Commonwealth Bank Awards Program

Earn rewards for your everyday spending by being a part of one of Australia’s largest credit card rewards program.

The Commonwealth Bank Awards program is one of the most popular bank reward schemes in Australia. It has a sizeable client base and over 1,000 award options across categories including travel, shopping, gift cards and merchandise. This page will show you how the program works, how to earn and use points, and how to apply for a CommBank Awards credit card.

How does the Commonwealth Bank Awards credit card program work?

The following personal CommBank Award credit cards provide you with complimentary membership to the program:

• Commonwealth Bank Awards
• Commonwealth Bank Gold Awards
• Commonwealth Bank Platinum Awards
• Commonwealth Bank Diamond Awards

These cards allow you to earn points for everyday spending, which you can then redeem for a variety of rewards. The points do not expire and there is a Points Plus Pay redemption option so you can redeem rewards when it suits you.

Earning CommBank Award points

The following are the earn rates and point caps for each CommBank Awards credit card:

• CommBank Awards. The CommBank Awards Mastercard earns up to 1 point per $1 spent 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. Other eligible transactions with the Amex card earn 0.5 points per $1.
• CommBank Gold Awards. The CommBank Gold Awards Mastercard earns up to 1 point per $1 spent while you can earn up to 2 points per $1 spent with your Commonwealth Bank American Express card overseas and at supermarkets, department stores and petrol stations in Australia. Other eligible transactions with the Amex card earn 0.5 points per $1.
• CommBank Platinum Awards. The CommBank Platinum Awards Mastercard earns up to 1 point per $1 spent while you can earn up to 2.5 points per $1 spent with your Commonwealth Bank American Express card overseas and at supermarkets, department stores and petrol stations in Australia. Other eligible transactions with the Amex card earn 0.5 points per $1.
• CommBank Diamond Awards. The CommBank Diamond Awards Mastercard earns up to 1.25 points per $1 spent while you can earn up to 3 points per $1 spent with your Commonwealth Bank American Express card overseas and at supermarkets, department stores and petrol stations in Australia. Other eligible transactions with the Amex card earn 0.5 points per $1.

Most purchase transactions are eligible for points, except BPAY, cash advances, balance transfers and payments made to the Australian Taxation Office (unless made with a CommBank Business Awards card).

How to maximise CommBank credit card rewards

Here’s a list of ways to boost your points balance with a CommBank Awards credit card.

• Receiving sign-up bonus points. Introductory offers may offer bonus points for new customers that fulfill spending criteria. For example, you could earn 20,000 points if you spend $500 in the first month of membership. This could translate into valuable rewards when you apply and get approval for a new credit card. Note that sign-up bonus points are only available at certain times and may not be offered when you want to apply for a CommBank Awards credit card.
• Earning bonus points from partners. On top of your regular earn rate, you can also earn additional points when spending with Commonwealth Bank bonus partners. For example, you can earn one bonus point for every $1 spent with adairs, Hoyts, Prouds the Jewellers, RedBalloon, Thrifty and Village Cinemas.
• Using the Amex card. These award accounts come with both a Mastercard and an American Express card. The American Express card usually earns more points per $1 spent, but it is not as widely accepted as the Mastercard and may attract higher surcharges with specific merchants.
• Additional cardholders. Adding additional cardholders to your account can double or triple your points earning capability as they can also pay for purchases using your account. Each additional cardholder incurs an extra $10 fee per annum and you will be responsible for all account payments and management.

Using CommBank Awards points

You can redeem your points for a number of different rewards, which we’ve outlined in detail below.

In-store rewards

Your CommBank Awards points can be spent exclusively in-store at Myer or Flight Centre. These two partners offer Points Plus Pay, which allows you to make up for a points shortfall with cash when making a redemption.

When making your purchase in-store at Myer, simply present your CommBank Awards credit cards at the register and request to pay with points. You may earn MYER one points on the redemption transaction too.

To make a redemption at Flight Centre, visit a store, call 1300 165 033, visit the CommBank Awards website or log on via the CommBank app and follow the Awards link under your Awards card. Minimum and daily maximum point limits apply and are subject to the terms and conditions of the CommBank Awards program.

Frequent flyer points

You can convert your Awards points into Qantas or Velocity Frequent Flyer points. For Qantas Frequent Flyers, you’re required to opt in to “Qantas Frequent Flyer Direct”. This costs $30 annually, and means that Awards points will automatically be converted into Qantas Points and transferred to your frequent flyer account monthly.

For Velocity, you must transfer your points manually, with a minimum of 3,600 Awards points per transaction and additional points in increments of 1,000. The conversion rates for frequent flyer points are as follows:

Other reward options

In addition to in-store and frequent flyer rewards, you can use your CommBank Awards points for any of the following:

• Cashback. This redemption converts your points into credit on your card. When you choose the cashback reward option, your points will be deducted and a credit will take up to 10 days to appear on your card account.
• Merchandise. You can redeem your points for technological gadgets, home and personal electronics, sporting goods and more. You can pay with points or choose to pay with a mixture of points and cash.
• Gift cards. You can also redeem your points for gift cards to use in a number of stores including Myer, Caltex Star, sunglass hut, Coles, RedBalloon. BP, Flight Centre and rebel. The number of points you need to redeem will depend on the dollar amount of the gift card.

How to compare Commonwealth Bank Awards credit cards

It is critical to compare cards before you decide which one is right for you. You should consider the following key factors:

• Earn rate. When it comes to rewards cards, the card’s earn rate is important because it determines how fast you can earn rewards. A higher earn rate means you’ll be earning rewards more quickly based on your spending, but may also be linked to a higher annual fee.
• Point cap. CommBank Awards cards all have limits on the rewards points you can earn per month or year. If the points cap restricts your earning potential, you may wish to consider a card with a higher points cap or no earning restrictions. For example, the CommBank Awards Card has a cap of 50,000 points per year. You would reach this limit if you spent between $33,333 and $50,000 on your Mastercard and Amex cards. In this scenario, you would lose out on potential points if you spent more than these amounts.
• Bonus point offers. Catching a good bonus offer provides extra benefits that offset the initial costs of your card. Keep in mind that you usually need to fulfill certain eligibility criteria to unlock your bonus points so make sure the cost doesn’t outweigh the benefit.
• Annual fee. A card’s annual fee is often its largest cost component. Compare card fees and perform a simple cost-benefit analysis to make sure a card doesn’t cost more than your potential derived benefits.
• Promotional interest rates. Promotional interest rates can be enticing when it comes to new cards. This may take the form of interest-free purchases for a period, low interest rates or low balance transfer interest rates for a time, which can result in considerable savings if you carry a balance.
• Ongoing interest rates. Ongoing or standard interest rates will kick in after the promotional rates expire. Factor these into your comparison since they could mean potential costs in the medium to long term.
• Interest-free days. CommBank Awards credit cards offer interest-free days on purchases if you pay your balance in full by the due date on each statement. This gives you more time to repay your balance without incurring interest and can help ease cash flow.
• Complimentary extras. Complimentary extras include travel and purchase insurance covers, concierge services, airport lounge access and other travel perks. You may find that these may or may not benefit you, depending on your travel frequency and lifestyle. If you seldom travel, you might wish to choose a card with less travel perks since these “freebies” all indirectly factor into the card’s annual fees.

Mistakes to avoid with a CommBank Awards credit card

• Overspending. Spending within a limit is a necessary skill when it comes to using credit cards, since you can end up in debt.
• Carrying a balance. Carrying a balance on your credit card can lead to debt, since this is how interest fees accrue and monthly repayments become unmanageable.
• Not considering the standard features. Getting carried away with the attractive terms of a credit card promotion is ill-advised. You should always read the fine print and pay attention to the card’s standard features instead.
• Making new purchases when you have transferred a balance. Carrying a monthly balance or having a transferred balance means that you won’t be eligible for interest-free days on new purchases. This means that your new purchases will accrue interest immediately, which can result in high interest fees over time.
• Not using other complimentary extras. As mentioned earlier, if you’re an infrequent traveller who won’t have the opportunity to make much use of the card’s complimentary extras, you would be better off getting a cheaper card with less frills.
• Making cash advance transactions. Withdrawing cash from the ATM using your credit card is a clear no-no, since you’ll be charged a cash advance fee while also immediately incurring interest at a high cash advance rate. That said, some other transactions may also fall under the cash advance category.

How to apply for a CommBank Awards credit card

Use these simple steps to help you choose and apply for a CommBank Awards credit card:

1. Compare cards. Research different credit cards and pore over our finder credit card reviews before deciding which one will best suit your personal needs.
2. Know the terms and conditions. Read and reread the fine print where necessary to find out all the terms and conditions relevant to your chosen card and rewards program. Make sure you know exactly what you’re signing up for, and also that you meet the eligibility requirements for your chosen card.
3. Apply online. After you’ve made your choice, head over to the relevant CommBank card page and click “Apply now”. This online application should take under 30 minutes. Existing CommBank customers may apply in NetBank.
4. Fill out the online application form. You will be asked for your personal details including your name and contact numbers, home address and driver’s licence number. You will also need to provide financial details including information about your employment, income, expenses, assets and liabilities. You will then be given options to customise your new card, and finally you’ll be asked to submit documentation including a photo ID and any proof of income including payslips or bank statements.
5. Submit the application. Once you’ve submitted your card application, you will receive confirmation within a few minutes. If you receive conditional approval, the bank will get in touch with further instructions for completing the whole application process.

CommBank Awards is a popular credit card rewards program, but there are many others on the market. So when considering a CommBank rewards credit card, remember to compare your options among other rewards credit cards. Also weigh up the potential costs of a card in comparison to its potential benefits before deciding if it will be the most suitable one for you.

Picture: Commonwealth Bank