Commonwealth Bank Business Platinum Awards Credit Card – Rates and Fees

Enjoy an unsecured limit of up to $50,000, rewards points and international travel insurance with the Business Platinum Awards card.

Earn points as you spend and manage your business cash flow with the Commonwealth Bank Business Platinum Awards card.

The card boasts platinum privileges including international travel insurance, transit accident insurance and unauthorised transaction insurance covers. You can also use the personal liability business credit card to keep your business expenses separate from your personal spending to simplify your accounting process.

Product NameCommonwealth Bank Business Platinum Awards Credit Card
Rewards ProgramCommBank Awards
Balance transfer rate5.99% p.a. for 5 months
Balance transfer revert rate
The interest rate that will apply to any remaining balance after the balance transfer term ends.
Cash Advance Rate (21.74% p.a.)
Maximum Balance Transfer AmountUp to remaining credit limit
Purchase rate (p.a.)20.74% p.a.
Offer end date31 July 2019
Annual fee$300 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 limit you can be granted. It is possible to request a higher credit limit but not a lower one than this figure.
$6,000
Max credit limit
This is the maximum credit limit available on this card and you can apply for increases after the account has been opened. This credit limit may not be issued to you immediately upon application.
$50,000
Card TypeMastercard
Foreign Currency Conversion Fee (MC)
Charged when you make a transaction that is converted by Mastercard 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$300 p.a.
Minimum Monthly Repayment2% or $25 whichever is greater
Late Payment Fee$20
Foreign Currency Conversion Fee (MC)
Charged when you make a transaction that is converted by Mastercard 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 $1 spent on business purchases.
  • Stay protected with included travel insurance, extended warranty and purchase security covers.

Cons

  • There is a $75 annual fee per additional cardholder.
  • Points are capped at 300,000 per year.
Rewards ProgramCommBank Awards
Bonus Points100,000 bonus points
Rewards Points per $ spent (VISA/MC)1

Benefits of the Commonwealth Bank Business Platinum Awards credit card

  • Earn rewards. Earn 1 Awards point per $1 spent on eligible purchases, up to 300,000 points per year.
  • Redeeming rewards. You can redeem your Award points for travel, gift cards, merchandise and even credit back to your account.
  • Frequent flyer points. If you're a member of the Qantas Frequent Flyer program, you can opt to earn Qantas Points by enrolling in the Qantas Frequent Flyer Direct program. The points you earn will then be automatically transferred to your Qantas Frequent Flyer membership account on a monthly basis. There is a $30 annual fee for opting in to this program. You can also transfer Awards points to your Virgin Velocity Frequent Flyer account. Note that minimum transfer limits apply for this option.
  • Simplified reporting. Save time on data entry and reporting with automatic bank feeds sent to accounting software such as Xero or MYOB.
  • Included insurance. Your card offers complimentary travel insurance, transit accident insurance and unauthorised transaction insurance. Eligibility and activation requirements apply.
  • Mobile payment compatibility. Commonwealth Bank credit cards are as convenient as it gets when it comes to cardless payments. You can use your eligible smartphone or wearable to make contactless payments with Apple Pay, Samsung Pay and Google Pay.

Features of the Commonwealth Bank Business Platinum Awards credit card

The Business Platinum Awards Card also has a range of other features, including:

  • Annual fee. This credit card charges an annual fee of $300 p.a.
  • Interest rate on purchases. Your purchases are charged at an interest rate of 20.74% p.a. (variable).
  • Interest-free days. When you pay your balance in full by the statement due date, you can take advantage of up to 55 interest-free days.
  • Credit limit. The credit limit for this card ranges between $6,000 and $50,000. CommBank will determine your credit limit based on its lending criteria.
  • Additional cardholder. You can manage your employee spending and request additional cardholders for this account. You'll be charged $75 a year per additional cardholder.
  • International transactions. When you use your CommBank Business Platinum Awards Mastercard to spend overseas or shop online with an international merchant, you'll be charged 3% of the Australian currency value.

How to apply for the Commonwealth Bank Business Platinum Awards credit card

You can apply for the Business Platinum Awards credit card online. You’ll need to meet the eligibility criteria and have the necessary documents to complete the application form.

Eligibility criteria

  • Eligible employee. You must be a business owner, director or partner who holds a valid Australian Business Number (ABN).
  • Credit history. This card is available to applicants who aren’t currently bankrupt and have a good credit score.
  • Age. You must be at least 18 years old to apply.
  • Residency. This card is available to permanent and temporary residents, so long as you’re legally allowed to work in Australia.

Documents and details to provide

  • Personal information. Including your full name, date of birth and residential address. You’ll also need to provide the details of any additional cardholders.
  • Proof of identification. You’ll need to verify your identity with ID including your Australian drivers licence, passport or Medicare card.
  • Finances. This includes personal finances including your income as well as existing assets and liabilities.
  • Business information. This includes the business name and ABN.Before choosing a business credit card, compare the options offered by various banks to find the one that will most effectively serve your purposes.
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14 Responses

  1. Default Gravatar
    JonOctober 8, 2016

    Dear CBA,

    1) Does a Business Awards Platinum Card can Business Taxes be paid to the ATO?

    2) Is there any cap on the number of points earned?

    3) Can the points earned be exchanged for Qantas FF Points and if so, at what rate of exchange?

    Thank you

    • Avatarfinder Customer Care
      MayOctober 11, 2016Staff

      Hi Jon,

      Thank you for your questions. Just to confirm, though, you’ve come through to finder.com.au we are an Australian financial comparison website and general information service, not actually CBA.

      1) Does a Business Awards Platinum Card can Business Taxes be paid to the ATO?
      Yes, with Commonwealth Bank Business Awards Platinum Credit Card, you can earn points for ATO payments. The equivalents are Amex: Up to 3 points per $1 and MasterCard: Up to 1 point per $1

      Some other credit cards that let you earn points for paying tax bills are listed on this page.

      2) Is there any cap on the number of points earned?
      For this card, the maximum number of points that can be accumulated per year are 300,000 points.

      3) Can the points earned be exchanged for Qantas FF Points and if so, at what rate of exchange?
      Yes. Currently, the conversion rate is 2 points : 1 Qantas Frequent Flyer point for Mastercard, and 2.5 : 1 Qantas Frequent Flyer point when using the Amex card.

      Hope this has answered your questions.

      Cheers,
      May

  2. Default Gravatar
    CoffeeboyAugust 8, 2016

    Can you confirm that payments made to ATO with Comm Bank Business Award Credit Card are not excluded from earning reward points, if so is the rate 3 points per $ using Amex. I have tried to get answer an answer from Comm Bank but given up as no one seems to know? The terms and conditions clearly states ” excluded are payments made to ATO UNLESS made using a Business Awards card.

    • Default Gravatar
      ChesterAugust 8, 2016

      Hello Cofeeboy,

      Thanks for your contacting us in regards to Comm Bank Business Award Credit Card reward points enquiry.

      As stated on their website that Points are earned on eligible transactions (most purchases, but not, for example, BPAY transactions, cash advances, payments to the Australian Taxation Office unless made using a Business Awards card, or balance transfers). I have also sent you an email for you to be able to view the information I have provided.

      I hope I was able to answer your question.

      Cheers!
      Chester

  3. Default Gravatar
    NickAugust 7, 2016

    Do you earn points for ATO transactions on this card ??

    • Avatarfinder Customer Care
      MayAugust 7, 2016Staff

      Hi Nick,

      Thanks for you question.

      Yes, with Commonwealth Bank Business Awards Platinum Credit Card, you can earn points for ATO payments.

      The equivalents are Amex: Up to 3 points per $1 and MasterCard: Up to 1 point per $1

      If you want to know some other credit cards that let you earn points for paying tax bills, please feel free to visit this page.

      I hope this has helped.

      Cheers,
      May

  4. Default Gravatar
    EricaAugust 3, 2016

    Can the Amex card be used for entry into the Amex lounge at Sydney Airport?

    • Avatarfinder Customer Care
      LouAugust 4, 2016Staff

      Hi Erica,

      Thanks for your question.

      If you are referring to Commonwealth Bank Business Awards Platinum credit card, unfortunately, it doesn’t come with complimentary airport lounge access.

      If you want to check credit cards with free airport lounge access, you can check this page.

      Cheers,
      Anndy

  5. Default Gravatar
    mattJanuary 14, 2015

    What is the changeover rate from the points you acquire to qantas FF program with the Commonwealth Bank Business Awards Platinum credit card. Is it 1:1 ?

    • Avatarfinder Customer Care
      JonathanJanuary 15, 2015Staff

      Hi Matt,

      Thanks for your question!

      For the changeover/ conversion rate it is currently 2 points : 1 Qantas Frequent Flyer point for Mastercard, and 2.5 : 1 Qantas Frequent Flyer point when using the Amex card.

      I hope this helps!

      Cheers,

      Jonathan

    • Default Gravatar
      KapsOctober 4, 2016

      On the Business Platinum Card the earn max is 300,000 points. If someone switches to Qantas FF Direct earn during the middle of the year say in August or so, does the Qantas / points earn rate resets that time?

    • Avatarfinder Customer Care
      MayOctober 5, 2016Staff

      Hi Kaps,

      Thank you for your question.

      No, it does not matter when you have switched to the Qantas FF Direct program. According to the CommBank’s Award Program, the calculation of the maximum number of Awards points (say for Business Platinum Card is 300,000 points per year) that you may earn is based on eligible transactions shown on your card account statements in the period commencing with the statement issued each January (or the first statement issued if you opened your card account in the preceding 12 months) and ending with the statement issued the following December.

      I have sent you the link to the PDS of the CBA awards program for your reference.

      Cheers,
      May

    • Default Gravatar
      kapsOctober 5, 2016

      Is there any business card that earns points more than 300,000 points?
      If someone has more than 1 business card with CBA , will they both earn points to their individual limits??

    • Avatarfinder Customer Care
      MayOctober 5, 2016Staff

      Hi Kaps,

      Thanks for getting back.

      With CBA, their business credit cards have a maximum limit of 300,000 awards points per year, but for the personal credit cards like the Diamond Awards card, the cap per year is 1,000,000 points. If you have two separate cards, yes, they will both earn points to their individual limit.

      If you would like to compare other business credit cards with rewards, please click this link.

      Cheers,
      May

Credit Cards Comparison

Rates last updated May 19th, 2019
Name Product Purchase rate (p.a.) Balance transfer rate Annual fee Product Description
Citi Clear Platinum Credit Card
12.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers a long-term balance transfer and $0 first year annual fee. Plus, insurance covers and Citibank Dining Program perks.
ME frank Credit Card
11.99% p.a.
$0 p.a.
Save money with an ongoing $0 annual fee, the same low 11.99% p.a. interest rate on purchases and cash advances, and up to 55 days interest free.
Virgin Australia Velocity Flyer Card - Annual Fee Offer
20.74% p.a.
0% p.a. for 18 months
$50 p.a.
Earn 20,000 bonus Velocity Points and save with an ongoing $50 p.a. annual fee. Plus, receive a $129 Virgin Australia Gift Voucher each year.
Latitude Low Rate Mastercard
11.99% p.a.
$69 p.a.
Offers a competitively low interest rate and annual fee, plus up to 55 interest-free days on purchases.

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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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