Commonwealth Bank Awards Credit Card Rewards Program Review
Posted September 12th, 2010 and last modified January 15th, 2012
Find out which CommBank credit cards have reward items.
Learn about the main benefits of the Commonwealth Bank Awards Credit Card Program, and how you can redeem your points. Thanks to a wide range of rewards your dollar just became more valuable.
The Commonwealth Bank Awards Credit Card Program is a companion credit card rewards scheme. This means that two credit cards are issued on one account – a MasterCard and an American Express – giving the customer one annual fee and one statement, but with points from both cards counting towards the reward of your choice.
Commonwealth Bank Awards Credit Card Comparison
Overview of Commonwealth Bank Credit Cards with Rewards Programs
Commonwealth Bank offers their rewards cardholders a variety of choices when it comes to reward items. You can choose from three different levels of reward cards to gain Commonwealth Bank Awards rewards.
Types of Reward Cards
- Commonwealth Bank Awards Credit Card - The basic awards card can be from MasterCard or American Express. The MasterCard gains 1 Awards point per $1 spent, while the American Express card earns 1.5 Awards point for the same amount. Customers also have the option of linking both the MasterCard and the American Express card to the same rewards account, and benefit from accelerated rewards.
- Commonwealth Bank Gold Awards Credit Card – Cardholders earn 2 Awards points per dollar spent on purchases through the gold card when spending on AMEX, and 1 point when per $1 spent on MasterCard purchases.
- Commonwealth Bank Platinum Awards Credit Card- The highest points can be accumulated through the platinum card, 3 Awards points per dollar spent on AMEX Purchases, and 1.25 Award points on MasterCacrd purchases. For the gold and platinum cards you still have the choice of linking both a MasterCard and an American Express Card to the same Awards account. You will receive one statement for both your cards, while maximizing your rewards points accumulation rate.
The points gained through the Commonwealth Bank Awards rewards can also be augmented by bonus points. You gain bonus points by shopping at one of their designated bonus partners, which vary greatly in terms of diversity. The full list of bonus partners can be found on their Awards site, and includes retailers such as Hoyts, Sanity, Bob Jane T-Marts, Travel Lodge, and Thrifty Car Rental.
Rewards Options
You can redeem your Commonwealth Bank Awards rewards in any of the following ways:
- Travel – Awards points can be exchanged for Velocity points at the rate of 2 Awards points being equal to 1 Velocity point. These can then be redeemed at one the Velocity airlines such as Virgin Australia and Pacific Blue to pay for flights. Points can also be redeemed for Star Alliance airlines, hotels and car rentals, as well as Air New Zealand flights.
- Gift Products – A great variety of products ranging from kitchen ware to electronics can be purchased via the Awards points. Have a look at their extensive catalogue at the Awards web page.
- Gift Vouchers – A popular rewards option is to exchange Awards points for a prepaid gift voucher that can be used to pay for items at particular retailers. The impressive list of participating retailers include Kmart, Coles, Target, Myer, David Jones and many others.
- Cash Back – Awards points can be transferred as cash into your account, starting from $20 and going up to $250. Award points can also be redeemed for cashback. This will appear as a credit on your card statement. In effect, this means that your existing balance is being paid down by the points you earn on your current purchases.
- Others – Cardholders can redeem Awards points for unique gift certificates for experiences such as hot-air balloon rides and such. Through their Awards newsletter, customers can also gain access to special discounts and offers which they can receive for redeeming their points for one of the above categories.
The choice of rewards options and the ability to gain points faster makes Commonwealth Bank Awards rewards a very lucrative program indeed.
Other CBA Awards Features:
Travel Plus
Commonwealth Awards members can redeem their points against travel rewards through Travel Plus. Travel Plus allows you to locate your travel requirements and use your awards points to pay for domestic and international flights on over 450 airlines, plus options on accommodation, car hire, cruises, holiday packages, sightseeing activities and travel insurance. Travel Gift Cards are also available. With Travel Plus, regular awards cardholders receive 2 points for every $1 spent, gold cardholders receive 3 points for every $1 spent, and platinum cardholders receive 4 points for every $1 spent.
Air New Zealand Airpoints, Velocity Rewards, and Qantas Frequent Flyer transfers
Cba awards points can be redeemed for Velocity Rewards, or Air New Zealand Airpoints Dollars. Both these programs require you to be a member. If you choose, you can also transfer your points to the Qantas Frequent Flyer program, although this requires you to join Qantas Frequent Flyer Direct which costs a $10 annual fee.
Points Plus Pay
This option allows you to get your hands on your rewards sooner by topping up any points deficit with a credit card payment.
Bonus Partners
Bonus Partners are always being added to the rewards program to increase the rewards selection for the customer. Bonus Points allow for more cba awards points to be accumulated faster.
No expiry
Points in the Commonwealth Awards program never expire, so long as the credit card account remains open.
Points redemption
Points from CBA awards can be redeemed via Commonwealth Bank’s Internet banking service, which is called NetBank.
Featured CBA Awards Card
The CBA Awards Card is an awards card that will compliment your lifestyle as you can earn 1.5 Award points for every dollar you spend on everyday
purchases you make. You can then redeem these points for travel, hotels, and shopping rewards.
- $89 ($59 for qualifying customers) annual fee
- 20.74% p.a. on purchases
- 5.99% p.a. for 5 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- 55 days interest free
- Enjoy the convenience of two cards on the one account – MasterCard & AMEX
Read the Commonwealth Bank Awards Credit Card terms and conditions.
Image source: Commonwealth Bank
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