Commonwealth Bank Diamond Awards Credit Card – Rates and Fees

Information verified correct on August 30th, 2016

Take advantage of Commonwealth Bank’s most competitive reward points earn rate and earn up to 3 Awards points per dollar spent. Also enjoy $0 annual fee for the first year if you apply online before 15 September 2016.

The Commonwealth Bank Diamond Awards credit card comes linked to the CommBank Awards program. You can redeem points for a range of rewards including purchases at Myer, flights and cash back. 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 included 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.

This card also comes with $0 annual fee for the first year offer if you apply online by 15 September 2016.

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.)
Balance Transfer Limit100% of available credit limit
Purchase rate (p.a.)20.24% p.a.
Offer end date15 September 2016
Annual fee$0 p.a. annual fee for the first year ($349 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.)21.24% 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$0 p.a. annual fee for the first year ($349 p.a. thereafter)
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$10
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
  • Maximise your rewards points earning potential with a points cap of 1,000,000 points per year.
  • Pay no annual fee for the first year when you apply online by 15 September 2016.
  • This card has a 5.99% p.a. for 5 months on balance transfers (reverts to 21.24% p.a. thereafter).
  • Earn 3 Awards points for every dollar spent with the American Express card.
Cons
  • For an annual fee of $349 and Diamond tier status, this card could provide more additional perks e.g. airport lounge passes, bonus rewards points and complimentary flights.
  • Additional cardholders will incur an annual fee of $10 each in addition to the primary card's annual fee.
Rewards ProgramCommonwealth Bank Awards Program
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 annual fee of $349 but is waived for the first year if you apply online before 15 September 2016.

This card provides cardholders with a range of benefits. 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 included travel insurance covers it provides. You can also keep a check on your spending by blocking cash advances.

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:

  • No annual fee offer. Enjoy $0 annual fee for the first year offer if you apply online before 15 September 2016. Terms and conditions apply.
  • 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.
  • CreditCard plus. CreditCard Plus insurance is an optional extra which protects your repayments if you can’t make them due to unemployment or disablement.
  • Included travel insurance. Diamond cardholders get included travel insurance by activating their cover through Netbank, receiving travel insurance cover for a 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 included travel insurance policy

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, but if you sign up online by 15 September 2016 you can take advantage of $0 annual fee for the first year.
  • 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 providing you have complied with the terms and conditions. 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.

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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138 Responses to Commonwealth Bank Diamond Awards Credit Card – Rates and Fees

  1. Default Gravatar
    Jerri | August 16, 2016

    I used my diamond Visa card to book an international flight. Due to a medical emergency I’ve had to cancel the original booking and rebook another departure return date. Will my complimentary Comm Bank travel insurance cover my costs for this rebooking?

    • Staff
      May | August 16, 2016

      Hi Jerri,

      Thanks for your inquiry. Please note that you’ve come through to finder.com.au we are an Australian financial comparison website and general information service. We do not represent CBA nor Allianz Global Assistance (AGA).

      Just to confirm, have you already activated your policy? You will need to have an activated policy (via NetBank) in order to get comprehensive complimentary travel insurance coverage.

      Meanwhile, there are actually certain terms and conditions that must be met before you can claim for an insurance cover for your cancelled flights. If cancellation of flights is needed, you must inform AGA immediately and verify if they can pay for rescheduling of your journey. Usually, AGA will pay if the cancellation is a result of:

      - a pre-existing medical condition,
      - a relative of yours dies or is hospitalised in Australia during the period of cover,
      - and at the time of Activation, you were unaware of the likelihood of such hospitalisation or death.

      You can find more information about the insurance cover for cancellation and rearrangement expenses (for an activated policy) on pages 48-51 of the PDS. I’ve sent to your email the link to the PDS for your convenience.

      Hope this has helped.

      Cheers,
      May

  2. Default Gravatar
    cianmcdermott | August 15, 2016

    Hi there – can I redeem my Commbank Diamond awards point to use with Etihad? I am a gold level member with Etihad and wold like to add more points.

    Thx

    • Staff
      May | August 16, 2016

      Hi Cianmcdermott,

      Thanks for your inquiry.

      Yes, you can use your Commbank Diamond Awards points to redeem for flights with Etihad or any other airlines. If you want to book a flight today, please refer to the link I sent to your email to be redirected to CBA’s Flight Centre.

      I hope this has helped.

      Cheers,
      May

  3. Default Gravatar
    ROBERT | August 11, 2016

    What Airport Lounge access comes free with the Comm Bank/Amex Diamond Credit Card?

    • Staff
      May | August 11, 2016

      Hi Robert,

      Thanks for your inquiry.

      Unfortunately, this Commonwealth Bank Diamond Awards Credit Card does not come with free access to any of the airport lounges. Meantime, the credit cards with complimentary access to airport lounges are listed on this page.

      Cheers,
      May

  4. Default Gravatar
    My | August 3, 2016

    Hi,
    I have this card but I went to purchase something in a retail store and used the AMEZ card to pay and I didn’t know which account to choose so I tried both cheque and credit and nothing worked. What should I be doing?

    • Staff
      Chester | August 3, 2016

      Hello My,

      Thank you for your question.

      If you’re going to use your Commonwealth Bank Diamond Awards credit card either in retail stores or ATMs, just choose ‘credit’ to access your funds and for the transaction to go through.

      Cheers!
      Chester

  5. Default Gravatar
    kelly | July 5, 2016

    Does this card cover for domestic car hire insurance?

    • Staff
      Anndy | July 7, 2016

      Hi Kelly,

      Thanks for your question.

      Unfortunately, Commonwealth Bank Diamond Awards Credit Card doesn’t come with a domestic car hire insurance cover. However, it features a Complimentary Travel Insurance Cover.

      Cheers,
      Anndy

  6. Default Gravatar
    stephen | July 5, 2016

    Hi,

    I am travelling overseas for 12 months with my family ( we have 4 children under 16 ys) will the travel insurance cover all members equally and if a family member on thr trip or close relative at home falls ill (near death etc) are we all covered to return home and then return to our trip. The wording in the insurance policy is not clear.

    • Staff
      May | July 22, 2016

      Hi Stephen,

      Thanks for your inquiry.

      Just to confirm, what type of CBA credit card do you have?

      If you’re a current cardholder of a Commonwealth Bank Gold, Platinum or Diamond card (personal or business), you, your spouse and dependent children are entitled to the travel insurance package at no additional cost as long as they (your spouse and children) are travelling with you for the entirety of the trip and meet the other standard eligibility requirements stated on this page.

      Please also note that your cover starts when you leave your home or place of business to travel directly to the Australian air or sea terminal that is the departure point for your journey and ends when the first of the following events occurs:

      a) for Base cover, 3 months after the departure shown on a Gold personal and business cardholder’s return overseas travel ticket (6 months for Platinum personal and business cardholders, 12 months for Diamond cardholders)

      b) for any Activated Policy, the end date of the period of cover shown on the Certificate of Insurance;

      c) for any Upgrade Policy, the end date of the period of cover shown on the Certificate of Insurance;

      d) at midnight on the date when the cardholder’s scheduled transport (as shown on their return overseas travel ticket) is due to arrive in Australia;

      e) when you return to your home, provided you travel directly there from the Australian air or sea terminal where you landed; or

      f) when the cardholder cancels their return overseas travel ticket

      I hope this has answered your questions.

      Cheers,
      May

  7. Default Gravatar
    Nev | July 1, 2016

    How many frequent flyer points do I earn per $1 spent on diamond awards card Amex ?

    • Staff
      May | July 1, 2016

      Hi Nev,

      Thanks for your inquiry.

      Depending on the frequent flyer program you want your Commonwealth Bank Diamond Awards Credit Card points being transferred to, the ratio will be:

      2.5 CBA Diamond Card Awards Points = 1 Qantas Point
      2 CBA Diamond Card Awards Points = 1 Velocity FF Point

      For your reference, I’ve forwarded to your email the guide to your rewards program with CBA credit cards.

      I hope this helps.

      Cheers,
      May

  8. Default Gravatar
    Jim | June 2, 2016

    The diamond awards cards are actually two cards, an AMEX card and a MasterCard. With respect to the annual fee, is it $349 per card or $349 for both ?

    • Staff
      Anndy | June 2, 2016

      Hi Jim,

      Thanks for getting in touch.

      With Commonwealth Bank Diamond Awards Credit Card, although you will get two credit cards, they are actually under one account to maximize your points earning potential. The annual fee of $349 is for one Commonwealth Bank Diamond Awards Credit Card account and that already covers for both cards.

      I hope this helps.

      Cheers,
      Anndy

  9. 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

  10. 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

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