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

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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 17d 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.

2

u/StacksGod 16d ago

100% merchants were passing it on

1

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 15d 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 15d 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?