Commbank Credit Card Changes + potential Discover Card offering

[kamchatsky]

Major changes coming to CBA credit card where it change the way you earn points. It would consider your other business with CBA for points earn:

Commonwealth Bank reimagines rewards for everyday banking, helping customers save on shopping, utility bills and travel

For the first time, more than nine million CommBank Yello customers can earn points across their home loans, savings, cards and insurance and redeem them with some of Australia’s best-known brands.

www.commbank.com.au

Also CBA is exploring issuing new premium charge card based on Discover network:

CommBank to expand card suite with new exclusive premium offering

CommBank is giving customers greater choice through a new premium charge card offer.

www.commbank.com.au

I don't know anyone who has ever had a Discover Card.....

Ironically Point Hacks produced a page outlining the CBA credit card changes, but looks like it has been withdrawn.

CBA punishes Qantas customers in reward points overhaul

The bank has struck a new partnership with Virgin ahead of a move by the RBA to cut the fees that can be charged for credit card transactions.

www.smh.com.au

CBA overhauls rewards program, shifting customers from Qantas to Virgin

The country’s biggest bank is offering Australians more opportunities to earn points across retail and travel.

www.afr.com

 

[The Man in Blue]

Most notable for me from the now withdrawn Point Hacks article was:
- Removal of the monthly fee waiver for spend per month.
- Points earning rate is tied to your Yelo tier
- QFF participation fee is up to $149/year
- Velocity participation fee TBA
- Qatar and Everyday Rewards added
- Appears the Smart Awards lose the FX free transactions.

It was mentioned there is no participation fee for Everyday Rewards, so you could potentially transfer 'Yelo points' there and then onto QFF.

 

[Supersonic Swinger]

Also CBA is exploring issuing new premium charge card based on Discover network:

I don't know anyone who has ever had a Discover Card....

Discover is the network which was behind Diners Club...

It would be ironic if after years of underinvestment in Diners Club by Citibank, and then acquisition by NAB which shut it down a few years ago, CBA now comes back with a Discover option... perhaps even called "Diners Club"?

 

[levelnine]

Discover was purchased by a massive US bank last year, Capital One. They are transitioning many of their cards over to the Discover network and investing heavily into it. I wouldn't be entirely surprised if it makes a come back in Australia in some form.

 

[Scr77]

Most notable for me from the now withdrawn Point Hacks article was:
- Removal of the monthly fee waiver for spend per month.
- Points earning rate is tied to your Yelo tier
- QFF participation fee is up to $149/year
- Velocity participation fee TBA
- Qatar and Everyday Rewards added
- Appears the Smart Awards lose the FX free transactions.

It was mentioned there is no participation fee for Everyday Rewards, so you could potentially transfer 'Yelo points' there and then onto QFF.

I missed this article. Since it was removed, I wonder how accurate it was….

I was hoping that CBA cards might see a smaller devaluation because they were already on the lower rewarding side.

CBA/virgin rarely have bonus transfer offers. Anyone thinking of transferring now to avoid a short notice surprise?

 

[henrus]

So the points hacks article had the following;

The two cards will become smart and ultimate (dropping the awards branding). CBA Yello tiers will remain the same (for now) but determine points earning:
0.5 points per $ for those on base tier, 0.75 for those on plus tier, 1 for those on gold tier and 1.5 for those on diamond tier. 2 points for International purchases regardless of tier.

Points can be changed to 3:1 into QF (with $149 fee), 2.5:1 into VA (with a bonus for the first 6 months of 20%), 2.5:1 into QR, 2:1 to Myer and 1.5:1 into Everyday Rewards (loop hole into QF).

Ultimate card will be $35 per month (unchanged) and smart $19 (also unchanged) but the fee waivers wont apply instead a monthly $25 travel/$10 dining credit for the Ultimate and $10/$10 for the Smart cards are introduced (making them effectively "free"). As for the credits it's currently unconfirmed but I suspect it'll be a travel credit in hopper and a dining credit in Eatclub or doordash (given these two recent partnerships). As noted in #2 post, the smart card loses the fee free International transactions.

 

[oz_mark]

It was mentioned there is no participation fee for Everyday Rewards, so you could potentially transfer 'Yelo points' there and then onto QFF.

Certainly no issues sending them onto QFF based on how other transfer partners work.