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CBA enhances™ points earn ahead of interchange reduction

ChrisFlyer

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Just called to cancel my CBA Platinum card as the annual fee posted over the weekend. They asked why - told them that 0.25 Velocity points per $1 on AMEX spend was "pathetic" - cancellation processed within a few minutes with no counter offer.

(Last year, called to complain about my CBA Diamond annual fee, was able to get a year fee-free by downgrading to CBA Plat, plus a bonus offer of 20k CBA Awards points to keep me from cancelling. This year, nada, so just cancelled.)
 

cdp88

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Mar 5, 2010
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This was to be expected. It is annoying as I just transferred direct debits to Amex for more points but will now need to send back to MasterCard. The fee free overseas transactions is a good benefit though.
 

Cryptarcadian

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Dec 19, 2013
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Does anyone have the full details of where the tiered earning rates apply?

The CBA website says:

Points are earned on eligible transactions and are subject to points capping. From 1/7/17, you'll earn maximum points per $1 spent when you use your American Express card for eligible transactions overseas and at supermarkets, department stores and petrol stations in Australia; and 0.5 points per $1 spent using your American Express card everywhere else. Refer to the CommBank Awards Program Terms and Conditions for more information.
...but there's no link to the Awards T&Cs and I can't find it anywhere.
 

kamchatsky

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Mar 8, 2006
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BUT there is a positive on all of this:

[FONT=&amp]From 1 July 2017, you’ll pay zero international transaction fees on overseas purchases made using your CommBank Diamond or Platinum American Express card – in store and online, making it the perfect travel companion. So you can spend less on fees and more on travel.

With their excellent travel insurance included in their cards (no purchase required, just register), it actually makes a decent card for international travel, even though the points earn is pitiful. Better than say 28 degrees card, especially if you have a home loan package and can get the annual fees waived every year. [/FONT]
 

burmans

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BUT there is a positive on all of this:

From 1 July 2017, you’ll pay zero international transaction fees on overseas purchases made using your CommBank Diamond or Platinum American Express card – in store and online, making it the perfect travel companion. So you can spend less on fees and more on travel.

With their excellent travel insurance included in their cards (no purchase required, just register), it actually makes a decent card for international travel, even though the points earn is pitiful. Better than say 28 degrees card, especially if you have a home loan package and can get the annual fees waived every year.
Actually losing the fee may be just as useful as the points earn lost.
 

jkbaus

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Nov 4, 2015
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BUT there is a positive on all of this:

[FONT=&amp]From 1 July 2017, you’ll pay zero international transaction fees on overseas purchases made using your CommBank Diamond or Platinum American Express card – in store and online, making it the perfect travel companion. So you can spend less on fees and more on travel.

With their excellent travel insurance included in their cards (no purchase required, just register), it actually makes a decent card for international travel, even though the points earn is pitiful. Better than say 28 degrees card, especially if you have a home loan package and can get the annual fees waived every year. [/FONT]
Not sure about saving 3.5% fee for overseas on Diamond Amex. Think we may still actually pay 1.5%.

Am I reading it correctly?

from Cba website
"Transactions converted by American Express® - 2.00% (plus a currency conversion factor of 1.50% which is included in the converted transaction amount)"

 

burmans

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Not sure about saving 3.5% fee for overseas on Diamond Amex. Think we may still actually pay 1.5%.

Am I reading it correctly?

from Cba website
"Transactions converted by American Express® - 2.00% (plus a currency conversion factor of 1.50% which is included in the converted transaction amount)"
Aside from BT website anyone know where this is announced, would be good to hear from CBA what is happening rather than BT "interpretation" of it?
 

wxxnxs

Active Member
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Nov 20, 2008
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Not sure about saving 3.5% fee for overseas on Diamond Amex. Think we may still actually pay 1.5%.

Am I reading it correctly?

from Cba website
"Transactions converted by American Express® - 2.00% (plus a currency conversion factor of 1.50% which is included in the converted transaction amount)"

My understanding is from 1 July, they are going to abolish the full 3.5% fee which they are currently charging. Details on CBA website just breaks down what 3.5% fee is generated for.
 

Cryptarcadian

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Dec 19, 2013
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Got snail mail from CBA today, which also confirmed the above ("zero international transaction fees").

Details also covered here: https://www.commbank.com.au/personal/credit-cards/awards/changes.html

These changes are our response to new regulations that apply to credit card issuers and will affect the number of CommBank Awards points you can earn on CommBank American Express cards.
CBA is basically as close as possible to saying outright that the new RBA regulations are capping your points earn... ;)
 

SOPOOR

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Jan 12, 2009
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yep got the letter today in the mail

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absolutely pathetic cut,
I pay the annual fee but this year I got it waived due to threatening to cancel,

3points to 0.5 is laughable,

ive had a cba credit card since 1999, if the fee isnt waived for me next year, it will be an instant cancellation
 

Deewhy

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absolutely pathetic cut,
I pay the annual fee but this year I got it waived due to threatening to cancel,

3points to 0.5 is laughable,

ive had a cba credit card since 1999, if the fee isnt waived for me next year, it will be an instant cancellation
Totally agree.
I've been a customer for over 20 years. This change really takes the cake. To cut points by 83% is ridiculous.

By the lack of posts on this thread I gather there aren't many cba bankers here. Interesting to see what the other banks do. This is probably cba's biggest income stream from me.

Time to move banks...but I fear the same sting is going to hit everyone sooner or later.
 

docjames

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I'm less irritated by the reduced point per dollar rate (they are all doing it due to costs) than the "capped at $3000/mo spend". That's such a reduction for current cap, it's almost worthless holding the card.


<Redacted - wrong company - that was my other CC provider (NAB!)>
 
Last edited:

SOPOOR

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Jan 12, 2009
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Totally agree.
I've been a customer for over 20 years. This change really takes the cake. To cut points by 83% is ridiculous.

By the lack of posts on this thread I gather there aren't many cba bankers here. Interesting to see what the other banks do. This is probably cba's biggest income stream from me.

Time to move banks...but I fear the same sting is going to hit everyone sooner or later.
to me this is what irritates me

1.25 points for all spend on visa, 0.5 for all non supermarket using amex. We all know that merchant fees for amex are higher than visa etc.
So for them to drop it is simply greed.

However the removal of overseas fees does soften the blow
 

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