Commonwealth Bank Awards Card – Review

With the CommBank Awards Card, you can earn points with both a Mastercard and an Amex on the same account.

The Commonwealth Bank Awards Card gives you the purchasing power of both a Mastercard and American Express, with each card earning different rates of points for eligible purchases. This allows you to take advantage of one of the largest rewards programs available in Australia. Redeem Awards points in-store at Myer or Flight Centre or browse the CommBank Awards catalogue for over 1,000 reward options.

Product NameCommonwealth Bank Awards Credit Card
Rewards ProgramCommonwealth Bank Awards Program
Balance transfer rate (p.a.)5.99% p.a. for 5 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.24% p.a.)
Maximum Balance Transfer AmountUp to remaining credit limit
Purchase rate (p.a.)20.24% p.a.
Annual fee$59 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.24% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Minimum Monthly Repayment2% or $25 whichever is greater
Card TypeAmerican Express/Mastercard
Late Payment Fee$20
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Foreign Currency Conversion Fee (AMEX)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.5% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$500
Annual Fee$59 p.a.
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$0
Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Emergency Replacement$20
Overseas ATM Balance check$1.25
Overseas ATM Withdrawal Fee$2.50 or 2.00% of the transaction amount up to a maximum of $150
Foreign Currency Conversion Fee (MC)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3% of transaction value
Foreign Currency Conversion Fee (AMEX)
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution.
3.5% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$10 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • This credit card has a balance transfer offer of 5.99% p.a. for 5 months and reverts to 21.24% p.a. thereafter.
  • Earn up to 0.5 CommBank Awards points per $1 with the AMEX credit card. This is higher than the average 1:1 ratio.

Cons

  • There is a $10 fee for any additional cardholders.
Rewards ProgramCommonwealth Bank Awards Program
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0.5
Rewards Points per $ (VISA/MC) Cap50,000
Rewards Points per $ (AMEX) Cap50,000
Points ExpiryNever

Commonwealth Bank Awards Card review

The CommBank Awards Credit Card earns 1 point per $1 spent on eligible purchases with the Mastercard and up to 1.5 points for each $1 spent on eligible purchases made with the American Express card overseas and at major supermarkets, department stores and petrol stations in Australia. All other eligible spending with the Amex card earns 0.5 points per $1.

The CommBank Awards program also offers a variety of rewards to suit different lifestyles and goals. If you want travel rewards, you can redeem points in-person at Flight Centre to help pay for airfare, hotels, cruises and more. If you prefer department store shopping, just head to Myer and use your card to pay with points. These in-store redemption options are a first for an Australian rewards card. Earning points is easy too, with up to 1 point being added to your account for every dollar spent using the Mastercard, and up to 1.5 points when you pay with American Express.

Benefits of the Commonwealth Bank Awards Card

  • Rewards program. When using the Mastercard to make your purchases you will get up to 1 point for every dollar you spend. While you can earn up to 1.5 points per $1 spent with your Commonwealth Bank American Express card overseas and at supermarkets, department stores and petrol stations in Australia. Redeeming points can be done in-person at Myer or Flight Centre simply by requesting this at the time of payment. Points are capped at 50,000 per year but will not expire.
  • Other rewards. You can choose merchandise, vouchers or cashback through the Commonwealth rewards program. You can also transfer points to other rewards programs, such as Virgin Frequent Flyer program or Qantas Frequent Flyer, providing you meet the minimum point requirements and other conditions. Refer to the CommBank Awards catalogue available on the CommBank website for full details.
  • Repayment protection. You can sign up for CreditCard Plus, which helps protect your repayments if you can't make them due to unemployment or disablement. This insurance costs $0.45 for every $100 that you owe at the time your monthly statement is issued.
  • Interest-free days. The Commonwealth Bank Awards card offers you up to 55 interest-free days on purchases when you pay your balance in full by the due date on each statement.
  • Balance transfer. Transfer your balances from other Australian-issued credit cards or store cards and be charged a rate of 5.99% p.a. for the first 5 months. After the promotional period, the balance transfer rate changes to the standard variable cash advance rate of 21.24% p.a.

Features of the Commonwealth Bank Awards Card

These are key features of the Awards Card:

  • Annual fee. This card charges an annual fee of $59.
  • Foreign currency conversion fee. For purchases in other currencies, you will be charged 3% of the Australian total when using your Mastercard, and 3.5% for American Express.
  • Additional cardholder. There is a $10 charge for an additional card to be added to the account. This fee will be applied each year in addition to the standard annual fee.
  • Interest for purchases. Purchases will accrue interest at a rate of 20.24% p.a.
  • Interest for cash advances. If you use your card to withdraw cash, you will be charged 21.24% p.a. interest on the balance.
  • Minimum credit limit. Credit limits are assigned based on your income, with the minimum limit being $500.
  • Worldwide acceptance. Use your Mastercard and American Express cards at millions of locations around the world, wherever you see their logos.

How to apply for the Commonwealth Bank Awards Card

If you think that the Commonwealth Awards Card is the right one for you, complete an online application form to start the process. Check before continuing to make sure that you are eligible for this credit card offer.

Eligibility criteria

To apply you must meet the following criteria:

  • Be at least 18 years old
  • Have the right to work in Australia
  • Not be an undischarged bankrupt

Required documents

Filling out the application will be easier if you have the following documentation ready. Once submitted, you should get a response back within 60 seconds.

  • Your Australian driver’s licence or passport numbers will be needed to verify your identity.
  • Contact information for your current employer will be needed.
  • Be prepared with your current income, assets and debts. This will include monthly expenses as well as other credit card payments and loans.
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