Commonwealth Diamond

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Smackbum said:
I'm a Wealth Package customer from way back with a Gold Mastercard that only sees the light of day when I do ATM withdrawals from my linked accounts. Ever since they wound back the earning rate I switched all my spend to the "fee-free" Plat Citi Visa.

I received the offer to go Diamond yesterday for no additional cost (beyond the $350 per annum fee for the package). I assume there is no down-side to doing this, and I get to earn 1.5 points per $ from anyone stupid enough to accept Amex. I still won't be using the Mastercard unless the Amex and Visa fail me.

My only concern is that next year they will put the fee up on the Diamond Wealth Package, and if they are that sneaky I will feel obliged to take my business elsewhere. That would be a pain.
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This is an interesting development. I've already started to make the switch to EDRCC as the majority of my spending can't be done on AMEX and this is a better earn rate for me.

If they offered me diamond on my wealth package I might send them some of my amex spend. I'm due to renew wealth package soon. Let's hope I get an offer.
 
I got an email today offering it to me for free by virtue of being a Commonwealth Private client with an additional inscription for extra prestige!

In recognition of your status as a Commonwealth Private client your Diamond Awards cards will include the inscription Private Client. In addition, there is no extra cost to upgrade from your current card and the annual fee will be waived.

I figure I may as well take it and use it instead of my current Cth Platinum Amex/MC combination. The 500,000 point cap on QFF will make it more useful even if the MC QFF earn rate is still pathetic.
 
Stephen65 said:
I got an email today offering it to me for free by virtue of being a Commonwealth Private client with an additional inscription for extra prestige!

In recognition of your status as a Commonwealth Private client your Diamond Awards cards will include the inscription Private Client. In addition, there is no extra cost to upgrade from your current card and the annual fee will be waived.

I figure I may as well take it and use it instead of my current Cth Platinum Amex/MC combination. The 500,000 point cap on QFF will make it more useful even if the MC QFF earn rate is still pathetic.
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Hi Stephen65

So how does one become eligible to be a "private client"?

cheers
 
If you google it there's a website with all the info. I think you have to have a certain minimum level of income or assets.

To be honest it's not much of a perk and not really any sort of private banking in the classic sense.

The most useful thing is you get a "personal banker" (who probably has 500 other clients) who you can ring up to complain to and who will handle any new banking requests by you. Other than that you just get subjected to extra attempts to sell you new CBA products.

If you have $10M to invest there's an even more exclusive level of private banking they offer.
 
Stephen65 said:
The most useful thing is you get a "personal banker" (who probably has 500 other clients) who you can ring up to complain to and who will handle any new banking requests by you. Other than that you just get subjected to extra attempts to sell you new CBA products.

If you have $10M to invest there's an even more exclusive level of private banking they offer.
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And just as you get to remember their name, they leave.
 
Stephen65 said:
If you google it there's a website with all the info. I think you have to have a certain minimum level of income or assets.

To be honest it's not much of a perk and not really any sort of private banking in the classic sense.

The most useful thing is you get a "personal banker" (who probably has 500 other clients) who you can ring up to complain to and who will handle any new banking requests by you. Other than that you just get subjected to extra attempts to sell you new CBA products.

If you have $10M to invest there's an even more exclusive level of private banking they offer.
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Thanks
Do you need to apply to become a "client" or do they contact you when you have sufficient cudos?
I am on the wealth package and have a "relationship manager" but assume the private bank is different....
 
qaz said:
afaik cba diamond is still a mastercard platinum and the only mc world is hsbc premier




yes free upgrades are now being offered to plat holders
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Just got my new CBA diamond cards today. Yes it is a Mcard World card - it states this quite clearly on the card and on the website. So looks like hsbc doesnt have a monopoly anymore! :p
AND it includes free SPG Gold membership
 
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@Max - yes, I have been through at least four in the last couple of years

@jonni - they contacted me but I don't think there is anything stopping you from talking to them about it
 
jonni33 said:
Just got my new CBA diamond cards today. Yes it is a Mcard World card - it states this quite clearly on the card and on the website. So looks like hsbc doesnt have a monopoly anymore! :p
AND it includes free SPG Gold membership
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I recieved my CBA diamond cards today also.. ^^ I was wondering do I have to call CBA up for the free SPG Gold Membership? Or does it come a few days later? :confused:
 
jonni33 said:
Just got my new CBA diamond cards today. Yes it is a Mcard World card - it states this quite clearly on the card and on the website. So looks like hsbc doesnt have a monopoly anymore! :p
AND it includes free SPG Gold membership
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Pfft ... I've already got free SPG Gold AND Priority Club Gold AND Priority Pass through Amex Platinum - could they not be a bit more creative and do a deal with someone who isn't offering free membership with Amex?? Hilton maybe?
 
Mal said:
Oooh! Very nice. Got a link?
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Benefits of two cards - Commonwealth Bank Group

I have a vague recollection that the deal is you stay one night at an SPG property, pay with your World Mastercard and then you are given your 'reward'.

Just found it on the M/Card World Website:
With your World MasterCard you can be fast-tracked to Starwood Preferred guest member status giving you access to member benefits with more than 1,000 amazing hotels spanning renowned brands like Sheraton, Le Méridien, Four Points, Westin, The Luxury Collection, Aloft, Element SM, St. Regis and W Hotels. Just book one nights stay at Starwood Hotels & Resorts anywhere in the Asia Pacific region before 31 December 2012, and once your stay is completed you will be upgraded to Starwood Gold Preferred membership, giving you access to a luxurious list of elite privileges, from room upgrades and late checkouts to exclusive redemption opportunities.
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oz_mark said:
It's actually a generic benefit of the world mastercard. I guess its whatever they can negotiate!

MasterCard® World - Home
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Ah, fair enough then. That wasn't clear from the original post about SPG so I thought it must have been a specific CBA "benefit". If you have to stay a night first as well, then it's definitely a lower benefit than with Amex. Had not really looked at the whole World Mcard thing before.
 
I also received my Diamond cards today.
One thing that caught me off-guard was that within 20 minutes of activating the new cards, my old Gold Visa account seemed to be closed: it had totally disappeared from Netbank, and my scheduled transactions deleted. I've since had to quickly fix my direct debits.
Just something to be aware of.
 
I've received the offer to upgrade in the last week and I've been trying to talk CBA into giving me a lower annual fee for the life of the card for my platinum before I accept. No luck so far, although they did throw some points at me to make me happy.

I also tried putting in my CBA gold card details instead of the platinum, as I have that fee free gold card, but that little trick didn't work ;).

I might just accept and then talk to them in 9 months when they say how much I put through on the Amex.
 
Not sure if this is happening universally but as a Wealth Customer I already have a Platinum for free. I did not receive a letter, gave them a call this morning and am not eligible for an upgrade. Does not seem to be offered to everyone.

I put through around 120K a year and now zero is going to CBA but the Mrs is sick of numerous cards and I would put through a majority back via CBA if I was upgraded, never mind will wait and see.
 
georgie23 said:
Not sure if this is happening universally but as a Wealth Customer I already have a Platinum for free. I did not receive a letter, gave them a call this morning and am not eligible for an upgrade. Does not seem to be offered to everyone.

I put through around 120K a year and now zero is going to CBA but the Mrs is sick of numerous cards and I would put through a majority back via CBA if I was upgraded, never mind will wait and see.
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A few years ago there was an option to include either a Gold OR Platinum card with the wealth package. This was downgraded ("enhancement" as people like to call it around here) to a basic or Gold card.

I still had the Platinum card though - effectively the product was grandfathered so anyone with it could keep it, but no-one new could get it.

But now that they're upgrading all the Gold and Platinum card holders on the wealth package to Diamond, it might be on the cards for it to be included with the wealth package at some stage as the default product. Would hope so, as the value of the Gold and Platinum cards is pretty low.
 
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