New CommBank "Smart Awards" card

[RooFlyer]

Sorry to hear that!

I'm tempted just to apply anyway; being retired I'm not otherwise after credit a refusal and a dent on my credit record wouldn't bother me.

 

[MaureenV]

A question - not specific to this card - would there be any issue in doing this? If you're limit is set as $3k but you know that you need to spend $5k, so you "pre-load" (for lack of a better word) your card with an additional $2k. Therefore this would temporarily lift your limit to $5k?
Do the banks/financial institutions have any issue with this?

Thanks, so this is consistent with the experience that if you hit the target in statement period one, they get credited in at the start of statement period two, and swept to QF at the end of statement period two. Looks like if I apply shortly then I'll be in the clear for a sweep in September.


If I recall correctly, when I had a platinum card many years ago, the current balance in CBA points was converted when I turned on the auto-sweep of QF points. But they won't let you sweep to QF at your leisure, as you can with VA. I assume this is a QF limitation.


Sorry to hear that!

Sorry, think I've mucked up the quoting here. Regarding the timing, on the second point - definitely transferred at the end of a statement period.

On the first point, when they're credited, ours were about five working days after we qualified, which just happened to have the statement date in between. Whether it's a week or so after you qualify, or at the beginning of the next cycle, was the same for us. Hopefully someone else will know.

 

[NM]

So I decided to apply for the CBA Ultimate Awards card for my "interim" card. Just seemed better "value" given the lower fees if activated before 25th August and higher points earn rate (sign-up bonus 100K vs 50K and 1.2 QFF points/$ vs 0.6 QFF points/$). The monthly fee waiver for Ultimate will need $4000/month spend after August, and a higher threshold for the sign-up bonus spend ($6000 in 90 days).

So I'll see how its going after October, and if I can manage to "delay" the bonus points until October for new PC membership year, I might just continue with it for a while.

Of course all this assuming I am approved. Then when card arrives, change all the automatic payments form ANZ to CBA and cancel the ANZ card before annual fee hits. Oh, the fun of churning.

 

[NM]

If I recall correctly, when I had a platinum card many years ago, the current balance in CBA points was converted when I turned on the auto-sweep of QF points. But they won't let you sweep to QF at your leisure, as you can with VA. I assume this is a QF limitation.

That's good to know and could be of great benefit for some. It is unusual for programs that provide the choice of QF Direct Sweep vs their own rewards program.

 

[MaureenV]

So I decided to apply for the CBA Ultimate Awards card for my "interim" card. Just seemed better "value" given the lower fees if activated before 25th August and higher points earn rate (sign-up bonus 100K vs 50K and 1.2 QFF points/$ vs 0.6 QFF points/$). The monthly fee waiver for Ultimate will need $4000/month spend after August, and a higher threshold for the sign-up bonus spend ($6000 in 90 days).

So I'll see how its going after October, and if I can manage to "delay" the bonus points until October for new PC membership year, I might just continue with it for a while.

Of course all this assuming I am approved. Then when card arrives, change all the automatic payments form ANZ to CBA and cancel the ANZ card before annual fee hits. Oh, the fun of churning.

Just checking you realise the 1.2 QFF points is for overseas spend only? It's .4 local spend, .8 major stores local spend (Coles etc), and 1.2 overseas spend with great rates and no forex charge.

It works for us for the moment because we're making up for lost time in early retirement
and hitting the travel hard.

 

[NM]

Just checking you realise the 1.2 QFF points is for overseas spend only? It's .4 local spend, .8 major stores local spend (Coles etc), and 1.2 overseas spend with great rates and no forex charge.

It works for us for the moment because we're making up for lost time in early retirement
and hitting the travel hard.

Yep, it will be 0.8 points/$ for the majority of my spending. Might have a few foreign transactions in the time I plan to retain the card (normally use 28 Degrees card, but no points earning on that one). So my average earn will be likely be somewhere between 0.8 and 1.0 for the time I have the card.

My plan is to keep it until October and see how its fairing, then decide when to go back to NAB once my 18 month waiting period is done. Just seemed better value for my timing than the Smart Awards card.

 

[GSP]

I am expecting that once I opt-in for QF points, it becomes a monthly "sweep" to my QFF account. If not opting in for QF points, then you accrue CBA Awards Points until you chose to convert them into a CBA award (such as gift cards) or transfer them to one CBA Awards airline partners.

But as with other "choice" awards programs, I doubt they allow you to accrue in CBA Awards for months and then later chose to opt-in for QFF points and be able to convert your existing balance of CBA Awards points to QFF points at the current exhcange rate.

I stand corrected as MaureenV has pointed out, I didn't realise there was a sweep function for QFF, I certainly didn't realise that, perhaps that is why there is a fee for the QFF transfer.

Regarding accruing points then opting in, it's hard to say what would happen, but one would assume if you were going to opt in, it would be on acquisition of the card.

 

[dannycheapcheap]

For the bonus points it states "you need to spend at least $6,000 on eligible purchases (excludes balance transfers, cash advances and any purchase that is reversed or refunded) using your new card within the first 90 days of activation."

For eligible purchases, is it the same as the eligible purchases needed to receive points or not? I.e can I use it to pay a nice ATO bill and Car Rego to get to my $6000 minimum spend?

 

[exceladdict]

For the bonus points it states "you need to spend at least $6,000 on eligible purchases (excludes balance transfers, cash advances and any purchase that is reversed or refunded) using your new card within the first 90 days of activation."

For eligible purchases, is it the same as the eligible purchases needed to receive points or not? I.e can I use it to pay a nice ATO bill and Car Rego to get to my $6000 minimum spend?

YMMV but I would be targeting points-earning transactions.

 

[theblank]

i just did the math on one random months spend and i would earn more Commbank points on the Smart card than i did on the Ultimate, because the pay double points on the largest transaction. so this change doesnt mean much to me. I will have to downgrade to the Smart card.

 

[dannycheapcheap]

YMMV but I would be targeting points-earning transactions.

Yeah, this is purely a churn and burn situation on this one so trying to get the min spend done and dusted ASAP and move back to my normal cards.

 

[theblank]

i just did the math on one random months spend and i would earn more Commbank points on the Smart card than i did on the Ultimate, because the pay double points on the largest transaction. so this change doesnt mean much to me. I will have to downgrade to the Smart card.

I calculated wrong. The bonus points of up to 1000 are extra on top of the original earn, so Smart card is even better. Without getting into overcomplex analysis, i think anyone thats only spending ~2-3kpm on this card is going to earn more points than they did on Ultimate, 1000 extra points is significant bonus on an approx earn of 3000pts pm

noting that, the differences are small change, but for anyone thats only spending these volumes pa aint going to get a better deal anywhere else.

 

[NM]

For the bonus points it states "you need to spend at least $6,000 on eligible purchases (excludes balance transfers, cash advances and any purchase that is reversed or refunded) using your new card within the first 90 days of activation."

For eligible purchases, is it the same as the eligible purchases needed to receive points or not? I.e can I use it to pay a nice ATO bill and Car Rego to get to my $6000 minimum spend?

Given that it specifically identifies transactions that are excluded from the eligible purchases, I would suggest any spend that is not one of the excluded types would count to the spend threshold for bonus points. But of course not all eligible transaction are eligible for points earning too!

In my case, I have been approved for the Ultimate card and now awaiting delivery, expect to time my spending so I cross the 6K threshold such that the bonus points land after 1st October, and will be targeting transactions that maximise points earning on the card (mix of foreign transactions, supermarket/dept store, utilities etc.

So might be buying a few Woolies gift cards to complete the purchase threshold at the anointed time.

 

[Brucetiki]

I've noticed CommBank have doubled their fee to opt in to QFF points (from $30/year to $60/year). Given my CommBank Awards card is a secondary card (for places that don't accept Amex), it seems hardly worth converting the points when the card renews and it might be time for a churn.

 

[NM]

I've noticed CommBank have doubled their fee to opt in to QFF points (from $30/year to $60/year). Given my CommBank Awards card is a secondary card (for places that don't accept Amex), it seems hardly worth converting the points when the card renews and it might be time for a churn.

I believe that change will take place at the end of August. I got in just before the change takes place. Have to wonder if it a decision by CBA to increase revenue or if it is due to QFF doubling the fee they charge CBA for the "service"?

 

[CaptJCool]

That whole episode in august 23 seems to have swiped points to below 0.5 per dollar spend



At least I can still opt in !

Hardly used this card over the decade but at least it might come in handy once diners is a dinner done on 31 Jan

 

[CaptJCool]

Notably low minimum credit limit (3k) too.

I notice I can ask for a credit limit Upto $1 less than $100,000

Directly via the app


Again helpful to overcome the loss of a charge card used to purchase J fares… the existing credit limits just aren’t enough anymore

 

[PERLHR]

I've noticed CommBank have doubled their fee to opt in to QFF points (from $30/year to $60/year). Given my CommBank Awards card is a secondary card (for places that don't accept Amex), it seems hardly worth converting the points when the card renews and it might be time for a churn.

100 percent increase! Shocking! Always amazes me how much credit cards in Australia costs for airline points/benefits compared to UK and the points per dollar spent is so low compared to pounds to points. Rip of from Aussie providers I think.

 

[CaptJCool]

So if I’m spending $3,000 per month and earning 36,000 awards points x 0.4 converted to QFF for $60 pa plus zero pa card fee
I’m hardly ahead for the bother of chunnelling my spending into their already excessive billions of profit per year

That said in comparison my other credit cards are hardly stellar on that front either

Churn butter churn

 

[MelbFlyer]

I just cancelled my CBA Awards card (had it for ages and just for the purposes of getting 30% off my internet so I don't have or are eligible for any sign-up bonuses).

Used to be a $59 annual fee, but now it's $8/month.

Overall CBA cards are quite poor value compared to NAB and ANZ if looking for points (either the banks' own awards program or for QFF / VFF).

CBA's method is a mandated minimum spend per month as opposed to ANZ for example, where you only need to spend $2.5k within 3 months (as opposed to having to spend a minimum amount per month like CBA) to get bonus points.

I think this time round I'll be looking to get an "awards" card rather than a QFF card to diversify to VFF, instead of just going for QFF points.