CBA cancellation "offer"

Discussion in 'Commonwealth Bank Rewards' started by arun, May 25, 2005.

  1. arun

    arun Member

    Sep 5, 2002
    311
    0
    Sydney
    My CBA Platinum is up for renewal. I need this card but do not want to pay $250.00 annual fee. Did anyone get a part fee waiver with CBA when trying to cacel?
     
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  2. Sheriff

    Sheriff Member

    May 22, 2005
    167
    3
    Yes, but I wasn't threating to cancel. I don't believe in making cancellation threats.

    I have finally managed to convince the CBA to waive the $200 Platinum MasterCard fee.I received a letter from the CBA confirming the annual fee waiver.The letter says

    "Thankyou for taking the time to speak to us regarding your CBA Mastercard Ezy Credit Card- your request is easy to arrange.

    We confirm you have requested a Mastercard Platinum, with a credit limit of $100,000.This is easy to arrange: Simply sign and date the form included and return in the reply paid envelope or fax the form to us on ...

    Please read the Acknowledgment and Consent in this letter before signing........

    When the annual fee becomes next due on your MasterCard Platinum, it will be waived for 12 months.

    Consent

    Yes, I would like to transfer my Ezy MasterCard account number ...., to a new MasterCard Platinum with a credit limit of $100,000.

    Thank you again for choosing to stay with the CBA........."

    A very polite Customer Service Representative from the CBA also rang to advise that the next annual fee on my new Platinum Mastercard will be due October 2008, thats 2 years away.:D He also suggested to call back then to discuss a possible further annual fee waiver.:lol: :lol: :lol:

    Who knows ???, maybe free for life



    Cheers
    Sheriff
     
  3. Mal

    Mal Enthusiast

    Dec 25, 2004
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    The fee is only $200 these days.

    It was reduced around the time of the Amex Plat Credit card being introduced.
     
  4. PaulZ

    PaulZ Member

    Jan 11, 2005
    215
    0
    Dear Sheriff,

    How did you convince CBA to waive the fee???
    Do you have alot of business with the bank?
    Do you spend heaps of money on the card?

    Thanks

    Paul
     
  5. Sheriff

    Sheriff Member

    May 22, 2005
    167
    3
    PaulZ,

    I was offered a fee waiver on the grounds listed briefly below.

    Well-established customer
    Broad business relationship…
    Loyal client for many years
    High spend customer…
    Good credit repayment history…
    Good business relationship…
    CBA credit cards are not competitive…
    More attractive credit card offers exist…

    I think it is extremely important the bank acknowledge and appreciate your business association.

    Yes. But the bank is not obligated to refund any fees.The annual fee is a valid charge applicable to credit card accounts.The fee covers the cost of providing a credit card account and associated services.

    Not as much as others on this forum.



    Cheers
    Sheriff
     


  6. kristo1

    kristo1 Junior Member

    May 18, 2005
    13
    0
    Does anyone know which section of CBA or whom to contact at the CBA re a fee waiver on my Platinum Mastercard?:confused:
    The call centre said they couldnt help me and put me on to my local branch manager. When I contacted her, she said she doesnt have the authority to waive annual fees on Credit cards, nor do they deal with these matters! :!:
    Sounds like a typical run around!:evil: That really gets me going.:evil: :evil:
    Iaving the right contact area or name would help.:-|
     
  7. straitman

    Moderator

    Apr 27, 2003
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    My brach manager did this for me some years ago however wouldn't/couldn't do so again a couple of years later. I got the impression that the rules had been changed :!:
     
  8. Cyberdog100

    Cyberdog100 Intern

    Dec 29, 2006
    70
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    What i find with call centres in general is always ask for the manager/team leader. When you say this up front, they tend to treat you differently, because they know you're serious. Of course they will always try to solve your issue themselves, but when it becomes apparent they cant, they will pass you onto a higher authority (some nagging and persistence may be necessary).

    With Westpac at least, i know there are at least 3 levels of authority in the call centre and, each time you proceed up the ladder you get someone who knows more (or actually knows something) and has more authority and will try harder to satisfy you.

    Same applies to phone companies as well!
     
  9. kristo1

    kristo1 Junior Member

    May 18, 2005
    13
    0
    I have discussed this "fee waiver" matter with a number of phone staff at the CBA.
    They say that the bank has made a 'Business Decision" not to allow fee waivers.
    When I mentioned the fact that I know of one person who did get a fee waiver, no names mentioned of course, and further questioned the staff member the following appears to be the case.
    You need to have a special circumstance to get a fee waiver.eg. Taking up an "offer" to change to CBA Platinum either from another card or other similiar arrangement eg changing from a Woolworths card to a Platinum Card AND/OR have a certain level of business with the CBA that allows the bank to make a greater PROFIT from your business than the cost of the $200 fee, or other similiar calculation.
    I only have a credit card that I pay on the due date and have limited dealings with COMSEC. This is NOT considered sufficient business to qualify for the waiver. If I had a business bank account and PAYING FEES to CBA and/or large deposits or home / other loans with CBA, for which they would make money, I would be more likely to get a fee waiver.
    Any comments on this?
     
  10. oz_mark

    oz_mark Enthusiast

    Jun 30, 2002
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    Banks have fairly sophisticated calculations to determine what your worth to them is. Based on these models they determine what value it is to them in keeping you. It is why they often look at your total relationship in the bank to determine whether a waiver should be offered.

    Sometimes they formalise it with the various packages that they may offer (e.g. have a home loan about $x we waive fees on some accounts).

    So basically, to waive a $200 fee, they need to know they will get that $200 from you one way or another. So even if they were to get 1% of your spend as fee income, that is $20000 you need to put through your card for them to break even on the deal.
     
  11. clifford

    clifford Established Member

    Jul 6, 2004
    1,683
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    Canberra / London
    I've had some bad experiences with CBA, with inflexibility and pigheadedness from their staff (many of whom don't have English as their first language), that has actually lost them quite a bit of my business. It's worth mentioning that I had been a "loyal" customer for well over 30 years, and have recently fully paid off my home loan with them.

    Amongst other things, I had a cheque account with CBA for many years and a couple of years ago or so they wrote to me saying that as I wasn't a good customer (ie had less than $50,000 deposited with them), I would now be charged a monthly fee for this cheque account, which I used quite infrequently.

    I rang up and reminded them that I had several hundred thousand dollars (hard cash, actually) in a rollover account with CBA (CommSec), but I was advised that this didn't count. Well, did this response make my blood boil. The next thing I did was to withdraw this cash which "didn't count" and put it in another institution, which as it happens, returned a better investment result.

    So my advice would be, do not deal with the CBA unless they have made you an offer you can't refuse.

    Having said that, I have several CBA credit cards (including a gold visa), on which I haven't been asked to pay an annual subscription for many years. The day that changes, the cards will be in the bin.

    Keep smilin'

    :)
     
  12. lakeman

    lakeman Intern

    Oct 5, 2006
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