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Purchase rate: 20.99% p.a.
Reward point per $ spent: 1
Annual fee: $420 p.a.
Interest-free on purchases: Up to 44 days

Our verdict

Save with a $0 monthly fee when you meet the spend requirements and no international transaction fees.

The earn rate on this card is tiered, so you earn more points per $1 spent overseas and on purchases with major Australian supermarkets, department stores and petrol stations compared to other eligible transactions. When you add up the $35 monthly fee over a year, it’s equivalent to paying a $420 annual fee. But the CommBank Ultimate Awards Credit Card is set apart from most top-tier rewards cards because it offers a monthly fee waiver if you spend $4,000 in your statement period. Its 20.99% p.a. interest rate for purchases is similar to other rewards credit cards – but it’s higher than the average standard rate and would add up if you carried a balance.

This card also offers travel benefits like no foreign transaction fees, airport lounge access and included travel insurance. You can also redeem Award Points through Travel Booking (provided by Hopper), or use them for a range of rewards including shopping at Myer, gift cards (such as Coles and BP), and cash back.

Pros

3 points per $1 spent on overseas purchases
0% foreign transaction fees on overseas or online purchases
Included international travel insurance when you activate it before you travel

Cons

Purchase rate of 20.99% p.a. is relatively high
After $10,000 spend / statement period, earn rate drops to 0.5 pts / $1
$35 monthly fee if the $4,000 minimum spend isn't met

Details

Product details

Product Name	CommBank Ultimate Awards Credit Card
Purchase rate p.a.	Purchase rate p.a.20.99%
Interest-free days	Up to 44 days on purchases
Cash advance rate p.a.	21.99%
Min credit limit	$6,000
Card type	Mastercard

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Rewards program	CommBank Awards Program / Velocity Frequent Flyer
Bonus points	N/A
Rewards points per $ spent	1
Rewards points cap	N/A

Fees

Annual fee	$420
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	0%
Cash advance fee	3% of transaction value or $4, whichever is greater
Overseas cash advance fee	3% of transaction value or $3, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

You can apply for the CommBank Ultimate Awards Credit Card online by filling in a secure application form. To get started, make sure you meet the following eligibility requirements and have all the information you need to complete the application.

Eligibility criteria

Residency. This card is available to permanent and temporary residents as long as you have the legal right to work in Australia. You may be asked to provide your visa details if you're not a permanent resident.
Credit history. You must have a good credit score with no current bankruptcies to receive approval. You can get your credit score and copy of your comprehensive credit report for free through Finder.

Age. You must be at least 18 years old.

Required documents

Personal information. This includes your full name, residential address and contact details.
Proof of identification. You'll need to provide proof of identification such as your Australian driver's licence or passport.
Income and employment. Confirm your annual income and current place of employment. You may also need to provide your employer's contact information.
Finances. This includes your regular expenses as well as information about any savings, investments, assets or liabilities like existing debts or loans.

Card benefits

0% foreign transaction fees. You won't be charged an international transaction fee when you use your card to shop overseas or online with a foreign merchant.
Points per $1 spent. You'll earn 3 Awards points per $1 spent on international transactions made in store and online, 2 Awards points per $1 spent at major Australian supermarkets, department stores and petrol stations and 1 point per $1 on all other eligible spending. After the first $10,000 spent in a statement period, you'll earn 0.5 Awards points per $1 for the rest of the statement period (regardless of the spending category). You can redeem CommBank Awards points in-store at Myer or take your pick of rewards including frequent flyer points, gift cards and retail items.

CommBank Yello Cashback Offers. This card gives you access to personalised cashback offers from some of the biggest brands in Australia. You can view and activate CommBank Yello Cashback Offers in the CommBank app, then redeem the offers using your CommBank Ultimate Awards Credit Card.
SurePay Instalment Plan. The CommBank Ultimate Awards Credit Card's SurePay Plan offers a flexible way to manage your card balance and purchases by splitting the cost into fixed monthly repayments. You can get 0% interest on purchases of $100 or more, plus a set up fee. If your card balance is $600 or more you can split it into multiple fixed monthly payments. There's no fee for this option and you just pay your normal card interest rate. You can do the same with a cash advance balance too.
Included international travel insurance. You'll be covered for overseas medical, baggage and travel delays, cancellation costs and more with this international travel insurance. Provided the eligibility requirements are met, this cover protects you, your spouse and dependent children travelling with you. Activate your insurance through NetBank, the CommBank app or by Cover-More on 1300 467 951 before you go overseas.
Purchase insurance. You can shop with peace of mind with extended warranty cover and other included purchase covers on lost, stolen or damaged items bought with the card.
Airport lounge access via Mastercard Travel Pass. The CommBank Ultimate Awards Credit Card gives you access to over 1,300 airport lounges through Mastercard Travel Pass, a service provided by DragonPass. You need to register your credit card through the app or online, then show your membership QR code and valid boarding pass at the lounge. Each visit will attract a fee from the lounge, which is charged to your credit card.
Mastercard Travel Rewards. Get cashback offers when you travel overseas and shop with participating merchants. Browse the current offers through the Mastercard Travel Rewards website and pay in the currency shown for each offer and meet any other conditions to get a cashback credit on your account.
Mobile wallet compatibility. Link your account with Apple Pay, Samsung Pay and Google Pay to tap and pay with your smartphone or device. You can also use your fitness tracker to make contactless payments with Fitbit Pay and Garmin Pay.
Security. You can set transaction limits, lock international transactions and block cash advances through NetBank or the CommBank app. Your account is also monitored by 24-hour fraud protection to detect any abnormal transactions and you'll be protected against fraud with Mastercard Zero Liability.

Rates & fees

Monthly fee. This card charges a $35 monthly fee, which is waived if you spend at least $4,000 on your Ultimate Awards credit card during the statement period. If you pay the monthly service fee each month, it would add up to $420 over a year.
Purchase interest rate. This card charges a 20.99% p.a. purchase interest rate.

Interest-free days. When you pay your balance in full by the statement due date, you can save with up to 44 days interest-free on purchases.
Cash advances. If you use your card to make a cash advance, you'll be charged the 21.99% p.a. cash advance interest rate and the cash advance fee of 3% or $4 of the transaction value (whichever is greater).
Additional cardholders. You can apply for 1 supplementary card for a partner or family member for $0.

Sources

Finder writers are subject matter experts and use primary sources, in-depth research and interviews with other experts to ensure you're getting accurate, up-to-date information. Articles are fact checked in line with our editorial guidelines.
1. CommBank Ultimate Awards credit card information PDF
2. CommBank Ultimate Awards credit card TMD

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Amy is an experienced journalist with over 16 years of experience, contributing to major publications like Money Magazine, The Sydney Morning Herald, and ABC News Australia. Specialising in personal finance, she frequently appeared in media outlets and on radio. Amy holds a Bachelor of Arts in Journalism and Drama from Griffith University and earned RG146 certifications in Tier 1 Generic Knowledge and Tier 2 General Advice Deposit Products, ensuring her expertise is grounded in current financial regulations. Amy was Finder's Senior Writer for Credit Cards from 2016 to 2024. See full profile

CommBank Ultimate Awards Credit Card

Pros

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Eligibility criteria

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Rates & fees

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