This GE Money eco MasterCard is quite vague when it comes to getting all the little details and interest rates.

Instead it prefers to hide behind the main selling point of the card which is a charity-based credit card rewards program that focuses on offsetting carbon emissions and ‘creating a healthier planet’.

While this is a worthwhile and important cause to get behind, they would do well to make the details of the card clearer and easier to find, as we would predict that the people who are concerned enough about their carbon emissions to get this card would be unlikely to be too worried about the cost.

The good news is that we can give you the details without any fuss.

The purchase rate for this card and the cash advance rate. Balance transfers are available at a very low for the first 6 months, after which it increases. You also get up to 55 days interest free (which only apply if you pay your monthly balance in full).

Now for the rewards program…

GE Money has obviously cottoned on to the issues of today’s society and realized that more and more people are becoming concerned about the environment, so would be willing to forfeit material rewards for something that is more beneficial in the long-run.

So, they now offer a rewards program where on Earth Day (April 22nd) each year, GE Money uses 1% of your credit card expenses to purchase carbon offsets on your behalf from the Origin Energy Carbon Reduction Scheme. This reduces greenhouse gas emissions and in turn reduces your carbon footprint.

For example, if you spend $200 on the GE Money eco MasterCard, your rewards will offset 500km’s of car travel. Spending $700 on the credit card per month (for a year) you’ll offset the carbon emissions produced from the household energy consumption and card usage of one average Australian.

Alternatively, you can choose to allocate half of the 1% to carbon offset rewards and take the other half as a cash back reward which would be credited back to your monthly statement annually (after Earth Day).

If you are looking for a card that saves you money then this is most definitely not for you. The annual fee of this card is relatively inexpensive for a rewards card; however the interest rates are quite high. But in terms of rewards programs, it is a very valuable card where rewards are accumulated much quicker and are a lot more valuable than most.

See our top credit card picks in the Editor’s Choice category

FEATURES SUMMARY

 

 

• Annual fee: Low annual fee
• Purchase rate: Low p.a. purchase rate
• Cash Advance rate: Low p.a. cash advance rate
• Balance Transfer rate: Low p.a. balance transfer rate
• Interest-free days: Up to 55 days
• Extras:
  • Cash back

• Airfare Deals
• Extended Warranty
• Purchase Security
• MasterCard Moments
• MasterCard Applause
• Transit Accident Insurance
• Platinum 24/7 Concierge Service

For a platinum credit card this one from Commonwealth is pretty standard in most areas, but it does have a wide range of features in order to cater well for a wider range of people.

It comes with all the same benefits as the gold card but with longer time periods and greater values (International travel insurance for trips up to 12 months, extended warranty for up to a year longer than the manufacturer’s warranty, purchase security for up to 90 days and transit accident insurance), plus a few other features just to set it apart.

The card’s annual fee, but if you happen to be applying for (or already have) a Commonwealth Bank home loan or bank account then the annual fee of your credit card will be waived. Or, if you are an existing Commonwealth credit card customer then (depending on which credit card you have) your annual fee will be either waived or reduced.

Bank account or home loan – Annual fee is waived
Awards Card – Annual fee is reduced
Gold Card – Annual fee is reduced
Platinum Card – Annual fee is reduced
Low Rate – Annual fee is reduced
Low Rate Gold – Annual fee is reduced
Low Fee – Waived when you spend $1000 or more per year on your credit card
Low Fee Gold – Waived when you spend $10,000 or more per year on your credit card

This includes a 24/7 platinum concierge service*, a comprehensive annual summary* (which will help at tax time) and a guaranteed pricing scheme*, so if you a find a product you’ve bought for a cheaper price (in print) than what you paid, Commonwealth will pay you the difference.

And now for the Awards program – with every dollar you spend on your Commonwealth platinum card you’ll get one Awards point. You can also get extra points by using the Commonwealth Travel Plus service, or by shopping at selected Bonus Partners.

These points can be redeemed for all sorts of goodies including cash back (which is credited back to your account), entertainment, shopping, merchandise and also travel. You can choose to have your awards points converted to frequent flyer points for your choice of Virgin Blue or Qantas airlines (you must be a member of your airline of choice’s frequent flyer program). Also, if you happen to be flying business or first class on a flight you’ve bought with your platinum credit card with Air Tahiti Nui, Japan Airlines or Air Pacific you’ll be eligible for companion airfare deals.

While this is probably a good deal, we thought there might be some kind of other benefit to really set it apart from the Gold and standard credit cards (not to mention other platinum rewards credit cards). But for an annual fee we still think it’s a really good deal, which is why it takes out the #3 spot in the Platinum credit card category and #2 in the Frequent Flyer credit card category. Adding to this cards prestige (in our eyes) is the fact that we also named it the #3 place getter in the Editor’s Choice – Rewards Credit Cards category.

The interest rate offered is more reasonable on the platinum credit card than on its lower value counterparts with the same rate, at * on purchases and p.a.* on cash advances, along with up to 55 days interest free*. If you have a credit card balance that you need to transfer to a lower interest rate then you can transfer it onto this card  for the first 5 months. After this time any balance remaining from your transfer will be charged * interest.

But to sum up, the Commonwealth Platinum credit card definitely holds its own in the platinum credit card market with its variety of features and it’s standard pricing. It would be ideal for those who fly regularly with Virgin or Qantas and plan on using their rewards credit card regularly for retail payments each month.

See all our top picks in the Editors Choice category

FEATURES SUMMARY

 

 

• Annual fee: Low annual fee
• Purchase rate: Low p.a. purchase rate
• Cash Advance rate: Low p.a. cash advance rate
• Balance Transfer rate: Low p.a. blance transfer rate
• Interest-free days: Up to 55 days
• Extras:
  • Phone/Internet banking

• Cash back
• Travel Plus
• Gold Awards
• MasterCard Moments
• Extended Warranty
• Purchase protection
• International Travel insurance
• Commission-free travelers cheques

The Commonwealth Gold credit card is the next step up from the Commonwealth Awards credit card. As the name suggests, the card is based purely around the awards program. But with the Gold credit card you get so much more.

With the inclusion of insurance and travel benefits you’re pretty much covered for anything. The Gold card gets you international commission-free travelers cheques, travel insurance for you and your immediate family (partner and children) for up to three months worth of travel, purchase security and extended warranties (over and above the standard warranty from the manufacturer) to name just a few.

What is impressive about these insurance benefits is that quite a few features are included in the standard benefits which at some banks are usually reserved for platinum cards. This includes such features as rental vehicle excess and travel delay cover.

In terms of benefits, with the current pricing for this credit card’s annual fee (see below), the Commonwealth Gold credit card is pretty well priced (especially when you compare it to the standard Awards credit card). That card gets you access to just the Commonwealth awards program. Then you get an upgrade to a Gold awards program and international travel benefits.

So when you think about it, you’re getting the majority of the international travel insurance benefits that you may need while travelling for less than $60. If you were to go to an insurance company you’d be lucky to find anything as cheap as this for just the travel insurance!

Like the rest of Commonwealth’s rewards credit cards, interest on purchases is p.a. and cash advances accumulate p.a. interest. Balance transfers  interest for the first 5 months, after which it increases to p.a.

You’ll also get 1 point for every $1 spent with the gold card with the ability to redeem your points for cash back (credited to your account), frequent flyer points with Qantas or Virgin Blue, entertainment, shopping and a wide range of other merchandise from Commonwealth’s bonus partners.

In short, if you can pay off your bill each month then this card is great value for money. Commonwealth has stepped up to the plate and created a very competitive Gold credit card with rewards and benefits that would suit a wide range of people, from regular travelers to holidaying families. So it is clear to see why it takes out the #3 spot in the Editor’s Choice Gold Credit Cards category.

Current Annual Fee Pricing Scheme:

The card’s annual fee, but if you happen to be applying for (or already have) a Commonwealth Bank home loan or bank account then the annual fee of your credit card will be waived. Or, if you are an existing Commonwealth credit card customer then (depending on which credit card you have) your annual fee will be either waived or reduced.

Bank account or home loan – Annual fee is waived
Awards Card – Annual fee is reduced
Gold Card – Annual fee is reduced
Platinum Card – Annual fee is reduced
Low Rate – Annual fee is reduced
Low Rate Gold – Annual fee is reduced
Low Fee – Waived when you spend $1000 or more per year on your credit card
Low Fee Gold – Waived when you spend $10,000 or more per year on your credit card

See our top credit card picks in the Editor’s Choice category