Enjoy the essentials of a business card with an unsecured limit of up to $50,000 (based on eligibility), plus included insurance covers.
The Commonwealth Bank Business Awards credit card lets you earn Awards points while you spend on your business purchases. The points earned can be redeemed for a variety of rewards including gift cards, merchandise and flights.
This card also offers you a wide range of features that make business purchases more convenient, 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. |
| Annual fee | $100 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.) | 21.74% 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 on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $50,000 |
| Minimum Monthly Repayment | 2% or $25 whichever is greater |
| Card Type | American 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. | 3.5% of transaction value |
| Complimentary Travel Insurance | Yes |
| Available To Temporary Residents | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | No |
| 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 |
| Max Credit Limit This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account. | $50,000 |
| Annual Fee | $100 p.a. |
|---|---|
| Minimum Repayment | 2% or $25 whichever is greater |
| Late Payment Fee | $20 |
| Over Limit Fee | $10 |
| 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 cash advance amount |
| Overseas Emergency Replacement | $20 |
| Overseas ATM Balance check | $1.25 |
| 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. | 3.5% of transaction value |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $75 p.a. |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- Earn at least 0.5 Awards points for every dollar spent on your CommBank Business Awards American Express Card and 1 Awards point for every dollar spent on the Mastercard.
- This card comes with up to 55 interest-free days on purchases.
Cons
- There is a $75 fee for any additional cardholders.
| Rewards Program | Commonwealth Bank Awards Program |
|---|---|
| Rewards Points per $ (VISA/MC) | 1 |
| Rewards Points per $ (AMEX) | 0.5 |
| Rewards Points per $ (VISA/MC) Cap | 60,000 |
| Rewards Points per $ (AMEX) Cap | 60,000 |
| Points Expiry | Never |
Commonwealth Bank Business Awards credit card review
This is a personal liability business card that can make it easier to separate your business spending from personal purchases. It comes with both an American Express card and a Mastercard so that you can choose which card to use to help maximise your rewards.
As well as earning points for your eligible purchases, the CommBank Business Awards offers instant transaction updates, alerts and payment reminders and interest-free days on purchases when you pay your balance in full by the due date on each statement.
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 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. You'll also earn 0.5 points per $1 for other eligible transactions made with the Amex card. With the CommBank Business Awards Mastercard, you'll earn 1 Award 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.
- 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.
- Save time. Use your card to separate your business and personal expenses and save time preparing your Business Activity Statement (BAS).
- Transaction insurance. Unauthorised transaction insurance covers you for any fraudulent transactions made on your card.
- Complimentary transit accident insurance. This covers you for loss or damage of shipments from the time they leave your business premises to when they get delivered to customers.
- Travel insurance. This card offers you international travel insurance for return trips from Australia when you have activated the cover through NetBank. Terms and conditions apply, so refer to the Credit Card Insurance Product Disclosure Statement and Information booklet available on the CommBank website for more information.
Commonwealth Bank Business Awards credit card features
- Annual fee. The CommBank Business Awards credit card has an annual fee of $100 p.a..
- 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.
- 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/ NZ 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 on finder.com.au and apply for the one that suits your business today.
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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