Commonwealth Bank Business Awards Platinum Credit Card – Rates and Fees

Information verified correct on September 23rd, 2016
Commonwealth Bank Business Platinum Awards credit card Find out more Go to site

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Pay no annual fee for the first year if you apply online by 31 October 2016. You’ll also earn up to 3 Awards points and get up to 55 days interest-free with the Commonwealth Bank Business Awards Platinum credit card.

The Commonwealth Bank Business Awards Platinum credit card comes with both an American Express and a MasterCard option to meet all of your spending needs. This personal liability business credit card also allows you to keep your business expenses separate from your personal spending to simplify your accounting process.

Product NameCommonwealth Bank Business Platinum 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 ($300 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 Cover6 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 ($300 p.a. thereafter)
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$10
Cash Advance Fee1.5% of the cash advance amount
Overseas Cash Advance Fee$4.00 or 1.5% of the 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 $300) if you apply online by 31 October 2016.
  • Earn up to 3 Awards points for every dollar spent on your CommBank Business Platinum Awards American Express card.
  • You can get a response within 60 seconds if you apply online.
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)3
Rewards Points per $ (VISA/MC) Cap300,000
Rewards Points per $ (AMEX) Cap300,000
Points ExpiryNever

Commonwealth Bank Business Awards Platinum credit card review

The Commonwealth Bank Business Awards Platinum credit card offers a generous credit limit of up to $50,000 (subject to approval). This type of product can add buying power to your business and give you the opportunity to build a strong foundation for your company.

When considering a credit card that will benefit your business, make sure that you give thought to liability. This credit card only offers personal liability, making the primary cardholder responsible for all transactions. For a larger company, business liability can provide more security as it puts the liability in the hands of the company.

Benefits of the Commonwealth Bank Business Awards Platinum credit card

  • No annual fee for the first year. Enjoy $0 annual fee for the first year ($300 p.a. thereafter) if you apply online by 31 October 2016. Terms and conditions apply.
  • Rewards. The Commonwealth Bank Business Awards Platinum credit card includes a rewards program. When you use your MasterCard for purchases you will get 1 reward point for every dollar. Triple that with purchases made on your Amex card, which offers 3 points per dollar spent.
  • Reward points redemption. The rewards points earned can be used towards travel expenses, gift cards, merchandise and even cash back. As a member of the Commonwealth Bank Awards program you can track your points progress online and see when you have become eligible for a desired reward.
  • Frequent flyer points. If you’re a member of the Qantas Frequent Flyer program, you can opt to earn Qantas Points by enrolling in the Qantas Frequent Flyer Direct program. Points you earn will then be automatically transferred to your Qantas Frequent Flyer membership account on a regular basis. There is an annual fee for opting in to this program. You can also transfer Awards points to your Virgin Velocity Frequent Flyer account. Note that minimum transfer limits apply for this option.
  • Worldwide acceptance. With the flexibility of having two separate cards linked with one account you have the worldwide acceptance that comes with MasterCard and the prestige that an American Express card offers. Use these both for your business expenses to get the most benefits from the rewards program.

Features of the Commonwealth Bank Business Awards Platinum credit card

The Business Awards Platinum Card also has a range of other features, including:

  • Interest rate on purchases. Your purchases are charged at an interest rate of 20.74% p.a.
  • Cash advance fee. Cash withdrawals will be charge a fee of the transaction amount when withdrawing from an ATM. Over the counter withdrawals at a Commonwealth Bank branch will be charged the greater of $2.50 or 1.5% of the cash advance amount while non-Commonwealth Bank transactions will be charged $3 or 1.5% of the cash advance amount (whichever is greater). Cash advances made outside of Australia will be charged the greater of $4.00 or 1.5% of the cash advance amount.
  • Credit limit. The maximum amount of credit offered with this card is $50,000.
  • Additional cardholder. You are allowed 1 additional cardholder on this account and will be charged $75 a year.
  • Replacement card. If you lose your card, you can get it replaced for $20.
  • Complimentary insurance. Your account is equipped with transit accident insurance and unauthorised transaction insurance.
  • Late repayments. If the amount due is not paid by the due date, you will be charged $20.
  • International transactions. When you use your card to purchase an item in a currency other than the Australian dollar, you will be charged 3% of the Australian currency value to convert those funds. If you use your Amex card for those transactions the charge to you will be 2%.

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

If you’re interested in applying for the Commonwealth Bank Business Awards Platinum credit card, you can start the application process by completing an online application form.

Eligibility criteria

You can apply for this business platinum card online. First, make sure you are eligible by checking that you meet the following criteria:

  • All applicants must be at least 18 years old.
  • This offer is only valid to Australian or NZ citizens or permanent residents.
  • You must not be a full time student.
  • You must not be an undischarged bankrupt.
  • You must be a business owner, director or partner who holds a valid Australian Business Number (ABN).

Required information

Be ready with the following documentation to assist you in filling out the form:

  • As the primary cardholder you will be asked to provide financial information such as your income, expenses, assets and liabilities.
  • An electronic identification check will be performed, so make sure that you are able to provide a valid form of photo identification.

As a business owner you are going to want to make sure that your company is provided with the very *best services. Before choosing a business credit card, investigate the many that are offered by various banks to find the one that will serve your purposes the *best.

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8 Responses to Commonwealth Bank Business Awards Platinum Credit Card – Rates and Fees

  1. Default Gravatar
    Coffeeboy | August 8, 2016

    Can you confirm that payments made to ATO with Comm Bank Business Award Credit Card are not excluded from earning reward points, if so is the rate 3 points per $ using Amex. I have tried to get answer an answer from Comm Bank but given up as no one seems to know? The terms and conditions clearly states ” excluded are payments made to ATO UNLESS made using a Business Awards card.

    • Staff
      Chester | August 8, 2016

      Hello Cofeeboy,

      Thanks for your contacting us in regards to Comm Bank Business Award Credit Card reward points enquiry.

      As stated on their website that Points are earned on eligible transactions (most purchases, but not, for example, BPAY transactions, cash advances, payments to the Australian Taxation Office unless made using a Business Awards card, or balance transfers). I have also sent you an email for you to be able to view the information I have provided.

      I hope I was able to answer your question.

      Cheers!
      Chester

  2. Default Gravatar
    Nick | August 7, 2016

    Do you earn points for ATO transactions on this card ??

    • Staff
      May | August 7, 2016

      Hi Nick,

      Thanks for you question.

      Yes, with Commonwealth Bank Business Awards Platinum Credit Card, you can earn points for ATO payments.

      The equivalents are Amex: Up to 3 points per $1 and MasterCard: Up to 1 point per $1

      If you want to know some other credit cards that let you earn points for paying tax bills, please feel free to visit this page.

      I hope this has helped.

      Cheers,
      May

  3. Default Gravatar
    Erica | August 3, 2016

    Can the Amex card be used for entry into the Amex lounge at Sydney Airport?

    • Staff
      Anndy | August 4, 2016

      Hi Erica,

      Thanks for your question.

      If you are referring to Commonwealth Bank Business Awards Platinum credit card, unfortunately, it doesn’t come with complimentary airport lounge access.

      If you want to check credit cards with free airport lounge access, you can check this page.

      Cheers,
      Anndy

  4. Default Gravatar
    matt | January 14, 2015

    What is the changeover rate from the points you acquire to qantas FF program with the Commonwealth Bank Business Awards Platinum credit card. Is it 1:1 ?

    • Staff
      Jonathan | January 15, 2015

      Hi Matt,

      Thanks for your question!

      For the changeover/ conversion rate it is currently 2 points : 1 Qantas Frequent Flyer point for Mastercard, and 2.5 : 1 Qantas Frequent Flyer point when using the Amex card.

      I hope this helps!

      Cheers,

      Jonathan

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