The Commonwealth Bank Gold MasterCard is a prestige gold card offered by the Commonwealth Bank, one of the big four banks in Australia. The card processor is MasterCard, which is the world’s second largest credit and debit card processor.
The Commonwealth Bank Gold MasterCard is designed to so that the card holder’s life is simpler. This means that there is a concierge service that is offered. These services are offered by credit card companies for prestige cards and they are personal assistants that can be contacted by phone and carry out a number of simple but time consuming tasks such as personal shopping and booking restaurant places.
There is access to the MasterCard moments entertainment rewards that are only available to the Premium credit card holders. These include hotels, golf courses, restaurants and merchants.
There is a very good rewards system that awards people for points for every dollar that is spent. These rewards can be traded for cash to pay off future credit card bills. The reward points are awarded at one reward point per dollar spent, although there are enhanced rewards for bonus partners which can mean that there are five bonus points awarded for every dollar spent with a bonus partner.
There is access to internet banking through Commonwealth bank’s NetBank technology. There is also a chip and pin system to reduce the chances of credit card fraud. The card also has the ability to be used on PayPass contactless payment systems where a card can be knocked against a terminal to pay for a good or service without the need for a pin number or signature. This is limited to $100.
There is a rather high interest rate to pay for these features, and although there is a balance transfer deal the interest rate is uncompetitive compared to other balance transfer offers. The balance transfer is also limited to five months.
There is an annual fee of $144, which is reduced to $114 for Commonwealth Bank customers who have certain other accounts. There is an interest free grace period of up to 55 days between buying a good and charging interest on that good.
There are also a number of complimentary insurance products for people who are using the card which include extended warranty on goods with an already existing warranty and purchase insurance that is active for three months after the card is used.
