Commonwealth Bank Diamond Awards Credit Card – Review

Earn up to 1,000,000 points per year and enjoy a host of complimentary extras with the CommBank Diamond Awards Card.

The CommBank Diamond offers the highest earn rate available on a CommBank Awards credit card, earning 1.25 points per $1 on eligible spending. As well as rewards, you'll also get access to premium extras such as included international travel insurance, purchase insurances and exclusive offers from World Mastercard.

Until 30 April 2019, enjoy an introductory 0% interest rate on purchases for the first 12 months.

Product NameCommonwealth Bank Diamond Awards Credit Card
Rewards ProgramCommonwealth Bank Awards Program
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 (21.24% p.a.)
Maximum Balance Transfer AmountUp to remaining credit limit
Purchase rate (p.a.)0% p.a. for 12 months (reverts to 20.24% p.a.)
Offer end date30 April 2019
Annual fee$349 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.)21.24% 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.
$15,000
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
Joint ApplicationNo
Annual fee$349 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 Fee$2.50 or 2% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
Gambling Transactions AllowedYes
Additional Cardholder Fee$10
Number of Additional Cardholders1

Pros

  • Earn 1.25 Awards points per $1 spent on eligible purchases, up to 1,000,000 points per year.
  • Complimentary international travel insurance and purchase insurance covers
  • Cashback offers through Mastercard Traveler Rewards

Cons

  • The interest rates and annual fee are relatively high
Rewards ProgramCommonwealth Bank Awards Program
Rewards Points per $ spent (VISA/MC)1.25

Benefits of the Commonwealth Bank Diamond Awards card

If you get a CommBank Diamond Awards card, you'll be able to take advantage of the following benefits:

  • Purchase rate offer. Enjoy a 0% p.a. introductory interest rate on purchases for the first 12 months when you apply by 30 April 2019.
  • Points per $1 spent. When you use your CommBank Diamond Awards Mastercard to make eligible purchases, every $1 you spend earns 1.25 Awards points, up to 1,000,000 per year. You can also earn uncapped bonus points per dollar spent when you shop with Commonwealth Bank Bonus Partners.
  • Qantas Frequent Flyer Direct. If you're a member of the Qantas Frequent Flyer program, you can opt to earn Qantas Points directly. The points you earn will be automatically transferred to your Qantas Frequent Flyer membership account on a regular basis. There is a $30 annual fee for opting in to this program.
  • 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 (2 Awards points = 1 Velocity Point), Qantas Frequent Flyer (2.5 Awards points = 1 Qantas Point), or other partner airline programs.
  • Included insurance. Diamond cardholders can access included travel insurance by activating their cover through NetBank, receiving travel insurance cover for a period of 12 months overseas. Purchases made on the card are also covered by complimentary extended warranty insurance and purchase security insurance.
  • Account control. You can use the CommBank app or the online banking platform to instantly lock, block or limit how you use your card. You can lock international in-store and online payments, you can block cash advances and you can set a maximum dollar amount per transaction. Plus, if you've lost your card, you can use the Lock, Block, Limit feature to lock your card temporarily while you' look for it.
  • 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.
  • Mastercard Traveler Rewards. Earn cashback as a credit on your account when you shop overseas in the offer currency with participating merchants.

Features of the Commonwealth Bank Diamond Awards Credit Card

Interested in getting the Commonwealth Bank Diamond Awards Card? Weigh up these details before you apply to decide if this card suits your needs.

  • 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.
  • Cash advance rate. The cash advance rate is 21.24% p.a. (variable).
  • Interest-free days. To make use of up to 55 interest-free days on purchases, you have to pay the account’s closing balance in full by the payment due date each month.
  • Additional cardholder. You can share your account with a family member or partner and maximise your rewards by requesting an additional card. A fee of $10 p.a. applies and you will be responsible for managing and maintaining the account.

How to apply for the Commonwealth Bank Diamond Awards credit card

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

To apply you must meet the following criteria:

  • You must be at least 18 years of age to apply for a credit card.
  • 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.
  • You must not be currently bankrupt.

Required documents and information

Filling out the application will go smoothly if you have the following documentation ready. Once submitted, you should get a response back within 60 seconds.

  • Personal information. You will need to provide information including your full name, current residential address, email address, contact phone numbers and date of birth.
  • Details about your income. Aim to provide as much detail as possible about your income and assets. Details of income-generating assets such as property and shares also need to be provided, as well as information about any savings.
  • Expenses and liabilities. You will need to provide information about any debts you have, as well as ongoing expenses like child support, rent, mortgage repayments, or anything else that is considered a regular, essential cost.
  • Other credit cards. If you want to transfer a balance to a Commonwealth Bank credit card from your existing non-Commonwealth Bank credit card(s), store card(s) or charge card(s), you will need to provide the account details, including the card number, the amount you want to transfer and the name of the issuing financial institution.

The Commonwealth Bank Diamond Awards credit card is a high-end product that earns points for your everyday spending and offers included travel insurance, purchase protection and other premium benefits. Compare this card to other premium credit cards so you can apply for one that suits your spending habits and needs.

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175 Responses

  1. Default Gravatar
    AnielloMarch 14, 2019

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

    • finder Customer Care
      NikkiMarch 15, 2019Staff

      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

  2. Default Gravatar
    HokDecember 7, 2018

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

    • finder Customer Care
      JhezelynDecember 12, 2018Staff

      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

  3. Default Gravatar
    June 12, 2018

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

    • finder Customer Care
      NikkiJune 12, 2018Staff

      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

  4. Default Gravatar
    LeilaApril 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?

    • finder Customer Care
      NikkiMay 1, 2018Staff

      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

  5. Default Gravatar
    TeeDecember 5, 2017

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

    • finder Customer Care
      LouDecember 5, 2017Staff

      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
      TeeDecember 5, 2017

      Thank you.
      Will contact CBA directly.

  6. Default Gravatar
    brianJune 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
      JonathanJune 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

  7. Default Gravatar
    TaxingMay 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?

    • finder Customer Care
      MayMay 16, 2017Staff

      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
      TaxingMay 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?

    • finder Customer Care
      MayMay 16, 2017Staff

      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

  8. Default Gravatar
    May 4, 2017

    how do i compare anz black with cba diamond

    • finder Customer Care
      MayMay 4, 2017Staff

      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

  9. Default Gravatar
    LINDAApril 26, 2017

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

    • finder Customer Care
      JasonApril 27, 2017Staff

      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

  10. Default Gravatar
    SteveApril 2, 2017

    I have a comm bank diamond awards Amex card which I believe allows 2 complimentary visits annually to Amex Sydney lounge. My wife has a supplementary Amex diamond card. Does this card also get the 2 free annual visits to the Sydney lounge?

    • finder Customer Care
      MayApril 2, 2017Staff

      Hi Steve,

      Thank you for your inquiry.

      I’m afraid that the two (2) complimentary access to the American Express Lounge at Sydney airport per year is only available to primary cardholders of the Commonwealth Bank Diamond Awards Credit Card.

      Cheers,
      May

    • Default Gravatar
      AmyJune 7, 2017

      Hi May,

      I’m a supplementary CBA Diamond Cardholder and can confirm that I got access to the Amex Lounge at Sydney Airport. The point to make is that per household you only get 2 free lounge passes.

      Thanks
      Amy

    • finder Customer Care
      MayJune 8, 2017Staff

      Hi Amy,

      Thank you for your inquiry.

      Yes, additional/supplementary CBA Diamond cardholders are eligible to get two entries into The American Express Lounge at Sydney International Airport per calendar year.

      Cheers,
      May

Credit Cards Comparison

Rates last updated April 18th, 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.
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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