Enjoy the essentials of a business card with an unsecured limit of up to $50,000, reward points and included insurance covers.
You can use the Commonwealth Bank Business Awards credit card to earn Awards points when you make business purchases. You can then redeem these points for a variety of rewards including the ability to transfer to Velocity or Qantas Frequent Flyer.
This card also offers a wide range of features, such as unauthorised transaction and transit accident insurances, plus the ability to add extra cardholders to the primary account.
| Product Name | Commonwealth Bank Business Awards Credit Card |
|---|---|
| Rewards Program | Commonwealth 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 (21.74% p.a.) |
| Purchase rate (p.a.) | 20.74% p.a. |
| Offer end date | 14 February 2019 |
| Annual fee | $100 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.) | 21.74% 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 |
| Max credit limit This credit limit may not be issued to you immediately upon application. This is the maximum credit limit available on this card and you can apply for increases after the account has been opened. | $50,000 |
| Card Type | Mastercard |
| 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 Insurance | Yes |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | Yes - Conditions apply |
| Annual fee | $100 p.a. |
|---|---|
| Minimum Monthly Repayment | 2% 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 | Over-the-counter: $2.50 or 1.5% of cash advance amount, ATM: 1.5% of cash advance amount |
| Overseas Cash Advance Fee | $4.00 or 1.5% of the cash advance amount (whichever is greater) |
| Gambling Transactions Allowed | Yes |
| Additional Cardholder Fee | $75 |
Pros
- Earn 1 Awards point per dollar spent on your CommBank Business Awards Credit Card.
- This card comes with complimentary insurance covers.
Cons
- There is $75 fee for any additional cardholders.
- Points are capped at 60,000 per year.
| Rewards Program | Commonwealth Bank Awards Program |
|---|---|
| Rewards Points per $ spent (VISA/MC) | 1 |
Benefits of the Commonwealth Bank Business Awards credit card
- Amazon offer. Apply for a new Commonwealth Bank Business Awards credit card by 14 February 2019 and spend $500 by 31 May 2019 to receive a $200 Amazon voucher. Once approved, use your new card to purchase for a 1 year annual membership to Amazon Prime Australia by 31 May 2019 and you'll get a membership refund, saving you $59.
- Awards points. This card rewards you for every dollar you spend on eligible business purchases and enables you to easily redeem your points for a wide range of rewards. Earn 1 Awards point per $1 spent on eligible purchases. Note that you can earn up to 60,000 points per year through your account.
- Points redemption. There are a wide range of perks that you can redeem your accumulated points for, including gift cards, flight awards and special merchandise. You can also convert Awards points into Velocity or Qantas Frequent Flyer Points.
- Save time. Use your card to separate your business and personal expenses and save time preparing your Business Activity Statement (BAS). You can also manage your account online with CommBiz, NetBank or the CommBank app. To streamline your business expenses, you can also set up automated payments and enforce daily limits.
- Transaction insurance. Unauthorised transaction insurance covers you for any fraudulent transactions made on your card.
- Transit accident insurance. Travel with peace of mind and save on potential costs with a complimentary transit accident insurance.
Commonwealth Bank Business Awards credit card features
- Annual fee. The CommBank Business Awards credit card charges an annual fee of $100.
- Additional cardholders. As the primary cardholder, you have an option to add additional cardholders to the account. Cards are then linked to the same account with the same credit limit, interest rate and balance, making it easier to manage them. Note that an annual fee of $75 per additional cardholder applies.
- Purchase rate. This card has an variable purchase rate of 20.74% p.a.
- Up to 55 interest-free days. If you pay the balance in full by each statement due date, you can make purchases without any interest charges on your card for up to 55 interest-free days.
- Personal liability. The primary cardholder takes personal responsibility for every transaction on the card account.
- Credit limit. This card offers you an unsecured limit of between $500 and $50,000 (subject to card approval). The credit limit you're offered will be based on Commonwealth Bank's lending criteria.
- Business name. You have the option to add your business name on your card beneath the cardholder's name.
How to apply for the Commonwealth Bank Business Awards credit card
You can apply for the Commonwealth Bank Business Awards credit card online by completing an online application form. The application process takes only a few minutes and you could receive your card in as little as 10 business days (pending approval).
Eligibility criteria
Make sure you meet the following criteria before you start your application:
- All applicants must be at least 18 years of age.
- You must be an Australian or New Zealand citizen or a permanent resident.
- You must not be a full-time student.
- You must not be an undischarged bankrupt.
- You must be a business owner, director or partner with a valid Australian Business Number (ABN).
Required documents
Please provide the following information with your application:
- Your personal details including your full name, date of birth and gender
- Your address, suburb, postcode and time at your current address
- Your employment details including your employment type, status and your job type and category
The Commonwealth Bank Business Awards credit card rewards you for your business spending. Compare this card with other business credit cards and apply for the one that best suits your business needs.
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i pay roughly S150K per quarter on my business BAS and would like to take advantage of a points card solely for this purpose. Currently hold WBC cards so probably looking to take advantage of other banks NEW customer offers.
Open to suggestions, but prefer not AMEX unless there is some compelling reason to use it I am not aware of.
Hi Ken,
Thank you for reaching out to finder.
You may click on this link to learn more about credit cards that earn points for ATO payments. Kindly review and compare your options on the table displaying the available providers. Once you have chosen a particular provider, you may then click on the “Go to site” button and you will be redirected to the provider’s website where you can proceed with the application or get in touch with their representatives for further inquiries you may have.
Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you. Hope this helps!
Cheers,
Reggie
You say that your business awards credit card makes it easier to separate personal and business transactions and saves time preparing BAS. How? You do not give any evidence.
Hi Wendy!
Thanks for questions and for visiting finder – a leading comparison website and general information service built to give you advice on your buying decision needs.
Yes, that is correct. The Commonwealth Bank Business Awards Credit Card lets you separate your business and personal expenses and save time preparing your Business Activity Statement (BAS).I understand that you are looking for information on how to do this. Since we don’t work directly for this bank, we don’t have this information on our website.
Please note that we’re a product comparison website. We provide general information on products to assist you in your buying decision process hence we cannot recommend product/service that is rightfully fit for you.
We suggest contacting the bank directly as they will be able to assist you on how to go about this.
Best Regards,
Nikki
I need a card for business unlimited Qantas point not amex please
Hi Gary,
Thanks for your question.
Please see our page on business credit cards, when you click through to a review, if you scroll down and click ‘rewards program’ you can then see if the points expire or not.
Cheers,
Shirley