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

[Joshua]

CBA AMEX offering

Just some forward info, may be useful for some. Was making some enquiries with CBA over a platinum MC I have, continued fee wavier etc. when staff mentioned they will be offering a joint AMEX/MC setup in the near future, existing card holders will receive it in the mail.

Randomly mentioned it at a branch, and it would seem to appear it's not public yet but only in the staff training memos. Only thing was mentioned to me was increased points earn (an obvious difference) but nothing else. Looks like they're following the trend. Will hopefully will make their CC offerings a bit more enticing to pull out of the wallet.

 

[Maca44]

Re: CBA AMEX offering

This is covered in another thread, but made similar inquiries recently even after applying for the CBA Plat Card. Was told that effective 23rd October the duel card (CBA Amex/Visa) will take place, however, the earn rate for QF points for the CBA visa will changed from 1.2.10 from 1:1 to 2:1. I think the Amex earn rate is 1.25:1, but also beleive most who read these threads would already have an Amex card.

 

[Mal]

Re: CBA AMEX offering

Interesting ... so is it just MC or just Visa that will have the pairing or both?

Not that I really need yet another credit card in the wallet...

 

[Maca44]

Re: CBA AMEX offering

Interesting ... so is it just MC or just Visa that will have the pairing or both?

Not that I really need yet another credit card in the wallet...

CBA are pairing the Platinum Mastercard and the CBA Amex card effective Oct09

 

[serfty]

Hmmm ... it seems like Diners has really gotten the @rse ...

It was not really that long ago when Qantas and ANZ were offering a 1:1 diners as "an alternative" when they began capping the Qantas-ANZ visa's.

 

[Febs]

Re: CBA AMEX offering

Anyone know if the Gold MC earn rate will drop?

We went with a Gold MC fee-free (with home loan) as we wanted something to put all the bills on (hence not an AMEX). I don't mind a joint card, but would obviously prefer the MC rate stays at 1:1!

Cheers,
- Febs.

 

[Keith009]

Re: CBA AMEX offering

There goes another 1:1 VI/MC to FF option. :evil:

 

[PaulZ]

Re: CBA AMEX offering

I have rang and spoken to two different "credit card specialists" and they have both confirmed the issue of AMEX cards in October.

I have asked both if there would be a change to the points earning on the Mastercard and they both said no. They confirmed that the AMEX would earn more than the 1:1.

 

[Diesellife]

Re: CBA AMEX offering

This is covered in another thread, but made similar inquiries recently even after applying for the CBA Plat Card. Was told that effective 23rd October the duel card (CBA Amex/Visa) will take place, however, the earn rate for QF points for the CBA visa will changed from 1.2.10 from 1:1 to 2:1. I think the Amex earn rate is 1.25:1, but also beleive most who read these threads would already have an Amex card.

For dual cards, AMEX Plats usually have 1.5:1. If CBA decided to go for 1.25:1 is suicidal, provided that Visa rate dropped to 1:2.

Therefore, IMHO, CBA would only change to the same earn rate (Compared to the competitors) if not better. I don't think CBA will place themselve for the worst earn rate in the market.

Perhaps Paulz infomation makes more sense. Issurance of AMEX card, reduce earn rate on AMEX from 1.5 to 1.25, then retain 1 to 1 MC.

 

[skybolt_]

Re: CBA AMEX offering

I have rang and spoken to two different "credit card specialists" and they have both confirmed the issue of AMEX cards in October.

I have asked both if there would be a change to the points earning on the Mastercard and they both said no. They confirmed that the AMEX would earn more than the 1:1.

When I rang the CSO she dug up her notes & pretty much read it out to me.
The Gold Mastercard/Visa will go $1 = .5 QF points
The Gold AMEX will earn $1= 1 QF point (but 2 CBA rewards points)

The Plat Amex will earn 3 CBA reward points or 1.5 QF
Basically the Mastercard/Visa will earn .5 per $1.

Pretty much in line with othe Banks.
It's alot like the WBC Altitude but earns QF.

 

[wxxnxs]

Re: CBA AMEX offering

When I rang the CSO she dug up her notes & pretty much read it out to me.
The Gold Mastercard/Visa will go $1 = .5 QF points
The Gold AMEX will earn $1= 1 QF point (but 2 CBA rewards points)

The Plat Amex will earn 3 CBA reward points or 1.5 QF
Basically the Mastercard/Visa will earn .5 per $1.

Pretty much in line with othe Banks.
It's alot like the WBC Altitude but earns QF.

The altitude card only gets 45 interest free days, but CBA gets 55 which is a advantage

 

[MrGreg]

Re: CBA AMEX offering

I think this is somewhat pointless unless CBA removes the points capping. I can already earn 100,000 points per year using my mastercard. Whats the point of a rate rate of earning card if there is still a point cap?

 

[Diesellife]

Re: CBA AMEX offering

Hey guys,

I dug a little further and located their reward agreement.
http://www.commbank.com.au/personal/apply-online/download-printed-forms/CommonwealthAwards.pdf

M....No more guessing...all the information is in there...

 

[Mal]

Re: CBA AMEX offering

all the information is in there...

Good find! Thanks for the info

 

[PaulZ]

Re: CBA AMEX offering

Most Importantly, Contained on your Personal Awards Webpage under Partner Terms and Conditions -

"Qantas Frequent Flyer Direct



Subject to the Commonwealth Awards Program Terms and Conditions, Commonwealth Awards members can opt-in to Qantas Frequent Flyer Direct and automatically redeem their Commonwealth Awards points for Qantas Frequent Flyer points at the following conversion rates:

1. Awards/World Vision Visa credit card - 2 Commonwealth Awards points redeemed for 1 Qantas Frequent Flyer point
   Gold Awards credit card - 1.5 Commonwealth Awards points will be required to redeem 1 Qantas Frequent Flyer point (from 1 February 2010, 2 Commonwealth Awards points will be required to redeem 1 Qantas Frequent Flyer point);
   Platinum Awards credit card - 1 Commonwealth Awards point will be required to redeem 1 Qantas Frequent Flyer point (from 1 February 2010, 2 Commonwealth Awards points will be required to redeem 1 Qantas Frequent Flyer point).
2. The Bank charges an additional annual fee of $10 to opt-in to Qantas Frequent Flyer Direct.

For other applicable terms and conditions of Qantas Frequent Flyer Direct refer to the Qantas Frequent Flyer Direct section of the Program Terms and Conditions."

So from October till End of January... You will Earn 3 QF points per $1 on the CBA AMEX... but from the 1st of February... $1 on Mastercard = 0.5 QFF Points, and $1 on CBA Amex = 1.5 Pts..
And if you can spend up in January, you will have the full $150,000 cap to go through at 3pts per $1.

Come 1 Feb... I cancel my two CBA Cards and go for a Westpac Business Card.... and get 0.67pts per $1 UNLIMITED... And at least they will never complain that 80% of my expenditure is Business!!!

Or I guess NAB give the same with their Platinum Visa Card... $3 = 2 pts.

Not too happy with CBA...

Disappointing!

 

[PaulZ]

Re: CBA AMEX offering

A quick analysis of the Cards on offer:

CBA (Fee $200 + $15 Supp) (from 1 Feb): Mastercard $1 = 0.5QFF, AMEX $1 = 1.5QFF - Capped at 150,000 CBA Pts P.a.
(Note, from October until 1Feb, you will earn on AMEX $1 = 3QFF)

ANZ (Fee $295 + $65 Supp): Visa $1 = 0.5QFF, AMEX $1 = 1.5QFF - UNLIMITED

NAB Platinum (Fee $290): Visa $1 = 0.6667 QFF, AMEX $1 = 1.5QFF - UNLIMITED

Citibank Platinum (Fee - Rediculous, but most on Free for Life Deal, Otherwise $250 + $90 Supp) Visa/Mastercard $1 = 1QFF - CAPPED at $120,000 p.a., Flexible Enforcement in Prior Years.

Westpac Business Card (Fee $150): Visa $1 = 0.6667 QFF - UNLIMITED

Any Other Options?

 

[Diesellife]

Re: CBA AMEX offering

I will only keep the card until anniversary date... which i'm not sure when... NOV 2010 maybe... coz they waived my fee....I will definitely cancel it if they don't waive my fee again.

I have NAB & AMEX, no reason to have another Amex with CAP!!! in my wallet. Rubbish!

 

[gibspmuh]

Re: CBA AMEX offering

A quick analysis of the Cards on offer:

Any Other Options?

Citibank Citibusiness (Fee $130 + $30 sup): Visa $1 = 1.25 QFF - 80,000 cap per year (transfer in multiples of 10,000).

Not holding my breath on how much longer they'll be able to keep that earning rate though, given the way the competition is going. But it's now by far the strongest non-AMEX option in the market, for those not exceeding the cap in expenditure anyway.

 

[Diesellife]

Re: CBA AMEX offering

One of my friend who works in CBA told me that CBA is having a second thought of the new AMEX. The plan is currently on hold.

Hope they will let us stay with 1:1... :mrgreen:

 

[Myrna]

Re: CBA AMEX offering

We received the same info from CBA about the new AMEX card. We are not happy with this - so likely to cancel our CBA card. Currently we have an Amex platinum, and there is no point to get another Amex card. Also, Amex cards are not widely accepted - so there is no real benefit in having another Amex card! Very disappointing at the changes made by the CBA.