CommBank Ultimate Awards Credit Card with Qantas Points

Offers 70,000 bonus Qantas Points and uncapped points on your eligible spending. But you’ll need to spend at least $2,500 a month to waive the monthly fee.

The CommBank Ultimate Awards Credit Card gives you a way to earn up to 1.2 Qantas Points per $1 on eligible spending. Right now, it offers 70,000 bonus Qantas Points when you apply by 31 October 2022 and spend $5,000 in the first 90 days. On top of that, it comes with included travel insurance, no foreign transaction fees and paid access to over 1,000 airport lounges.

Instead of an annual fee, this card has a $35 monthly fee, which is waived if you spend at least $2,500 in each statement period and choose to get online statements. If you can meet these requirements, the value you get from the points and other perks could easily outweigh the yearly $30 fee you’ll pay for choosing to earn Qantas Points.

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Amy Bradney-George

Last Updated Oct 5, 2021

70,000

Bonus points

20.24% p.a.

Purchase rate

0.8

Reward points

Per $ spent

$450 p.a.

Annual fee

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Details

Product Name	CommBank Ultimate Awards Credit Card with Qantas Points
Rewards program	Qantas Frequent Flyer
Balance transfer rate p.a.	5.99% for 5 months
Balance transfer revert rate	Cash Advance Rate (21.24% p.a.)
Purchase rate p.a.	20.24%
Annual fee	$450
Interest-free period	Up to 55 days on purchases
Cash advance rate	21.24% p.a.
Min credit limit	$6,000
Card type	Mastercard
Foreign currency conversion fee	0%

Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

70,000 bonus Qantas Points
0% international transaction fees
Earn up to 1.2 Qantas Points for every $1 spent on eligible transactions made online and overseas
LoungeKey membership gives access to over 1,000 airport lounges when you pay for entry with this card

Cons

The accumulated $35 monthly fee adds up to a high annual fee of $450 if you don’t meet the fee waiver requirements, plus a $30 Qantas opt-in fee
A lower earn rate of 0.2 Qantas Points per $1 applies for spending above $10,000 per statement period

Rewards program	Qantas Frequent Flyer
Bonus points	70,000
Rewards points per $ spent	0.8

Annual fee	$450
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% of the transaction amount, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	1

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. She is also the editorial lead for Finder Green, covering sustainability across different industries. Her work has appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy also has a Bachelor of Arts in Journalism and Drama from Griffith University.

Expert review

The CommBank Ultimate Awards Credit Card with Qantas Points offers its highest earn rate of 1.2 Qantas Points per $1 for eligible international transactions made online and in-store (when international travel opens up). In Australia, this card earns 0.8 Qantas Points per $1 for spending at major supermarkets, department stores and petrol stations and 0.4 Qantas Points per $1 for all other eligible spending. You’ll get these 3 earn rates for the first $10,000 spent in a statement period, and eligible spending above that earns 0.2 Qantas Points per $1 for the rest of that statement period.

If you compare this card to other frequent flyer credit cards that charge an annual fee, its $35 monthly fee means you’d pay up to $420 a year for the account, or $450 when you factor in the yearly $30 fee for choosing Qantas Points. This is similar to other top-tier cards. But the key advantage with the CommBank Ultimate Awards Credit Card is that the monthly fee will be waived if you spend $2,500 in your statement period and choose to get your statements online.

If you did that, it would make it much easier to justify the relatively small yearly fee for choosing Qantas Points instead of CommBank Awards Points. Just keep in mind that this card’s 20.24% p.a. interest rate for purchases is still high, so you’d need to regularly pay off your balance in full to really make the most of the potential value you’d get from points and perks.

How to apply

You can apply for the CommBank Ultimate Awards Credit Card with Qantas Points 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.

Eligibility criteria

New cardholders. 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.
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.
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).

Required documents

Personal information. This includes your full name, residential address and contact details.
Qantas Frequent Flyer details. To earn Qantas Points, you must be a Qantas Frequent Flyer member and include your membership details when you apply for this card. If you're not a member of Qantas Frequent Flyer yet, you can sign up for free through CommBank, saving you $99.50 on the usual joining fee. Any points you earn with this card will then be transferred to your Qantas Frequent Flyer account.
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.

Card benefits

70,000 bonus Qantas Points. This card offers 70,000 bonus Qantas Points when you apply by 31 October 2022 and spend $5,000 in the first 90 days from card approval. To give you an idea of the value, that's enough for a return business class flight from Brisbane to Adelaide (55,200 Qantas Points) or Sydney to Hamilton Island (69,100 Qantas Points).
Qantas Points per $1 spent. For a $30 yearly fee, you can choose to earn Qantas Points for your eligible spending (instead of CommBank Awards), with the following rates:
- 1.2 Qantas Points per $1 for eligible international spending online or in-store, up to $10,000 per statement period.
- 0.8 Qantas Points per $1 for eligible spending with major supermarkets, department stores and petrol stations in Australia, up to $10,000 per statement period.
- 0.4 Qantas Points per $1 for all other eligible spending, up to $10,000 per statement period.
- 0.2 Qantas Points per $1 for eligible spending above $10,000 in each statement period.

Mastercard Airport Experiences. You can get access to over 1,000 airport lounges in the LoungeKey network when you use this card to pay for entry. Plus offers on airport dining, shopping and spa experiences while you're waiting to leave or in transit.
No international transaction fees. This card offers 0% international transaction fees when you're shopping in-store or online with businesses that are based overseas. Just keep in mind that ATM withdrawals and other cash advance transactions will still attract cash advance fees.
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.
Mastercard Traveller 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.
Account management. You can set transaction limits, lock international transactions and block 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. This fee will be waived if you spend at least $2,500 on your Ultimate Awards credit card during the statement period and choose to get online statements.
Qantas Points opt-in fee. A yearly $30 fee applies when you choose to earn Qantas Points instead of CommBank Awards Points with this card.

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.

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CommBank Ultimate Awards Credit Card with Qantas Points