CommBank Diamond Awards Credit Card

Earn up to 120,000 bonus Awards points and enjoy a host of complimentary extras with CommBank’s top-tier rewards card.

Apply for the CommBank Awards Diamond credit card by 30 September 2021 and you’ll get 90,000 bonus CommBank Awards points when you spend at least $5,000 on eligible purchases within the first 90 days. And you’ll earn another 30,000 bonus points when you keep the card open for more than 12 months.

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120,000

Bonus points

20.24% p.a.

Purchase rate

1.25

Reward points

Per $ spent

$349 p.a.

Annual fee

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Details

Product NameCommBank 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 periodUp to 55 days on purchases
Cash advance rate21.24% p.a.
Min credit limit$15,000
Card typeMastercard
Foreign currency conversion fee3%
Available to temporary residentsYes - Conditions apply
Joint applicationNo

Pros

  • Up to 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

  • Both 20.24% p.a. purchase interest rate and $349 annual fee are relatively high
Rewards programCommonwealth Bank Awards Program
Bonus points120,000
Rewards points per $ spent1.25
Rewards points capUncapped
Annual fee$349
Minimum monthly repayment2% of the closing balance or $25, whichever is greater
Late payment fee$20
Foreign currency conversion fee3%
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
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Review by


Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

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.

With its high earn rates and high points cap of 1,000,000 per year, the CommBank Diamond gives you a way to maximise your rewards when you pay with plastic. 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

  • Up to 120,000 bonus Awards points. Earn 90,000 bonus CommBank Awards points when you apply by 30 September 2021 and spend at least $5,000 on your new card within the first 90 days. Earn another 30,000 bonus points when the card remains open after 12 months. The bonus points will appear on your statement within 90 days of meeting the spend requirement.
  • 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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178 Comments

    Default Gravatar
    Stuart
    December 28, 2019

    With regards to to the Diamond Awards Credit Card, is the annual fee charged when you open the account or is it charged after the first 12 months?

      Avatarfinder Customer Care
      Charisse
      December 30, 2019

      Hi Stuart,

      Thanks for reaching out to Finder.

      The annual fee for CommBank Diamond Awards Credit Card is charged once each year and will depend on when you first activated your card.

      You may also contact CommBank and confirm this information directly with them.

      I hope this helps.

      Cheers,
      Charisse

    Default Gravatar
    Max
    June 28, 2019

    Does the Diamond Card cover the excess on rental cars?

      Avatarfinder Customer Care
      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

    Default Gravatar
    Aniello
    March 14, 2019

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

      Default Gravatar
      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

    Default Gravatar
    Hok
    December 7, 2018

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

      Avatarfinder Customer Care
      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

    Default Gravatar
    sam
    June 12, 2018

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

      Default Gravatar
      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

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