Commonwealth Bank Gold Awards Card – Rates and Fees

Information verified correct on October 1st, 2016

The Commonwealth Bank Gold Awards card provides a range of perks with up to 2 Awards points per $1 spent and included travel insurance. Also take advantage of $0 annual fee for the first year when you apply online by 31 October 2016.

The Commonwealth Bank Awards Program is one of the largest in Australia, offering flexibility that makes it easy to redeem your rewards points. Let your points pay for your travel plans at any Flight Centre, or use them in person when shopping at Myer. You still also have the option of an online rewards store, with over a thousand offers for cash back, vouchers and merchandise. Also enjoy $0 annual fee for the first year when you apply online before 31 October 2016. These types of perks in your credit card make this one worth looking into.

Product NameCommonwealth Bank Gold 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 Limit90% of available credit limit
Purchase rate (p.a.)20.24% p.a.
Offer end date31 October 2016
Annual fee$0 p.a. annual fee for the first year ($119 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.
$4,000
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 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.
$4,000
Annual Fee$0 p.a. annual fee for the first year ($119 p.a. thereafter)
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$10
Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2.00% 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.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Pay no annual fee for the first year (reverts to $119 p.a. thereafter). Eligible for customers who apply online by 31 October 2016.
  • This card comes with included travel insurance, purchase security insurance and extended warranty on purchases.
  • Get a travel money card with a $0 issue fee when you present your Gold Awards credit card. This allows you to access your cash while overseas with 13 foreign currencies to choose from.

Cons

  • To opt-in to the Qantas Frequent Flyer Direct program you will need to pay a $30 annual fee.
  • There is a $10 annual fee per additional cardholder. This is a feature that is offered for free with most cards.
Rewards ProgramCommonwealth Bank Awards Program
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)2
Rewards Points per $ (VISA/MC) Cap75,000
Rewards Points per $ (AMEX) Cap125,000
Points ExpiryNever

Commonwealth Bank Gold Awards Credit Card review

Maximise your rewards earning potential with two cards that can earn points towards your rewards. Each dollar spent on your MasterCard is 1 more point towards your account, while the American Express doubles the value by giving 2 points per dollar. At that rate, you can quickly earn the points you need to cash in on a valuable reward. Rewards are not the only reason to look into this credit card. This card comes with included travel insurance, purchase security insurance and extended warranty on purchases.

Take advantage of $0 annual fee for the first year when you apply online before 31 October 2016, plus receive a travel money card with $0 issue fee and access your cash while overseas with 13 foreign currencies to choose from.

Benefits of the Commonwealth Bank Gold Awards Card

The Commonwealth Bank Gold Awards card is packed with benefits that not only make for smooth travelling, but help you to save money in the meantime:

  • No annual fee for the first year. This card offers $0 annual fee for the first year when you apply online by 31 October 2016. Terms and conditions apply.
  • Point earning. When you shop with your CommBank MasterCard, you will receive 1 point for every dollar spent. Pull out your American Express and get 2 points on the dollar. You can also earn bonus points by shopping with one of the Commonwealth rewards program partners like Adairs, RedBalloon and Marque Hotels among others. Points are capped up to 125,000 a year. If you require a larger points cap then you may like to consider the Commonwealth Bank Diamond Awards credit card.
  • Rewards redemption. You have a variety of options to choose between when it comes to redeeming your points. The first of its kind in Australia, CommBank rewards allows you to cash in your points at check out either at Flight Centre for travel expenses or when shopping for merchandise at Myer. You can also choose merchandise, vouchers or cash back directly through the rewards program.
  • Balance transfer offer. Consolidate your personal debt by moving the balances of your other non Commonwealth credit cards to this one and reduce your interest rate to 5.99% p.a. for 5 months. After the special offer expires, any remaining balance will be charged at the cash advance rate.
  • Travel money card. This card allows you to lock in exchange rates and hold up to 13 different currencies on one card. You can make free reloads from select CommBank accounts and incur no fees for your overseas purchases.
  • Lock, block and limit. This security feature allows you to pause international online and in-store payments, lock your credit card temporarily if you have misplaced it, block ATM withdrawals/ cash advances and limit how much you can spend per transaction.

Features of the Commonwealth Bank Gold Awards Credit Card

Once you become familiar with the benefits that the Commonwealth Bank Gold Awards card offers you, compare the features with other similar credit cards:

  • Fees. You will be charged $119 annually for using this card plus $10 for each additional card. However, if you apply online before 31 October 2016, you can take advantage of $0 annual fee for the first year.
  • Cash advances. You can use your credit card to withdraw cash from an ATM, but will be charged $2.50 or 2.00% of the transaction amount (whichever is greater). The same rate applies whether you use a Commonwealth Bank ATM or an ATM in another network or overseas.
  • Interest-free days. Make a purchase and pay no interest for up to 55 days. Certain conditions do apply, such as the need to pay the balance in full at the time your statement is issued. If not, the purchase rate on this card is 20.24% p.a.
  • Cash advance rate. Any cash advances will be earn a 21.24% p.a. interest rate.
  • Credit limit. There is a minimum credit limit of $4,000, with the maximum depending on your income and financial circumstances.
  • Credit card. MasterCard is accepted worldwide at over 35 million locations both in person and online. American Express also gives you exceptional buying power around the globe.
  • Additional cardholder. You can have additional cardholders linked to your Gold Awards credit card account with an annual fee of $10 on top of the standard annual fee.

How to apply for the Commonwealth Bank Gold Awards Credit Card

If you like the features and benefits of the Gold Awards credit card from Commonwealth Bank, you can begin your application now by completing an online application form. In order to be eligible, you will have to be able to provide at least two forms of identification.

Eligibility criteria

To apply you must meet the following criteria:

  • Be at least 18 years old
  • Have the right to work in Australia
  • Not be an undischarged bankrupt

Required documents

  • Your passport
  • A valid Australian driver’s license
  • Australian birth certificate
  • Medicare card
  • Using your payslips or tax forms, you will need to give details of your current income.

The Commonwealth Bank’s rewards program offers appealing flexibility and benefits both in reward redemption and money saving features. For the Australian looking for a variety in rewards, this card is worth looking into.

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130 Responses to Commonwealth Bank Gold Awards Card – Rates and Fees

  1. Default Gravatar
    Shelley | September 16, 2016

    We are already CWB Awards credit card holders (no annual fee, no other perks) can we simply upgrade to the Gold awards card – we travel overseas frequently and would benefit from the travel insurance.

  2. Default Gravatar
    Emman | August 28, 2016

    Hi,
    I applied for gold reward card online and it says my application was unsuccessful with no explanation.

    • Staff
      May | August 29, 2016

      Hi Emman,

      Thank you for your comment and I’m sorry to hear about your rejected application.

      Generally, credit card issuers consider several different factors before approving or declining an application. They may have rejected your application for not meeting their requirements such as income, credit rating, or you might not have included supporting documentation in your application. You can find more details why credit card companies decline applications on this page.

      Meantime, it may not be advisable to apply for another card straight away as multiple credit card applications have a negative impact on your credit file. Please allow a few months before you start applying again. Also, it’s best that you contact the card issuer first to discuss your chances of approval before submitting any application to avoid enquiries on your file.

      Hope this helps.

      Cheers,
      May

  3. Default Gravatar
    Jonathan | February 11, 2016

    How many rewards points does it take to redeem $100 cashback?

    • Staff
      Sally | February 11, 2016

      Hi Jonathan,

      You’ll need 20,900 points to receive cash back of $100 onto the credit card.

      I hope this has helped.

      Cheers,

      Sally

  4. Default Gravatar
    Valda | December 27, 2015

    Over what period of time is the 125,000 ff points limit – annually?

    • Staff
      Ysa | December 28, 2015

      Hi Valda,

      Thanks for your inquiry.
      Yes, that’s correct. With Commonwealth Bank Gold Awards Card, you can earn up to 125,000 points annually.

      Cheers,
      Ysa

  5. Default Gravatar
    sunny | November 23, 2015

    if i don’t buy air ticket by gold card (commonwealth) . m i still eligible for my travel insurance ??

    or to get travel insurance do i have to buy ticket through gold card .
    Thanks .

    • Staff
      Ally | November 23, 2015

      Hi Sunny,

      Thanks for your inquiry.

      The prepaid travel expense requirement is no longer mandatory for this card. If you are a Commonwealth Bank Gold Awards cardholder, you are automatically covered and are eligible to receive the complimentary insurance under this policy for 3 months with a basic level of cover. To receive the full cover you must activate this on Netbank or by contacting Allianz Global Assistance directly.

      Please refer to our full guide for all the information on what you are covered for insurance-wise on this page.

      I hope this has helped.

      Cheers,
      Ally

  6. Default Gravatar
    Orel | October 20, 2015

    Complimentary Insurance/ register

    • Staff
      Jonathan | October 21, 2015

      Hi Orel, thanks for your inquiry!

      If you are a Commonwealth Bank Gold Awards Card you will be eligible to receive the complimentary insurance cover. Full cover can be activated by logging on to Netbank. More information about this policy is available on this page.

      Cheers,

      Jonathan

  7. Default Gravatar
    Jean-Marc | August 19, 2015

    I am holding a Gold and Amex CBA credit card with which I purchase my plane ticket.
    Whilst travelling OS in May-April 2015 my prescription glasses broke.
    How do I claim via the travel insurance the replacement costs for these glasses?
    Thank you.

    • Staff
      Sally | August 19, 2015

      Hello Jean-Marc,

      Thanks for your question.

      If you’re already in Australia, you must give notice of your claim by:

      - Completing a claim form and sending it to Allianz Global Assistance, or calling Allianz Global Assistance

      - Within 30 days of, or as soon as possible, after returning home from overseas or interstate (even if you previously reported the matter to Allianz or CBA)
      If you have already arrived home, within 30 days of, or as soon as possible after learning of an occurrence (loss, damage, injury or breakdown) that may result in a claim, documentation may be required to support your claim at your expense, examples such as but not limited to police reports, evaluations, medical reports, original receipts or proof of purchase and ownership.

      As it has been longer than 30 days since your holiday, I would suggest you contact CommBank or Allianz directly to confirm what you’re eligible to claim for.

      In the future, you may also wish to consult our complete guide to Commonwealth Bank’s complimentary insurance.
      I hope this has helped.

      Thanks,

      Sally

  8. Default Gravatar
    Lee | August 10, 2015

    If I buy travel tickets on my Gold Visa for my partner and myself does the insurance apply to both tickets or only my personal ticket?

    • Staff
      Sally | August 10, 2015

      Hi Lee,

      Thanks for your question.

      If your partner is eligible for the travel insurance and is travelling with you for the entirety of the trip, then the travel insurance will apply for them.

      Please see our Commonwealth Bank complimentary travel insurance guide for further information.

      I hope this has helped.

      Thanks,

      Sally

  9. Default Gravatar
    Andrew | June 18, 2015

    I have a diamond awards MasterCard with an Amex card , as I have purchased a holiday with the Amex I would like to ensure that travel insurance is included .
    Please email me the details
    Thank you

    • Default Gravatar
      Robert | June 29, 2015

      Please advise in detail what the travel insurance covers for Awards Amex and MasterCard ticket purchases

      thanks

    • Staff
      Sally | June 29, 2015

      Hi Robert,

      Thanks for your comment.

      As you may know, the Commonwealth Bank insurance will be covered by Allianz from July 1 2015. As the Product Disclosure Statement for the new insurance cover is not available to the public yet, you’d be best off contacting Commonwealth Bank directly to confirm what you’ll be covered for under the Awards Amex and MasterCard.

      I hope this has helped.

      Thanks,

      Sally

    • Staff
      sally.mcmullen@hiveempire.com | June 19, 2015

      Hi Andrew,

      Thanks for your comment.

      As requested, I have sent you an email with a link to the online Commonwealth Bank Diamond Awards complimentary insurance page.

      Please keep in mind that from 1 July 2015, Commonwealth Bank will be partnering with Allianz Global Assistance for their insurance cover.

      I have sent you a link with further information regarding this change as well.

      Thanks,

      Sally

  10. Default Gravatar
    christina | June 16, 2015

    I presently have a gold awards card, now with your additional card for the $10 a year annual yearly fee, could I get this for my husband to replace his present platinum awards card?

    • Staff
      sally.mcmullen@hiveempire.com | June 17, 2015

      Hi Christina,

      Just to confirm, you have come through to finder.com.au, not Commonwealth Bank.

      If you would like to add an additional cardholder to your Commonwealth Bank Gold Awards Card, you will need to fill out and submit the CommBank Additional Cardholder Application. I’ve sent you a link to this application via email.

      I hope this has answered your question.

      Thanks,

      Sally

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