Card Offers CommBank Ultimate Awards Card: 100K award points – potentially fee free

[BJReplay]

Let's hope that you can get that debt situation sorted out.

It's just a normal tax assessment where (because my income is investment income that isn't fully franked) some tax is payable.

It's due November 21, and I'll pay it when due. It's a notional debt that falls due on 21st November and will be extinguished the moment it is due .

The downside of my investment mix, but I'm happy with my choices.

 

[BJReplay]

that sounds quite unpleasant

It was more frustrating than unpleasant. What was most noticeable was that I found myself checking myself when talking to the front-line staff, because I was getting frustrated - but it wasn't with them, it was with the assessment team, but they were also frustrated with the assessment team, and it seems like they are always frustrated with the assessment team. I think that the front-end team spend their days on the phone talking to customers who are dealing with dumb questions from the assessment team. They do a good job.

one of the conditions for this is to perform 5+ transactions from a transaction account. Do you do these manually or electronically

Electronically. Because I know my current credit card bill will be at least $4000 a month to meet my minimum spend threshold to avoid the monthly fee, I put $1000 in my transaction account 5 days before the due date of the account and make 5 $200 payments to my credit card the next day.

My card is then paid by direct debit from a non-CBA account for the full balance owing (less the $1000 already paid) on the due date.

 

[Viridis]

I got knocked back for the Ultimate with 400k at one point because 20% of it was supposedly discretionary bonus even though I'd been getting each and every year for the last 5 years. They eventually gave it to me with a $10k limit.

So, they eventually gave me a credit limit of 2.5% of my regular income.

Now I've got no regular income, they give me a credit limit of 25% of my much (much) smaller irregular income.

Likewise. On 400k+, no debt (well, we have a mortgage fully offset bar $1000 and I know that the mortgage value is taken into account not the offset ..... but the mortgage is small), don't churn, credit rating 'Excellent' and had only the Amex Plat Charge/Reserve at the time of applying. Was doing a full banking re-adjustment. Applied for the Ultimate and was knocked back. After discussions with the poor souls who have to deal with these decisions, I was eventually offered an $8500 limit. Excruciating process

At around the same time, applied for the Qantas Titanium and was given a credit limit that I reduced via the App to $50k on the strength of one payslip .

The risk appetite for these two organisations does seem to be somewhat different

 

[BJReplay]

and had only the Amex Plat Charge/Reserve at the time of applying

At the time I was in a similar situation, I confirmed that I would be approved for a $150,000 car on my Amex platinum card, but not a $175,000 car.

And yeah, similar offers of $60k cards with other organisations.

Yet now, as an unemployed bum, they'll give me 4x the credit limit on 1/4 the income.

 

[N860CR]

I suspect the banks now aren't even trying to coverup the type of client they want. High income? Guaranteed full monthly payment? They’re not interested. Dropkick who will pay the minimum and drag on a debt for years? Come on down!

 

[MG1]

It was more frustrating than unpleasant. What was most noticeable was that I found myself checking myself when talking to the front-line staff, because I was getting frustrated - but it wasn't with them, it was with the assessment team, but they were also frustrated with the assessment team, and it seems like they are always frustrated with the assessment team. I think that the front-end team spend their days on the phone talking to customers who are dealing with dumb questions from the assessment team. They do a good job.

Electronically. Because I know my current credit card bill will be at least $4000 a month to meet my minimum spend threshold to avoid the monthly fee, I put $1000 in my transaction account 5 days before the due date of the account and make 5 $200 payments to my credit card the next day.

My card is then paid by direct debit from a non-CBA account for the full balance owing (less the $1000 already paid) on the due date.

Thank you for the tips. I may give this card a go. You've confirmed that the electronic scheduled payments should work, which is what I was after.

Post automatically merged: Sep 13, 2024

It's just a normal tax assessment where (because my income is investment income that isn't fully franked) some tax is payable.

It's due November 21, and I'll pay it when due. It's a notional debt that falls due on 21st November and will be extinguished the moment it is due .

The downside of my investment mix, but I'm happy with my choices.

It's good that this is all OK.

 

[stockmaster]

A bit of a side note, but for CBA Awards holders, looks like a up-to 15% Velocity transfer bonus is on now until 26th Sept 2024

CommBank Awards - Partner Terms and Conditions.

Velocity 15% Bonus Points Offer​

• Velocity members will receive 10% bonus Velocity Points when they transfer up to 50,000 Awards points and 15% bonus Velocity Points when they transfer 50,001 or more Awards points into Velocity Points in one transaction between 12:01am AEST 11 September 2024 and 11:59pm AEST 26 September 2024 (“Promotion Period”).

 

[BJReplay]

Guaranteed full monthly payment?

Absolutely.

CBA used to have a form to allow you to set up a direct debit payment out of a non-CBA account on their website. Now, it's not listed, not mentioned in help, and basically, they dont' tell you it's possible.

I know it is because I do it.

When I went into a branch (to submit a form for a secondary card holder) the meet and greet guy actually told me it wasn't possible (but, to be fair, I guess that's why he's the meet and greet guy), but I could to it out of a commonwealth account, or I could set up regular payments by BPAY if I want.

When I said "I know it's possible because it's actually happening right now for an existing CBA credit card, and I'd like to set it up for a new card" he then told me - incorrectly - that you can't set it up anymore.

The staff member that I ended up talking to, to set up the secondary card holder did know about the process, and set it up, but I swear that they are doing everything they can to make it as difficult as possible to pay off your full closing balance.

 

[Lost Redditor]

This is my second time with the Ultimate Awards card. First time on the new incremental bonus points system. Are the bonus points meant to come each month? Or do they come after the first 4 months and you get 15,000 points per month you met the minimum spend?

I just got my first statement. Spent $5,500 but no bonus points listed on the statement

 

[BJReplay]

I'm about to test CBA on notices. I have an Ultimate Card where the spend to avoid the fee is $2,500 per month. Having not been notified of any changes to my credit card T&Cs, and having opened not one, but two (one for me, one for Mrs BJReplay) HSBC Star Alliance cards, my spend for the Dec-Jan statement will fall below $4,000 for the first time since they apparently brought in the change for pretty much everyone else.

I look forward to the conversation with them if they charge me a fee or, alternatively, the knowledge that I'm grandfathered on a lower spend threshold to avoid a fee

Either outcome will be good.

Well, for anyone playing along at home, still...

I never got the notice.

I did test them.

They did charge me.

I did complain.

They did refund me.

I did formally complain and ask for a formal explanation and whether or not I had been notified, how, when and in what form.

They did investigate.

They did determine that I had not been notified.

I did explain that I thought it interesting that I missed being notified, and I wondered how many other people missed the notice.

On August 29, 2024, they sent me a letter, telling me that on a recent review (no cough, sherlock), they identified that my card missed out on getting the notice on August 23, 2023 (more than a year earlier) about the fees and charges changes.

Yesterday (November 18, 2024) I received 2 cents in my savings account.

Just now I received an email with the following text:

Dear BJReplay,

Your refund amount is $0.02

We're building a simpler, better bank and are committed to taking actions to serve you better – this includes putting things right when we get it wrong.

During a recent review, we have identified that your Credit Card account(s) ending in ****9999 has missed the pricing change notification in July 2023 and were charged updated fees from August 2023. As a result, we are refunding the amount of $0.02, which includes the total amount of interest and/or fee(s) plus additional compensation for any additional returns you could have generated over this period had the error not occurred.

 

[MG1]

I just received my Ultimate Awards card. If I come across any issues, I'll let you know.

 

[KingHuang]

anyone struggling to get CBA card approved recently? Been happening over the last ~18 months for me where i can't get CBA approved

 

[Viridis]

anyone struggling to get CBA card approved recently? Been happening over the last ~18 months for me where i can't get CBA approved

See post #383

Happening a fair bit if anecdotal evidence is any guide. Similar experience for colleagues in the office, none of whom could even remotely be considered ‘churners’. Not sure what Commbank is up to but it’s annoying. I would ditch the QF card and use the Ultimate as my ‘keeper’ non-Amex card but I’d need a huge increase in the credit limit which they will give no assurances that I’ll get. So it sits largely dormant until there’s a change in Commbank policy

 

[KingHuang]

See post #383

Happening a fair bit if anecdotal evidence is any guide. Similar experience for colleagues in the office, none of whom could even remotely be considered ‘churners’. Not sure what Commbank is up to but it’s annoying. I would ditch the QF card and use the Ultimate as my ‘keeper’ non-Amex card but I’d need a huge increase in the credit limit which they will give no assurances that I’ll get. So it sits largely dormant until there’s a change in Commbank policy

Wow that is ridiculous! I remember when the ultimate first came out, got it at the measly 6k limit, cancelled it and got it again and cancelled it about 18 months ago. Now I don't think i will ever get it back!

 

[Mr H]

I have churned Commbank a couple of times but not revisited it since they nerfed the sign on bonuses. So I looked at it inspired by the flurry of recent posts. The Ultimate card looks like quite a good one for a keeper but the bank’s whole offering seems to have so many stupid rules to follow and hoops to jump through. I will stick with ANZ Travel Adventures even though it has a fee, simply because I understand it.

 

[BJReplay]

I recently got $35,000 as a credit limit as a pre-super retiree from CBA with four other existing cards with combined limits of $40,000. Total limits were 83% of my post tax income for the previous financial year .

Admittedly no car loan at the time and own my own home, but when I was working I couldn't get $6,000 from CBA in a year when I took home $500k.

I have no idea how the CBA assess credit worthiness, and, TBH, I don't think they do, either.

 

[oz_mark]

I got rejected last week. No obvious reasons.

anyone struggling to get CBA card approved recently? Been happening over the last ~18 months for me where i can't get CBA approved

 

[Lost Redditor]

I haven't

This is my second time with the Ultimate Awards card. First time on the new incremental bonus points system. Are the bonus points meant to come each month? Or do they come after the first 4 months and you get 15,000 points per month you met the minimum spend?

I just got my first statement. Spent $5,500 but no bonus points listed on the statement

Bumping this.

Does anyone know if I'm meant to get the points each statement period, or whether all the bonus points are paid at the end of the 4 first periods?

 

[QF_Flyer]

I haven't

Bumping this.

Does anyone know if I'm meant to get the points each statement period, or whether all the bonus points are paid at the end of the 4 first periods?

OH's round two started crediting after the second statement, all appeared on month 3/4/5/6.

I never cancelled after the first SUB 70k QFF all at once, the card was great offering no forex and no fee at $2.5k, and with my ease of spending forex it was a great one for raking in points. How much longer I'll keep it I don't know, but I've been meeting the >$4k every month since the policy changed.

Looking to simplify, but at SQ being $1:1 ($1:1.113 if VA offer a 15% tx bonus), it's a valuable card to keep for now (I started on QF, when it was $30 per year, then switched to CBA points after the 70k SUB posted).