Commonwealth Bank Business Awards Gold Credit Card – Rates and Fees

Information verified correct on September 29th, 2016

Save $150 on the first year with a $0 annual fee and redeem rewards for your business purchases.

The Commonwealth Bank Business Awards Gold card lets your business save with a competitive no annual fee for the first year and with the chance to redeem your points for flights with any airline through Flight Centre.

Having a business credit card can be an effective way to separate your business expenses from your personal ones, saving you time when it comes to lodging your Business Account Statements (BAS). The CommBank Business Awards Gold credit card offers this and the ability to earn rewards points on your business transactions, allowing you to get something back for the spending you make. Applicants and existing applicants should be mindful that this is a personal liability card, as is suitable for small businesses, including partnerships and sole traders.

Product NameCommonwealth Bank Business Gold Awards credit card
Rewards ProgramCommonwealth Bank Awards Program
Purchase rate (p.a.)20.74% p.a.
Offer end date31 October 2016
Annual fee$0 p.a. annual fee for the first year ($150 p.a. thereafter)
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.74% p.a.
Max credit limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Minimum Monthly Repayment2% or $25 whichever is greater
Card TypeAmerican Express/MasterCard
Late Payment Fee$20
Foreign Currency Conversion Fee (MC)3% of transaction value
Foreign Currency Conversion Fee (AMEX)2% of transaction value
Complimentary Travel InsuranceYes
Complimentary Travel Insurance Cover3 months
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Annual Fee$0 p.a. annual fee for the first year ($150 p.a. thereafter)
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$10
Cash Advance Fee1.5% of cash advance amount
Overseas Cash Advance Fee$4.00 or 1.5% of cash advance amount
Overseas Emergency Replacement$20
Overseas ATM Balance check$1.25
Foreign Currency Conversion Fee (MC)3% of transaction value
Foreign Currency Conversion Fee (AMEX)2% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$75 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Enjoy an annual fee waiver for the first year (a saving of $150) if you apply online by 31 October 2016
  • Receive up to 55 days interest-free on purchases
  • Earn up to 2 Awards points for every dollar spent on your CommBank Business Awards American Express® Card

Cons

  • There is a $75 annual fee per additional cardholder
Rewards ProgramCommonwealth Bank Awards Program
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)2
Rewards Points per $ (VISA/MC) Cap150,000
Rewards Points per $ (AMEX) Cap150,000
Points ExpiryNever

Commonwealth Business Gold credit card review

With the Commonwealth Business Gold card, you get a linked Amex and MasterCard version. With your Gold American Express you earn 2 points for every dollar spent, and in those places where Amex is not accepted you have the widely-accepted Gold MasterCard.

Both cards are linked to the same business account to help you better manage your business finances and keep all of your business account statements (BAS) in one convenient location. This is a credit card package intended for business use, but with personal liability available only it may be better for small businesses and sole proprietorships.

If your company is larger, you may want to consider that liability carefully and research other cards that will offer business liability. This will help protect your personal finances in the event of fraudulent activity on the account.

Benefits of Commonwealth Business Gold credit card

  • Credit limit. The credit extended with this account can be as high as $50,000.
  • Add your business name to the card. This credit card allows you to add you business name underneath the primary cardholder name, which may simplify claiming and accounting processes for purchases made under the business.
  • Annual fee. Enjoy a waived annual fee for the first year which lets you save $150.
  • Interest-free days. You will receive up to 55-days interest-free on purchases.
  • Points. When you use the Commonwealth Business Awards American Express to pay for your business purchases, you are doubling your spending power with 2 reward points for every dollar spent. The Gold MasterCard is good for those quick business expenses and will earn you 1 point per dollar spent.
  • Rewards. Redeem your points for flights through Qantas or Velocity. You will need to be a frequent flyer member of either airline to redeem your points, which may involve a small fee with Qantas. Your points earned can also be used towards the purchase of gift cards and merchandise from major retailers.
  • Unauthorised use insurance. Your Commonwealth Bank Business Gold Awards cards are protected for up to $150,000 a year from unauthorised use and fraud.
  • Purchase insurance. Insurance coverage for purchases is also available to protect you from theft, loss or damage from any purchase that you make with your Gold Business card.
  • Transit accident insurance. You are covered for up to $25,000 per cardholder, $25,000 per spouse and $5,000 per dependent child for an accidental death and up to $500,000 for injuries that results from a mishap while travelling by train, plane, ferry or bus on a trip abroad.

Commonwealth Bank Business Awards Gold credit card features

With the combination of two credit cards into one account, you can enjoy the features that come with both the American Express and MasterCard.

  • Cash advance. The cash obtained from direct withdrawals will be charged an interest rate of 21.74% p.a. Cash advances made at an ATM will be charged 1.5% of cash advance amount, while those made inside a Commonwealth Bank will pay the greater of $2.5 or 1.5% of the cash advance amount. Cash advances from non-Commonwealth Banks will charge at least $3 or 1.5%.
  • Credit limit. The credit extended with this account can be as high as $50,000.
  • Annual fee. You will be charged $0 annual fee in the first year ($150 thereafter) so long as this account is open.
  • Additional cardholder. You are allowed to add 1 extra cardholder for an additional $75 fee.
  • Late payment. Each payment made past the statement due date is subject to a $20 fee.
  • Lost card charge. To replace a lost a stolen card you will have to pay $20.
  • International transactions. For conversion of currencies when making international purchases you can be charged up to 3% of the amount of the purchase amount.
  • Points cap. There is a cap of 150,000 points that can be earned annually which can be reached easily with the amount of money you need to run your business. Consider that cap carefully when comparing this business rewards card with others that are offered by banks.

How to apply for the Commonwealth Bank Business Awards Gold credit card

Eligibility

Before filling out an application for this card, check that you and your business meet the following eligibility criteria:

  • Age. You and any additional cardholder must be at least 18 years of age.
  • Residency. Only permanent residents and citizens of Australia will be considered.
  • Title. You must be the business owner, director or partner with the authority to apply for this card on the behalf of the business.
  • Business. You must be able to provide the business name and a valid Australian Business Number (ABN).

Required documents

If you meet these criteria, click the ‘Go to site’ button to be re-directed to a secure application page. Have the following documentation ready to enable you to fill out the application quickly:

  • Personal. The personal details of you and any additional cardholder will be required, including contact information.
  • Financial. Your personal finances will need to be disclosed, including assets and liabilities. Those of the business also must be provided. This should include all other accounts, their issuing institution and purpose. Please make sure to have available information regarding ongoing debts and credit limits.

This credit card package comes stacked with features to cater to most of your business needs. Think about liability and how much you want to take on personally when comparing this business rewards card with others.

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2 Responses to Commonwealth Bank Business Awards Gold Credit Card – Rates and Fees

  1. Default Gravatar
    steve | July 24, 2016

    do I get points when i pay the ATO for BAS? via CBA amex or mastercard

    • Staff
      May | July 26, 2016

      Hi Steve,

      Thank you for your question.

      Yes, you will earn points when you use your Commonwealth Bank Business Awards Gold Credit Card to pay for your ATO bills. The point equivalents are:

      Amex: Up to 2 points per $1
      MasterCard:
      Up to 1 point per $1

      Please refer to this page for further information about credit cards that earn points while paying for tax bills.

      Hope this helps.

      Cheers,
      May

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