www.commbank.com.au/personal...-printed-forms/CreditCards_FeesandCharges.pdf

and shows the charge as currently 1.5% for "Transactions converted by any other means" transactions. I don't recall seeing this type of charge where I've previously had overseas transactions charged in $A - have others seen it?

 

[Mal]

Re: CBA AMEX offering

I keep having to replace my Platinum Visa every few months as the word "Platinum" rubs off.

I prefer it that way. When it rubs off, you can still see Platinum if you tilt the card, but to people you don't want knowing it's a Platinum it looks like a run of the mill card.

The conversion fee (Amex) is pretty rough - but about the same they charge themselves these days.

Banks/Credit card issuers are becoming bandits. I think it is time I started considering how best to manage this situation - the fees are ridiculous (and covered in other threads too!).

 

[anat0l]

Re: CBA AMEX offering

Did anyone else notice this nasty in the new T&C's?

...some BS about international transactions in AUD...

Nasty, Nasty, Nasty.

Oh that is so not good! :evil:

I just paid for Star Mega DO yesterday with my CBA Visa (they take payment via PayPal). I thought I was being smart and allowing PayPal to charge me in AUD (they do the conversion which worked out better if not the same as copping the surcharge after they charge me in EUR). I will not be happy to see an extra 2% slugged on top of me for that one....

Banks/Credit card issuers are becoming bandits. I think it is time I started considering how best to manage this situation - the fees are ridiculous (and covered in other threads too!).

Someone set a precedent somewhat with banks now lowering fees for dishonouring transactions, overdrafts etc.

Currency conversion fees were hurting a lot before and now they are getting worse! (Unless you use the Wizard Clear Advantage MC)

 

[GoldCoastGuy]

Re: CBA AMEX offering

Oh that is so not good! :evil:

I just paid for Star Mega DO yesterday with my CBA Visa (they take payment via PayPal). I thought I was being smart and allowing PayPal to charge me in AUD (they do the conversion which worked out better if not the same as copping the surcharge after they charge me in EUR). I will not be happy to see an extra 2% slugged on top of me for that one....

You should be fine. The new T&Cs don't take effect until October 23

 

[lovestotravel]

Received the "Important Notice" on my netbank today and have read MOST of the new T&C's.

Not happy about the VISA QF/DJ redemption going down to 0.5miles per $1 spent.

The boycott of Non-Amex merchants will be even moreso now!

 

[one9]

Re: CBA AMEX offering

...
I just paid for Star Mega DO yesterday with my CBA Visa (they take payment via PayPal). I thought I was being smart and allowing PayPal to charge me in AUD (they do the conversion which worked out better if not the same as copping the surcharge after they charge me in EUR). I will not be happy to see an extra 2% slugged on top of me for that one....

No matter how high you think your bank conversion fee is - PayPal conversion is usually always worse.

The exchange rate that PayPal uses compared to the banks is really bad. So when paying by PayPal for something in a foreign currency you are better off to change the option for PayPal to charge your card in the sellers listed currency rather than letting PayPal convert it to AUD for you.

 

[drron]

I have a CBA gold visa as part of the wealth package.It doesnt get any markings rubbed of it .Still havent received anything about this-via netbank or otherwise-but considering my usage not surprising.
Just one question-do these co-branded Amexs get you the Amex deals I see for example with SPG?

 

[anat0l]

Re: CBA AMEX offering

No matter how high you think your bank conversion fee is - PayPal conversion is usually always worse.

The exchange rate that PayPal uses compared to the banks is really bad. So when paying by PayPal for something in a foreign currency you are better off to change the option for PayPal to charge your card in the sellers listed currency rather than letting PayPal convert it to AUD for you.

I thought that too, but I used xe.com to get an estimate of the cost and applied the bank's charges to the converted amount. Hence my decision - in the end, the difference was less than AUD 5.

Your point is taken, however, but that's why I also checked.

 

[GoldCoastGuy]

I have a CBA gold visa as part of the wealth package.It doesnt get any markings rubbed of it .

This is what I mean