Commonwealth Bank Gold Awards Card – Rates and Fees

The Commonwealth Bank Gold Awards card provides a range of perks with up to 2 Awards points per $1 spent and included travel insurance.

The Commonwealth Bank Awards Program is one of the largest in Australia, offering flexibility that makes it easy to redeem your rewards points. Use your points to pay for your travel plans at Flight Centre, or spend them in-person when shopping at Myer. You can also log in to the CommBank Awards website via NetBank and choose from over 1,000 reward options.

Product NameCommonwealth Bank Gold 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.)
Maximum Balance Transfer AmountUp to remaining credit limit
Purchase rate (p.a.)20.24% p.a.
Annual fee$119 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.
$4,000
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.
3.5% 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.
$4,000
Annual Fee$119 p.a.
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$0
Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Emergency Replacement$20
Overseas ATM Balance check$1.25
Overseas ATM Withdrawal Fee$2.50 or 2% of the transaction amount (whichever is greater)
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.
3.5% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$10 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • This card comes with included travel insurance, purchase security insurance and extended warranty on purchases.
  • Get a travel money card with a $0 issue fee when you present your Gold Awards credit card. This allows you to access your cash while overseas with 13 foreign currencies to choose from.
  • Earn up to 0.5 Awards points for every $1 spent on purchases.
  • Enjoy an interest-free period on purchases of up to 55 days.

Cons

  • To opt-in to the Qantas Frequent Flyer Direct program, you will need to pay a $30 annual fee.
  • There is a $10 annual fee per additional cardholder. This is a feature that is offered for free with most cards.
Rewards ProgramCommonwealth Bank Awards Program
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)0.5
Rewards Points per $ (VISA/MC) Cap75,000
Rewards Points per $ (AMEX) Cap75,000
Points ExpiryNever

Commonwealth Bank Gold Awards Credit Card review

Maximise your rewards earning potential with both a Mastercard and an American Express card linked to your CommBank Gold Awards account. Each $1 spent on eligible purchases made with your Mastercard is 1 more point towards your account, while the American Express can double the value by earning up to 2 points per dollar spent. You can also earn bonus points by shopping with one of the Commonwealth rewards program partners, a list that includes Adairs, RedBalloon and Marque Hotels.

As well as rewards, the CommBank Gold Awards Card offers included travel insurance, purchase security insurance and extended warranty on purchases. You will also receive a travel money card with $0 issue fee and access your cash while overseas with 13 foreign currencies to choose from.

Benefits of the Commonwealth Bank Gold Awards Card

The Commonwealth Bank Gold Awards card offers benefits for travellers and savers:

  • Annual fee. This card charges an annual fee of $119.
  • Points earning. When you shop with your CommBank Mastercard, you will receive 1 point for every $1 spent. Earn up to 2 points per $1 spent with your Commonwealth Bank American Express card overseas and at supermarkets, department stores and petrol stations in Australia. Other eligible spending with the Amex card will earn 0.5 points per $1. Points are capped up to 75,000 a year. If you require a larger points cap then you may like to consider the Commonwealth Bank Diamond Awards credit card.
  • Rewards redemption. You can redeem your CommBank Awards points for products at Myer, flights and travel rewards with Flight Centre or for gadgets, gift cards, homewares and more via the Awards store through your NetBank account.
  • Balance transfer offer. Consolidate your personal debt by moving the balances of your other Australian non-Commonwealth credit cards to this one and take advantage of a reduced interest rate of 5.99% p.a. for 5 months. At the end of the promotional period, any remaining balances will revert to the standard variable rate of cash advances, currently at 21.24% p.a.
  • Travel money card. This card allows you to lock in exchange rates and hold up to 13 different currencies on one card. You can make free reloads from select CommBank accounts and incur no foreign transaction fees for your overseas purchases.
  • Included insurance covers. Included international travel insurance is available with this card, along with extended warranty and purchase security insurance.
  • Lock, block and limit. This security feature allows you to pause international online and in-store payments, lock your credit card temporarily if you have misplaced it, block ATM withdrawals/cash advances and limit how much you can spend per transaction.

Features of the Commonwealth Bank Gold Awards Credit Card

  • Annual fees. You will be charged $119 annually for using this card plus $10 for each additional card.
  • Cash advances. You can use your credit card to withdraw cash from an ATM but will be charged $2.50 or 2.00% of the transaction amount (whichever is greater). The same rate applies whether you use a Commonwealth Bank ATM or an ATM in another network or overseas (non-CommBank ATMs may also charge their own usage fees).
  • Interest-free days. Make a purchase and pay no interest for up to 55 days when you pay your balance in full. The standard purchase rate on this card is 20.24% p.a.
  • Cash advance rate. Any cash advances will attract a 21.24% p.a. interest rate.
  • Credit limit. There is a minimum credit limit of $4,000, with the maximum depending on your income and financial circumstances.
  • Additional cardholder. You can have additional cardholders linked to your Gold Awards credit card account with an annual fee of $10 on top of the standard annual fee.

How to apply for the Commonwealth Bank Gold Awards Credit Card

If you like the features and benefits of the Gold Awards credit card from Commonwealth Bank, you can begin your application now by completing an online application form. In order to apply, you will have to be able to provide at least two forms of identification and meet the following eligibility requirements:

Eligibility criteria

  • Be at least 18 years old
  • Have the right to work in Australia
  • Not be an undischarged bankrupt

Required documents

  • Your passport
  • A valid Australian driver's licence
  • Australian birth certificate
  • Medicare card
  • Using your payslips or tax forms, you will need to give details of your current income

The Commonwealth Bank Gold Awards Card offers many ways for cardholders to get extra value from their credit card. As this isn't the only rewards credit card on the market, though, it's important that applicants compare their options before applying.

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140 Responses

  1. Default Gravatar
    LisaMarch 29, 2017

    Can I switch over my points from going to my Qantas Frequent Flyer program to Velocity program?

    • Staff
      JasonMarch 30, 2017Staff

      Hi Lisa,

      Thank you for your enquiry.

      Changing from Qantas Frequent Flyer to Velocity Frequent Flyer would depend on the rewards programs of your credit card. Some rewards program would allow you to redeem or transfer points to Qantas or Velocity points. Please check out this link for the credit card rewards and their applicable frequent flyer programs.

      There are also credit cards that directly earns Qantas or Velocity points on which the credit cards that earns Qantas points cannot switch over to Velocity and vice versa.

      Kind regards,
      Jason

  2. Default Gravatar
    CarmelJanuary 13, 2017

    I want to pay 2 large bills on my credit card by BPAY but it is unclear if they will be classed as a cash advance. Gold Awards credit card

    • Staff
      MayJanuary 13, 2017Staff

      Hi Carmel,

      Thanks for your question.

      Yes, with Commonwealth Bank Gold Awards Credit Card, BPAY transactions are not considered eligible purchases so that will be classified as a cash advance.

      Cheers,
      May

  3. Default Gravatar
    KarenDecember 14, 2016

    Can I transfer reward points into my husbands virgin velocity account?

    • Staff
      MayDecember 14, 2016Staff

      Hi Karen,

      Thanks for your question.

      Unfortunately, you can’t transfer your CBA rewards points straight to your husband’s Velocity frequent flyer account. You may have to transfer your points first to your Velocity account and from there, you can initiate the transfer to your husband’s Velocity account.

      Transfer of points from your CBA Credit Card to Velocity account:
      Awards and Gold cards: 1 Velocity Point = 2.5 Awards points
      Platinum and Diamond cards: 1 Velocity point = 2 Awards points

      A minimum of 3,600 Awards points must be redeemed for Velocity Points. Additional point transfers must be in increments of 1,000 Awards points. Transfers can only be made to Velocity accounts with the same name as the primary cardholder. Estimated transfer time is about five working days

      Transfer of points from your Velocity account to your husband’s account:
      1. You are eligible to make four transfers per year which are easy and free to do online (a $20 fee applies if you transfer through the Membership Contact Centre).
      2. Simply log in to Your Account and click on the ‘Points Transfer’ button on the left-hand side of your screen.
      3. Then, simply ensure your transfer is to an eligible family member and is a minimum of 5,000 Points, but no more than 100,000 Points.

      Hope this helps.

      Cheers,
      May

  4. Default Gravatar
    KenOctober 14, 2016

    I wish to transfer my Gold Awards points to my Qantas Frequent Flyer points card.
    How can I do this and also can it be arranged for automatic transfer each month.
    Also am I able to organise this to be done in a Commonwealth Branch or can it only be done per telephone conversation.

    • Staff
      HaroldOctober 14, 2016Staff

      Hello Ken,

      Thank you for your comment.

      1. I wish to transfer my Gold Awards points to my Qantas Frequent Flyer points card.
      How can I do this?

      - You have to opt-in to Qantas Frequent Flyer Direct through your Awards account. 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.

      2. Can it be arranged for automatic transfer each month?

      - Once you opted to Qantas Frequent Flyer Direct through your Awards account all future CommBank Awards points earned will be automatically transferred to your Qantas Frequent Flyer account on a monthly basis. But please take 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.

      3. Am I able to organise this to be done in a Commonwealth Branch or can it only be done per telephone conversation?

      - To apply for Qantas Frequent Flyer program by calling 13 16 61.

      Cheers,
      Harold

  5. Default Gravatar
    September 16, 2016

    We are already CWB Awards credit card holders (no annual fee, no other perks) can we simply upgrade to the Gold awards card – we travel overseas frequently and would benefit from the travel insurance.

  6. Default Gravatar
    EmmanAugust 28, 2016

    Hi,
    I applied for gold reward card online and it says my application was unsuccessful with no explanation.

    • Staff
      MayAugust 29, 2016Staff

      Hi Emman,

      Thank you for your comment and I’m sorry to hear about your rejected application.

      Generally, credit card issuers consider several different factors before approving or declining an application. They may have rejected your application for not meeting their requirements such as income, credit rating, or you might not have included supporting documentation in your application. You can find more details why credit card companies decline applications on this page.

      Meantime, it may not be advisable to apply for another card straight away as multiple credit card applications have a negative impact on your credit file. Please allow a few months before you start applying again. Also, it’s best that you contact the card issuer first to discuss your chances of approval before submitting any application to avoid enquiries on your file.

      Hope this helps.

      Cheers,
      May

  7. Default Gravatar
    JonathanFebruary 11, 2016

    How many rewards points does it take to redeem $100 cashback?

    • Staff
      SallyFebruary 11, 2016Staff

      Hi Jonathan,

      You’ll need 20,900 points to receive cash back of $100 onto the credit card.

      I hope this has helped.

      Cheers,

      Sally

  8. Default Gravatar
    ValdaDecember 27, 2015

    Over what period of time is the 125,000 ff points limit – annually?

    • Staff
      YsaDecember 28, 2015Staff

      Hi Valda,

      Thanks for your inquiry.
      Yes, that’s correct. With Commonwealth Bank Gold Awards Card, you can earn up to 125,000 points annually.

      Cheers,
      Ysa

  9. Default Gravatar
    sunnyNovember 23, 2015

    if i don’t buy air ticket by gold card (commonwealth) . m i still eligible for my travel insurance ??

    or to get travel insurance do i have to buy ticket through gold card .
    Thanks .

    • Staff
      AllyNovember 23, 2015Staff

      Hi Sunny,

      Thanks for your inquiry.

      The prepaid travel expense requirement is no longer mandatory for this card. If you are a Commonwealth Bank Gold Awards cardholder, you are automatically covered and are eligible to receive the complimentary insurance under this policy for 3 months with a basic level of cover. To receive the full cover you must activate this on Netbank or by contacting Allianz Global Assistance directly.

      Please refer to our full guide for all the information on what you are covered for insurance-wise on this page.

      I hope this has helped.

      Cheers,
      Ally

  10. Default Gravatar
    OrelOctober 20, 2015

    Complimentary Insurance/ register

    • Staff
      JonathanOctober 21, 2015Staff

      Hi Orel, thanks for your inquiry!

      If you are a Commonwealth Bank Gold Awards Card you will be eligible to receive the complimentary insurance cover. Full cover can be activated by logging on to Netbank. More information about this policy is available on this page.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated November 21st, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
St.George Vertigo Platinum - Online Offer
12.74% p.a.
0% p.a. for 24 months
$0 p.a. annual fee for the first year ($99 p.a. thereafter)
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 15 months
$149 p.a. annual fee for the first year ($299 p.a. thereafter)
Fly faster with up to 2 Qantas Points per $1 spent, receive 2 yearly complimentary Qantas Club lounge invitations, plus, included travel insurance.
Woolworths Everyday Platinum Credit Card
19.99% p.a.
0% p.a. for 14 months
$0 p.a. annual fee for the first year ($49 p.a. thereafter)
Receive a $50 eGift Card when you apply by 31 January 2018 and make an eligible purchase by 28 February 2018.
Virgin Australia Velocity Flyer Card - Bonus Points Offer
20.74% p.a.
0% p.a. for 18 months
$64 p.a. annual fee for the first year ($129 p.a. thereafter)
Earn up to 60,000 bonus Velocity Points in the first 3 months on eligible spend and enjoy a discounted annual fee of $64 for the first year.

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