Don’t spend money you haven’t got.
I worked out, this was better for me than paying for credit. Commonwealth website makes it easy to check transactions any time. Payments can be set for specific dates. It’s simple to use and ensure you’ve enough credit to cover expenses. I’m able to manage without credit.
Great card - especially for those who find budgeting difficult.
I've had a Commonwealth Bank Debit Mastercard for a few years now. I wouldn't use anything else. Have never had a credit card, & don't want one either. A debit card is fantastic for people who find it hard, if not impossible, to budget, or don't know how to manage money at all.
I am "old fashioned" in that I still use cash. I will get a wad of money out of the ATM, take it home, put it in a secret place where no one can find it, & each time before I go out somewhere, I will put just enough cash into my purse for that particular shopping trip. I can't overspend then. When the money's gone from my purse, its gone until the next time I'm out somewhere. I find this system very good indeed. Stops me from wasting money on frivolous things. I've never been an impulse buyer & have always lived a very frugal life, but at the same time, haven't gone without things I need/want.
I use cash for everything - the supermarket self-serve checkouts, Just Cuts, petrol, the newsagent, fruit shop, butcher etc. I pay most of my bills with cash too. At the post office. The only time I usually use my debit card is when I visit my dentist. And then I'm all at sea, cos the card machine is foreign to me :) The receptionist is great & helps me thru the process each time :)
I'll continue to use cash for everything until we become a totally cashless country. Using cash is the only sure-fire way I know to budget. And budget successfully. Credit cards shouldn't be used by anyone who can't manage their money. It's no surprise to me that we owe billions of dollars in credit card debt in this country.
Budgeting is not hard. You just have to know how to do it. Places like My Budget are a good place to start. There's lots of online help too.
Do as I do. See if you can rid yourself of your credit card for a short time, & go to the ATM instead. You should find that by doing this, you'll end up with more money in your purse/wallet at the end of each week than you ever thought possible.
My husband & I own our own home, & one small car. And we buy 'treats' now & again such as dvds, clothes, books etc. We don't go without.
I encourage everyone who's struggling with money to ditch the credit cards & switch to a debit card instead. By doing this, you'll slowly but surely rid yourself of debt.
No fees on debit cards either. I don't think. I know there isn't with my Commonwealth Bank Debit Mastercard, anyways. I've never had any problems using my debit card. It's been accepted everywhere. Getting one was a very simple process in my bank branch, & didn't take too long to set up.
A great website for people struggling with debt etc - moneysmart.gov.au
A good book to help everyone manage money better - The Barefoot Investor, by Scott Pape.
The worst card ever
I wouldn't recommend getting this card otherwise you will get tempted to spend money Online from your Account so I would recommend getting an EFTPOS Card so you can't shop online.
My account got hacked for 3 transactions by Ola Cabs. Had to file for Police Complaint and really push Commonwealth to have my money back. I called Commonwealth everyday to get active results. Very dangerous. Also they hardly give any good interest rates for the money you save. Pathetic!!!!
Handy For Online Buying
I find the Commonwealth debit Master Card very handy to use online when purchasing through Pay Pal, eBay, Amazon, and any other online stores.
I use it when paying bills with BPay and any other organisation which is easily done.
The Commonwealth Bank app is easy and simple to use when using this card.
good card with clear smart phone APP
As an International student, I have used this card for 5 years and not encounter any issues with it. Helpful customer service and clearly vision of smart phone app (to compare with NAB app). Will stay with this card.
No complaints from my end. Does the job and I use for shopping online all the time. Very happy customer
Not very useful in Southern USA & Dominican Republic
My CBA Travelcard has not been of much use in LA , Miami, or the Dominican Republic.
It was meant to work wherever MasterCard was available, however to date we have not been able withdraw any cash from any ATM, and only limited use at some stores and Restaurants. According to bank there isn't any technical reasons why it isn't operating. We have had to use our standard credit cards that we loaded with some cash prior to departure. Not Happy!
If I could give less than 1 star, I would. CBA allowed unauthorised transactions on my NEW and INACTIVE debit mastercard. Still waiting to get my money back. I was told it could take up to 45 days! Rubbish!
Be alert when your card is going to be expired.Someone else can steal and use the new card as credit card without your password or activation. It happened to us twice (one brand new card for my son, and another card for myself to replace the expiring one). It is so troublesome when I had to cancel the card which linked to my bills.
lack of security step for activating new card
I'm unsure what the reviewer cheesedOof was talking about when they said that couldn't get cash out, and that they had to push the 'credit' button. I've always been able to get cash out, and I use the 'savings' button, not credit. This is a great card, it makes online and everyday transactions easy.
I got this card so I could shop online, and it's been great. I've had it for about 6 months now and I've never had any problems with it. Every website I've been to has accepted it. When I switched to this card it arrived within a week, and the customer service at my local branch was great.
My husband and I signed up for the Debit MasterCard after clearing existing credit card debts. LOVE it. Pity debit credit cards were only introduced in recent years, had they been available earlier, we could have signed up for one and wouldn't have 'normal' credit card debts in the first place.
You can link a high-interest NetBank Saver account to a Streamline account, then add the Debit Mastercard. We only pay $4 per month for account fees and have unlimited ATM access and EFTPOS.
Some people like the Paypass feature but I never use it, mainly for security reasons
Using your own money, very convenient
The Commonwealth Bank Debit MasterCard is a great solution for people who want to be able to purchase products or services that require a credit card but wish to use their own money. It is accepted at any places that accept MasterCard credit cards and features the security chip and pay pass function that makes it easier to make payments without having to sign or enter your PIN. It's a good product for those who are not comfortable with having a credit card but still want the benefits of having one.
Provides you with all the benefits of using a credit card whilst stil using your own money
May attract surcharge fees depending on where you use it
Overall it is good if you are after a basic card. Howvever if you want to use it overseas or are picky about your statement, its not the right card for you. Most debit credit cards have the pros I listed as its the point of such a card, however not all have the cons of this card. I only keep it because I dont have a major problem with the account it's linked too.
However I am still on the look out for other cards
It is good that you have the choice of credit or eftpos at most stores. It is great for buying online...to date I have never had a problem with it online.
I was charged a lot to use it overseas.
I would like to actually see my transactions as being listed on the day i purchased items. This is really important when you are doing your accounts as having this match is handy.
As I'm a Uni student, the CBA waive the monthly $6 fee, so I like that fact that I don't have to pay fees. In my opinion, we shouldn't have to pay fees anyway - it's our money afterall! I use my debit mastercard to buy my textbooks online as it acts just like a credit card. Also, I use it on iTunes - works perfectly. I think though, that as soon as I finish studying that I will close my account and hunt down a cheaper option. Overall though, this card is great if you're after just your basic account with credit card-like features. Highly recommend for students :)
Shopping online with your own money, using the "credit function" on EFTPOS while while for that added protection factor. Easy to navigate online banking too.
The "chip" and the "paypass" function on the card - seems a bit pointless to me - I havn't come across a shop that has the ability to use it anyway (still need to insert your card or swipe through).
I have had this card now for about 9 months and I am very impressed by CBA's debit card. I have a ANZ card but this card keeps the statement very well organised. I like CBA's customer service and that they are available 24/7. Also, that if you pay $6 a month you have a cheque book option (I hope that the ANZ are reading this and taking notes). Also, the BSB and account number is not listed on the back of the card.
That the card has a security chip, CBA have a lot of branch's in Australia and if you are a full time student you get the monthly fee waved for a nominated period.
The monthly fee is a little high and it would be nice if there was a range of colours available
These cards receive much hype by their issuers, but are dysfunctional. Five thumbs down! Help from eith Comsec or Commonwealth Bank is non-existent. They best they could do was "Sorry". Aldi advised the surcharge is to recover the merchant fee that CommBank levies on credit card transactions. CommBank advise they wouldn'y levy a fee for a 'debit' card, but can't or wont explain why they are adamant that we have to push the 'credit' button pn the POS keypad. This is, after all, supposed to be a 'debit' card??? It's all a bit sus.
Merchants treat these cards as 'Credit' cards. ie. They attract surcharges (eg.Aldis Stores), because they are treated as credit cards, we can't get 'cash out' when shopping, even if you pay the surcharge. On line, I couldn't pay my Telstra a/c with it, because they don't accept 'credit' cards. ...and, Comsec don't issue normal debit cards??? what the???
brilliant! i signed up as soon as it came out a couple of weeks ago and most of my friends did too. so easy to use and you don't get into debt! the staff at my local branch were pleasant and helpful, my card arrived within the week. love this, highly recommend!
purchase things online or over phone using your own money
protection and versatility of mastercard
NO monthly account keeping fee for 18-24 year olds
option to change streamline over (so no changing account numbers for pay, direct debits etc) or open new account