Editor'sFEATURES 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
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
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