Commonwealth Bank Business Awards Platinum Credit Card – Rates and Fees

Earn up to 3 Awards points per $1 and get up to 55 days interest-free with the Commonwealth Bank Business Awards Platinum credit card.

The Commonwealth Bank Business Awards Platinum credit card comes with both an American Express and a Mastercard option to meet all of your spending needs. This personal liability business credit card also allows you to keep your business expenses separate from your personal spending to simplify your accounting process.

Commonwealth Bank Business Awards Platinum credit card review

The Commonwealth Bank Business Awards Platinum credit card offers a generous credit limit of up to $50,000 (subject to lending criteria and approval).

When considering a credit card for your business, make sure that you give thought to liability. This credit card only offers personal liability, making the primary cardholder responsible for all transactions. For a larger company, business liability can provide more security as it puts the liability in the hands of the company.

Benefits of the Commonwealth Bank Business Awards Platinum credit card

• Rewards. The Commonwealth Bank Business Awards Platinum credit card includes a rewards program. When you use your Mastercard for purchases, you will get 1 reward point for every $1 spent on eligible purchases. With the Amex card, you can earn 3 points per $1 spent overseas and at supermarkets, department stores and petrol stations in Australia and 0.5 points per $1 spent on eligible purchases elsewhere.
• Reward points redemption. The rewards points earned can be used towards travel expenses, gift cards, merchandise and even cash back. As a member of the Commonwealth Bank Awards program, you can track your points progress online and see when you have become eligible for a particular reward.
• 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. Points you earn will then be automatically transferred to your Qantas Frequent Flyer membership account on a regular basis. There is an 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.
• Worldwide acceptance. With the flexibility of having two separate cards linked with one account you have the worldwide acceptance that comes with Mastercard and the prestige that an American Express card offers. Use these both for your business expenses to get the most benefits from the rewards program.
• Complimentary insurance. Your card offers complimentary travel insurance, transit accident insurance and unauthorised transaction insurance. Eligibility and activation requirements apply. Refer to the CommBank Credit Card insurances booklet on the CommBank website for more information.

Features of the Commonwealth Bank Business Awards Platinum credit card

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

• Annual fee. This credit card attracts an annual fee of $300.
• Interest rate on purchases. Your purchases are charged at an interest rate of 20.74% p.a. (variable).
• Cash advance fee. Cash withdrawals will be charge a fee of  1.5% the transaction amount when withdrawing from an ATM. Over the counter withdrawals at a Commonwealth Bank branch will be charged the greater of $2.50 or 1.5% of the cash advance amount while non-Commonwealth Bank transactions will be charged $3 or 1.5% of the cash advance amount (whichever is greater). Cash advances made outside of Australia will be charged $4.00 or 1.5% of the cash advance amount (whichever is greater).
• Credit limit. The maximum amount of credit offered with this card is $50,000. CommBank will determine your credit limit based on it's lending criteria.
• Additional cardholder. You can request 1 additional cardholders on this account and will be charged $75 a year for each additional cardholder.
• Replacement card. If you lose your card, you can get it replaced for $20.
• Late repayments. If the amount due is not paid by the due date, you will be charged $20 as a fee.
• International transactions. When you use your card to purchase an item in a currency other than the Australian dollar, you will be charged 3% of the Australian currency value to convert those funds. If you use your Amex card for those transactions the charge to you will be 3.5%.

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

If you’re interested in applying for the Commonwealth Bank Business Awards Platinum credit card, you can start the application process by completing an online application form.

Eligibility criteria

You can apply for this business platinum card online. First, make sure you are eligible by checking that you meet the following criteria:

• All applicants must be at least 18 years old.
• This offer is only valid to Australian or NZ citizens or permanent residents.
• You must not be a full-time student.
• You must not be an undischarged bankrupt.
• You must be a business owner, director or partner who holds a valid Australian Business Number (ABN).

Required information

Be ready with the following documentation to assist you in filling out the form:

• As the primary cardholder you will be asked to provide financial information such as your income, expenses, assets and liabilities.
• An electronic identification check will be performed, so make sure that you are able to provide a valid form of photo identification.

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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