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