Hi,
Just getting through some paperwork and I have noted that the CBA is making some substantial changes to its credit cards.
First, it is changing the redemption rate for CBA rewards points to Qantas Frequent Flyer Points. From 1 July 2004 the rate changes!
As such, it would be sensible to transfer as many points as possible across prior to 1/7/04 to avoid them being watered down later on.
Furthermore, for all bar the platinum card holders, there will now be capping on the number of CBA rewards points you can accumulate in any 12 month period.
Second, while the RBA benchmark rate may have gone up .5% last year, interest on CBA credit cards will rise a full 1% to a base of 17.65% from 1 July 2004 too.
Just thought you should know so you can be proactive rather than reactive with managing your finances.
Cheers,
Steve McKnight
**********
Remember that success comes from doing things differently.
**********Steve McKnight | PropertyInvesting.com Pty Ltd | CEO
https://www.propertyinvesting.comSuccess comes from doing things differently
Hi Steve
Just thought that I would add to your comment on the CBA, the westpac is also cutting down on the number of points earned for every dollar as from 1st July you will only earn 1 point for every 2 dollars spent, and they are going to increase the annual charge for having the credit card.
So less points at more cost, time to look elsewhere.
Thanks MartineI’m in the middle of reading John R. Burley’s excellent book – “Money Secrets of the Rich”.
The two websites he recommends for credit card comparison are:
Infochoice – http://www.infochoice.com.au/banking/default.asp
http://moneyfinder.ninemsn.com.au/
Cheers,
Shushar“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
Yeah, not happy Steve.
That is only a small portion of the changes they are bringing in. Professionals packages have been done away with, and replaced with a more expensive
Wealth Package Plus. This enables you to get up to .7% off the SVR but only if you have $1m of debt with CBA.I have the paperwork here and the changes seem to be just another way of forcing people to either drop their current ‘package’ or spend more to get access to a new package.
Since we work off our credit card month in month out, we accumulate plenty of points. They will now be worth .75:1 instead of 1:1.
‘Eat rich food, barbeque a yuppie’ [greedy]
What’s happened to the banks – where are the days of old where they were here for the people and not for the people’s money… It’s sad…
“If You never never ask, you’ll never never know”
Steve McKnight
I sent you an urgent email tonight.
Unfortunately it finished up at [email protected] and, as you are aware, that email will not be read under your present system.
If you aren’t able to recover this particular email would you please contact me to supply me with a different email address so that I can resend this urgent email.
In any event, please let me know whether you have been able to recover it.
Regards,
Pisces
Hey Pisces,
im not Steve but maybe I can help – just send me that urgent email and i’ll see what I can do………….hehehehehehehe…………….[biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin][biggrin]
“If You never never ask, you’ll never never know”
ANZ Qantas VISA watered down their points about 6 months ago.
Hi George,
You said : “im not Steve but maybe I can help – just send me that urgent email and i’ll see what I can do………….hehehehehehehe…………….”
I can hardly do that now can I considering the fact that my complaint was about you. [cowboy2]
Pisces
Pisces- why were you sending an “urgent” email to complain to Steve about geo? I assume you’ve expressed your concerns to geo yourself before sending a formal complaint about him. Geo is always happy to receive any comments. He’s a nice guy- not sure what could have been so “urgent”.
kay henry
For heavens sake Kay, I was joking just as George was.
Pisces
Purplekiss
You are quite correct. ANZ tried to offer a Diners Card on the so called equitable trade off. The bottom line is we now need more than double the expenditure (roughly) to earn the 30,000 points that got at least an inerstate return fare from up here in the NT.Regards
“Do not follow where the path may lead. Go instead where there is no path and leave a trail” Ralph Waldo Emerson
Yep I got stuck with ANZ’s friendly letter telling us what they were doing too…
I must say that I wasnt happy at all. Its 1 point per dollar up to $2500 per month then 1 point for every $2 after that but is capped at 5000 bucks a month!
Grrrr
LOL, well, I ditched them and went elsewhere. Wrote a letter explaining that I was unhappy as their fees had increased (by nearly double) in one year and then 12 months later their reward program decreased and as for there idea of having two cards, told them that was crazy. They didn’t even bother to reply. That’s customer service nowadays.[thumbsdownanim
I am with you PK. In the end its the only way to deal with the situation. I had an ANZ visa card was racking up 150,000+ points pa the received the 5k per month letter haven’t used it since.
Citibank just sent similar letter advicing me I had exceeded my max points for the year (by 20k) and will not receive anymore points until August my anivesary date.
Am now applying for CBA platimum just to ensure I can get 1:1 points.
Cheers
Originally posted by PurpleKiss:LOL, well, I ditched them and went elsewhere. Wrote a letter explaining that I was unhappy as their fees had increased (by nearly double) in one year and then 12 months later their reward program decreased and as for there idea of having two cards, told them that was crazy. They didn’t even bother to reply. That’s customer service nowadays.[thumbsdownanim
[biggrin][biggrin]
Hey Kay and Pisces,
I [heart] you both and I think you are both [angel]
God Bless…
CheersKind Regards,
George“If You never never ask, you’ll never never know”
Well that’s very nice of you to say that George.
I actually phoned Kay and drew her attention to your post and said to her that we probably can get a free dinner out of you.
She, being the smart girl she is, replied that, as you live in Victoria, she thought that there was very little likelyhood you would throw in a free Virgin flight as well. (?)
Regards,
Pisces
Actually Pisces,
Oh well – Kay is of very little faith…If she believes, I will buy her dinner and remind me when im a millionaire, I will throw in two virgin flights for you both and claim it on TAX[biggrin][biggrin][biggrin]…
I think we should hire out the MCG or Rod Laver Arena and all of us should just catch up and have a good laugh – life’s too short to be[glum]…
take care you both and God Bless.
Kind Regards,
George.“If You never never ask, you’ll never never know”
I chopped my CBA Visa card.
I chopped diners too, the reason some time ago, I lost quite a few points when Ansett went down the tubes and diners also did a restructure of its points from 1.5 to 1 per dollar spent. A while back they also increased their annual fee! Ouch was that high.
My amex, well its about to go under the knife. The products offered for points is dismal to say the least. Like 13500 points to get a Lord of the Rings board game, thats $13,500 worth of money! hey not to mention an annual fee!
I went to vigrin credit cards when they had the introductory fee, trouble was transfering over, the max was $2000, until the 6 month period was up! At 4.99%
They also offered reward partners and the lowest interest rate fee on their card, IT HAS GONE UP., though i dont think they changed their annual fee, they said that was for life $0.
” a blind man may see what a sighted man may not”
Pisces,
Your phone calls to me to arrange dinners and flights to meet forum members – yes, interesting… you sure do have a rich inner world, Pisces.
kay henry
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