Reward your spending with points, save with 0% on purchases for 12 months and enjoy a range of included insurance covers.
You can use the Commonwealth Bank Platinum Awards card to collect Awards Points which you can redeem for travel rewards, gift cards, cashback and more.
If you apply for the card by 30 April 2019, you can also pay no interest on purchases for the first 12 months. These perks come at the cost of a $249 annual fee.
| Product Name | Commonwealth Bank Platinum Awards Credit Card |
|---|---|
| Rewards Program | Commonwealth Bank Awards Program |
| Balance transfer rate | 5.99% p.a. for 5 months |
| Balance transfer revert rate The interest rate that will apply to any remaining balance after the balance transfer term ends. | Cash Advance Rate (21.24% p.a.) |
| Maximum Balance Transfer Amount | Up to remaining credit limit |
| Purchase rate (p.a.) | 0% p.a. for 12 months (reverts to 20.24% p.a.) |
| Offer end date | 30 April 2019 |
| Annual fee | $249 p.a. |
| Interest Free Period The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date. | Up to 55 days on purchases |
| Cash advance rate (p.a.) | 21.24% p.a. |
| Min credit limit This is the lowest credit limit you can be granted. It is possible to request a higher credit limit but not a lower one than this figure. | $6,000 |
| Card Type | Mastercard |
| Foreign Currency Conversion Fee (MC) Charged when you make a transaction that is converted by Mastercard 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 |
| Complimentary Travel Insurance | Yes |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Annual fee | $249 p.a. |
|---|---|
| Minimum Monthly Repayment | 2% or $25 whichever is greater |
| Late Payment Fee | $20 |
| Foreign Currency Conversion Fee (MC) Charged when you make a transaction that is converted by Mastercard 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 |
| 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) |
| Gambling Transactions Allowed | Yes |
| Additional Cardholder Fee | $10 |
| Number of Additional Cardholders | 1 |
Pros
- Earn 1 Awards point per $1 spent on everyday purchases.
- Stay protected with included travel insurance, extended warranty and purchase security insurance covers.
Cons
- The variable interest rates on purchases and cash advances are relatively high.
- Points are capped at 150,000 per year.
| Rewards Program | Commonwealth Bank Awards Program |
|---|---|
| Rewards Points per $ spent (VISA/MC) | 1 |
Benefits of the Commonwealth Bank Platinum Awards credit card
- Awards program. Earn 1 Awards point for every $1 spent on eligible purchases. Points are capped at 150,000 per year. 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).
- Qantas Frequent Flyer Direct. If you're a member of the Qantas Frequent Flyer program, you can opt to earn Qantas Points by enrolling in the Qantas Frequent Flyer Direct program. The points you earn will then be automatically transferred to your Qantas Frequent Flyer membership account on a regular basis. There is a $30 annual fee for opting in to this program.
- Additional points. Earn as many as 15 bonus points per $1 spent when you use your Awards credit card with any Commonwealth Bank bonus partners including Village Cinemas Australia and RedBalloon.
- 0% purchase rate offer. If you apply for this card by 30 April 2019, you'll save with 0% on purchases for the first 12 months. The purchase interest rate reverts to 20.24% p.a. thereafter.
- Included insurance covers. This card offers 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 on the CommBank website for the terms and conditions.
- Account spending and security control. Through NetBank or the CommBank app, you can temporarily stop international online and in-store international transactions, block cash advances and set maximum dollar limits for individual transactions.
- Mobile wallets. You can link your account with Apple Pay, Samsung Pay or Google Pay to tap and pay with your smartphone. You can also use your fitness tracker to make contactless payments if you link your card with Garmin Pay and Fitbit Pay.
Features of the Commonwealth Bank Platinum Awards credit card
- Annual fee. This card charges an annual fee of $249.
- Purchase rate. Outside of any promotions, this card has a variable purchase rate of 20.24% p.a.
- 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.
- Cash advance rate. If you use your card for a cash advance, such as an ATM withdrawal, you'll be charged the variable cash advance rate of 21.24% 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.
- 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.
How to apply for the Commonwealth Bank Platinum Awards credit card
You can apply for the Commonwealth Bank Platinum Awards credit card online. Check if you meet the eligibility requirements and have the necessary information to complete the application before you get started.
Eligibility criteria
- Age. You must be at least 18 years old to apply.
- Residency. This card is available to permanent and temporary residents, so long as you're legally allowed to work in Australia.
- Credit history. You'll need to have a good credit history with no current bankruptcies.
Required documents and information
- Personal information. This includes your full name, date of birth, residential address, contact information, marital status and number of financial dependents.
- Proof of identification. You'll be asked to verify your identity with your Australian drivers licence, passport or Medicare card.
- Income and employment. Confirm your current employment and annual income with recent payslips.
- Finances. This includes any assets such as savings or investments and any liabilities including existing debts or loans.
- Visa. If you're a temporary resident, you'll need to provide your visa details.
If the rewards you’ll earn and redeem while using the Commonwealth Bank Platinum Awards credit card will outweigh 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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Some credit cards allow access flight lounges when travelling overseas. Does my platinum card give me this ability
Hey Allan!
Thanks for your message and for contacting finder.
There are some credit cards that allow access to flight lounges while traveling. Commonwealth Bank Platinum Awards does not have any partnerships with airport lounges at the moment. However, should you fly business class on an airline, this is an automatic perk that airlines have. It would be good to check with the airline prior to booking a flight as well.
Hope this helps! Feel free to message us should you need further help.
Regards,
Nikki
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