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Commonwealth Bank of Australia Plans New Premium Charge Card

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Commonwealth Bank of Australia (ASX:CBA) plans to expand its card portfolio with a new premium charge card designed for Australians with high discretionary spend, according to a Tuesday statement.

"We see a clear opportunity to introduce a new premium charge card, adding a new dimension to our card offering for customers, with benefits centered on travel, dining, lifestyle and rewards," said Group Executive of Retail Banking Services Angus Sullivan.

The new card will have higher points-earning capability with no international transaction fees, and will complement the bank's CommBank Yello customer rewards program.

Commonwealth Bank said it is exploring the use of Discover's global payment network to create the card, and will invite expressions of interest in the coming months.

The company's shares fell 1% in recent Tuesday trade.

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