FEATURES SUMMARY

• Annual fee: $114/$144
• Purchase rate:
• Cash Advance rate:
• Balance Transfer rate: 5.99% p.a. first 5 months (21.49% p.a.)
• Interest-free days: Up to 55 days
• Extras:
  • Apply online
  • 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 for $89. Then for another $55 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 are charged 5.99% p.a. 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 is $144, 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 (to $114).

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

The Bendigo Gold credit card is a bit of a trick. It appears to have the characteristics of regular Gold credit cards, but really it’s just the Bendigo Red credit card in disguise!

The annual fee on the Gold credit card is almost double that of the Red credit card at $85. But what do you get for that $85? Well, the interest rate is a little more reasonable on a Gold credit card at 18.99% p.a. for both cash advances and purchases, along with up to 55 days interest free on purchases, which is a nice change.

Rewards points have a marginally better earn rate at 1.5 points per dollar spent, but the reward redemption rate is of course exactly the same. So to get a $100 reward you need to spend just under $24,500 which is still a truck load of money for that kind of reward value.

Rewards available under the Bendigo Rewards program include gift vouchers, discounts, movie tickets, cash back, magazine subscriptions, travel and accommodation. Speaking of travel, this credit card does actually offer two benefits for Gold credit card holders who are planning on travelling – commission-free traveler’s cheques and travel assistance.

Travel assistance at Bendigo gets you emergency ticket replacement, legal and medical assistance, lost luggage assistance, and emergency transport assistance. This is available for you, your spouse and any dependent children under the age of 22 when they are travelling with you. While it’s good to see on the Gold credit card it’s not up to the standard of other gold credit cards, so is no reason to be singing from the roof tops, that’s for sure.

If after all that you’re still hell-bent on getting a Bendigo credit card then we think the Basic Black is probably your best bet in terms of price. Otherwise we’d recommend looking to another bank, plain and simple.

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

If you don’t know much about credit cards you could be easily fooled by a card like HSBC’s American Express Gold. The website talks so much about how much ‘freedom’ and ‘choice’ you’ll have when you get this credit card, but when it comes down to it, it’s just way too expensive for what you actually get.

Initially, a $70 annual fee seems cheap for an American Express credit card with rewards, especially with it being waived in the first year (and every year after in which you spend $9,500 or more). But this is not the only fee you’ll have to pay each year.

Balance transfers are available, but at what HSBC calls a ‘special low rate’ of 8.99% p.a. To make matters worse, this rate is only for the first six months, after which it increases to 20.99% p.a. Saying it’s laughable is putting it nicely!

Interest is charged at 19.99% p.a. on purchases and 20.99% p.a. on cash advances. This would be considered just a tad high on any other card with a rewards program. However this card’s rewards program is a little different to the rest (and not in a good way!).

Unfortunately membership with the HSBC American Express Gold’s rewards program is not free. But when you do join you get the choice of two different credit card rewards options – Choices and Ascent. With the Choices option you get can redeem your points for gifts, vouchers, and great discounts and special offers when you book your travel through Travelscene American Express. This program has a membership fee of $40 per year. The Ascent rewards program however, is a little different.

As well as all the features of the Choices program, people who join the Ascent program will also be able to redeem Ascent points for Frequent Flyer points with American Express’ frequent flyer partner programs. This program is double the price of the Choices program at $80 per year. Both options earn you one point for every dollar spent and every 10,000 points earned gets you $100 to redeem on the reward of your choice. Therefore, while we can say that the earn rate is ok, the cost of redeeming your points is quite high.

So no matter which way you look at it, HSBC’s American Express Gold credit card is overpriced. With the annual fee, rewards program fee and through-the-roof interest rates, this card is not at all suitable for anyone who is looking to make any kind if savings on any aspect of their American Express Gold credit card.

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