Commonwealth Bank is preparing to slash the size of its credit card product suite, with plans to put five products in run-off early next month. The bank confirmed yesterday that from 2 June it will stop taking applications for two popular loyalty cards – the Diamond Awards Mastercard and the Platinum Awards Mastercard. The bank will also cease marketing three other Mastercard products - the Low Rate Gold card, the Low Fee Gold and the Commbank Essentials card. A CBA spokesperson declined to comment on whether the cards would be replaced by new products, but said that existing customers holding the cards earmarked for run-off would continue to be serviced by the bank. The Diamond Awards program is offering new customers up to 70,000 Qantas points if they sign up before 1 June and spend A$5000 within 90 days of activation. Revolvers using this card incur an interest rate of 20.24 per cent and an annual fee of $349. From 2 June, Commonwealth Bank will market only five credit card products to new customers. The profitability of credit card programs has been severely tested in the last decade as debit cards and alternative payment methods such as buy now pay later programs have eroded the market share of credit cards.