Commonwealth Bank Diamond Awards Credit Card – Rate & Fees

Information verified correct on May 30th, 2016
Commonwealth Bank Diamond Awards Credit Card Find out more Go to site

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  • Clicking Go to site will take you to your Online Application on the bank's website. You do not need to be an existing customer of this bank to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • Once approved, you will typically receive your credit card within 1-2 weeks
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Take advantage of Commonwealth Bank’s most competitive reward points earn rate and earn up to 3 Awards points per dollar spent. Also enjoy 80,000 bonus points if you apply before 30 June 2016 and spend $1,000 using your new card before 31 July 2016.

The Commonwealth Bank Diamond Awards Credit Card comes linked to the CommBank Awards program, giving you freedom when it comes to redeeming your accumulated reward points. You can earn up to 3 reward points on certain eligible transactions, and you can accumulate as many as one million points per year. Use the card in the right manner, and you can get up to 55 interest-free days on purchases.

Cardholders get various complimentary purchase and international travel insurance covers, which they can make use of in different situations. They can access a 24/7 personal concierge service for assistance in various matters, and they can look forward to a range of exclusive offers from MasterCard’s World and American Express’ entré programs.

Product NameCommonwealth Bank Diamond Awards Credit Card
Rewards ProgramCommonwealth Bank Awards Program
Balance transfer rate (p.a.)5.99% p.a. for 5 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.24% p.a.)
Purchase rate (p.a.)20.24% p.a.
Offer end date30 June 2016
Annual fee$349 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you dont 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.)21.24% p.a.
Min credit limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$15,000
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 Cover12 months
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
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
Min Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
$15,000
Annual Fee$349 p.a.
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$0
Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
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$10 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • Receive 80,000 bonus CommBank Awards points when you apply by 30 June 2016 and spend $1,000 on eligible purchases by 31 July 2016.
  • This card has a 5.99% p.a. for 5 months on balance transfers (reverts to 21.24% p.a. thereafter).
  • There is a rate of accrual of 3 Awards points for every dollar spent with the American Express card.
Rewards ProgramCommonwealth Bank Awards Program
Bonus Points on Sign-up80,000
Rewards Points per $ (VISA/MC)1.25
Rewards Points per $ (AMEX)3
Rewards Points per $ (VISA/MC) Cap1,000,000
Rewards Points per $ (AMEX) Cap1,000,000
Points ExpiryNever

Commonwealth Bank Diamond Awards Credit Card review

The Diamond Awards Credit Card charges an ongoing fee of $349 for the life of the card, but it provides cardholders with a range of benefits in return. Cardholders can, for instance, use this card for transferring balances from existing cards, and pay a low balance transfer rate of 5.99% p.a. for the first 5 months. The standard cash advance will apply once the promotional period ends.

A high earn rate gives cardholders the ability to earn reward points faster, and they get a plethora of options when it comes to redeeming points for rewards. Frequent travellers can benefit using this card, given the complimentary travel insurance covers it provides. You can also keep a check on your spending by blocking cash advances.

What are the benefits of using a Commonwealth Bank Diamond Awards Card?

Using a Commonwealth Bank Diamond Awards card comes with a number of benefits, which include the following:

  • Bonus points offer. Enjoy 80,000 bonus CommBank Awards points when you apply by 30 June 2016 and spend $1,000 on eligible purchases using your new card by 31 July 2016. The bonus points amount will be credited to your account within 30 days of meeting the $1,000 spend criteria.
  • Travel money card. You can get a travel money card without paying any card issue fees. You can load up to 13 currencies on this chip, PIN, and signature protected card at any one time, and it finds acceptance at more than 35 million MasterCard locations the world over. This is a prepaid card, so you don’t have to worry about overspending, and it gives you the ability to lock-in exchange rates before travelling.
  • Rewards program. Through the CommBank Awards program you can redeem your reward points to pay for in-store purchases at Myer, flight tickets through Flight Centre, you can transfer them to your frequent flyer program account, exchange them for a range of merchandise, or you can use them as cashback.
  • Complimentary insurance covers. Diamond cardholders get complimentary international travel insurance by activating their cover through Netbank, receiving an outstanding period of 12 months overseas. Purchases made on the card are covered by complimentary extended warranty insurance and purchase security insurance.
    Full guide to Commonwealth Bank’s complimentary travel insurance policy
  • CreditCard plus. CreditCard Plus insurance is an optional extra which protects your repayments if you can’t make them due to unemployment or disablement.

Features of the Commonwealth Bank Diamond Awards Credit Card

Before applying, take some time to find out more about the features this credit card offers:

  • Annual fee. The Commonwealth Bank Diamond Awards card attracts an annual fee of $349.
  • Reward points. You earn up to 3 reward points for every dollar you spend on eligible purchases using your CommBank Diamond Awards American Express Card. When you use your CommBank Diamond Awards MasterCard to make eligible purchases, every dollar you spend earns up to 1.25 Awards points.
  • Interest-free days. To make use of up to 55 interest-free days on purchases you have to pay the account’s closing balance in full by the payment due date each month.
  • Spending control. You can use the CommBank app or the bank’s online banking platform to instantly lock, block, or limit how you use your card. You can lock international in-store and online payments, you can block cash advances, and you can set a maximum dollar amount per transaction.
  • Points Plus Pay. If you don’t have enough reward points to redeem a reward you like, you can use the Points Plus Pay system to make a partial payment using reward points and the remainder using your Diamond Awards card.
  • Card security. These cards come with enhanced chip protection, and a 24-hour fraud detection program is in place to detect abnormal spending patterns and transactions. NetCode provides additional security when shopping online with particular merchants, and a 100% money back guarantee ensures you’re not liable for fraudulent purchases made using your card. If you’ve lost your card, you can only use the Lock, Block, Limit feature to lock your card temporarily while you’ look for it. You’ll only access the security covers provided you protect your card and PIN and immediately notify CommBank of any security breaches.
  • Additional cardholder. For $10 p.a., Commonwealth bank allows an additional cardholder linked to your Diamond Awards Credit Card account.
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How to apply for the Commonwealth Bank Diamond Awards Credit Card

You can apply for this credit card by visiting any Commonwealth Bank branch, and you can also apply online. To apply online, make sure you fill out the secure application form, but not before making sure you meet the following eligibility criteria.

Eligibility criteria:

  • You’re over 18 years of age
  • You’re an Australian citizen or a permanent Australian resident

Required documents:

In order to complete the application successfully, prepare to provide the following information:

  • Your complete name, date of birth, residential address, email address, and mobile number
  • Your employment type, employment status, and your employer’s name and contact details
  • Financial details to include information about your income and all existing debts like loans, credit cards, and overdrafts

If you’re looking for a credit card that not only rewards spending but also gives cardholders freedom in redeeming rewards, the CommBank Diamond Awards Credit Card deserves your attention. While the American Express card gives you the ability to earn reward points faster, the MasterCard variant brings with it increased global acceptance. This can be a good card to use, no doubt, but know that you can find similar features in other cards, so take some time to compare a few before applying.

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122 Responses to Commonwealth Bank Diamond Awards Credit Card – Rate & Fees

  1. Default Gravatar
    | April 29, 2016

    I have a CBA platinum ACCOUNT MASTERCARD AND DINERS CARD they are both linked to my qantas frequent flyer and my flybuys card is there an expiry period for points I TEND TO USE THE DINERS CARD WHEN EVER POSSIBLE SO AS TO ATTRACT the BETTER POINTS .
    I WOULD LIKE TO HAVE ACCESS TO THE Qantas LOUNGES is there anyway I COULD UP GRADE TO ACHIEVE THIS thank you Peter

    • Staff
      Sharon | May 13, 2016

      Hi Peter,

      Thank you for your inquiry.

      Points that are earned using your CBA Platinum card as well as for your Diners card has no expiration. As a Diners Club cardholder, you can benefit as well with the free access to more than 650 Diners Club airport lounges across the globe. For more details with this benefit, it would be best to check their website or contact Diners Club directly.

      I hope this helps. Thanks!

      Sharon

  2. Default Gravatar
    Yvonne | April 13, 2016

    Could you please advise if I have access to Qantas lounge at Sydney airport with my Diamond Awards Credit Card (CBA). Thank you.

    • Staff
      Anndy | April 13, 2016

      Hi Yvonne,

      Thanks for your inquiry.

      Unfortunately, the Commonwealth Bank Diamond Awards credit card does not come with complimentary access to Qantas Lounges. However, this card allows you to earn Qantas Points.

      Cheers,
      Anndy

  3. Default Gravatar
    Denis | March 31, 2016

    Can you please advise if the Diamonds Points Award program is capped per month, thanks

  4. Default Gravatar
    Mike | March 9, 2016

    how do you transfer reward points to Qantas frequent flyer points and what is it worth 1 point reward point = one point frequent flyer and is there a cap on the points each month

    • Staff
      Arra | March 9, 2016

      Hi Mike,

      Thanks for your inquiry.

      You may refer to our Guide to transferring your reward points to frequent flyer points. The ratio is 2 reward points convert to 1 Qantas frequent flyer point.

      Also, the Commonwealth Bank Diamond Awards Credit Card comes with a 1,000,000 points cap each year. There’s no specific points cap mentioned for each month.

      I hope this has helped.

      Cheers,
      Arra

  5. Default Gravatar
    Micheal | December 26, 2015

    When transferring points to your selected Frequent flyer program, is it 1 point transferred, 1 point gained on your frequent flyer account?

    • Staff
      Sally | December 29, 2015

      Hello Micheal,

      Thanks for your question.

      No, the Commonwealth Bank Awards points don’t have a 1:1 value for frequent flyer points. How many points you’ll need for 1 frequent flyer point will depend on the airline you’re transferring your points to. I’ve emailed you a link to a document that breaks down how many Commonwealth Bank Awards points equal 1 frequent flyer point with their various partnered airlines.

      I hope this has helped.

      Cheers,

      Sally

  6. Default Gravatar
    | November 16, 2015

    Can you please confirm that domestic travel insurance is NOT covered by my CommBank Diamond Amex or MasterCard.

    • Staff
      Ally | November 17, 2015

      Hi Carolyn,

      Thanks for your inquiry.

      This complimentary travel insurance covers overseas travel only, unless you are a Norfolk Island Resident who meets all the eligibility requirements for international travel insurance, and you are not eligible for Medicare. Also note that the cover is available for medical or hospital expenses incurred while you’re on-board a foreign-registered cruise vessel while travelling on a domestic cruise in Australian waters.

      You may like to view our complete guide on this travel policy for the full inclusions and cover.

      I hope this has helped.

      Cheers,
      Ally

    • Staff
      Sally | November 17, 2015

      Hi Carolyn,

      Thanks for your question.

      Please see our Commonwealth Bank complimentary travel insurance guide to confirm what you’re covered under.

      As you’ll see, this cover namely covers overseas travel insurance.

      Cheers,

      Sally

  7. Default Gravatar
    Chris | November 10, 2015

    Does the diamond card cover excess for domestic car rental?

  8. Default Gravatar
    Rhonda | October 30, 2015

    I find the information on this page confusing as stated you receive 3 points per $1 spend with Amex and 1.5 points per $1 spend on Mastercard, however when the points are distributed to Qantas it is halved. How come?

    • Staff
      Jonathan | November 2, 2015

      Hi Rhonda, thanks for your inquiry!

      The earning rate for CommBank award points and Qantas Frequent flyers accumulate at different rates. You earn up to 3.00 reward points for every dollar you spend on eligible purchases using your CommBank Diamond Awards American Express Card. Qantas Frequent Flyer points are earned at 1.5 points on AMEX and up to 0.625 for MasterCard.

      Cheers,

      Jonathan

    • Default Gravatar
      Rhonda | November 2, 2015

      Can you please explain what “”eligible purchases” are? Thanks

    • Staff
      Jonathan | November 2, 2015

      Hi Rhonda, thanks for your inquiry!

      Eligible purchases are retail purchases for a good or service (most purchases but not cash advances or balance transfers).

      Cheers,

      Jonathan

    • Default Gravatar
      Rhonda | November 2, 2015

      Well that is interesting because I only do eligible transactions, and pay the total amount every month, but I still only get 1/2 the points transferred to my Qantas FF account

    • Staff
      Jonathan | November 3, 2015

      Hi Rhonda, thanks for your response.

      If the proper amount of Qantas points are not being allocated to your account it would be best to contact Commonwealth Bank directly to resolve this issue. You can contact them on 13 22 21.

      Cheers,

      Jonathan

  9. Default Gravatar
    Maxine | October 14, 2015

    Hi,
    Unsolicited my local branch told me yesterday that my Diamond Awards card will allow me access to the Qantas Lounge. Have they got it wrong?
    Maxine

    • Staff
      Jonathan | October 15, 2015

      Hi Maxine, thanks for your inquiry!

      Unfortunately the Commonwealth Bank Diamond Awards credit card does not come with complimentary access to the Qantas Lounge. However this card comes with Qantas Points earnings, with a transfer rate of 2.5 CommBank Awards points for every 1 Qantas Frequent Flyer point.

      Cheers,

      Jonathan

  10. Default Gravatar
    neale | October 6, 2015

    hi, i am a diamond credit card holder (mastercard and amex) and i’m interested in the relationship with priority pass….is this complimentary and if so, how do i join (inc my wife who has the add on cards)
    regards, neale.

    • Staff
      Jonathan | October 6, 2015

      Hi Neale, thanks for your inquiry!

      Unfortunately this card does not provide a complimentary membership to Priority Pass. You may like to compare other cards that give free airport lounge access.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated May 30th, 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 $6,000 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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