Commonwealth Bank Awards Card – Review

Earn points as you spend and redeem retail rewards, gift cards, partnered frequent flyer points and more.

You can reward your spending with points and take advantage of a competitive annual fee with the Commonwealth Bank Awards credit card.

If you apply by 30 April 2019, you could save with 0% on purchases for 12 months. After this, enjoy up to 55 interest-free days on purchases when you pay your balance in full each statement period.

Product NameCommonwealth Bank Awards Credit Card
Rewards ProgramCommonwealth Bank Awards Program
Balance transfer rate5.99% p.a. for 5 months
Balance transfer revert rate
The interest rate that will apply to any remaining balance after the balance transfer term ends.
Cash Advance Rate (21.24% p.a.)
Maximum Balance Transfer AmountUp to remaining credit limit
Purchase rate (p.a.)0% p.a. for 12 months (reverts to 20.24% p.a.)
Offer end date30 April 2019
Annual fee$59 p.a.
Interest Free Period
The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date.
Up to 55 days on purchases
Cash advance rate (p.a.)21.24% p.a.
Min credit limit
This is the lowest credit limit you can be granted. It is possible to request a higher credit limit but not a lower one than this figure.
$500
Card TypeMastercard
Foreign Currency Conversion Fee (MC)
Charged when you make a transaction that is converted by Mastercard 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)
Charged when you make a transaction that is converted by Mastercard 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.
  • Balance transfer rate of 5.99% p.a. for the first 5 months.

Cons

  • Points are capped at 50,000 per year.
  • At the end of the introductory period, balance transfer reverts to the high cash advance rate of 21.24% p.a.
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 redeem your points for 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.
  • 0% purchase interest rate. When you apply by 30 April 2019, you can pay no interest on purchases for the first 12 months. The purchase interest rate reverts to 20.24% p.a. after that.
  • Mobile wallets. You can link your account with Apple Pay, Samsung Pay or Google Pay to tap and pay with your smartphone. You can also use your fitness tracker to make contactless payments if you link your card with Garmin Pay and Fitbit Pay.

Features of the Commonwealth Bank Awards Card

  • Annual fee. This card charges an annual fee of $59.
  • Cash advances. If you use your card to withdraw cash or make another cash advance transaction, you will be charged 21.24% p.a. interest on the balance.
  • Interest-free days. You can access 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 introductory period, the balance transfer rate changes to the variable cash advance rate of 21.24% p.a.
  • Foreign currency conversion fee. When you use your card to spend overseas or shop online with an international merchant, you will be charged 3% of the Australian total when using your Mastercard.
  • Additional cardholder. You can link an additional cardholder to the account for $10. This fee will be applied each year in addition to the standard annual fee.
  • Minimum credit limit. You can apply for credit limits starting at $500.

How to apply for the Commonwealth Bank Awards Card

You can apply for the Commonwealth Bank Awards credit card online and get a response in 60 seconds. Check if you meet the eligibility requirements and have the necessary information to complete the application before you get started.

Eligibility criteria

  • Age. You must be at least 18 years old to apply.
  • Residency. This card is available to permanent and temporary residents, so long as you're legally allowed to work in Australia.
  • Credit history. You'll need to have a good credit history with no current bankruptcies.

Required documents and information

  • Personal information. This includes your full name, date of birth, residential address, contact information, marital status and number of financial dependents.
  • Proof of identification. You'll be asked to verify your identity with your Australian drivers licence, passport or Medicare card.
  • Income and employment. Confirm your current employment and annual income with recent payslips.
  • Finances. This includes any assets such as savings or investments and any liabilities including existing debts or loans.
  • Visa. If you're a temporary resident, you'll need to provide your visa details.

The Commonwealth Bank Awards card is a competitive option for those looking to earn rewards with minimal extra features. While there are no included insurance covers and it offers a lower points earn potential than the Diamond version of this card, the modest $59 annual fee makes the Awards card worth considering.

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Credit Cards Comparison

Rates last updated April 24th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
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 long-term balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
HSBC Platinum Credit Card
19.99% p.a.
0% p.a. for 22 months
$129 p.a.
0% p.a. for 22 months on balance transfers with no BT fee. Plus, a yearly annual fee refund when you spend $6,000 and 2 lounge passes per year.
Virgin Australia Velocity Flyer Card - Annual Fee Offer
20.74% p.a.
0% p.a. for 18 months
$50 p.a.
Earn 20,000 bonus Velocity Points and save with an ongoing $50 p.a. annual fee. Plus, receive a $129 Virgin Australia Gift Voucher each year.
Latitude Low Rate Mastercard
11.99% p.a.
$69 p.a.
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases.

Compare up to 4 providers

* 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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