What do you use your CBA points for?

[Mal]

Apart from direct sweep to Qantas, I'm curious what redemptions you do from your Commbank Awards account.

So please tell! I always have issues working out what to do with my points (circa 10-15K per year as I push major spending to Amex)

 

[Moopere]

Apart from direct sweep to Qantas, I'm curious what redemptions you do from your Commbank Awards account.

So please tell! I always have issues working out what to do with my points (circa 10-15K per year as I push major spending to Amex)

I can't think of anything. The only thing I've spent points on with this card has been the renewal cost. 17,200 a year, what a waste. Now that I've learned some things from being on this site thats about equivalent to $500 a year to me (!!!!!). Absolutely no value in that.

Its a cough performing card in my view, though its insurance cover is medium to good. I've been watching for ages and now have 100Kish in my account and no-where for it to go. I'll probably end up transferring all my CBA points to Velocity at 2:1 (yuck!) when DJ finally gets a decent service offering ... this year hopefully. After that I'll cancel the card.

In the meantime I want to find a replacement gold/plat card with as good or better complimentary insurance.

Sorry couldn't be of more help. Mostly the CBA redemptions site offers you points burn at 0.5c / point or less. Even their travel partners only offer this horrible conversion rate. I've stopped spending on this card and have transferred transactions to better earning cards like the Woolies EDR Mastercard.

 

[Indrodar]

Hi,

Note that I work for CBA but I'm posting unofficially (which means any opinions I express are my own and not the bank's).

The Qantas Direct option is Qantas sweep or nothing, with a $10 charge p.a.

If you don't go Qantas then you have lots more choice, but no Qantas option (and no $10 charge).

The options include:
- Use your Commonwealth Awards points at Flightcentre (at their stores, online or by calling them), or for Flightcentre giftcards. If you don't have enough points you can top them up with payments to your credit card.
- Velocity awards points (with the same rates as for QFF), but no need to sweep
- Air New Zealand Air Points
- Cashback on your card
- A CBA prepaid MasterCard giftcard
- Other giftcards (i.e. DJ's, iTunes, Caltex, Coles, Cellarmasters, etc. etc.)
- Electrical equipment, including toasters, TV's, Wii, iPods, etc
- Hoyts cinema tickets
- And lots more, especially merchandise (I got bored looking it all up)

I'd advise you log on to Netbank, go to Account Information for your card, and then click on the "Visit Awards Site" link to explore the Commonwealth Awards website and redemption options (& relative cost/value) you'll find there. It's not very easy to find, but is worth it.

Good luck!

 

[Mal]

If you don't go Qantas then you have lots more choice, but no Qantas option (and no $10 charge).

Thanks (and welcome!)

It's not so much finding out what to use points on, but rather working out what are the better (most bang per point) redemptions available.

The CBA scheme isn't one of the better ones in the market (unfortunately). Yeah, it's fine if you want a toaster or kettle, but for high spending frequent travellers it is pretty lacking IMHO.

 

[wxxnxs]

The only item from CBA awards which I can see might be prepaid master gift card, you can use that card to buy whatever you want, but the redeem ratio is not that good. The other gift cards options are useless, they don't have a lot of popular stores cards, for example they have DJ but no myer.

 

[anat0l]

The CBA scheme isn't one of the better ones in the market (unfortunately). Yeah, it's fine if you want a toaster or kettle, but for high spending frequent travellers it is pretty lacking IMHO.

Bottom line is there aren't any good alternatives out there from the banks for Visa or MC, at least in terms of rewards cards.

I only keep my CBA Standard Awards Visa because I need a non-Amex card, it offers some sort of rewards and, as a university student, I get my card free of charge.

Once they start charging me for the card (admittedly a small amount compared to my Amex Platinum Reserve), I'd like to switch to something more favourable that is also Visa or MC but I have no idea where to turn to.

Saving up points for goods in any kind of rewards program is really for chumps. You're better off paying for that toaster in cash and using the points for something more useful, unless you are awash with points, are in a pinch or have absolutely no other reason to use points.

Only other notable uses of points are through CBA Travel, where it's similar to Amex TravelKey at 1c per point (IIRC!) - poor value, but useful in a pinch; the other alternative as mentioned is gift cards - not great value, especially in the CBA program (unless you are a Platinum). Still, I'd rather use it those ways than save up for a toaster or coffee machine.

 

[Moopere]

Bottom line is there aren't any good alternatives out there from the banks for Visa or MC, at least in terms of rewards cards.

The Woolies/HSBC card is the obvious answer here. Its a Mastercard and earns 1:1. $89/year and credit limits are as big or small as you'd like.

Just be aware that it comes with no added extras like insurance. So far as I can tell, they are calling it a "Platinum" card only because it comes with a concierge service (whee!!) and the credit limits can be very very large if you so wish.

I only keep my CBA Standard Awards Visa because I need a non-Amex card, it offers some sort of rewards and, as a university student, I get my card free of charge.

Hard to beat free I admit, but the bar is set very low with the EDRCC, I'm sure you'd be fine if you applied. At the moment you'll get 12,500 points to help you in swallowing the 89$ per annum fee (0.72c/point).

Saving up points for goods in any kind of rewards program is really for chumps. You're better off paying for that toaster in cash and using the points for something more useful, unless you are awash with points, are in a pinch or have absolutely no other reason to use points.

Yep, redemption is horrible. 0.5c / point generally. Really bad.

Only other notable uses of points are through CBA Travel, where it's similar to Amex TravelKey at 1c per point (IIRC!) - poor value, but useful in a pinch

I have not checked for a few months now but last time I looked the CBA travel agent redemptions were only a touch above 0.5c/ point in value. Not enough difference to even bother pulling out the calculator.

the other alternative as mentioned is gift cards - not great value, especially in the CBA program (unless you are a Platinum). Still, I'd rather use it those ways than save up for a toaster or coffee machine.

0.5c/point value or even less.

I'm going to transfer all mine to Velocity at 2:1 (yuk!) and hope to claw back a bit of value via their upcoming J product. Mind you, its probably a vain hope. Unlike QF, DJ's Velocity points value appears to me to be a _very_ stable 0.7c / point.

 

[NM]

The options include:
- Use your Commonwealth Awards points at Flightcentre (at their stores, online or by calling them), or for Flightcentre giftcards. If you don't have enough points you can top them up with payments to your credit card.
- Velocity awards points (with the same rates as for QFF), but no need to sweep
- Air New Zealand Air Points
- Cashback on your card
- A CBA prepaid MasterCard giftcard
- Other giftcards (i.e. DJ's, iTunes, Caltex, Coles, Cellarmasters, etc. etc.)
- Electrical equipment, including toasters, TV's, Wii, iPods, etc
- Hoyts cinema tickets
- And lots more, especially merchandise (I got bored looking it all up)

The best "value" option I have found is the $500 pre-paid Mastercard. Its generally less points than $500 worth of other gift card or spending options and can be used for almost anything you want to spend it on, including flights, accommodation, a night out on the town, a special gift or tools for the shed.

 

[docjames]

I have to say I greatly resent the $10 charge to "sweep" to Qantas. It's nickel-and-dime stuff that I have so much business with CBA it should be waived.

The awards redemption through my CBA Gold MC are such poor value I avoid using the card unless Amex is not accepted (and then tend to stop using that merchant and find one who accepts Amex - obviously there are exceptions where there is no/few competitor/s in the market)

The linked Amex to the Gold MC is better points wise, but the redeem rate is again so poor, and points earn capped, I'm better with the Plat Amex (direct from Amex).

The inability to bpay with the linked amex is also dumb (why cant I pay by bpay within netbank using the amex card?).

Frankly, I've come close to cancelling the card - it's fee free however so I hang on to it. That doesnt say much for the card or program when the only reason you keep it is it's free. If I found a fee-free MC with even fractionally better rewards, i'd move.

Eventually, I tend to redeem for gift cards, as it's cheaper to redeem a gift card than it is to use the points directly for merchandise. ie. buy a TV at DJs = $1000. Redeem DJs vouchers worth $1000 = 156000pts. Redeem TV = 227000pts.

 

[Mal]

The best "value" option I have found is the $500 pre-paid Mastercard. Its generally less points than $500 worth of other gift card or spending options and can be used for almost anything you want to spend it on, including flights, accommodation, a night out on the town, a special gift or tools for the shed.

Thanks NM...

Yeah, I do agree. The Mastercard series of rewards does look pretty good value. I know the $500 one is 82.8K points, which some people don't have in their accounts, but even the lower value ones ($100/$200 and even $50) do represent value compared to some other awards.

 

[Warks]

I've got a mass of them and do nothing with them. Used to convert them to QFF points every now and again when they offered bonus rates. Of course that's all gone now.
Have redeemed for Myer vouchers when short of winter clothing and cash! Yes the 'stuff' in the catalogue is never worth it. Over-valued to billy-o.

What I used points for some years ago was for hotel rooms when they used to offer special rates. It was good for a short break - QFF points for the flights, card points for the hotel. Cheap weekend.

I used to bank with the CBA so was set up with Netbank. A few years ago I closed my bank accounts but kept the card which I upgraded to Gold for an overseas trip in 2009. I lost access to Netbank. Just then I tried to re-access it using the "lost my client number" method and it asked for my card number and then my PIN. I don't care how secure a site is I'll never put those two bits of information into the computer together.
Might have to do it over the phone.

 

[Jurahn]

I think the pre-paid Mastercard is probably the best option as well, although now I'm a Velocity member, I'm thinking about (maybe) transferring points across although of course it's a 2:1 ratio so not too happy about that . Still, much the same as the other FF programs I suppose.

 

[Moopere]

Bah! I finally took the plunge and asked CBA for their paired Amex and now pay them an extra $10 a year for direct to QFF swipe.

I only really did this for two reasons: I got caught out when not paying attention and another year has passed meaning that I already paid the annual fee; the card travel insurance is not terrible and I've not managed to score a better card for that (yet). The Amex at least earns 1:1 QFF.

The 100K points sitting in CBA Awards will eventually find their way to Velocity, when theres a special, but thats hardly inspiring as you say; 2:1 and Velocity points seem to only be worth about 0.7c no matter how hard I try to stretch them.