Credit Card Cash Advances Fees are changing
From 8 May 2009, the cash advance fee on retail credit cards (MasterCards & Visa Cards) will be changing. The fee will change from $1.25 per transaction to 1.25% of the cash advance amount.
This fee will apply to cash advances made through the Commonwealth Bank network including ATMs, NetBank and Phone Banking, as well as cash advances from non Commonwealth Bank ATMs.
We have advised impacted customers of this change through their February & March 2009 credit card statements.
How to avoid this fee
If you make frequent cash advances and you would like to use your own funds rather than credit, you may be interested in one of our other transaction accounts which may be linked to a Debit MasterCard.
The benefit of an everyday account with a Debit MasterCard include unlimited Commonwealth Bank transactions*, no maximum transaction limit for purchases and NetBank access while maintaining payment functionality similar to that of a standard credit card. Monthly fees and transaction fees will apply.
How to apply
Applying for a Debit MasterCard via NetBank is easy. Simply log in:
- Click on the ‘Offers & apply’ tab;
- Select ‘Accounts’ tab;
- Review account key features and fees applicable; and
- Click on the “Apply Now” button for the appropriate product to apply.
- Important information. *Excludes non-Commonwealth Bank ATMs here and all ATM's overseas, EFTPOS transactions overseas (or purchases involving currency conversion) , transfer group payments to third parties, International Money Transfers and separate services such as bank cheques, periodic payments and transfers/deposits to other banks.
- The advice in this article has been prepared without considering your objectives, financial situation or needs. Before acting on the advice, you should consider its appropriateness to your circumstances. Full terms and conditions for everyday accounts are available on request. Bank fees and charges may apply.