The CommBank Ultimate Awards Credit Card comes with included travel insurance, no foreign transaction fees and paid access to over 1,300 airport lounges. Instead of an annual fee, there’s a $35 monthly fee that could add up to $420 a year. But it’s waived if you spend at least $4,000 in each statement period and choose to get online statements.
CommBank Ultimate Awards Credit Card
- Purchase rate
- 20.99% p.a.
- Reward point per $ spent
- Annual fee
- $420 p.a.
- Interest-free on purchases
- Up to 55 days
The CommBank Ultimate Awards Credit Card offers travel benefits like no foreign transaction fees, airport lounge access and included travel insurance. You can also use CommBank Awards points to pay for travel with Flight Centre or transfer to a frequent flyer partner like Velocity. And if you’re not travelling at the moment, there’s plenty of other rewards to redeem, including shopping at Myer, gift cards from brands like Coles and BP and even credit back on the account.
3 points per $1 spent overseas and 0% foreign transaction fees.
Included international travel insurance when you activate it before you travel.
2 complimentary airport lounge passes per year with Mastercard Travel Pass
Purchase rate of 20.99% p.a. is relatively high
After $10,000 spend per statement period, earn rate drops to 0.5 pts / $1
Monthly fee can add up to $420 a year if you don’t spend at least $4,000 in each statement period
|Product Name||CommBank Ultimate Awards Credit Card|
|Balance transfer rate p.a.||5.99% for 5 months, then 21.99%|
|Purchase rate p.a.||20.99%|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate p.a.||21.99%|
|Min credit limit||$6,000|
|Available to temporary residents||Yes - Conditions apply|
|Rewards program||CommBank 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 $4, whichever is greater|
|Overseas cash advance fee||$3 or 3% of the transaction amount, whichever is greater|
|Additional cardholder fee||$0|
|Number of additional cardholders||1|
How to apply
You can apply for the CommBank Ultimate Awards Credit Card online by filling in a secure application form. To get started, make sure you meet the following eligibility requirements and have all the information you need to complete the application.
- Residency. This card is available to permanent and temporary residents as long as you have the legal right to work in Australia. You may be asked to provide your visa details if you're not a permanent resident.
- 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.
- 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.
- Points per $1 spent. You'll earn 3 Awards points per $1 spent on international transactions made in store and online, 2 Awards points per $1 spent at major Australian supermarkets, department stores and petrol stations and 1 point per $1 on all other eligible spending. After the first $10,000 spent in a statement period, you'll earn 0.5 Awards points per $1 for the rest of the statement period (regardless of the spending category). You can redeem CommBank Awards points in-store at Myer and Flight Centre or take your pick of rewards including frequent flyer points, gift cards and retail items.
- CommBank Yello Cashback Offers. This card gives you access to personalised cashback offers from some of the biggest brands in Australia. You can view and activate CommBank Yello Cashback Offers in the CommBank app, then redeem the offers using your CommBank Ultimate Awards Credit Card.
- Included international travel insurance. You'll be covered for overseas medical, baggage and travel delays, cancellation costs 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. Activate your insurance through NetBank, the CommBank app or by Cover-More on 1300 467 951 before you go overseas.
- 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.
- Airport lounge access via Mastercard Travel Pass. The CommBank Ultimate Awards Credit Card gives you access to over 1,300 airport lounges through Mastercard Travel Pass, a service provided by DragonPass. You need to register your credit card through the app or online, then show your membership QR code and valid boarding pass at the lounge. Each visit will attract a fee from the lounge, which is charged to your credit card.
- Mastercard Travel 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 currency shown for each offer and meet any other conditions 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.
- Security. You can set transaction limits, lock international transactions and block cash advances through NetBank or the CommBank app. Your account is also monitored by 24-hour fraud protection to detect any abnormal transactions and you'll be protected against fraud with Mastercard Zero Liability.
Rates & fees
- Monthly fee. This card charges a $35 monthly fee, which is waived if you spend at least $4,000 on your Ultimate Awards credit card during the statement period. If you pay the monthly service fee each month, it would add up to $420 over a year.
- Purchase interest rate. This card charges a 20.99% 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 21.99% p.a. cash advance interest rate and the cash advance fee of $4 or 3% of the transaction value (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.