New CommBank "Smart Awards" card

[FlyingFiona]

If the minimum limit is still $6k, then it will be very difficult to pay your balance on the due date and avoiding the monthly fee (i.e spending $4kpm).

especially if you still meet the new $4k no-fee threshold

Where are you guys getting $4K from? The OP states it's $2K monthly spend to avoid paying an account fee.

 

[SeaWolf]

Where are you guys getting $4K from?

The 4K is for the Ultimate card (from August). I think the threads for these cards are getting a bit mixed up.

 

[GSP]

Where are you guys getting $4K from? The OP states it's $2K monthly spend to avoid paying an account fee.

Sorry, yes I was talking about the Ultimate card as that is where the conversation sort of drifted towards as the article also touched on not only the new Smart Awards cards but changes to existing cards.

So to keep it back on topic, with the background of my earlier reply I'm contemplating downgrading to this card as another posted also mentioned.

 

[MG1]

I found I was maxing out the card limit (i.e $3k for the last month and $3k in the current month) and had to pay the balance (or part of it) early.

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?

 

[There'sOnlyOneJimmy]

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?

What I’ve done recently on 2 cards with lowish limits, was to spend up towards the limit, then pay off the balance, then continue spending.
One card took about 3 days to clear the payments (multiple times in the same month…), and the other cleared immediately (Amex via PayID).
No reaction from the banks so far.

 

[Scr77]

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?

I’ve done it a lot with ANZ without a problem. It does always make me feel vulnerable, in case of a fraudulent transaction, the bank may not cover amounts over the card limit.

 

[Scarlett]

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?

I’ve done this with both my Commbank card and Coles Platinum awards. Both occasions when I’ve needed to buy family airfares that would have put the balance over the credit limit of the cards.

I simply ‘paid off’ a larger amount so the balance was positive, then purchased the fares so no chance of transaction being declined or overlimit fee being applied.

I subsequently upped the credit limit of the CBA card for future larger AUD expenses. Coles wouldn’t allow me to change the credit limit in first year of having the card so have used this process with them again. It was actually suggested to me by the Coles rep when I was trying to work out how to buy $8k of foreign currency airfares with a $6k limit.

 

[MG1]

@There'sOnlyOneJimmy, @Scr77, @Scarlett Thank you to each of you for your quick and informative responses; much appreciated. This is great news (as it means that we have flexibility as long as we're responsible in paying it off (which I'm sure all of us on this website are)).

What I’ve done recently on 2 cards with lowish limits, was to spend up towards the limit, then pay off the balance, then continue spending.
One card took about 3 days to clear the payments (multiple times in the same month…), and the other cleared immediately (Amex via PayID).
No reaction from the banks so far.

It's great to know that this works incrementally as well (not just for one-off large purchases).

I’ve done it a lot with ANZ without a problem. It does always make me feel vulnerable, in case of a fraudulent transaction, the bank may not cover amounts over the card limit.

It's great to hear that it works with one of the Big 4. I'm not sure what would happen in the case of a fraudulent transaction above your limit (let's hope that that doesn't happen).

I’ve done this with both my Commbank card and Coles Platinum awards. Both occasions when I’ve needed to buy family airfares that would have put the balance over the credit limit of the cards.

I simply ‘paid off’ a larger amount so the balance was positive, then purchased the fares so no chance of transaction being declined or overlimit fee being applied.

I subsequently upped the credit limit of the CBA card for future larger AUD expenses. Coles wouldn’t allow me to change the credit limit in first year of having the card so have used this process with them again. It was actually suggested to me by the Coles rep when I was trying to work out how to buy $8k of foreign currency airfares with a $6k limit.

I find it intriguing that the Coles rep suggested this (not bad just intriguing). This is a positive sign.

 

[dein_gesicht]

I just saw that Diamond Qantas no longer being offered. I got this card for the welcome SUB and thinking of cancelling. Anyone know what the QF per $ is? It's not longer on the website

I think it is 0.5QF per 1$

 

[There'sOnlyOneJimmy]

I just saw that Diamond Qantas no longer being offered. I got this card for the welcome SUB and thinking of cancelling. Anyone know what the QF per $ is? It's not longer on the website

I think it is 0.5QF per 1$

Yes, that’s right.

 

[MaureenV]

The commbank ultimate changes will affect us, too. This was one card we were happy to keep while we're doing so much travelling, and most months we'd have no problem with $4k if it includes time we're overseas. The O/s spend and benefits are excellent, as is the travel insurance now that it covers covid. ($250ish for us with medical added, which we can't do with Amex.)

I guess we have to consider the forex savings - about to put $13k of Singapore airfares on there, and that's a huge whack of forex saved. TA couldn't do any better than the fare, and their Amex % was going to be $300. I know 3 x award points are capped at $10k per month, but that's better than we'd get putting it on our 28 degrees - no points, or wearing the forex and terrible exchange rate on Amex, despite the QF points.

We'll use the lounge passes as we've got some economy trips overseas.

Given the local points are overwhelmingly cr@p, if we're not too short, I plan to buy a gift card at Coles or Woolworths, which at least gives 2 x points, rather than 1 for other local. They usually go on Amex.

 

[NM]

I am seriously considering this card to fill a slight time gap I have.

My 18-months exclusion from NAB expires in October, where I can reapply for the NAB Qantas Rewards card. But my ANZ FF Black card annual fee is due in August, so looking to close it before the fee hits. And my QFF membership year re-starts beginning of October.

So considering this one as should be an easy application (been a CBA account holder for donkey's years). Can easily hit the $2K/month so no ongoing fee for the few months until I move back to NAB card. Score the 50K QFF bonus points along the way for a one-off fee of $60.

The downside is the low spend earn rate. Will need to ensure making most value of the 2x bonus points for largest eligible transaction. It would be ideal if the 50K sign-up bonus did not come through to QFF account until October (kick start for PC renewal), but I expect October is just a little too far ahead to expect it to take that long to come through.

I'll need to make a decision and apply soon if I want to go down this path for an interim card.

 

[exceladdict]

I am seriously considering this card to fill a slight time gap I have.

My 18-months exclusion from NAB expires in October, where I can reapply for the NAB Qantas Rewards card. But my ANZ FF Black card annual fee is due in August, so looking to close it before the fee hits. And my QFF membership year re-starts beginning of October.

So considering this one as should be an easy application (been a CBA account holder for donkey's years). Can easily hit the $2K/month so no ongoing fee for the few months until I move back to NAB card. Score the 50K QFF bonus points along the way for a one-off fee of $60.

The downside is the low spend earn rate. Will need to ensure making most value of the 2x bonus points for largest eligible transaction. It would be ideal if the 50K sign-up bonus did not come through to QFF account until October (kick start for PC renewal), but I expect October is just a little too far ahead to expect it to take that long to come through.

I'll need to make a decision and apply soon if I want to go down this path for an interim card.

I'd be really interested in the timeline to award the bonus as well as I'm hoping to get them before october - T&Cs say 'Points are initially accrued as Awards points in the Program and will be automatically converted at the end of the next statement period, into Qantas Points and transferred to your Qantas Frequent Flyer account after meeting the eligibility criteria.'

So I'd need to get two statement periods in before October - in other words, would need to get cracking. Has anybody jumped on board yet and can comment on points award/accrual? @RooFlyer how did you go with your personal banker?

 

[NM]

I'd be really interested in the timeline to award the bonus as well as I'm hoping to get them before october - T&Cs say 'Points are initially accrued as Awards points in the Program and will be automatically converted at the end of the next statement period, into Qantas Points and transferred to your Qantas Frequent Flyer account after meeting the eligibility criteria.'

So I'd need to get two statement periods in before October - in other words, would need to get cracking. Has anybody jumped on board yet and can comment on points award/accrual? @RooFlyer how did you go with your personal banker?

The way I read the T&Cs around this, if that the "initially earned as Awards points" is a reference to being prior to opting in to QFF points earning and paying the $60 fee, and prior to the bonus points lobbing in the account. I would expect that once you cross the threshold spend for bonus points ($4000 within 90 days), the bonus points will appear in your account (not sure if immediately or at end of statement period). So the timing for opting in for QFF points would be interesting. In my case, I will be opting in for QFF immediately as I would hate to end up with them landing and remaining as CBA Awards points. Even if the QFF points hit my account before my next QFF membership year I will be ok with it.

 

[GSP]

The way I read the T&Cs around this, if that the "initially earned as Awards points" is a reference to being prior to opting in to QFF points earning and paying the $60 fee, and prior to the bonus points lobbing in the account. I would expect that once you cross the threshold spend for bonus points ($4000 within 90 days), the bonus points will appear in your account (not sure if immediately or at end of statement period). So the timing for opting in for QFF points would be interesting. In my case, I will be opting in for QFF immediately as I would hate to end up with them landing and remaining as CBA Awards points. Even if the QFF points hit my account before my next QFF membership year I will be ok with it.

I assume this card will be like the Ultimate card in that they both use the same "Awards" site. In which you can transfer to your airline of choice anytime with whatever points you have, which would be minimal until you get your bonus points.

The way I read your note was that you imply that if you opt into QFF, they automatically go there. Whilst I haven't opted in to QFF (I transfer to VFF), it is a manual process whenever you want.

 

[MaureenV]

Sorry, I'm one of the ones who derailed the conversation with the new $4k limit Ultimate card, I searched the topic on here and this thread came up.

As for paying extra to increase your credit limit, I've just done it. About to book $14k Singapore airlines flights. Tried to increase the limit from $10.5k online but told me I had to apply 'properly' or somesuch.

I paid $10k off the card yesterday, and today my limit is $20k. Will be booking the sale fare once I've activated the Commbank ultimate insurance so will update if the fares don't go through.

 

[MaureenV]

Regarding the bonus points. We opted for QF upfront as the bonus was better even with the (then) $30. A bit between a rock and a hard place, as I didn't want the bonus points to hit the QFF account until the new memership year (permanent bronze, so QC & QCP are valuable to us) but also didn't want to not hit the $2500 spend. Had about five days between end of membership month and end of bank statement month. Hit the required spend a few days before the end of the statement month AND that also got us to the spend for the bonus points.

The bonus points landed on the first day of the new statement month, and got transferred to QFF on the last day of the statement. When they first hit might have been coincidental given we'd only reached the spend less than a week before, but they def didn't transfer to QF until the end of the next statement.

ETA: if you opt in to QFF points, they automatically go to Qantas at the end of each statement period. I moved ours to Award points before the anniversary of the fee, as I want to focus more on Velocity.

 

[NM]

I assume this card will be like the Ultimate card in that they both use the same "Awards" site. In which you can transfer to your airline of choice anytime with whatever points you have, which would be minimal until you get your bonus points.

The way I read your note was that you imply that if you opt into QFF, they automatically go there. Whilst I haven't opted in to QFF (I transfer to VFF), it is a manual process whenever you want.

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.

 

[RooFlyer]

@RooFlyer how did you go with your personal banker?

No good. Couldn't/didn't want to open up an approval path beyond the standard, which is a bit annoying, although I'm really only a micro business customer these days!!

 

[exceladdict]

Regarding the bonus points. We opted for QF upfront as the bonus was better even with the (then) $30. A bit between a rock and a hard place, as I didn't want the bonus points to hit the QFF account until the new memership year (permanent bronze, so QC & QCP are valuable to us) but also didn't want to not hit the $2500 spend. Had about five days between end of membership month and end of bank statement month. Hit the required spend a few days before the end of the statement month AND that also got us to the spend for the bonus points.

The bonus points landed on the first day of the new statement month, and got transferred to QFF on the last day of the statement. When they first hit might have been coincidental given we'd only reached the spend less than a week before, but they def didn't transfer to QF until the end of the next statement.

ETA: if you opt in to QFF points, they automatically go to Qantas at the end of each statement period. I moved ours to Award points before the anniversary of the fee, as I want to focus more on Velocity.

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.

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.

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.

No good. Couldn't/didn't want to open up an approval path beyond the standard, which is a bit annoying, although I'm really only a micro business customer these days!!

Sorry to hear that!