CommBank Awards cards offer varying earn rates such as 3 points per $1 on international transactions with Ultimate Awards.
Maximise point value by transferring to Velocity Frequent Flyer, potentially yielding over $20 per 1,000 points.
Assess card costs like annual fees and interest rates against potential reward value before applying for a card.
The Commonwealth Bank's Awards program offers points for every $1 you spend on eligible purchases made with a CommBank Awards credit card. You can redeem these points for rewards including travel, shopping, gift cards and frequent flyer points.
So if you have a CommBank Awards credit card or are thinking of getting one, here's a rundown on how the program works – including how to earn and use points and how to get as much value as possible.
How to earn CommBank Awards points
If you have a Commonwealth Bank Awards credit card, you will earn points for your everyday spending. These points are automatically added to your CommBank Awards account, which you can access by logging into NetBank or the CommBank App.
Most everyday spending will earn points, including shopping at the supermarket, buying petrol or paying for dinner. Transactions that aren't eligible for points include BPAY payments, cash advances and payments made to the Australian Taxation Office (unless made with a CommBank Business Awards card).
3 ways to earn more CommBank credit card rewards
Introductory bonus point offers. If you're new to CommBank Awards, you could boost your point balance by getting a card that offers bonus points. Just keep in mind that sign-up bonus points are only available at certain times and may not be offered when you apply for a CommBank Awards credit card. They also usually have a spend requirement, such as spending $3,000 on eligible purchases in the first 3 months.
Bonus partners and eShop. CommBank Awards has a range of bonus partners that give you extra points on top of your usual earn rate. This includes when you shop directly with partners, as well as through the Bonus Points eShop – which offers up to 10 points per $1 spent.
Additional cardholders. If you want to share your account with a partner or loved one, you can request an additional card for them that will also earn points per $1 on eligible spending. If you're both paying with the card, you could earn even more points this way.
What rewards can you get with CommBank Awards points?
You can redeem your points for a range of rewards across the following categories:
Shop or pay with points at partnered stores
Shop with points at Myer. Redeem CommBank Awards points instantly when you shop online through myer.com.au, or when you're shopping in-store at Myer. If you're in the department store, just present your CommBank Awards credit cards at the register and ask to pay with points. You can also earn MYER one points on the eligible purchases.
Note that minimum and daily maximum point limits apply and are subject to the terms and conditions of the CommBank Awards program.
CommBank Awards website rewards
Gift cards. You can also redeem your points for gift cards to use in a number of stores including Myer, Coles, RedBalloon, and rebel. The number of points you need to redeem will depend on the dollar amount of the gift card.
Cashback. This redemption converts your points into credit on your card. When you choose the cashback reward option, your points will be deducted and a credit will take up to 10 days to appear on your card account.
Retail items. You can redeem your points for technological gadgets, home and personal electronics, sporting goods and more. You can pay with points or choose to pay with a mixture of points and cash.
Frequent flyer reward option
You can transfer CommBank Awards points to Virgin Australia's Velocity Frequent Flyer program. With Velocity Frequent Flyer, every 2 CommBank Awards points convert to 1 Velocity Point.
CommBank Awards Qantas Frequent Flyer options
As of August 2023, customers with a Commbank Awards card cannot transfer Award points to the Qantas Frequent Flyer program. If you have already opted in before this, there is a $90 fee each year. You'll then earn Qantas Points per $1 instead of CommBank Awards points, with an earn rate that's equivalent to 2.5 CommBank Awards points per 1 Qantas Point.
As an example, if you had a card that earned 1 CommBank Awards point per $1 and opted in to earn Qantas Points, you'd earn 0.4 Qantas Points per $1 instead.
There is no fixed value for CommBank Awards points because each reward has a different dollar value. This is the same with most reward programs that offer a mix of different rewards.
The CommBank Awards program also doesn't list details of how many points you need for different rewards unless you log in to your account. But once you've logged in, you can work out the value of your points by dividing the dollar value of a reward by the number of points needed to redeem it.
How to get the most value from the CommBank Awards program
Always choose rewards that you want or need so you can at least save some cash. If there's nothing you want, just keep saving up points.
If you're a member of a frequent flyer program, you could also transfer your points for flight rewards – which can offer more than $20 value per 1,000 frequent flyer points.
How to redeem Commonwealth Bank Awards points
You can redeem your points in a few steps:
Log in to your account through the NetBank or the CommBank app.
Go to your cards or account list and choose your Awards card.
Select "View Awards" in the app, or the Awards website link next to your card in NetBank.
Browse rewards and follow the prompts to redeem.
Mistakes to avoid with a CommBank Awards credit card
Overspending. Spending within a limit is a necessary skill when it comes to using credit cards, since you can end up in debt.
Carrying a balance. Carrying a balance on your credit card can lead to debt, since this is how interest fees accrue and monthly repayments become unmanageable.
Not considering the standard features. Getting carried away with the attractive terms of a credit card promotion is ill-advised. You should always read the fine print and pay attention to the card’s standard features instead.
Making new purchases when you have transferred a balance. Carrying a monthly balance or having a transferred balance means that you won’t be eligible for interest-free days on new purchases. This means that your new purchases will accrue interest immediately, which can result in high interest fees over time.
Not using other complimentary extras. As mentioned earlier, if you’re an infrequent traveller who won’t have the opportunity to make much use of the card’s complimentary extras, you would be better off getting a cheaper card with less frills.
Making cash advance transactions. Withdrawing cash from the ATM using your credit card is a clear no-no, since you’ll be charged a cash advance fee while also immediately incurring interest at a high cash advance rate. That said, some other transactions may also fall under the cash advance category.
How to decide if the CommBank Awards program is worth it for you
With any rewards credit card, there is a chance that the card's costs will outweigh the value you get from any bonus points, rewards and other perks. So here's what to think about before you apply.
Look at the cost of the card. The annual fee and the interest rate for purchases are the key costs. Ideally, you want an annual fee that is worth less than the value of your rewards.
Ask yourself how much you'll use the card. The main way you earn points is by making eligible purchases with your credit card. If you don't earn enough points, getting rewards won't be worth it compared to the account costs.
Think about whether the rewards are actually valuable to you. You can look at the types of rewards available through the CommBank Awards website before you actually get a credit card. If there aren't any that excite you, then this probably isn't the rewards program for you.
CommBank Awards is a popular credit card rewards program, but there are many others on the market. So when considering a CommBank rewards credit card, remember to compare your options among other rewards credit cards. Also weigh up the potential costs of a card in comparison to its potential benefits before deciding if it will be the most suitable one for you.
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.
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Can I earn rewards points on a comm bank credit card to use in conjunction with my Emirates Skywards programe. If so which is the advised credit card to use.
Finder
AmyMarch 15, 2023Finder
Hi Terrence,
You can currently convert 4 CommBank Awards points to 1 Skywards Mile with a CommBank Awards, CommBank Platinum Awards, CommBank Diamond Awards or CommBank Ultimate Awards credit card. You can compare details of these cards in this guide or look at Finder’s Commonwealth Bank Credit Cards guide to help you choose a card. Hope that helps.
janceyNovember 29, 2017
I am confused how to claim Quantas points are they automatically transferred to the account? what do I have to do to have this transferred, I believe I use to have this automatically as before or has this all changed?
AshNovember 29, 2017
Hello Jancey,
Thank you for reaching out to us.
For you to convert your CommBank Awards points to Qantas points, you will need to manually opt-in to Qantas Frequent Flyer Direct rewards program. Once enrolled, you will need to pay $30 each year then your points will be automatically credited to your Qantas frequent flyer account monthly.
You may visit our guide to the Qantas Frequent Flyer Program to know how to join the program. You can also review your card’s Product Disclosure Statements/Terms and Conditions for more details.
I hope this helps.
Let us know if there is anything else that we may assist you with.
A level up from the CommBank Awards Credit Card, this card offers no foreign transaction fees, international travel insurance and airport lounge access. Compare its other features here.
The CommBank Low Rate Card offers up to $420 cashback and a $6 monthly fee (or $72 per year) and SurePay Instalment Plan.
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Can I earn rewards points on a comm bank credit card to use in conjunction with my Emirates Skywards programe. If so which is the advised credit card to use.
Hi Terrence,
You can currently convert 4 CommBank Awards points to 1 Skywards Mile with a CommBank Awards, CommBank Platinum Awards, CommBank Diamond Awards or CommBank Ultimate Awards credit card. You can compare details of these cards in this guide or look at Finder’s Commonwealth Bank Credit Cards guide to help you choose a card. Hope that helps.
I am confused how to claim Quantas points are they automatically transferred to the account? what do I have to do to have this transferred, I believe I use to have this automatically as before or has this all changed?
Hello Jancey,
Thank you for reaching out to us.
For you to convert your CommBank Awards points to Qantas points, you will need to manually opt-in to Qantas Frequent Flyer Direct rewards program. Once enrolled, you will need to pay $30 each year then your points will be automatically credited to your Qantas frequent flyer account monthly.
You may visit our guide to the Qantas Frequent Flyer Program to know how to join the program. You can also review your card’s Product Disclosure Statements/Terms and Conditions for more details.
I hope this helps.
Let us know if there is anything else that we may assist you with.
Cheers,
Ash