CommBank Ultimate Awards credit card

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Earn up to 3 Awards points per $1 spent and pay 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.

100,000

Bonus points

20.24% p.a.

Purchase rate

1

Reward point

Per $ spent (Visa/Mastercard)

$420 p.a.

Annual fee

Details

Product NameCommonwealth Bank Ultimate Awards 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 rate (p.a.)20.24% p.a.
Annual fee$420 p.a.
Interest Free Period55 days
Cash advance rate (p.a.)21.24% p.a.
Min credit limit$6,000
Card TypeMastercard
Foreign Currency Conversion Fee (Visa/Mastercard)0%
Complimentary Travel InsuranceYes
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Joint ApplicationNo

Pros

  • 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
  • When you spend at least $2,500 / statement period, the monthly fee is waived

Cons

  • Purchase rate of 20.24% p.a. p.a. is relatively high
  • As of May 2020, 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 bonus points
Rewards Points per $ spent (Visa/Mastercard)1
Annual fee$420 p.a.
Minimum Monthly Repayment2% of the closing balance or $25, whichever is greater
Late Payment Fee$20
Foreign Currency Conversion Fee (Visa/Mastercard)0%
Overseas Cash Advance Fee3% or $3, whichever is greater
Additional Cardholder Fee$0
Number of Additional Cardholders1

Expert review

Sally McMullen

Review by


Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone.

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.

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.

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

  • Bonus Awards Points. When you apply as a new customer by 30 May 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.

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.
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