Commonwealth Bank Diamond Awards Credit Card – Rates and Fees

Earn rewards as you spend 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 points every year. The CommBank Awards program also offers a wide range of rewards including instant redemptions at Myer and Flight Centre, cashback and merchandise.

This card also gives you access to premium extras such as included travel insurance, 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.
0% 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.
0% 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 0.5 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)0.5
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, earning up to 1.25 points per $1 on eligible spending with the World Mastercard and up to 3 points per $1 with the Amex card. It also has a high points cap of 1,000,000 per year.

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. The CommBank Diamond Awards also has an annual fee of $349 and a variable purchase rate of 20.24% p.a.

Benefits of the 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. With the CommBank Diamonds Awards American Express Card, you earn up to 3 points per $1 spent on eligible purchases made overseas and at supermarkets, department stores and petrol stations in Australia. For other eligible Amex purchases, you earn 0.5 points per $1. 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 redeem points for a range of items on the CommBank Awards website via NetBank, or transfer points to your partnered frequent flyer program account (conditions apply).
  • 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 the usual card-issue fee when you present your Diamond Awards card in-branch. 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.
  • Purchase rate. This card has a variable purchase rate of 20.24% p.a.
  • Cash advance rate. The cash advance rate for this card 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.
  • 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

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

  • How old are you? You must be at least 18 years of age.
  • Do you have the right to work in Australia? You can apply for this card if you're legally allowed to work in Australia. This means Australian citizens, permanent residents and some temporary residents are eligible to apply.
  • Do you have a history of bankruptcy? If you want to apply for this card, you must not be an undischarged bankrupt.

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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164 Responses

  1. 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?

    • Staff
      JonathanJune 14, 2017Staff

      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

  2. 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?

    • Staff
      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?

    • Staff
      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

  3. Default Gravatar
    May 4, 2017

    how do i compare anz black with cba diamond

    • Staff
      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

  4. Default Gravatar
    LINDAApril 26, 2017

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

    • Staff
      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

  5. 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?

    • Staff
      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

    • Staff
      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

  6. Default Gravatar
    SueMarch 22, 2017

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

    • Staff
      JasonMarch 23, 2017Staff

      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

  7. Default Gravatar
    CilMarch 5, 2017

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

    • Staff
      MayMarch 6, 2017Staff

      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

  8. Default Gravatar
    MarkOctober 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
      JasonNovember 4, 2016Staff

      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

  9. Default Gravatar
    JUDITHOctober 5, 2016

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

    • Staff
      AnndyOctober 6, 2016Staff

      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

  10. Default Gravatar
    PhilipAugust 31, 2016

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

    • Staff
      AnndyAugust 31, 2016Staff

      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

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