CommBank - Ultimate Awards credit card
Qantas Reward Points
This credit card from CommBank has a $420 annual fee, and up to 44 days interest-free on purchases. It has a cash advance interest rate of 21.99% p.a. and a purchase interest rate of 20.99% p.a.. There is a minimum credit limit of $6,000.
Annual Fee
Cash Advance Rate
Purchase Rate
Rewards Rate One
Details
Fees
Rates
Overseas Spending
Eligibility
Rewards
Reward Rates
Perks
Who is the product designed for?
These customers are likely to have the following objectives, needs, financial situation and must meet the eligibility criteria for this product:
Objectives and Needs
- Require a revolving credit facility with a convenient way to make payments and access cash by using the card attached to the facility.
- Ability to earn awards points when spending on their card
- Ability to pay no monthly fee
- Access to interest free days on purchases
- Access to different insurance options and extended warranty
- Does not want to incur international transaction fees
- Access to spend and security controls
Financial Situation
The financial situation of the target market are customers that:
- meet CBA’s credit assessment criteria which includes demonstrating the capacity to service the credit facility without substantial hardship
- Choose a credit limit typically above $6,000
- will pay a higher interest rate
- will pay a higher monthly fee (if criteria is not met for the fee waiver).
CBA views that its processes in place, including assessing the customer’s ability to service the credit facility, will mean that the product will likely be consistent with the financial situation of the Target Market.
Eligibility Criteria
To hold this product, customers will need to satisfy certain eligibility criteria, including that customers must:
- be individuals aged 18 years or older
- have an Australian residential address
- meet CBA’s credit assessment criteria which includes demonstrating the capacity to service the credit facility without substantial hardship.
