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Earn up to 3 Awards points 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.
Important changes to Awards program
Please note that American Express points earn rates on the Commonwealth Bank Business Awards Platinum credit card will change as of 1 July 2017. Please see this page for more information.
| Product Name | Commonwealth Bank Business Awards Platinum 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 | $300 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. | $6,000 |
| 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. | 2% 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. | $6,000 |
| 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 | $300 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 the cash advance amount (whichever is greater) |
| 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. | 2% of transaction value |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $75 p.a. |
| Number of Additional Cardholders | 2 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- Earn up to 3 Awards points for every dollar spent on your CommBank Business Platinum Awards American Express card.
- Earn 1 Awards point for every dollar spent on your CommBank Awards MasterCard.
- You can get a response within 60 seconds if you apply online.
Cons
- There is a $75 annual fee per additional cardholder.
| Rewards Program | Commonwealth Bank Awards Program |
|---|---|
| Rewards Points per $ (VISA/MC) | 1 |
| Rewards Points per $ (AMEX) | 3 |
| Rewards Points per $ (VISA/MC) Cap | 300,000 |
| Rewards Points per $ (AMEX) Cap | 300,000 |
| Points Expiry | Never |
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 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 dollar spent. Triple that with purchases made on your Amex card, which offers 3 points per dollar spent.
- 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.
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.
- Cash advance fee. Cash withdrawals will be charge a fee of 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 the greater of $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.
- Additional cardholder. You are allowed to request 2 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.
- Complimentary insurance. Your card offers transit accident insurance and unauthorised transaction insurance.
- 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 2%.
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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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
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
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.
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
Do you earn points for ATO transactions on this card ??
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
Can the Amex card be used for entry into the Amex lounge at Sydney Airport?
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
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 ?
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
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?
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
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??
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