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 (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 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 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 Repayment2% or $25 whichever is greater
Card TypeAmerican 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 InsuranceYes
Available To Temporary ResidentsNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
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 Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$10
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 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 AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$75 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

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 ProgramCommonwealth Bank Awards Program
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0.5
Rewards Points per $ (VISA/MC) Cap60,000
Rewards Points per $ (AMEX) Cap60,000
Points ExpiryNever

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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2 Responses

  1. Default Gravatar
    garyApril 24, 2014

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

    • Staff
      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 September 22nd, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 24 months
$90 p.a.
Until 1 October 2017, exclusive to finder.com.au, enjoy a no BT fee, balance transfer offer with platinum privileges, including travel insurance.
St.George Vertigo Visa
13.24% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$55 p.a.
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.

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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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