CommBank Ultimate Awards credit card

Score 100,000 bonus CommBank Awards points and save with no international transaction fees.

When you apply for the CommBank Ultimate Awards by 28 February 2022 and spend at least $5,000 on eligible purchases within the first 90 days, you’ll earn 100,000 bonus Awards points. This card also charges a $35 monthly fee (maximum of $420 per year), which is waived when you spend at least $2,500 in a statement period and choose to receive online statements.


Bonus points

20.24% p.a.

Purchase rate


Reward point

Per $ spent

$420 p.a.

Annual fee

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!


Product NameCommBank Ultimate Awards Credit Card
Rewards programCommonwealth Bank Awards Program
Balance transfer rate5.99% p.a. for 5 months
Balance transfer revert rateCash Advance Rate (21.24% p.a.)
Purchase rate20.24% p.a.
Annual fee$420
Interest-free periodUp to 55 days on purchases
Cash advance rate21.24% p.a.
Min credit limit$6,000
Card typeMastercard
Foreign currency conversion fee0%
Available to temporary residentsYes - Conditions apply
Joint applicationNo


  • 100,000 bonus Awards points
  • 0% international transaction fees and 3 points per $1 spent overseas
  • Included international travel insurance when you activate before you travel
  • LoungeKey membership gives access to over 1,000 airport lounges with this card


  • Purchase rate of 20.24% p.a. is relatively high
  • After $10,000 spend per statement period, earn rate drops to 0.5 pts / $1
  • Visiting lounges with the LoungeKey membership is subject to a fee each time
  • $2,500 / statement period spend hurdle to have monthly fee waived every month is tricky
Rewards programCommonwealth Bank Awards Program
Bonus points100,000
Rewards points per $ spent1
Annual fee$420
Minimum monthly repayment2% of the closing balance or $25, whichever is greater
Late payment fee$20
Foreign currency conversion fee0%
Cash advance fee3% or $3, whichever is greater
Overseas cash advance fee$3 or 3% of the transaction amount, whichever is greater
Additional cardholder fee$0
Number of additional cardholders1

Review by

Sally McMullen is a creative content producer at Finder. Sally has written about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. She has also been published in Yahoo Finance, Dynamic Business, Financy and Mamamia, as well as Music Feeds and Rolling Stone. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

The Ultimate Awards credit card boasts the highest earn rate compared to other Commonwealth Bank Awards credit cards. The earn rate is tiered, awarding more points per $1 spent overseas and on purchases with major Australian supermarkets, department stores and petrol stations compared to other eligible transactions. Currently, the bonus points offer gives you a way to collect 100,000 CommBank Awards points when you meet the spend requirement and keep the card for over a year. And you could use your points to pay for travel at Flight Centre or shopping at Myer, transfer them to a partnered frequent flyer program or choose from the other rewards listed on the CommBank Awards website.

As well as points chasers, this card is suited to people who regularly travel and shop overseas. You can save with included international travel insurance and 0% foreign transaction fees, a fee that is usually around 3% on other cards. You can also access 1,000 airport lounges across the LoungeKey network.

How to apply

You can apply for the Commonwealth bank Ultimate Awards credit card online in around 30 minutes. Before you get started, check if you meet the eligibility criteria and have the necessary information to complete the application.

Eligibility criteria

  • Cardholder status. In order to be eligible for any bonus points, you must apply as a new cardholder. This means you cannot hold or have held any Awards card types in the last 12 months.
  • Eligible balance transfer debt. If you plan to transfer a balance, you can transfer a minimum of $500 and it must be from a non-Commonwealth Bank credit card(s) or major store card(s).

Card benefits

  • 100,000 bonus Awards points. When you apply as a new customer by 28 February 2022 and spend $5,000 on eligible purchases within 90 days of activation, you will be rewarded with 100,000 bonus Awards points. The bonus points will appear on your statement within 90 days of meeting the spend requirement.
  • 0% foreign transaction fees. You won't be charged an international transaction fee when you use your card to shop overseas or online with a foreign merchant.

Rates & fees

  • Monthly fee. This card charges a $35 monthly fee. If you spend at least $2,500 on your Ultimate Awards credit card during the statement period and opt to receive online statements, the monthly fee will be waived.
  • Purchase interest rate. This card charges a 20.24% p.a. purchase interest rate.
Go to site