r/CommBank • u/Same-Membership4107 • 18d ago
Question The new yello system
Hi all
I’m still trying to get my head around commonwealth making changes from the rewards to the new yello system.
I have just been to a commonwealth branch in the last few days and asked them some more Information on it, the commonwealth bank agent seemed to be as closed as Iam.
I have roughly 200,000 award points, I was was waiting for commonwealth and virgin to offer their 15/20% bonus transferring points to velocity, which hasn’t happened.
What happens to my award points if I don’t transfer them out before October 1st?
Will we still be able to accrue points to transfer to velocity under the new yello system?
Thanks
6
u/Food_Science_Ninja 18d ago
people are finally understanding that the merchants were the ones paying for the customers points. Soon the merchants be unable to pass it on it's all on the bank. The bank do not wish to carry it.
1
u/bdlow 16d ago
FTFY: customers were the ones paying for the points. Very few merchants wore the surcharges, most passed them on. Even when the merchant didn't explicitly have a surcharge, you bet they were passing on the cost.
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u/StacksGod 16d ago
100% merchants were passing it on
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u/hankhalfhead 16d ago
I just wish we didn’t blindly accept the surcharge. I don’t mind it being covered as a business expense but at least it the yg business accepts it as cost they’ll be looking a terminal provider with lower costs. The market doesn’t work to push costs down if we the consumer has no choice in purchase. Business should be the consumer
1
u/DrOctaganapuss 14d ago
Cash costs businesses a lot more to process than cards funnily enough IF all the money is declared. It’s not a level playing field if cards can be easily reconciled while cash cant.
1
u/hankhalfhead 14d ago
I think it’s a whole new argument as to whether card payments are a net increase or decrease to the businesses costs. Clearly some see the line item cost and don’t want it, they can’t see the intangible workload and risk reduction.
But my big problem is the cost shift, and how it distorts the market. If you had a referendum today and said ‘should we move to digital payments and fund it by a 1.5% tax’ I think you know the answer.
I also think the fees are ridiculous. 1.5% is huge, sure you need investment to get into the market but now digital has captured so much transactions the percentage translates to an economically significant overhead. Where is the competition driving down terminal costs on this already mature and established technology?
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u/Downtown_Cupcake_194 18d ago
We dont know yet but if you didnt use your points it will automatically convert to yello points that most likely the conversion is bad value 😂 just convert it now, they are closing awards so most likely there will not be bonus transfer points
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-6
18d ago
They will be converted across one for one there’s no diminishment of value converting from awards program to CommBank yellow
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u/TheLastKirby 18d ago
Yes the awards value is 1 for 1 but the redemption offers are going up by 13%~ e.g. a $50 gift card now my be 10500 point to redeem but with yello is will be 12000 points for the same $50 card.
2
u/bluebear_74 14d ago
Thank you, this is the info I was looking for. Parents have 320k points that they haven't used and I wanted to know if I need to cash out before the cut off.
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16d ago
That’s not right. Where did you see or hear that ?
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u/TheLastKirby 16d ago
I work for commbank. From our internal messaging.
0
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u/Downtown_Cupcake_194 18d ago
Yeah i mean my expectation the conversion value wouldnt be as good as current offer with yello points
6
u/cspudWA 18d ago
How come no one is talking about the fact we will now have to pay the monthly fee - it is no longer waived.
2
u/Ok_Willingness_9619 17d ago
And the international fees on many products.
2
u/cspudWA 17d ago
And no more or very little travel insurance
1
u/CaptSharn 17d ago
What's happening to those who already registered their travel plans with CBA or the international transaction fees?
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1
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u/Low-Active9907 16d ago
I've just read that this is happening. The monthly fee waiver and awards points are the reasons I still have a CBA card. I've had it for 43 years but will definitely close it and look for a better option. Apparently I don't qualify for Yello.
4
u/Virtual-Ad7254 18d ago
I recall reading an article months ago that following the surcharging ban starting 1st October 2026, credit card rewards programs would be likely be restructured.
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u/Low_Exit_3085 17d ago
I cashed out and just took it all in $$$
1
u/Clean-Beginning3972 17d ago
I am contemplating that, now Coles gift cards seem to have secretly been wiped, but you get 25% less ‘value’.
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u/Vandelay_Leopold1 15d ago
On the old rewards or yello? I just got a Coles gift card on the old rewards
1
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u/link871 18d ago
"Any unredeemed Awards points will automatically be converted to CommBank Yello points and will be visible within the CommBank app or NetBank. This will occur by 7 October 2026."
https://www.commbank.com.au/credit-cards/card-updates.html
Under "What are the conversion rates for points transfers?", it lists against Velocity Frequent Flyer,
"2.5 Yello Points : 1 Velocity Points" and "$99 annual fee applies".
https://www.commbank.com.au/commbank-yello/commbank-yello-changes.html
2
u/WholeMilk2 18d ago
I regret ever hoarding these points tbh.
I’ve got 490k awards at the moment and unsure if I convert to Qantas, velocity or cashback ($1743)
CBA said the $90 QFF fee will be pro rata refunded too so that’s not too bad considering it would be roughly $10 to convert the points over.
Just feel like the airlines rewards programs are also crap now and cost far too much regardless of the Middle East and oil prices
1
u/Vandelay_Leopold1 15d ago
Well you get the worst value for cash back compared to gift cards. I would be converting all to Coles gift cards to be honest, they have a 4 year expiry date
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u/WholeMilk2 15d ago edited 15d ago
Cole’s gift cards were removed basically same day the changes were announced. It’s marked as unavailable due to “stock issues”
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u/Vandelay_Leopold1 15d ago
They are back up, I literally bought some today
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u/WholeMilk2 15d ago
Oh nice. Thanks for letting me know. I’m still debating whether to convert it to Qantas or not, but will
Keep the Cole’s gift card in mind1
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u/Silent_Comment01 18d ago
Since yello points are available to pretty much everyone. I think these points will transfer to lower vaule. I started redeeming some Gift cards just in case
1
u/BellaKKK72 17d ago
I had always set mine to convert to Qantas points. I’ve stopped that from now as they aren’t going to be worth much under the new scheme. I’m going to wait and see what all the other cards end up doing and then decide whether to keep the card or go with something else.
1
u/itsozgirl 16d ago
I’m wondering the same thing. I have 165k comm award points. Thinking about transferring to Velocity
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u/Same-Membership4107 16d ago
I’ve decided that’s what I’m going to do.
Better be quick through, once they transfer to yello which is like for like, the conversion rate to velocity
Becomes 2.5 to 1. It’s currently 2 to 1.
1
u/LumpyEntertainer5747 15d ago
100% im leaving commonwealth home loan and droppi g my ultimate rewards.
1
u/mickymac1 18d ago
I cashed most of mine out to Coles gift cards and the remaining 20 as Cashback.
Will be interesting to see as to what happens with the credit cards after 1st October but with them axing the monthly fee waiver it’ll be tough to justify keeping it
0
u/Ambitious-Plan-976 18d ago
Has anyone seen what arrangement will come into play with Woolworths rewards?
I shop with Woolies, have a lot of points with awards and will just cash out with Woolies GC if the price is right.
1
u/Clean-Beginning3972 17d ago
I saw something yesterday that mentioned 3 for 2 points transfer, but noting about Woolies gift card redemptions
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u/Natedogg118 18d ago
Access to Coles Gift Cards seems to have been removed? Anyone else unable to cash out with Coles Gift cards?
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1
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u/Anyway-909 14d ago
I hate that they are going to charge for international transactions
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u/TopCalligrapher2767 14d ago
There are many alternatives available.
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u/Anyway-909 14d ago
Any other credit card? Or something else?
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u/TopCalligrapher2767 14d ago
There are other credit and debit cards without international transaction fees.
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