I had accounts with the Commonwealth Bank since the Dollarmites program in 1993. Last year I closed all of my savings accounts and left only my credit card with the bank. Today I closed my credit card as well. I wanted to close my accounts since last year, but I didn't find a good substitute product until now.
This week I got approved for a Bankwest Zero Platinum Mastercard, which happens to still be owned by the Commmonwealth Bank, but for some reason the features of this card was superior to the ones offered by the Commonwealth Bank, and has no annual fee. Australian Banks are weird.
My annual fee was $59 before, which wasn't a huge amount of money for a credit card with a basic awards program, but I calculated that I was still losing money despite running most of my expenses on the credit card.
When AMEX was offered as an auxillary credit card, I could earn 3:1 points for every dollar, which I easily covered the annual fee with points. But now that the AMEX card is abolished, the ratio became 1:1.
I don't spend enough to cover the annual fee, let alone the occasional gift cards or cashback. I'm fairly strict with my finances anyway. The other problem was that most of my international purchases I had been running them through my Macquarie Debit Mastercard, which had any foreign transaction fees waived.
I buy a fair amount of games online, and they all incur that 2-3% foreign transaction fee if I ran those transactions through Commonwealth Bank's Mastercard. So without a good reason to keep the credit card, I ditched it today. If only I knew that I could close the credit card directly from the bank's app, then I wouldn't have queued at Windsor Commonwealth Bank branch like a boomer.