Commonwealth Bank Business Awards Credit Card

Last updated: Jul 1, 2020

Earn Awards Points per $1 spent and manage your business spending with the CommBank Business Awards card.

The Commonwealth Bank Business Awards credit card earns 1 CommBank Awards point per $1 spent, with rewards including gift cards, travel and frequent flyer points.

It also offers up to 55 days interest-free on purchases, a $100 annual fee and the option of 1 additional cardholder for a fee of $75 per annum.

5.99% p.a.

Balance transfer rate

for 5 months

20.74% p.a.

Purchase rate

Reward point

Per $ spent

$100 p.a.

Annual fee

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Details

Product Name	Commonwealth Bank Business Awards Credit Card
Rewards program	Commonwealth Bank Awards Program
Balance transfer rate	5.99% p.a. for 5 months
Balance transfer revert rate	Cash Advance Rate (21.74% p.a.)
Purchase rate	20.74% p.a.
Annual fee	$100
Interest-free period	55 days
Cash advance rate	21.74% p.a.
Min credit limit	$500
Max credit limit	$50,000
Card type	Mastercard
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	No

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	1
Rewards points cap	60,000

Annual fee	$100
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	3%
Overseas cash advance fee	1.5% or $4, whichever is greater
Additional cardholder fee	$75
Number of additional cardholders	1

Expert review

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy Bradney-George is the acting editor for credit cards and has more than 13 years’ experience writing about personal finance. She has bylines in publications including The Sydney Morning Herald, ABC News and The Equity Magazine. A passionate writer, she’s also acting editor for Finder X and senior writer for Finder Green. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University, and when she’s not writing she spends her time as an actress.

Expert review

The CommBank Business Awards is suited to small business owners who want to keep track of spending and earn rewards at the same time. It offers simple account management through CommBiz, NetBank or the CommBank app, as well as automatic data feeds for MYOB and Xero, which can help you stay on top of your business accounting tasks. It also earns 1 Awards point per $1 spent on eligible purchases, with a cap of 60,000 points per year. So if you spend more than $60,000 annually on your business, you may want to compare some other options.

If you want to share the account with someone else in the business, you can request a maximum of 1 additional cardholder for a fee of $75 p.a. As this is a personal liability account, you will be the one responsible for managing it – but you do get the benefit of unauthorised transaction insurance to help protect the account.

How to apply

You can apply for the CommBank Business Awards credit card online by filling out a simple application form. As this is a personal liability credit card, you won't need to include financial information for your business. But you do need to make sure you meet the following eligibility criteria and have all the documents and details needed to complete the application.

Eligibility criteria

Residency and work status. You must have the right to work in Australia.
Age. You must be at least 18 years old to apply.

Bankruptcy status. You must not currently be bankrupt.

Required documents

Personal details. This includes your full name, date of birth, email address, phone number and residential address. You also need to provide a valid form of ID, such as your driver's licence.
Employment details. This covers your employment status, salary and contact details for your employer or accountant. You also need to include recent payslips or other proof of your income.
Financial details. This includes any other income, such as earnings through your ABN (Australian Business Number) or government payments, as well as savings and other assets. You also need to provide details of any money you owe, other liabilities and your share of regular household expenses.
Balance transfer details. If you want to move debt from an existing credit card that's not issued by CommBank, you can request a balance transfer by providing the account name, number, BSB, financial institution and the total amount of debt you want transferred.

Card benefits

CommBank Awards points. This card earns 1 Awards point per $1 spent on eligible purchases, up to 60,000 points per year. Eligible purchases cover most everyday and business spending. Transactions that don't earn points include BPAY payments, cash advances, foreign currency purchases and account fees.
Reward options. The CommBank Awards program offers a wide range of ways to redeem points, with rewards including gift cards, cash back on your account and retail items. You can also convert Awards points into Velocity Points or redeem them instantly for travel bookings at Flight Centre and purchases at Myer.

Business spending tools. Use your card to separate your business and personal expenses so you can save time preparing your Business Activity Statement (BAS). You can also set up automatic data feeds for your accounting software programs – including MYOB and Xero. Plus, get statements, set daily limits and set up automated payments when you manage your account online with CommBiz, NetBank or the CommBank app.
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.
Mobile payments. This card gives you a way to make contactless payments from a compatible device when you add it to your Apple Pay, Samsung Pay or Google Pay account.

Rates & fees

Annual fee. The CommBank Business Awards credit card charges an annual fee of $100.
Additional cardholders. If you want to share the account with someone else in your business, you can add 1 additional cardholder for a fee of $75 p.a. Note that you will be responsible for managing the account.

Purchase rate. This card has a variable purchase rate of 20.74% p.a., which means interest charges could quickly add up if you carry a balance.
Interest-free days on purchases. This card offers up to 55 days interest-free on purchases if you pay the total outstanding balance in full by the due date on each statement.
Personal liability. As a personal liability card, you will be held legally responsible for all aspects of the account when you're the primary cardholder.
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.
International transaction fee. A fee of 3% applies for purchases made overseas or online in an international currency. This fee also applies for purchases made in Australian dollars when they are processed overseas.

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6 Comments

ken
November 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.

Reply
- finder Customer Care
  
  John
  November 8, 2018
  
  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
  
  Reply
Wendy
March 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.

Reply
- Nikki
  March 19, 2018
  
  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
  
  Reply
gary
April 24, 2014

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

Reply
- finder Customer Care
  
  Shirley
  April 30, 2014
  
  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
  
  Reply

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