Hi Guys,
Anyone heard of the new Range of Credit Cards available at Commonwealth Bank….
They just come out and released a Platinum Card, and with the rewards and wealth package, there is better products and access to more services and lesser fees…
does anyone know anymore information???
oh and the other thing too is, the minimum limit is $12k
Cheers,
sisHi SIS. Sound like the same-ish deal repackaged. Platinum cards are passe in the UK in the way that gold cards are here now.
I’m with CBA (my loans with Colonial) and have some package where I don’t pay fees on loans, savings account, gold credit card etc. The min limit is $7.5K.
Obviously I think it’s a good deal (as I took them up on it). For me the biggest carrot was the savings on all the other accounts plus the discounts on std variable that you get with the package. You just needed to have a min loan value.
Hi Rubbachook,
i agree, i just upgraded to the platinum card now, and the benefits are much more greater, if you do get a chance, definetly check into it, the rewards and wealth package are much better than the orginal wealth package with the gold card.
Cheers,
sisMinimum limit 12k sis? Be careful [
]kay henry
dont worry Kay, im not a big spender, its reward system and wealth package, is not a miss to go buy, but all the benefits and incentives are diffently there.
just one example is, for every $1 you spend = 2 fly buy points, where as flybuys would only equal 1 point for every $5 spent, and then with the interest rate discount, much lower than what im getting now, but there are big benefits for the card. [:o)]
Cheers,
sisWhat I see as the downside of a 12k credit card limit is not my ability to run up the debt because I pay off my credit card each month but the impact it will have on my serviceability.
Frequently banks treat the credit card like a LOC and assess it as fully drawn whether it is or not.
I have recently been reducing my credit card limits for this reason.
Cheers,
Shushar“All our dreams can come true, if we have the courage to pursue them.” – Walt Disney
It seems an average package and devalues the overall Platinum Card concept. 12k is a fairly low minimum limit – I had a gold Golf Card via CBA that had a minimum of 15k. The value provided over and above the gold is not great – more than double the annual fee and gold interest rate is 16.8% and Platinum 18.8% – huh? How does that work out as a benefit?
Hi Anubis,
platinum card offers, 2 points for every dollar spent, but if you do have wealth package, with CBA, the product benefits and interest rate discount is further greater again, than the gold, but were there is always a nice incentive, there is also a catch. the other real benefits, though this will depend on the individual is their exclusive travel benefits that they offer.
but overall, in the wealth package, plus double points and travel benefits, it does have its benefits for particular individual…
Cheers,
sisHey SIS,
What’s the minimum income level you need before you qualify for the CBA plat? That’s usually a good indicator of whether it’s a marketing thing or whether it’s a “true” plat. If it’s a marketing thing, the service levels, and maybe even the benefits, will probably drop off in a few years time, when lots of people switch from gold to plat.
E
DIY Residential Property Settlements in WA – the book coming soon! When I can get my act together…
Hi Elysium-M,
not exactly sure, what the minimal income is, but with the Gold Card, it is $40knnual income. but with also with the Gold card, your limits can vary, but if your credit card limit is larger than $12k, its actually better to just upgrade to the platinum card, if its suits your individual needs.
Cheers,
sisNormal Platinum is 100k+, but CBA is saying it’s a platinum for the people so may be much lower than that.
Hi Guys,
something intersting and to know before applying for the platinum card, if you do have wealth package. Platinum Card, will not go with the normal wealth package product they have available. If you do decide to change your card to Platinum and you have the Standard Wealth Package, you will lose it.
So for the temporary moment, ive got my platinum card application on hold, but first of all, i have to upgrade my Wealth Package to the Wealth Package plus, then can go back to my platinum credit card application and let the processing resume.
If any of you are about to apply and do have wealth package, make sure you upgrade your wealth package to wealth package plus before hand.
Cheers,
sisI used to have a 15k limit on my card (if I remember correctly), but halved that because it was looking really bad on my investment property loan applications. That was a long time ago, but I don’t miss the higher limit at all.
I’m quite happy with a lower limit – keeps me away from impulse spending.
E
DIY Residential Property Settlements in WA – the book coming soon! When I can get my act together…
You can get those credit limits on a normal card. Getting a platinum card is about what other benefits you get for the extra fee it costs. Personally I’ve never taken them up because the return on the benefits that I would use just hasn’t been worth it. Its just a basic attempt to get you to pay a higher fee for extra benefits that you’ll probably never use anyway.
Kim
Hi Liddelk,
it really does depend on the individual, for some people ive been talking to and myself, it really does weigh up very benefically due to its new Wealth Package Plus, but really truly does depend on the individual, but for those who do have Wealth Package, when you compare it against Wealth Package Plus, the benefits are so much greater, you cant say no to such a package.
Cheers,
sisSIS,
Can you give a quick run-down on the wealth package please?
Nick
Hi Anubis,
cba has a product called “Wealth Package” what this package allows you to do is, have discount on interest rate, either it be fixed or variable, allows no fees to be charged and other nice incentives, also it allows you, a minimal gold card credit limit of $10k, but to be eligible for the gold card, you have to have a certain debt level, like owe the bank alot of money, not like $200k or less.
…but i will admit this wealth package service is very good, and all the benefits and pluses are excellent, though it does come at a price of $300 a year, and your debt must still remain above $200k.
Cheers,
sisLovely sis,
You are young[:o)], handsome[:o)] and rich[:o)], ( surely smart[:o)][:o)][:o)] as we How many girl frieds you have now?[:p]Cheers
Julain []THERE IS ALWAYS A BETTER WAY!
Hi SIS,
I already get this deal from CBA but don’t have to pay the $300.
[
] for me!Hey Julian,
lol… nah not me, im always busy, i havent had a gf for almost a year now [
], everytime i try to make time, theres always something else that gets in the way, maybe in a few months time, hopefully when things are less busier and quiter… ill be on the search… [:o)]Cheers,
sis
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