Commonwealth Bank credit cards range to be revamped

21 September 2009

Commonwealth Bank has announced that it will be transforming its credit cards selection with the relaunch of its Commonwealth Awards program in addition to new rewards, lower interest rates and two new credit cards types.

Commencing in October, Commonwealth Bank will be introducing these two new credit cards that target the Low Fee and Low Rate credit cards market.

This is in addition to a new awards program for existing Commonwealth Awards cardholders who will now benefit from having two credit cards linked to one account with only one annual fee and credit limit applying. These awards credit cards will be offered as Commonwealth Bank Awards Visa or MasterCard and Commonwealth Bank Awards American Express Card.

Executive General Manager Credit Cards Commonwealth Bank, Stephen Karpin, stated in a release from the bank that it has renewed its approach with its credit cards after reviewing customer preferences from credit cards features and rates, including higher rewards, no annual fees and low interest rates.

"Our new relationship with American Express means existing and new Commonwealth Awards customers can now gain awards faster by earning more points on what they spend." Mr Karpin said.

"The Commonwealth Bank is also the first major bank brand to introduce a Low Rate Gold Credit Card providing the benefits of an ongoing low interest rate and enhanced Gold benefits such as complimentary international travel and extended warranty insurance.

"For our customers who prefer not to pay annual fees, we are launching our Low Fee and Low Fee Gold cards which will provide eligible Commonwealth Bank customers with the option of an annual fee free credit card with up to 55 interest free days."

"Existing Commonwealth Awards cardholders will start to receive information about the benefits and details on how to request our new Awards card offering in the coming weeks," added Mr Karpin.

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