How rewarding is Commonwealth Bank Awards? Discover how you can earn rewards as you spend with CBA.
There is no doubt that we all like to get more for our money. This is why the idea of the Commonwealth Awards program, which allows you to earn as you spend, is so enticing. As with all good things, it doesn’t come for nothing, and hidden costs and fees may be involved. Knowing the benefits, features and drawbacks is the key to knowing whether the Commonwealth Bank Awards program is right for you and getting more bang for your buck.
Which Commonwealth Bank credit cards can I use to earn Awards points?
A few Commonwealth Bank credit cards can help you earn rewards as you spend, but it’s important to compare your options to find the most suitable card for you. Consider some of your options here:
1. Commonwealth Bank Awards Credit Card
This is the basic Awards card, which is ideal for cost-conscious customers who aren’t looking to spend large amounts of money but still want to make the most of the CBA program. MasterCard earns up to 1 point for every dollar spent while American Express (Amex) cardholders earn up to 1.5 points per dollar spent with a potential of earning up to 50,000 points each year. You can also redeem 2.5 points for 1 Qantas or Velocity point. Customers also have the opportunity to earn points with 14 bonus partners.
2. Commonwealth Bank Gold Awards Credit Card
While this card comes at a higher annual fee of $119, cardholders can earn up to 2 Awards points per dollar spent. MasterCard users can earn up to 1 point for every dollar spent, while Amex cardholders earn up to 2 points for every dollar spent with the potential to earn up to 125,000 CommBank Awards points each year.Customers still have the opportunity to earn points with the 14 bonus partners, although higher points may be earned from certain stores and frequent flyers can turn 2.5 Awards points into 1 Qantas or Velocity point.
3. Commonwealth Bank Platinum Awards Credit Card
If you’re looking for extras, then the Platinum Awards credit card might be worth considering. The lowest credit limit available on the Platinum Awards credit card is $6,000. MasterCard users earn 1 point for every dollar spent while Amex users earn up to 2.5 points for every dollar spent with a maximum earning potential of 250,000 points each year. Cardholders can still earn a bonus 2 points for every dollar spent with up to 14 bonus partner retailers, and 2 points will earn you 1 Qantas or Velocity point. This card also offers a low balance transfer offer and complimentary insurance for an annual fee of $249.
4. Commonwealth Diamonds Award Credit Card
Maximise your earning power with up to 3 points for every dollar spent, and access a world of exclusive features including airport lounge access and international travel insurance. MasterCard users earn up to 1.25 points per dollar spent and Amex cardholders earn up to 3 points for every dollar spent with an earning potential of 1,000,000 points per year. The 14 bonus stores continue to increase the amount of points that can be earned per dollar spent. Frequent Flyer members can turn 2 Awards points into 1 Qantas or Velocity point. This card comes at the cost of a $349 annual fee.Back to top
Commonwealth Bank Awards program overview
The Commonwealth Bank Awards program offers four credit card options with individual benefits and costs. As you’d expect, smaller annual fees means a lower Awards earn rate, whereas cards with higher annual fees allow you to earn points at a higher rate.
To find the right card for you, consider the everyday costs you’ll be using your card for and where that fits inside each of the brackets. For example, if you’re only using your card for emergencies or smaller everyday purchases, an expensive card with a high earn rate might not be worth it because you won’t be earning enough rewards to counteract the cost of the card.
How can I earn points with the Commonwealth Bank Awards program?
Commonwealth Bank Awards credit cards allow cardholders to earn Commonwealth Bank Awards points, Qantas Frequent Flyer points and Virgin Australia Velocity Frequent Flyer points. The rewards you decide to earn will depend on the rewards you want to redeem and how you intend to use the card. Consider the earn rates to determine how many points you can stand to earn per dollar to help compare your options.
Commonwealth Bank Awards
|Credit Card||Points per dollar (MasterCard)||Points per dollar (American Express)|
|Gold Awards card||1||2|
|Platinum Awards card||1||2.5|
|Diamond Awards card||1.25||3|
Cardholders can earn points by paying for purchases with their Commonwealth Bank credit card. Plus, you could benefit from promotions that may allow bonus points to be earned when spending a required amount with partnered stores.
Qantas Frequent Flyer points
|Credit Card||Commonwealth Bank Awards points||Qantas points|
|Gold Awards card||2.5||1|
|Platinum Awards card||2||1|
|Diamond Awards card||2||1|
To start earning Qantas points you need to become a member of the Qantas Frequent Flyer Program. Once you have signed up to Qantas Frequent Flyer Direct, your Awards points will automatically be transferred into Qantas points for an annual fee.
Velocity Frequent Flyer points
|Credit Card||Commonwealth Bank Awards points||Velocity Frequent Flyer points|
|Gold Awards card||2.5||1|
|Platinum Awards card||2||1|
|Diamond Awards card||2||1|
|Bonus Partner||Awards card||Gold Awards card||Platinum Awards card||Diamond Awards card|
|Bob Jane T-Marts||1||1||1||1|
|Crown Promenade Hotel||1||1||1||1|
|Prouds the Jewellers||1||1||1||1|
|Rendezvous Hotels & Resorts International||2||2||2||2|
|Village Cinemas Australia||1||1||1||1|
Most Commonwealth Bank credit cards allow cardholders to earn bonus points with partnered retailers. Bonus points are an attractive way to rapidly increase your points total. If you’re planning to charge a purchase to your credit card, consider where you shop and whether you can earn points with a partnered retailer if you make the purchase there instead.Back to top
How can I redeem my Awards points for rewards?
There are many potential rewards available, but the biggest decision to make is: what do you wish to redeem them for?
- Directly at Myer. Points can be redeemed instantly in-store at Myer for purchases when you present your Awards credit card.
- Flight Centre. After all that hard-earned spending, you deserve a little getaway. Redeem Awards points for travel with no blackout dates. Choose any seat, any airline, any destination, at any time by visiting any store, calling 1300 165 033 or visiting Flight Centre online.
- Pay with points. The Awards program offers you a number of exciting points redemption options. Trade in your points for a Fitbit, a Dyson vacuum cleaner or fashion wears.
- Tips. If you don’t want to part with all your points at once, try the points plus pay option. If you would like more freedom or just can’t decide straight away, cash credited straight to your credit card or a gift card could be the option for you.
Managing your Awards account
As your Awards Points accumulate, there is no doubt you will want to keep track of how many points are still needed until you own that item you’ve been lusting for.
Users can check their balance through the CommBank App, asking in-store at your nearest Myer or Flight Centre, or by calling 13 16 61. NetBank customers can also check via the Awards icon located next to your credit card details.
Mistakes to avoid
- Using the incorrect card. The first mistake you can make is choosing the wrong card for your circumstances. You will want to make sure you are maximising the Awards program to its fullest potential, so you don’t want to use a card that doesn’t compliment your existing spending habits or rewards ambitions. As always, make sure that the card costs (such as the annual fee) are offset by the value of the rewards you redeem, otherwise you won’t get full value from the rewards program.
- Points capping. Each of the cards has a limited number of points that can be earned per year. Find the correct bracket for your spending, otherwise you could find that you could be earning more points than you’re allowed.
- Card upgrade. If you were a little conservative and are now meeting the yearly potential amount of points, perhaps it’s worth considering an upgrade. If you do so, your points will roll over from your old credit card to your new one
- Spending just to earn points. You may only need 20,000 more points until that iPhone 6 is yours, but spending money just to earn points can lead to trouble. Spend only what you can afford to avoid finding yourself unable to meet your repayments on time.
The Commonwealth Awards program offers a great opportunity for customers to receive rewards for their spending. However, it’s important to remember your budget and avoid getting carried away to earn more points. As long as you can cover the cost of the card and your rewards exceed these costs, the program is one way you can get a little extra something from your spending with Commonwealth Bank.Back to top