Commonwealth Bank Awards Credit Card Rewards Program Review

Information verified correct on April 29th, 2016

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.

Rates last updated April 29th, 2016
Bonus Points Points per $ spent Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Commonwealth Bank Awards Credit Card
Dual credit card with balance transfer offer of 5.99% p.a. for 5 months and earn up to 1.5 Awards points per dollar spent.
VISA/MC: 1 AMEX: 1.5 20.24% p.a. 5.99% p.a. for 5 months $59 p.a. Go to site More info
Commonwealth Bank Gold Awards Credit Card
Earn up to 2 Awards points for every $1 spent, up to 55 days interest free on purchases and complimentary international travel insurance.
VISA/MC: 1 AMEX: 2 20.24% p.a. 5.99% p.a. for 5 months $119 p.a. Go to site More info
Commonwealth Bank Diamond Awards Credit Card
Receive 80,000 bonus CommBank Awards points when you apply by 30 June 2016 and meet the minimum spend criteria. Earn up to 3 Awards points per $1 spent.
80,000 bonus points VISA/MC: 1.25 AMEX: 3 20.24% p.a. 5.99% p.a. for 5 months $349 p.a. Go to site More info
Commonwealth Bank Platinum Awards Credit Card
Enjoy 80,000 bonus CommBank Awards points when you apply by 30 June 2016 and meet the minimum spend criteria. Earn up to 2.5 Awards points per dollar spent and receive complimentary international travel insurance.
80,000 bonus points VISA/MC: 1 AMEX: 2.5 20.24% p.a. 5.99% p.a. for 5 months $249 p.a. Go to site More info
Rates last updated April 29th, 2016
Bonus Points Points per $ spent Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
ANZ Rewards Black Credit Card
Earn 75,000 Reward Points when you spend $2,500 within the first three months, up to 3 reward points per dollar spent and unlimited access to airport lounges with complimentary travel insurance.
75,000 bonus points VISA/MC: 1.25 AMEX: 3 18.79% p.a. $0 p.a. annual fee for the first year ($375 p.a. thereafter) Go to site More info
HSBC Platinum Qantas Credit Card
Receive 40,000 bonus Qantas Points on eligible spend within 3 months. A balance transfer offer of 0% p.a. for 6 months with access to premium benefits and complimentary insurance.
40,000 bonus points VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 6 months $199 p.a. Go to site More info
HSBC Platinum Credit Card
Enjoy an annual fee refund every year if you meet the spend requirement with a balance transfer offer, high credit limits and prestige services including a personal concierge service and VISA Platinum rewards program.
VISA/MC: 1 AMEX: 0 19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
ANZ Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points when you spend $2,500 within the first three months and 1.5 points per $1 spent. Get complimentary airport lounge access, 24/7 concierge with $0 annual fee in the first year.
75,000 bonus points VISA/MC: 0.75 AMEX: 1.5 19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Earn 10,000 bonus Velocity Points in the first 3 months plus a low balance transfer offer of 0% p.a. for 14 months
10,000 bonus points VISA/MC: 0.66 AMEX: 0 20.74% p.a. 0% p.a. for 14 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
American Express Platinum Edge Credit Card
Receive 5,000 Membership Rewards bonus points and a complimentary Virgin Australia flight each year. Plus a low balance transfer offer of 0% p.a. for 12 months.
5,000 bonus points VISA/MC: 0 AMEX: 1 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. annual fee for the first year ($195 p.a. thereafter) Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card.
1 14.99% p.a. 0% p.a. for 12 months $0 p.a. Go to site More info
ANZ Frequent Flyer Platinum
Earn up to 1.5 Qantas Frequent Flyer points per $1 spent on purchases. Plus 50,000 Qantas Points when you spend $2,500 on purchases within the first 3 months and no annual fee offer in the first year.
50,000 bonus points VISA/MC: 0.5 AMEX: 1.5 19.99% p.a. $0 p.a. annual fee for the first year ($295 p.a. thereafter) Go to site More info
American Express Velocity Platinum Card
Enjoy up to 50,000 bonus Velocity Points and up to 3 rewards points per dollar spent, plus 0% p.a. balance transfer offer for 12 months and a complimentary return flight every year.
50,000 bonus points VISA/MC: 0 AMEX: 1 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $349 p.a. Go to site More info
Coles Rewards Mastercard
Receive $100 to spend at Coles Supermarkets. To receive this offer, you need to complete and submit the secure online application and be approved by . Earn 2 flybuys points for every $1 spent, no foreign transaction fees on online and international purchases.
VISA/MC: 2 AMEX: 0 19.99% p.a. 0% p.a. for 6 months $89 p.a. Go to site More info
Virgin Australia Velocity Flyer Card - 0% Interest Offer
Earn Velocity Points plus enjoy an introductory interest-free offer of 0% p.a. on purchases for 12 months, and 0% p.a. for 6 months on balance transfers.
VISA/MC: 0.66 AMEX: 0 0% p.a. for 12 months (reverts to 20.74% p.a.) 0% p.a. for 6 months $129 p.a. Go to site More info
Coles Low Rate MasterCard
A low rate MasterCard with a competitive rate on purchases and a low annual fee.
VISA/MC: 0.5 AMEX: 0 9.99% p.a. 0% p.a. for 6 months $49 p.a. Go to site More info
Virgin Australia Velocity High Flyer Card - 20k Bonus Points offer
Receive 20,000 bonus Velocity Points and earn 1 Velocity Points per $1 spent. Receive an exclusive $129 Virgin Australia Gift Voucher each year (available from mid-2016).
20,000 bonus points VISA/MC: 1 AMEX: 0 20.74% p.a. 1.9% p.a. for 12 months $144 p.a. annual fee for the first year ($289 p.a. thereafter) Go to site More info
Coles No Annual Fee MasterCard
A no annual fee for the life of the card that lets you earn 0.5 flybuys points per dollar spent.
VISA/MC: 0.5 AMEX: 0 19.99% p.a. 0% p.a. for 6 months $0 p.a. Go to site More info
American Express Velocity Escape Card
Receive 7,500 bonus Velocity Points when you spend $300 in the first 3 months, plus a $0 card fee.
7,500 bonus points VISA/MC: 0 AMEX: 1 20.74% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info

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.

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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 CardPoints per dollar (MasterCard)Points per dollar (American Express)
Awards card11.5
Gold Awards card12
Platinum Awards card12.5
Diamond Awards card1.253

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 CardCommonwealth Bank Awards pointsQantas points
Awards card2.51
Gold Awards card2.51
Platinum Awards card21
Diamond Awards card21

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 CardCommonwealth Bank Awards pointsVelocity Frequent Flyer points
Awards card2.51
Gold Awards card2.51
Platinum Awards card21
Diamond Awards card21

Your Commonwealth Bank Awards points can be redeemed for Velocity Frequent Flyer points directly through the Awards website, accessible via NetBank or the CommBank app.

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Bonus partners

Bonus PartnerAwards cardGold Awards cardPlatinum Awards cardDiamond Awards card
Adairs1111
Bob Jane T-Marts1111
Crown Metropol1111
Crown Promenade Hotel1111
Crown Towers1111
Hoyts1111
Magshop1111
Marque Hotels2122
Napoleon Perdis1111
Prouds the Jewellers1111
RedBalloon1111
Rendezvous Hotels & Resorts International2222
Thrifty1111
Village Cinemas Australia1111

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.

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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.

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38 Responses to Commonwealth Bank Awards Credit Card Rewards Program Review

  1. Default Gravatar
    Claire | November 16, 2015

    Please send a file with the list of the awards to my email address, thanks.

    • Staff
      Sally | November 17, 2015

      Hi Claire,

      Thanks for your question.

      The Commonwealth Bank Awards program offers a variety of rewards including rewards through Flight Centre, Myer and the CBA Awards Guide. You can also redeem your CommBank Awards points for cash that is credited straight into your credit card account.

      I’ve emailed you link to this information for your convenience.

      Cheers,

      Sally

  2. Default Gravatar
    wayne | September 22, 2015

    Can you please send me a copy of the of the full list of awards that are available?

    Regards,

    Wayne

    • Staff
      Sally | September 23, 2015

      Hi Wayne,

      Thanks for your inquiry.

      Please refer to the PDF file that I sent to your email for the full list of Awards available for points redemption.

      I hope this has helped.

      Cheers,

      Sally

  3. Default Gravatar
    lindsay | July 20, 2015

    Could you please send to my email address the pdf for the latest Commonwealth Bank awards available, as I no longer receive a hard copy.

    Thank you

    • Staff
      Jonathan | July 20, 2015

      Hi Lindsay, thanks for your inquiry!

      Please refer to the PDF I have sent to your email for the latest copy of Commonwealth Bank’s awards.

      Cheers,

      Jonathan

  4. Default Gravatar
    joan | June 12, 2015

    I am trying to view the catalogue be cant seam to find it please help.

    Joan

    • Staff
      Jonathan | June 12, 2015

      Hi Joan, thanks for your inquiry!

      Please refer to the PDF I have sent to your email for the rewards catalogue of Commonwealth Bank.

      Cheers,

      Jonathan

  5. Default Gravatar
    Kathy | April 14, 2015

    I have tried to get from a local branch a hard copy of the rewards catalogue for my elderly parents. They do not want to have internet access to view online. They used to automatically receive it vua post. I have not been able to find the brochure online on CBA site. Are you able to please send one to them via post? I don’t understand why the branch couldn’t arrange to have one sent to them.
    Thanks

    • Staff
      Jonathan | April 15, 2015

      Hi Kathy, thanks for your inquiry!

      Please note that finder.com.au is independent to Commonwealth Bank. At this point of time the Rewards catalogue is only available in PDF format online, possibly due to environmental reasons to save paper printing. An alternative around getting the catalogue posted is that the PDF can be printed and then given to your parents.

      I hope this helps.

      Cheers,

      Jonathan

  6. Default Gravatar
    Alan | April 2, 2015

    I would like to cash in award points. What is the phone number?

    • Staff
      Jonathan | April 8, 2015

      Hi Alan, thanks for your inquiry!

      Please refer to the contact details I have sent to your email for Commonwealth Bank Awards.

      Cheers,

      Jonathan

  7. Default Gravatar
    rajeev | March 16, 2015

    Hello,

    Please send me CBA awards booklet by post/email

    regards

    rajeev

    • Staff
      Jonathan | March 16, 2015

      Hi Rajeev, thanks for your inquiry.

      Please see the attachment I have sent to your email for the CBA awards booklet.

      Cheers,

      Jonathan

  8. Default Gravatar
    Mrs | December 15, 2014

    How do I access list of rewards offered, not interested in buying from Myer etc. have clicked on “awards” beside Master Card on netbank but can get nowhere!!

    • Staff
      Elizabeth | December 15, 2014

      Hi Margaret,

      Thanks for your question.

      According to the Commbank website, by clicking on ‘Awards’ in netbank you should be able to see a list of rewards that are available for you to redeem. If you’re not seeing this then you may need to get in contact with Commbank directly in order to find out if there is a problem.

      I hope this has helped.

      Thanks,

      Elizabeth

  9. Default Gravatar
    R | November 26, 2014

    What is the number to call to redeem points off the annual charge on my credit card? It is not on your main page

    • Staff
      Elizabeth | November 26, 2014

      Hi R Curtis,

      Thanks for your question.

      You can contact Commonwealth Bank on 13 16 61, but bank fees are exempt from earning rewards points so you will be unable to redeem points for your annual fee.

      I hope this has helped.

      Thanks,

      Elizabeth

  10. Default Gravatar
    Ellen | September 11, 2014

    Would like to see the items that
    I can get with my points.

    • Staff
      Shirley | September 12, 2014

      Hi Ellen,

      Please log into your NetBank account.

      Next to your credit card account you’ll see a small, yellow ‘A’. If you click on this image, you’ll be taken to the page where you can see your options or redeem your points.

      Cheers,
      Shirley

Credit Cards Comparison

Rates last updated April 29th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 0.99% p.a. for 4 months with a low annual fee.
0.99% p.a. for 4 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card.
14.99% p.a. 0% p.a. for 12 months $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
ANZ Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points when you spend $2,500 within the first three months and 1.5 points per $1 spent. Get complimentary airport lounge access, 24/7 concierge with $0 annual fee in the first year.
19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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