Downgrading from Platinum Card

[peter]

Just noticed that they charged me $250 annual fee in the latest statement, it got me thinking if downgrading to a regular (not gold) card will be a smart move.

I am planning to get a home loan package with CBA or somewhere else within the next few weeks, either way it will come with a free gold card, so I guess there's not much point to continue paying for a platinum card.

While it makes sense to downgrade to a regular card and pay $59 instead of $250, I do have a few questions...

1. Is it too late to downgrade now (since they have already charged for it)?
2. Are the points transferable or do I need to redeem the points before downgrading?
3. What will happen to extended warranty on goods purchased using the platinum card? Are they automatically void simply because the card is no longer active?

I will be calling the bank to find out the facts, but I wouldn't mind to hear from you guys/gals as well, sometimes different phone reps say different things.

 

[one9]

Before I had a CBA Plat card and I downgraded it to the standard card. Note you can pay $0 annual fee for the Low Fee card which I believe is the same as the standard card.

1. After I transferred, I received a pro-rata refund of the Platinum annual fee.
2. I was told that the points would go and that I had to redeem so I did. But the Awards section of the website with a small amount of points is still visible to me on Internet Banking so it seems maybe you can keep them, but I wouldn't risk it.
3. No idea.

 

[gibspmuh]

I downgraded from the Platinum Card to the Gold Card a few years ago and was given a pro-rata refund of the difference in cost between the two (I've since moved across to the Citibusiness Gold which is definitely the way to go from a points earning perspective). It's probably worth giving them a call and asking to cancel the card and see what they offer you to stay on - I've had my fee waived the last couple of years just by making the call.

Given that you'll get the new CBA cards soon enough you don't have that much to lose. You can always go for the downgrade on the cancellation call as well if they're not doing enough to entice you to stay Platinum. It's worth going down that path because in my experience the regular call centre staff aren't empowered to make you any offers to retain you.

 

[peter]

Indeed! The 1st level phone reps are usually hopeless, they don't know anything for sure and can't do anything to make you happy. It's about calling the right area and talking to the right people.