Commonwealth Bank Business Awards Credit Card – Rates and Fees

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 NameCommonwealth Bank Business 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 (21.74% p.a.)
Purchase rate (p.a.)20.74% p.a.
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 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 InsuranceYes
Minimum Age18 years of age
Available To Temporary ResidentsYes - Conditions apply
Annual fee$100 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 FeeOver-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 AllowedYes
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 ProgramCommonwealth Bank Awards Program
Rewards Points per $ spent (VISA/MC)1

Benefits of the Commonwealth Bank Business Awards credit card

  • 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 ongoing 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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6 Responses

  1. Default Gravatar
    kenNovember 6, 2018

    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.

    • finder Customer Care
      JohnNovember 8, 2018Staff

      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

  2. Default Gravatar
    WendyMarch 15, 2018

    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.

    • finder Customer Care
      NikkiMarch 19, 2018Staff

      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

  3. Default Gravatar
    garyApril 24, 2014

    I need a card for business unlimited Qantas point not amex please

    • finder Customer Care
      ShirleyApril 30, 2014Staff

      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

Credit Cards Comparison

Rates last updated November 14th, 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.
Citi Platinum Credit Card - Exclusive Offer
0% p.a. for 13 months (reverts to 20.99% p.a.)
0% p.a. for 13 months
$49 p.a. annual fee for the first year ($149 p.a. thereafter)
finder Exclusive:
Save with 0% interest on purchases and balance transfers for 13 months (with no BT fee). Plus, a discounted $49 annual fee for the first year.
Virgin Australia Velocity Flyer Card - Exclusive Offer
0% p.a. for 14 months (reverts to 20.74% p.a.)
0% p.a. for 6 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
finder Exclusive: Save on credit card costs with half the annual fee for the first year and a 0% p.a. interest rate on purchases for 14 months.
American Express Westpac Altitude Platinum Bundle - Qantas - Exclusive Offer
20.24% p.a.
$50 p.a. annual fee for the first year ($249 p.a. thereafter)
finder Exclusive:
Up to 90,000 bonus Qantas Points when you meet the criteria with this dual Visa (issued & serviced by Westpac) & Amex (issued & serviced by Amex).

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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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