Commonwealth Bank Awards Credit Card Review

Information verified correct on December 9th, 2016

There is an impressive reward card program available from Commonwealth Bank that offers it's customers a large selection of rewards, ranging from merchandise to air travel.

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.)
Balance Transfer Limit100% of available 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.
2% 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 (whichever is greater)
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.
2% 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 1.5 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)1.5
Rewards Points per $ (VISA/MC) Cap50,000
Rewards Points per $ (AMEX) Cap50,000
Points ExpiryNever

Where do my Commonwealth Bank Awards Card points come from?

You earn your points very simply by spending money on your credit card. The amount of points you obtain is determined by how much money you spend on the card, and also whether you use the American Express card or the MasterCard within your account.

Basic cardholders receive:

  • 1 point per $1 spent using the MasterCard
  • 1.5 points per $1 spent using the American Express Card

It is worth noting that if you hold a gold version of the Commonwealth Bank Awards Card, you will get 2 points per $1 spent on the American Express Card, and platinum cardholders receive a mighty  points per $1 spent on the American Express Card.

What can I spend my points on?

  • Special offers. The Commonwealth Bank Awards Card allows to spend your points on a large selection of items ranging from electronic equipment, right the way through to home-wares.They will also send you a newsletter informing you of new special offers available.
  • Experiences. Have you ever wanted to drive a sports car, or take a hot air balloon ride? Well good news because this card also allows you to spend your reward points on an exciting range of fun experiences.
  • Air travel. This card is also very handy for anyone who does a lot of air travel. You can redeem points against Velocity Airline travel.
  • Credit back. This is one of my favourites! You can turn your points right back into cash which you can then spend again on your credit card. You can claim anything up to $250 in cash-back!
  • Gift vouchers. Once you have amassed 4,000 points, you are able use your points to get some popular high street gift cards or vouchers. Perfect for that last minute birthday or Christmas present.

All in all the Commonwealth Bank Awards Card is a very diverse little card, with some great rewards and gifts available to members.

How to apply for the Commonwealth Bank Awards credit card

If you are ready to apply for the Commonwealth Bank Awards Card credit card click on the 'Go to site' button below to be taken to a secure page. You will then need to fill in your details and provide financial information to the bank. If you simply want to find out more about this card, use the button below.

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Credit Cards Comparison

Rates last updated December 9th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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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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