Commonwealth Bank Diamond Awards Credit Card – Rates and Fees

Earn up to 3 points per $1 spent and enjoy a host of complimentary extras with the CommBank Diamond Awards Card.

This premium Commonwealth Bank rewards card comes with both a World Mastercard and an American Express card, allowing you to earn up to 1,000,000 Awards points every year. It also offers a wide range of rewards including instant redemptions on purchases at Myer, travel at Flight Centre, cashback and merchandise.

Other premium extras you'll get with this card range from complimentary purchase cover and included travel insurance to a 24/7 personal concierge service and exclusive offers from Mastercard and American Express.

Product NameCommonwealth Bank Diamond Awards Credit Card
Rewards ProgramCommonwealth 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 (21.24% p.a.)
Purchase rate (p.a.)20.24% p.a.
Annual fee$349 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.)21.24% 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.
$15,000
Minimum Monthly Repayment2% or $25 whichever is greater
Card TypeAmerican 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 InsuranceYes
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
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.
$15,000
Annual Fee$349 p.a.
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$0
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)
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 AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$10 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Maximise your rewards points earning potential with a points cap of 1,000,000 points per year.
  • This card has a 5.99% p.a. for 5 months on balance transfers (reverts to 21.24% p.a. thereafter).
  • Earn 3 Awards points for every dollar spent with the American Express card.

Cons

  • For an annual fee of $349 and Diamond tier status, this card could provide more additional perks e.g. airport lounge passes, bonus rewards points and complimentary flights.
  • Additional cardholders will incur an annual fee of $10 each in addition to the primary card's annual fee.
Rewards ProgramCommonwealth Bank Awards Program
Rewards Points per $ (VISA/MC)1.25
Rewards Points per $ (AMEX)3
Rewards Points per $ (VISA/MC) Cap1,000,000
Rewards Points per $ (AMEX) Cap1,000,000
Points ExpiryNever

Commonwealth Bank Diamond Awards Credit Card review

This credit card offers the highest reward earn rates of any CommBank Awards card, with 1.25 points per $1 on eligible spending with the World Mastercard and 3 points per $1 with the Amex card. It also has a high points cap of 1,000,000 per year.

Meanwhile, if you're trying to pay down credit card debt, you can take advantage of a low balance transfer rate of 5.99% p.a. for the first 5 months. The standard cash advance rate of 21.24% p.a. will apply once the promotional period ends.

Benefits of using a Commonwealth Bank Diamond Awards card

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

  • Points per $1 spent. You earn up to 3 points per $1 spent on eligible purchases using your CommBank Diamond Awards American Express card. When you use your CommBank Diamond Awards Mastercard to make eligible purchases, every $1 you spend earns up to 1.25 Awards points. This card also has a generous points cap of 1,000,000 annually.
  • 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 transfer points to your partnered frequent flyer program account, exchange them for a range of merchandise, or use them for cashback offers.
  • Included travel 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.
  • Airport lounge access. Enjoy complimentary access to the American Express Lounge at Sydney airport up to two times per year. Just swipe your CommBank Diamond Awards American Express card at lounge reception for entry.
  • Travel money card offer. As a Diamond Awards cardholder, you can also get a CommBank travel money card without paying any card issue fees. You can load up to 13 currencies on this prepaid card at any one time. It'll also give you the ability to lock in exchange rates before travelling.
  • CreditCard Plus. CreditCard Plus insurance is an optional extra which protects your repayments if you can’t make them due to unemployment or disablement.

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 has an annual fee of $349.
  • 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.
  • Points Plus Pay. If you don’t have enough reward points to redeem a reward you like, you can use the Points Plus Pay system to make a partial payment using reward points and the remainder using your Diamond Awards card.
  • 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.
  • 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.
  • Card security. Enjoy enhanced chip-and-PIN protection and a 24-hour fraud detection program for account security. NetCode provides additional security when shopping online with particular merchants, and a 100% money back guarantee ensures you’re not liable for fraudulent purchases made using your card providing you have complied with the terms and conditions. Make sure you protect your card and PIN and immediately notify CommBank of any security breaches.

How to apply for the Commonwealth Bank Diamond Awards credit card

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

Eligibility criteria

  • You’re over 18 years of age.
  • You’re an Australian citizen or a permanent Australian resident.

Required documents

In order to complete the application successfully, prepare to provide the following information:

  • Your complete name, date of birth, residential address, email address, and mobile number
  • Your employment type, employment status, and your employer’s name and contact details
  • Financial details to include information about your income and all existing debts like loans, credit cards, and overdrafts

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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152 Responses to Commonwealth Bank Diamond Awards Credit Card – Rates and Fees

  1. Default Gravatar
    Steve | April 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?

    • Staff
      May | April 2, 2017

      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

  2. Default Gravatar
    Sue | March 22, 2017

    Do BPay payments from Commonwealth Bank Diamond Awards MasterCard accrue Qantas Frequent Flyer points?

    • Staff
      Jason | March 23, 2017

      Hi Sue,

      Thank you for your enquiry.

      Commonwealth Bank Diamond Awards MasterCard does not earn Commonwealth Bank Awards points on BPay payments, balance transfers, cash advances, purchases of foreign exchange/currency, credit card insurance premiums, travelers’ cheques, bank fees and ATO payments. Also, in order for you to transfer your Commonwealth Bank Diamond Awards points, you have to opt into Qantas Frequent Flyer Direct through your Commonwealth Bank Awards account. After which, all future Commonwealth Bank Awards points earned will be automatically transferred to your Qantas Frequent Flyer account on a monthly basis.

      Kind regards,
      Jason

  3. Default Gravatar
    Cil | March 5, 2017

    I have CBA AMEX diamond card, can I apply Priority Pass for free ?

    • Staff
      May | March 6, 2017

      Hi Cil,

      Thanks for your inquiry.

      With your CBA Diamond AMEX Awards Credit Card, you can have two free access to the AMEX Lounge of the Sydney International Airport.

      Cheers,
      May

  4. Default Gravatar
    Mark | October 17, 2016

    Hi!
    Do the CBA Diamond or Platinum Awards credit cards provide domestic (rather than overseas) travel insurance coverage for car rental excesses? My reading of the policy suggest not – that it’s just for overseas car rentals – but I’ve been told that they do.

    Thanks

    • Staff
      Jason | November 4, 2016

      Hi Mark.

      Thank you for your inquiry.

      The rental vehicle insurance is only applicable on international travels and the terms and conditions of Commonwealth Bank complimentary travel insurance does not have any information on car rental excesses for domestic travels.
      Please check out this link for more information on the Commonwealth Bank complimentary travel insurance for credit card holders.
      You can also contact Allianz Global Assistance (AGA) if you want to take out an insurance cover for domestic travels. They can be reached on the contact number indicated on the “General enquiries” under the “What is the claim process?” section.

      Cheers,
      Jason

  5. Default Gravatar
    JUDITH | October 5, 2016

    Is there a cap on rewards that are transferred to Qantas?

    • Staff
      Anndy | October 6, 2016

      Hi Judith,

      Thanks for your question.

      I would like to clarify that in order for you to transfer your Commonwealth Bank Diamond Awards, you have to opt into Qantas Frequent Flyer Direct through your Awards account. After which, all future CommBank Awards points earned will be automatically transferred to your Qantas Frequent Flyer account on a monthly basis. This transfer has no cap.

      Please note that any CommBank Awards points earned prior to the date of your opt-in cannot be transferred to your Qantas Frequent Flyer account.

      Cheers,
      Anndy

  6. Default Gravatar
    Philip | August 31, 2016

    I’d like to know if I am eligible for a diamond awards credit card?

    • Staff
      Anndy | August 31, 2016

      Hi Philip,

      Thanks for your question.

      In order to know if you are eligible to apply for the Commonwealth Bank Diamond Awards Credit Card, please check if you meet the criteria and requirements listed on the above page.

      Cheers,
      Anndy

  7. Default Gravatar
    Jerri | August 16, 2016

    I used my diamond Visa card to book an international flight. Due to a medical emergency I’ve had to cancel the original booking and rebook another departure return date. Will my complimentary Comm Bank travel insurance cover my costs for this rebooking?

    • Staff
      May | August 16, 2016

      Hi Jerri,

      Thanks for your inquiry. Please note that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service. We do not represent CBA nor Allianz Global Assistance (AGA).

      Just to confirm, have you already activated your policy? You will need to have an activated policy (via NetBank) in order to get comprehensive complimentary travel insurance coverage.

      Meanwhile, there are actually certain terms and conditions that must be met before you can claim for an insurance cover for your cancelled flights. If cancellation of flights is needed, you must inform AGA immediately and verify if they can pay for rescheduling of your journey. Usually, AGA will pay if the cancellation is a result of:

      - a pre-existing medical condition,
      - a relative of yours dies or is hospitalised in Australia during the period of cover,
      - and at the time of Activation, you were unaware of the likelihood of such hospitalisation or death.

      You can find more information about the insurance cover for cancellation and rearrangement expenses (for an activated policy) on pages 48-51 of the PDS. I’ve sent to your email the link to the PDS for your convenience.

      Hope this has helped.

      Cheers,
      May

  8. Default Gravatar
    cianmcdermott | August 15, 2016

    Hi there – can I redeem my Commbank Diamond awards point to use with Etihad? I am a gold level member with Etihad and wold like to add more points.

    Thx

    • Staff
      May | August 16, 2016

      Hi Cianmcdermott,

      Thanks for your inquiry.

      Yes, you can use your Commbank Diamond Awards points to redeem for flights with Etihad or any other airlines. If you want to book a flight today, please refer to the link I sent to your email to be redirected to CBA’s Flight Centre.

      I hope this has helped.

      Cheers,
      May

  9. Default Gravatar
    ROBERT | August 11, 2016

    What Airport Lounge access comes free with the Comm Bank/Amex Diamond Credit Card?

    • Staff
      May | August 11, 2016

      Hi Robert,

      Thanks for your inquiry.

      The Commonwealth Bank Diamond AMEX Awards Credit Card allows two free access to AMEX Lounge of the Sydney International Airport. Meantime, other credit cards with complimentary access to airport lounges are listed on this page.

      Cheers,
      May

    • Default Gravatar
      Nico | October 28, 2016

      From what I can see the Amex Rewards Diamond Card gives 2 complimentary entries to the Amex lounge at Sydney Airport per calendar year. I found this information under “complimentary lounge access” from amexnetwork.
      Can you please confirm if this is correct?

    • Staff
      May | October 28, 2016

      Hi Nico,

      Thanks for your comment. Please note though that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service and we do not represent AMEX or any credit card company we feature on our site.

      Yes, you are correct. The CBA Diamond AMEX Awards Card comes with 2 free access to the AMEX Lounge at the Sydney International Airport.

      Cheers,
      May

  10. Default Gravatar
    My | August 3, 2016

    Hi,
    I have this card but I went to purchase something in a retail store and used the AMEZ card to pay and I didn’t know which account to choose so I tried both cheque and credit and nothing worked. What should I be doing?

    • Staff
      Chester | August 3, 2016

      Hello My,

      Thank you for your question.

      If you’re going to use your Commonwealth Bank Diamond Awards credit card either in retail stores or ATMs, just choose ‘credit’ to access your funds and for the transaction to go through.

      Cheers!
      Chester

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