Commonwealth Bank Diamond Awards Credit Card

Earn 120,000 bonus Awards points and enjoy a host of complimentary extras with the CommBank Diamond Awards Card.

The Diamond card is CommBank's premium Awards credit card. You will earn 1.25 points per $1 on eligible purchases. You can also take advantage of premium extras such as included international travel insurance, purchase insurances and cashback offers from Mastercard Traveler Rewards.

120,000

Bonus points

20.24% p.a.

Purchase rate

1.25

Reward points

Per $ spent (Visa/Mastercard)

$349 p.a.

Annual fee

Details

Product NameCommonwealth Bank Diamond Awards Credit Card
Rewards ProgramCommonwealth Bank Awards Program
Balance Transfer Rate5.99% p.a. for 5 months
Balance Transfer Revert RateCash Advance Rate (21.24% p.a.)
Purchase Rate20.24% p.a.
Annual Fee$349
Interest Free Period55 days
Cash Advance Rate21.24% p.a.
Minimum Credit Limit$15,000
Card TypeMastercard
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Complimentary Travel InsuranceYes
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Joint ApplicationNo

Pros

  • 120,000 bonus Awards points offer
  • Complimentary travel insurance, extended warranty and purchase security insurance covers.
  • Cashback and exclusive offers through Mastercard Traveler Rewards

Cons

  • The 20.24% p.a. purchase interest rate and $349 annual fee are relatively high.
Rewards ProgramCommonwealth Bank Awards Program
Bonus Points120,000 bonus points
Rewards Points per $ spent (Visa/Mastercard)1.25
Rewards Points per $ Cap (Visa/Mastercard)Uncapped
Annual Fee$349
Minimum Monthly Repayment2% of the closing balance or $25, whichever is greater
Late Payment Fee$20
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Cash Advance Fee3% or $3, whichever is greater
Overseas Cash Advance Fee$3 or 3% of transaction value, whichever is greater
Additional Cardholder Fee$10
Number of Additional Cardholders1

Expert review

Amy Bradney-George

Review by


Amy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.

Expert review

The CommBank Diamond Awards card offers both rewards and premium extras, including international travel insurance, purchase insurance covers and a mix of retail, travel and entertainment offers through Mastercard. If you take advantage of the introductory 120,000 bonus Awards points offer, the rewards you could redeem include $550 worth of gift cards (116,300 points), 60,000 Velocity Points or 48,000 Qantas Points (when opted-in to Qantas Frequent Flyer Direct).

You can also use points to pay for purchases at Myer or travel bookings at Flight Centre, or redeem them for retail items, experiences or other options available through the CommBank Awards program.

How to apply

You can apply for the Commonwealth Bank Diamond Awards credit card online in a few minutes. Before you apply, make sure you meet the eligibility requirements and have the necessary details and documents on hand:

Eligibility criteria

  • New cardholders. To be eligible for the bonus points offer you cannot hold or have held any CommBank Awards card in the previous 12 months.
  • Residency. You must be legally allowed to work in Australia. If you are not a permanent resident or citizen, you will need to provide your visa details.

Card benefits

  • Bonus points offer. Apply by 31 October 2019 and you will earn 120,000 bonus CommBank Awards points when you spend at least $6,000 on your new card before 31 January 2020. To give you an idea of the rewards you could get with your bonus points, you can exchange 120,000 Awards points for 60,000 Velocity Points, 48,000 Qantas Points or $550 worth of gift cards (116,300 points). Please note that to receive the bonus points promotion, you cannot hold or have held a CommBank Awards card in the last 12 months.
  • Points per $1 spent. You'll earn 1.25 Awards points per $1 spent on eligible purchases up to 1,000,000 points per year. You can also earn uncapped bonus points per dollar spent when you shop with Commonwealth Bank Bonus Partners.

Rates & fees

  • Annual fee. The Commonwealth Bank Diamond Awards card charges an annual fee of $349.
  • Purchase rate. This card charges a variable purchase rate of 20.24% p.a.

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177 Comments

  1. Default Gravatar
    Max
    June 28, 2019

    Does the Diamond Card cover the excess on rental cars?

    • AvatarStaff
      Jeni
      June 29, 2019

      Hi Max,

      Thank you for getting in touch with Finder.

      Yes, this card has rental vehicle cover. You may contact its underwriter Covermore for more info on what your credit card insurance cover.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

  2. Default Gravatar
    Aniello
    March 14, 2019

    I am travelling to United States of America can I be covered 100 % of medical insurance

    • AvatarStaff
      Nikki
      March 15, 2019

      Hi Aniello,

      Thanks for getting in touch! According to our page and Commbanks website – overseas medical benefits – excess applies – is covered for you and family. It says on their website – There are key benefits and maximum benefit limits. If any excess applies, it’ll be included on your Certificate of Insurance. For everything that’s covered including limits, sub-limits, conditions and exclusions, carefully read our Product Disclosure Statement (PDS).

      To obtain more information on how much you can be covered, medically, by Commbank Diamond Awards Credit Card, I suggest contacting Commbank directly.

      Hope this helps!

      Best,
      Nikki

  3. Default Gravatar
    Hok
    December 7, 2018

    Can I get access to AMEX airport lounge by using on Commonwealth bank Diamond Card?

    • AvatarStaff
      Jhez
      December 12, 2018

      Hello Hok,

      Thank you for your comment.

      Upon checking, the Commbank Diamond Awards Credit Card now comes with Mastercard-only product, not Amex. If you’re an existing CBA Diamond Awards cardholder and have a currently-valid CBA Diamond AMEX, you can continue to make use of your American Express lounge passes for access to AMEX’s Sydney and Melbourne lounges until that AMEX card is cancelled.

      Please make sure that you’ve read the relevant T&Cs or PDS of this account to help consider whether the product is right for you.

      Regards,
      Jhezelyn

  4. Default Gravatar
    sam
    June 12, 2018

    Hi there,
    What about access to Amex Lounge in Melbourne?

    • AvatarStaff
      Nikki
      June 12, 2018

      Hi Sam,

      Thanks for leaving a question on our page.

      With the Commonwealth Bank Diamond Awards Credit Card, you get AMEX Sydney Airport Lounge complimentary access twice per year: or once per year if you bring a guest in with you (as that guest uses your second yearly ‘visit’).

      Hope this helps.

      Cheers,
      Nikki

  5. Default Gravatar
    Leila
    April 30, 2018

    I have an Amex Diamond rewards card and trying to understand the rations amex =1 to QFF= .5. So amex 10000 points is QFF 5000 points? Is this correct? If so what does 5000 QFF points get me?
    Also I understand that advance cash payments hasn’t been a function for a while in Australia but i seem to keep reading that you can just want to clarify if this is true or not?

    • AvatarStaff
      Nikki
      May 1, 2018

      Hi Leila!

      Thanks for your message and for visiting finder – the leading comparison website & general information service built to give you advice in your buying decision needs. How are you doing today?

      To answer your questions:

      I have an Amex Diamond rewards card and trying to understand the rations amex =1 to QFF= .5. So amex 10000 points is QFF 5000 points? Is this correct?

      Yes this is correct. For other eligible Amex purchases, you earn 0.5 points per $1. In turn you ear 5000 in rewards

      If so, what does 5000 QFF points get me?

      * Rewards. The CommBank Awards program allows you to redeem your points to pay for in-store purchases at Myer or Flight Centre. You can also redeem points for a range of items on the CommBank Awards website via NetBank, or transfer points to Velocity or Qantas Frequent Flyer (conditions apply).

      To know how to use Qantas Frequent Flyer points, you may refer to this page. https://www.finder.com.au/complete-guide-using-qantas-frequent-flyer-points

      Also I understand that advance cash payments hasn’t been a function for a while in Australia but i seem to keep reading that you can just want to clarify if this is true or not?

      We haven’t heard anything about this and it would also depend on the bank, it would be best to contact your respective bank to confirm

      Hope this helps! Feel free to message us anytime should you have further questions.

      Regards,
      Nikki

  6. Default Gravatar
    Tee
    December 5, 2017

    Relates to CBA Diamond MC.
    Is it possible to have 2 additional card holders?
    One for wife and one for son….

    • AvatarStaff
      Dee
      December 5, 2017

      Hi Tee,

      Thanks for your question.

      CBA does not specify up to how many additional cardholders you can have with this account. You may want to directly call CBA to confirm if you can have more than one additional cardholder.

      Kindly note that there is a $10 p.a. fee for each additional cardholder. Also, there is an age requirement of at least 16 years old.

      I hope this helps.

      Cheers,
      Anndy

    • Default Gravatar
      Tee
      December 5, 2017

      Thank you.
      Will contact CBA directly.

  7. Default Gravatar
    brian
    June 13, 2017

    When using the American express card issued, what margin is applied to the foreign exchange rate of the day when calculating foreign purchases overseas?

    • Default Gravatar
      Jonathan
      June 14, 2017

      Hi Brian!

      Thanks for the comment.

      AMEX doesn’t have a foreign exchange calculator, however you can be assured their rates are competitive. Please email American Express at amexconnect@aexp.com providing the date of transaction and the currency that the transaction was made in and American Express will respond within 2 business days.

      Hope this helps.

      Cheers,
      Jonathan

  8. Default Gravatar
    Taxing
    May 16, 2017

    I have a CBA Diamond Mastercard that is in my personal name but used primarily for business.

    Does a credit card payment using the CBA Diamond Mastercard give rise to frequent flyer points, or are they not an eligible expenditure?

    • AvatarStaff
      May
      May 16, 2017

      Hi Taxing matters,

      Thank you for your inquiry.

      Unfortunately, the Commonwealth Bank Diamond Awards Credit Card does not earn points when you use it for payments to the Australian Taxation Office unless made using a Business Awards card. Other credit cards that earn points when paying ATO are listed here.

      Furthermore, the rewards program of this Commonwealth Bank Diamond Awards Credit Card is called CommBank Awards points. If you want to receive Qantas frequent flyer points using this card on eligible purchases (except BPAY transactions, cash advances, payments to the ATO or balance transfers), you’d need to opt into Qantas Frequent Flyer Direct. Please call CBA directly if you are opting to get Qantas points.

      Cheers,
      May

    • Default Gravatar
      Taxing
      May 16, 2017

      Hi May

      Thank you for your insightful comments. I have all points directed to QFF from my Diamond Mastercard / AMEX cards.

      Is there a summary schedule which highlights the relative advantages / disadvantages of the Diamond Mastercard v Business Mastercard? e.g. cost, ATO points, other differences?

    • AvatarStaff
      May
      May 16, 2017

      Hi Taxing matters,

      Thanks for getting back.

      The Commonwealth Bank Diamond Awards Credit Card is more of a personal credit card so the ATO payments will not be considered as an “eligible purchase”. Unlike the Commonwealth Bank Business Awards Platinum Credit Card, this is specifically designed to be used for your business that’s why it earns points when you pay your tax bills.

      For more information about the rewards programs of these two cards, please refer to the details above to know the features and rewards programs of the Commonwealth Bank Diamond Awards Credit Card. Meantime, you can click here if you like to check the rewards program for CBA Business Awards Platinum Credit Card.

      Cheers,
      May

  9. Default Gravatar
    Mick
    May 4, 2017

    how do i compare anz black with cba diamond

    • AvatarStaff
      May
      May 4, 2017

      Hi Mick,

      Thank you for your inquiry.

      Just to confirm, are you pertaining to the ANZ Rewards Black Credit Card? If so, compared to CBA Diamond Awards Credit Card, the annual fee for the ANZ Rewards Black Credit Card is free for the first year and will revert to $375 p.a. thereafter. CBA Diamond card also offers balance transfer (5.99% p.a. on BT for 5 months) while ANZ Rewards Black does not have this feature. Though both cards have the same minimum credit limit of $15,000.

      You can find more information about ANZ Rewards Black Credit Card’s features and review on this page.

      Hope this helps.

      Cheers,
      May

  10. Default Gravatar
    LINDA
    April 26, 2017

    How many Commonwealth Bank Awards points are needed to get Qantas points?

    • AvatarStaff
      Jason
      April 27, 2017

      Hi Linda,

      Thank you for your enquiry.

      You’ll need 2.5 Commonwealth Bank Awards points to redeem 1 Qantas Point.

      Please note that you have to opt-in to Qantas Frequent Flyer Direct through your Commonwealth Bank Awards account to redeem Qantas Points. There is a $30 annual charge for this service. Then all future CommBank Awards points earned will be automatically transferred to your Qantas Frequent Flyer account on a monthly basis.Note that any CommBank Awards points earned prior to your opt-in date cannot be transferred to your Qantas Frequent Flyer account. Exclusions, points caps and limitations apply. Refer to the CommBank Awards Terms and Conditions booklet or CommBank website for more information.

      I hope this helps.

      Kind regards,
      Jason

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