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 Name | Commonwealth Bank Business Platinum Awards Credit Card |
|---|---|
| Rewards Program | CommBank Awards |
| Balance transfer rate | 5.99% 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 Amount | Up to remaining credit limit |
| Purchase rate (p.a.) | 20.74% p.a. |
| Offer end date | 31 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 Type | Mastercard |
| 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 Insurance | Yes |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | Yes - Conditions apply |
| Annual fee | $300 p.a. |
|---|---|
| Minimum Monthly Repayment | 2% 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 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) |
| Gambling Transactions Allowed | Yes |
| 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 Program | CommBank Awards |
|---|---|
| Bonus Points | 100,000 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.
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