CommBank - Ultimate Credit Card

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 pay no monthly fee.
• Access to interest free days on purchases.
• Access to different insurance options.
• 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.

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.