Commonwealth Bank Platinum Awards Credit Card – Rates and Fees

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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.

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 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 spent. When you use the 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. The 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.
• 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 150,000 Awards points 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.