Commonwealth Bank Awards Card – Review

With the CommBank Awards Card, you can earn points for your everyday spending.

The Commonwealth Bank Awards Card 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
Card TypeMastercard
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
Complimentary Travel InsuranceNo
Minimum Age18 years of age
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Annual fee$59 p.a.
Minimum Monthly Repayment2% or $25 whichever is greater
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
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)
Gambling Transactions AllowedYes
Additional Cardholder Fee$10
Number of Additional Cardholders1

Pros

  • Earn 1 Awards point per $1 spent on everyday purchases, up to 50,000 points per year.
  • This credit card has a balance transfer rate of 5.99% p.a. for the first 5 months.

Cons

  • At the end of the introductory period, balance transfer reverts to the high cash advance rate of 21.24% p.a. thereafter.
  • There is a $10 fee for any additional cardholders.
Rewards ProgramCommonwealth Bank Awards Program
Rewards Points per $ spent (VISA/MC)1

Benefits of the Commonwealth Bank Awards Card

  • Awards program. Earn 1 Awards point for every dollar you spend on everyday purchases. Points are capped at 50,000 per year, but will not expire.
  • Rewards redemption. 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.
  • Additional points. Earn as many as 15 bonus points per $1 spent when you use your Awards credit card with any Commonwealth Bank bonus partner.

Features of the Commonwealth Bank Awards Card

These are the key features of the Awards Card:

  • Annual fee. This card charges an annual fee of $59.
  • 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.
  • 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.
  • Foreign currency conversion fee. For purchases in other currencies, you will be charged 3% of the Australian total when using your Mastercard.
  • 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.
  • Minimum credit limit. Credit limits are assigned based on your income, with the minimum limit being $500.

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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Credit Cards Comparison

Rates last updated October 16th, 2018
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Low Fee Platinum Card - Exclusive Offer
19.74% p.a.
0% p.a. for 25 months
$90 p.a.
finder Exclusive: Take advantage of 0% p.a. interest for 25 months on balance transfers with no balance transfer fee.
Qantas Premier Everyday
19.99% p.a.
4.9% p.a. for 24 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Take advantage of up to 40,000 bonus Qantas Points, a $0 first year annual fee plus complimentary overseas travel insurance.
Westpac Low Rate Card
13.49% p.a.
0% p.a. for 24 months with 1% balance transfer fee
$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Offers a 0% for 24 month balance transfer option, first year annual fee waiver and a competitive purchase rate.
ANZ Low Rate
12.49% p.a.
0% p.a. for 15 months
$58 p.a.
Save with a 0% p.a. introductory rate on balance transfers for 15 months with no BT fee. Plus a low 12.49% p.a. interest rate on purchases.
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a 0% p.a. for 14 months balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
NAB Qantas Rewards Signature Card
19.99% p.a.
0% p.a. for 6 months with 2% balance transfer fee
$295 p.a. annual fee for the first year ($395 p.a. thereafter)
Collect 90,000 bonus Qantas Points when you spend $4,000 within 60 days of account opening. Plus, a $295 annual fee in the first year.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 26 months with 2% balance transfer fee
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer, $0 first year annual fee, complimentary travel insurance and access to a 24/7 personal concierge service.

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* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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