The CommBank Platinum Awards card offers up to 2.5 rewards points per $1 on your everyday spend, included insurance covers and a 24/7 personal concierge service.
The Commonwealth Bank Platinum Awards credit card gives you the ability to earn reward points faster, with both an American Express and a Mastercard linked to the account. You can earn up to 2.5 rewards points per dollar spent on eligible purchases (with the Amex card), which can be redeemed for a variety of rewards through the CommBank Awards program.
This credit card also comes with platinum benefits such as included travel insurance and offers an introductory balance transfer rate of 5.99% p.a. for the first 5 months, which then reverts to the standard variable cash advance interest rate of 21.24% p.a.
| Product Name | Commonwealth Bank Platinum Awards Credit Card |
|---|---|
| Rewards Program | Commonwealth 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 Amount | Up to remaining credit limit |
| Purchase rate (p.a.) | 20.24% p.a. |
| Annual fee | $249 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. | $6,000 |
| Minimum Monthly Repayment | 2% or $25 whichever is greater |
| Card Type | American 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 Insurance | Yes |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | Yes - 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. | $6,000 |
| Annual Fee | $249 p.a. |
|---|---|
| Minimum Repayment | 2% 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 2.00% 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. | 0% of transaction value |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $10 p.a. |
| Number of Additional Cardholders | 1 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- This card comes with a balance transfer offer of 5.99% p.a. for 5 months.
- Earn up to 0.5 Awards points per dollar spent with the American Express card.
Cons
- Additional cardholders will incur an annual fee of $10 each in addition to the primary card's annual fee.
- This card is similar to the gold card but has an annual fee of almost double the price.
- Points are capped at 150,000 per year.
| Rewards Program | Commonwealth Bank Awards Program |
|---|---|
| Rewards Points per $ (VISA/MC) | 1 |
| Rewards Points per $ (AMEX) | 0.5 |
| Rewards Points per $ (VISA/MC) Cap | 150,000 |
| Rewards Points per $ (AMEX) Cap | 150,000 |
| Points Expiry | Never |
Commonwealth Bank Platinum Awards credit card review
The Commonwealth Bank Platinum Awards credit card comes with a range of premium features. It is suited to big spenders and frequent travellers who want access to credit card extras including rewards and insurance. It earns 1 point per $1 spent on the Mastercard and up to 2.5 points per $1 spent on the Amex card, with a cap of 150,000 Awards points each year. You can also earn bonus reward points by using your card with bonus partners such as Adairs, Bob Jane T-Mart, Hoyts and Prouds the Jewellers. Once you have earned enough points, you can redeem them for a range of rewards including travel, gift cards and merchandise.
In addition to earning CommBank Awards, this card offers peace of mind with included insurance covers, exclusive Mastercard and Amex benefits and a personal concierge service. It also has an annual fee of $249.
Benefits of the Commonwealth Bank Platinum Awards credit card
Using the Commonwealth Bank Platinum Awards card comes with its share of benefits, including:
- Rewards. The Commonwealth Bank Platinum American Express card earns up to 2.5 points per $1 spent overseas and at supermarkets, department stores and petrol stations in Australia. Other eligible spending with the Amex card earns 0.5 points per $1. When you use the Commonwealth Bank Platinum Mastercard to make eligible purchases, you earn 1 Awards point for every $1 spent on eligible purchases. As well as redeeming points for gifts, cashback and merchandise, you can use your points for instant in-store redemptions at Myer or redeem them for travel through Flight Centre. There are also options for you to transfer CommBank Awards points to either Velocity Frequent Flyer or Qantas Frequent Flyer points (conditions apply).
- Included insurance covers. This card offers access to overseas emergency medical assistance and hospital expenses insurance, cover for travel delays, cancellation cover, personal liability cover, and rental vehicle excess cover. You can also get purchase security insurance and extended warranty insurance for eligible purchases made using this card. Eligibility and activation requirements apply. Please refer to the CommBank Credit Card Insurances booklet available on the CommBank website.
- 24/7 concierge service. Get around-the-clock assistance for lifestyle services including flight bookings, hotel reservations, ticket bookings for various events (including sport, concerts, theatre shows) or ask for travel advice for specific destinations.
- Balance transfer offer. If you’re considering transferring a balance from an existing non-CommBank Australian card, this card offers an introductory 5.99% p.a. balance transfer rate for 5 months. A variable cash advance rate of 21.24% p.a. will apply for any balance remaining from the transfer at the end of the promotional period.
- American Express and Mastercard benefits. The CommBank Platinum Awards card gives you access to offers and promotions available through Mastercard Priceless and Amex Connect.
- Account spending and security control. Using Commonwealth Bank’s online and mobile banking platforms, you can temporarily stop international online and in-store international transactions, block cash advances, and set maximum dollar limits for individual transactions.
Features of the Commonwealth Bank Platinum Awards credit card
Here’s a detailed explanation of the features on offer with the Commonwealth Bank Platinum Awards credit card:
- Annual fee. This card charges an annual fee of $249.
- Points cap. The CommBank Platinum Awards card earns up to 2.5 points per $1 spent on the Amex card and 1 point per $1 spent on the Mastercard, up to 150,000 per year.
- Purchase rate. This card has a standard variable purchase rate of 20.24% p.a.
- Interest-free days. This card offers up to 55 interest-free days on purchases, if you pay your account’s outstanding balance in full by the due date on each statement.
- Cash advance rate. This card has a standard variable cash advance rate of 21.24% p.a.
- Additional cards. You can request an additional card for anyone aged over 16 years. If approved, the additional card attracts an annual fee of $10.
- Card security. A 24/7 fraud detection program monitors account activity and detects unusual transactions and spending patterns. When you use your card online, NetCode provides an additional step to the verification process for extra security. A zero liability policy is also in place so you don’t have to worry about paying for fraudulent and unauthorised transactions.
How to apply for the Commonwealth Bank Platinum Awards credit card
You can apply for the Commonwealth Bank Platinum Awards card online and get a response in 60 seconds. Before you do, make sure you meet the required basic eligibility criteria, as listed below.
Eligibility criteria
To apply you must meet the following criteria:
- You must be at least 18 years old
- You must have the right to work in Australia
- Not be an undischarged bankrupt
Required documents
- Personal details. Your complete name, date of birth, residential address, email address and phone number
- Employment details. Your employer’s name, address and phone number
- Financial information. Details about your income, assets, expenses and liabilities. This could include investments, shares, savings accounts, existing debts from loans or cards and ongoing expenses such as bills or groceries.
If you think the rewards you’ll earn and redeem while using the Commonwealth Bank Platinum Awards credit card will offset the annual fee, then this card could be of value to you. But as this is not the only platinum card on the market, you should compare your options to make sure you find the right card for you.
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With my m/card platinum card do I have adequate travel insurance. I’m traveling to the Ukraine (not the Crimea/troubled region) and need to know if i have cover. I also want advice on the network in use in that country. Is it 4G ? Will the concierge help me in this ?
Hi Leo,
Thank you for your inquiry.
While we cannot recommend what is best for you, we can offer you a general advice. This card offers access to overseas emergency medical assistance and hospital expenses insurance, cover for travel delays, cancellation cover, personal liability cover, and rental vehicle excess cover. You can also get purchase security insurance and extended warranty insurance for eligible purchases made using this card. Eligibility and activation requirements apply. Please refer to the CommBank Credit Card Insurances booklet available on the CommBank website.
I hope this information has helped.
Cheers,
Harold
Can I get cash out with pay pass if I have a CommBank platinum card?
Hi Jamie!
Yes, your MasterCard PayPass, you won’t need to swipe your card or give it to a cashier when you make payments under $100. Let the cashier know you wish you have contactless, then with one quick tap on the contactless reader you’re done. :)
Hope this clarifies,
Cheers,
Jonathan
how do I transfer points from my visa card to my virgin account
Hi Alex,
Thank you for your inquiry.
Just to confirm, from which credit card you would want to transfer your rewards points? Generally, you’ll be able to transfer your credit card rewards points to your frequent flyer account by logging in to your online banking account or by contacting your bank’s rewards customer service support for assistance.
Meantime, for a general guide on the process of transferring credit card points to a Virgin frequent flyer account, please refer to this page.
Cheers,
May
Hi May,
I have a Platinum Award American Express card with Commonwealth bank and would like to convert those reward points to another frequent flyer program (ie Asia Miles).
Can you please advise how to complete this?
Thanks,
Chandler
Hi Chandler,
Thanks for your question.
Unfortunately, transferring of your CommBank Awards to Asia Miles is not possible. Although you can transfer them to either Velocity Frequent Flyer or Qantas Frequent Flyer points (conditions apply). The CBA rewards are also redeemable for travel through Flight centre or at Myers.
Cheers,
May
Hi I would like to transfer all future commbank points to Qantas frequent flyer ( my wife is a member and we have a joint account at bank) we are platinum holders I understand all current points will not be transferred, do I still get to use them for current commbanks award programme or can I cash in for money once we make the change
Hi Nick,
Thanks for reaching out.
Just want to confirm though that credit card reward points can only be transferred by the primary cardholder (sometimes called the Account Holder) to their Frequent Flyer account. If you want to be sure that a joint account holder is eligible to transfer credit card reward points to your wife’s Qantas FF account, I suggest that you get in touch with Qantas.
Meantime, since you have not opted yet to the Qantas Frequent Flyer Direct, you can still redeem your accumulated points for over 1,000 items available through the CommBank Awards Program or in-store at Myer or Flight Centre. Awards points are not redeemable for cash and have no monetary value.
Cheers,
May
What is the conversion rate of rewards points to QAN FF points
Hi Jacquie,
Thanks for your question.
The conversion rate is 1 Qantas Point = 2.5 CBA Awards points. Please refer to this page for more information on our guide.
Cheers,
May
Travel ins cover. The 6 months cover? Which 6 months. This is not clear. I travel all the year, so this is one of the reasons this card was attractive.
Hi Elizabeth,
Thanks for your question.
With CBA complimentary travel insurance attached to your credit card, your cover starts when you leave your home or place of business to travel directly to the Australian air or sea terminal that is the departure point for your journey (given that your policy is activated).
For more details about the travel insurance and information on the start and end date of the insurance cover, please feel free to read the Frequently Asked Questions section of this page.
Hope this helps.
Cheers,
May
I hope this helps.
Does the commonwealth bank have a visa credit card
Hi Ray,
Thanks for your inquiry.
The credit cards offered by CBA have MasterCard and AMEX logos, not Visa.
Cheers,
May
I have commonwealth awards credit card but Can I upgrade to platinum awards if I 457 visa
Hi Tan,
Thanks for your inquiry.
If you want to upgrade to Commonwealth Bank Platinum Awards Credit Card, you’ll need to apply for the card. You’d be best to contact CommBank directly to discuss your chances of acceptance. For your convenience, I’ve forwarded their contact details to your email.
Cheers,
May
How does reward points convert to Qantas frequent flyer points?
Hi Arno, thanks for your inquiry!
To transfer your awards points to Qantas Frequent Flyer points, you need to contact CommBank Awards Service Centre. I’ve sent to your email their contact details.
Please note though some of the conditions in the CBA Awards T&Cs:
- You must opt-in to Qantas Frequent Flyer Direct if you wish to redeem your CommBank Awards points for Qantas FF points using Qantas FF Direct.
- You must be a member of the Qantas FF program in order to redeem Awards points in the CommBank Awards Program for Qantas FF points using Qantas FF Direct.
- Once you opted-in to Qantas FF Direct, all CommBank Awards points earned will be automatically redeemed for Qantas FF points and transferred monthly to your Qantas FF account.
- If you have opted-in to Qantas FF Direct, you cannot redeem CommBank Awards points for other Awards in the CommBank Awards Program
For your reference, I’ve forwarded to your email the CommBank Awards T&Cs.
I hope this helps.
Cheers,
May