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If you could pick a favourite colour, which one would it be? Australia’s biggest bank is betting on YELLOW—or at least, for your banking products.

CBA is revamping its ‘Yello’ (the spelling escapes me) loyalty program at the end of next month, where the more banking products you have with it, the more rewards points you’ll earn on your credit card.

Taking out a CommBank mortgage, for example, might launch you to Diamond status, unlocking 1.5 Yello points per dollar spent using your CBA credit card on everyday items. However, Canstar data reveals 60 lenders offer lower variable mortgage rates than CBA (yes, 6-0), which could translate into thousands of dollars in savings, rather than thousands of Yello points.

CBA is the third major bank to announce a shakeup to its credit card program ahead of the RBA’s October surcharge ban, following NAB and Westpac’s announcements. Across them, it’s not a pretty picture: think interest rate hikes, fee increases, a shake-up of insurances, fewer points and hikes to how many points you have to burn through to redeem a freebie.

Time to check out the new wad of fine print 🕵️ or you can get a head start here, with my colleague Laine's detailed breakdown on where some of the most popular credit cards are about to land.

Pension and deeming rates changing

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Are you looking to change health insurance providers? Bupa has an exclusive offer for hospitals and extras cover, ending September 9.

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The ATO revealed this week that Australians are currently sitting on $21 BILLION in lost or unclaimed super 🤯. The average amount in lost super is about $41,000, which — depending on your age — could make a significant difference come retirement time if you claim it back now and put it to work with smart investments. So how do you know if you’ve got lost super to claim? Head to the ATO website or app, log in, click ‘super’ then ‘fund details’ to see lost and active super accounts. Alternatively, you can call the Lost Super Search Line on 13 28 65.

Men's Sheds are community spaces found all over Australia, bringing together men, often retired or with time on their hands, to work on projects and connect. Inside, you might find people restoring bicycles, fixing lawn mowers, making furniture, or turning their hands to just about anything, all in the name of men's health and wellbeing. My colleague Angela recently visited one and walked away with a custom charcuterie board for just $10. With that many skills under one roof, it's worth a visit if you're after a quality, one-of-a-kind piece, with a side of dad jokes thrown in for free.

Calls to give Australians greater access to superannuation early for their first home or cost-of-living pressures sound tempting, but it carries a severe sting. Canstar modelling shows a typical 40-year-old withdrawing $15K today could see their retirement balance drop by two to almost three times that amount by age 67, depending on fund performance. Worse, flooding the property market with billions in super could fuel bidding wars, driving prices further out of reach. The Australian dream shouldn’t be a choice between homeownership, grocery money and retirement security. If we raid our future to survive today, the system needs fixing—not patching.

This advice is general and has not taken into account your objectives, financial situation, or needs. It is not personal advice. Consider whether this advice is right for you, having regard to your own objectives, financial situation and needs. You may need financial advice from a suitably qualified adviser. For more information, read Canstar’s Financial Services and Credit Guide (FSCG) and our detailed disclosure.

Canstar is a comparison website, not a product issuer, so it’s important to check any product information directly with the provider. Consider the Product Disclosure Statement (PDS), Target Market Determination (TMD) and other applicable product documentation before making a decision to purchase, acquire, invest in or apply for a financial or credit product. Contact the product issuer directly for a copy of the PDS, TMD and other documentation.

Before you elect to terminate or modify existing lending or service arrangements, we recommend that you consider all associated fees and application costs, as well as the timing and impact these changes could have on your wider financial arrangements and personal circumstances.

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