CommBank Ultimate Awards credit card
Score 100,000 bonus CommBank Awards points and save with no international transaction fees.
Designed with travellers in mind, the CommBank Ultimate Awards credit card offers travel perks and Awards points as you spend. You can unwind pre-flight with access to 1,000 airport lounges across the LoungeKey network and enjoy cashback with participating mechants overseas courtesy of Mastercard.
When you apply by 28 October 2020 and spend at least $5,000 on eligible purchases, you’ll earn 100,000 bonus Awards points. The 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.
Per $ spent
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|Product Name||Commonwealth Bank Ultimate Awards Card|
|Rewards program||Commonwealth Bank Awards Program|
|Balance transfer rate||5.99% p.a. for 5 months|
|Balance transfer revert rate||Cash Advance Rate (21.24% p.a.)|
|Purchase rate||20.24% p.a.|
|Interest-free period||55 days|
|Cash advance rate||21.24% p.a.|
|Min credit limit||$6,000|
|Foreign currency conversion fee||0%|
|Available to temporary residents||Yes - Conditions apply|
- 100,000 bonus CommBank Awards points offer
- 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 program||Commonwealth Bank Awards Program|
|Rewards points per $ spent||1|
|Minimum monthly repayment||2% of the closing balance or $25, whichever is greater|
|Late payment fee||$20|
|Foreign currency conversion fee||0%|
|Cash advance fee||3% or $3, whichever is greater|
|Overseas cash advance fee||3% or $3, whichever is greater|
|Additional cardholder fee||$0|
|Number of additional cardholders||1|
Sally McMullen is a creative content producer at Finder, co-hosts our Pocket Money podcast and wrote about credit cards for almost five years. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. She has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.
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. If you take advantage of the introductory 100,000 bonus Awards points offer, the rewards you could redeem include $400 worth of Myer gift cards (84,000 points) or 40,000 Qantas Points.
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.
- 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).
- Residency. This card is available to permanent and temporary residents as long as you have the legal right to work in Australia.
- Credit history. You must have a good credit score with no current bankruptcies to receive approval. You can get your credit score and copy of your comprehensive credit report for free through Finder.
- Age. You must be at least 18 years old.
- Personal information. This includes your full name, residential address and contact details.
- Proof of identification. You'll need to provide proof of identification such as your Australian driver's licence or passport.
- Income and employment. Confirm your annual income and current place of employment. You may also need to provide your employer's contact information.
- Finances. This includes your regular expenses as well as information about any savings, investments, assets or liabilities like existing debts or loans.
- Balance transfer information. If you are transferring a balance(s), you will need to provide the name of the issuer(s), credit/store card number(s) and the amount(s) you are requesting to transfer.
- Bonus points offer. When you apply as a new customer by 28 October 2020 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.
- Earn Awards points. You'll earn 3 Awards points per $1 spent on international transactions made in store and online and 2 Awards points per $1 spent at major Australian supermarkets, department stores and petrol stations. All other eligible everyday transactions will earn 1 point per $1. From May 2020, you'll collect 0.5 Awards points per $1 after you've spent $10,000 per statement period (regardless of category). You can redeem your Awards points in-store at Myer and Flight Centre or take your pick of rewards including gift cards, electronics, cashback and more through the Awards site.
- Included international travel insurance. You'll be covered for overseas medical, lost luggage and travel cards, baggage delay and more with this international travel insurance. Provided the eligibility requirements are met, this cover protects you, your spouse and dependent children travelling with you. You can activate your insurance through NetBank or the CommBank app.
- Mastercard Airport Experiences. Relax before your next flight with access to more than 1,000 lounges worldwide through LoungeKey. You can also find exclusive dining, shopping and spa offers to enjoy before you take off through Mastercard Airport Experiences.
- Purchase insurance. You can shop with peace of mind with extended warranty cover and other included purchase covers on lost, stolen or damaged items bought with the card.
- Mastercard Traveler Rewards. Get cashback offers when you travel overseas and shop with participating merchants. Browse the current offers through the Mastercard Travel Rewards website and pay in the local currency to get a cashback credit on your account.
- Mobile wallet compatibility. Link your account with Apple Pay, Samsung Pay and Google Pay to tap and pay with your smartphone or device. You can also use your fitness tracker to make contactless payments with Fitbit Pay and Garmin Pay.
- Account management. You can set transaction limits, lock international transactions and cash advances through NetBank or the CommBank app.
- Security. Your account is monitored by 24-hour fraud protection to detect any abnormal transactions and you'll be protected against fraud with Mastercard Zero Liability. If your card is lost or stolen, you can contact the 24/7 emergency Mastercard Global Service team for assistance.
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.
- Interest-free days. When you pay your balance in full by the statement due date, you can save with up to 55 days interest-free on purchases.
- Cash advances. If you use your card to make a cash advance, you'll be charged the 21.24% p.a. cash advance interest rate and the cash advance fee of $3 or 3% of the transaction amount, whichever is greater.
- Balance transfers. Transfer an existing balance to this card and pay 5.99% p.a. interest for the first 5 months. The cash advance interest rate applies to any balance transfer debt thereafter.
- Additional cardholders. You can apply for 1 supplementary card for a partner or family member for $0.