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Commonwealth Bank Platinum Awards Credit Card

Amy Bradney-George
Amy Bradney-George

Enjoy 100,000 bonus Awards points and included insurance covers with the CommBank Platinum Awards Card.

You can use the Commonwealth Bank Platinum Awards credit card to earn Award points on your everyday spending. You can redeem your points for gift cards, travel through Flight Centre and merchandise from the Awards website. You can also transfer your Awards points to partnered frequent flyer programs including Qantas and Velocity.

100,000

Bonus points

20.24% p.a.

Purchase rate

1

Reward point

Per $ spent (Visa/Mastercard)

$249 p.a.

Annual fee

Details

Product NameCommonwealth Bank Platinum Awards Credit Card
Rewards ProgramCommonwealth Bank Awards Program
Balance transfer rate5.99% p.a. for 5 months
Balance Transfer Revert RateCash Advance Rate (21.24% p.a.)
Purchase rate (p.a.)20.24% p.a.
Annual fee$249 p.a.
Interest Free Period55 days
Cash advance rate (p.a.)21.24% p.a.
Min credit limit$6,000
Card TypeMastercard
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Complimentary Travel InsuranceYes
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
Joint ApplicationNo

Pros

  • 100,000 bonus Awards points offer
  • 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 ProgramCommonwealth Bank Awards Program
Bonus Points100,000 bonus points
Rewards Points per $ spent (Visa/Mastercard)1
Rewards Points per $ Cap (Visa/Mastercard)150,000
Annual fee$249 p.a.
Minimum Monthly Repayment2% of the closing balance or $25, whichever is greater
Late Payment Fee$20
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Cash Advance Fee3% or $3, whichever is greater
Overseas Cash Advance Fee$3 or 3% of transaction value, whichever is greater
Additional Cardholder Fee$10
Number of Additional Cardholders1

Expert review

Amy Bradney-George

Review by

Amy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.

Expert review

The Commonwealth Bank Platinum Awards is one of CommBank’s premium rewards credit cards. This means that it offers a more competitive points earn rate but charges a higher annual fee than some other Awards cards.

It currently boasts a 100,000 bonus CommBank Awards Points offer. As well as retail rewards, gift cards and cashback, you can exchange 2 Platinum Awards points for 1 Velocity Point or 2.5 Platinum Awards points for 1 Qantas Point.

How to apply

You can apply for the Commonwealth Bank Platinum Awards card online within 15 minutes and get a response instantly. Before you do, make sure you meet the eligibility criteria and have the necessary information to complete the application:

Eligibility criteria

  • New cardholders. To be eligible for the bonus points offer, you cannot hold or have held any CommBank Awards card in the previous 12 months.
  • Residency. You must be legally allowed to work in Australia. If you are not a permanent resident or citizen, you will need to provide your visa details.

Card benefits

  • Bonus points offer. Apply by 29 February 2020 and you will earn 100,000 bonus CommBank Awards points when you spend at least $4,000 on your new card within the first 90 days. To give you an idea, you can exchange 100,000 Awards points for 50,000 Velocity Points, 40,000 Qantas Points or $450 worth of gift cards (94,500 points). Please note that to receive the bonus points promotion, you cannot hold or have held a CommBank Awards card in the last 12 months.
  • Awards program. Earn 1 Awards point per $1 spent on eligible purchases, up to 150,000 points per year. You can also earn uncapped bonus points per $1 spent when you use your Platinum Awards credit card with any Commonwealth Bank bonus partners. As well as shopping, travel and entertainment redemption options, you can transfer CommBank Awards points to Velocity Frequent Flyer (2 Awards Points = 1 Velocity Point), Qantas Frequent Flyer (2.5 Awards Points = 1 Qantas Point) and other airline partners including Etihad Airways and Japan Airlines.

Rates & fees

  • Annual fee. This card charges an annual fee of $249.
  • Purchase rate. The variable 20.24% p.a. interest rate applies to purchases.

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177 Comments

  1. Default Gravatar
    David
    August 5, 2019

    I have commonwealth bank Diamond credit card. Does it give me access to qantas lounge

    Reply
    • Avatarfinder Customer Care
      Nikki
      August 5, 2019

      Hi David,

      Thanks for getting in touch! The Commonwealth Bank Diamond Awards Credit Card doesn’t have access to Qantas lounges. You can check this page for other credit cards with lounge access.

      Hope this was helpful. Don’t hesitate to message us back if you have more questions.

      Best,
      Nikki

      Reply
  2. Default Gravatar
    Allan
    September 19, 2018

    Some credit cards allow access flight lounges when travelling overseas. Does my platinum card give me this ability

    Reply
    • Avatarfinder Customer Care
      Nikki
      September 19, 2018

      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

      Reply
  3. Default Gravatar
    Leo
    July 12, 2017

    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 ?

    Reply
    • Avatarfinder Customer Care
      Harold
      July 18, 2017

      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

      Reply
  4. Default Gravatar
    Jamie
    June 25, 2017

    Can I get cash out with pay pass if I have a CommBank platinum card?

    Reply
    • Default Gravatar
      Jonathan
      June 25, 2017

      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

      Reply
  5. Default Gravatar
    alex
    May 17, 2017

    how do I transfer points from my visa card to my virgin account

    Reply
    • Avatarfinder Customer Care
      May
      May 17, 2017

      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

      Reply
  6. Default Gravatar
    Chandler
    January 10, 2017

    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

    Reply
    • Avatarfinder Customer Care
      May
      January 10, 2017

      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

      Reply
  7. Default Gravatar
    Nick
    December 27, 2016

    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

    Reply
    • Avatarfinder Customer Care
      May
      December 27, 2016

      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

      Reply
  8. Default Gravatar
    Jacquie
    December 8, 2016

    What is the conversion rate of rewards points to QAN FF points

    Reply
    • Avatarfinder Customer Care
      May
      December 8, 2016

      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

      Reply
  9. Default Gravatar
    Elizabeth
    October 23, 2016

    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.

    Reply
    • Avatarfinder Customer Care
      May
      November 2, 2016

      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.

      Reply
  10. Default Gravatar
    Ray
    September 6, 2016

    Does the commonwealth bank have a visa credit card

    Reply
    • Avatarfinder Customer Care
      May
      September 7, 2016

      Hi Ray,

      Thanks for your inquiry.

      The credit cards offered by CBA have MasterCard and AMEX logos, not Visa.

      Cheers,
      May

      Reply
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