Commonwealth Bank Platinum Awards Credit Card – Rates and Fees

Information verified correct on July 25th, 2016

Take advantage of the $0 annual fee for the first year offer if you apply online before 15 September 2016. The Platinum Awards card offers up to 2.5 rewards points on your everyday spend, complimentary insurance covers and 24/7 personal concierge service.

The Commonwealth Bank Platinum Awards credit card gives you the ability to earn reward points faster, and it comes linked to the CommBank Awards program. Cardholders can look forward to earning up to 2.5 rewards points per dollar spent on eligible purchases, and redeeming their points for a variety of rewards.

This credit card gives you the ability to transfer balances from other cards and take advantage of a balance transfer rate of 5.99% p.a. for the first 5 months. The card provides complimentary international travel and purchase insurance covers, and you get round-the-clock access to a personal concierge service. Connect and entré from American Express, and Priceless Cities and MasterCard Privileges from MasterCard give cardholders access to a range of offers and experiences. These features are available with $0 annual fee for the first year, if you apply online by 15 September 2016.

Product NameCommonwealth Bank Platinum 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 date15 September 2016
Annual fee$0 p.a. annual fee for the first year ($249 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.
$6,000
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 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.
$6,000
Annual Fee$0 p.a. annual fee for the first year ($249 p.a. thereafter)
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$0
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.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • Pay no annual fee in the first year.
  • This card comes with a balance transfer offer of 5.99% p.a. for 5 months.
  • A rate of accrual of 2.5 Awards Points for every dollar spent with the American Express card.
Cons
  • Additional card holders will incur a fee of $10 each in addition to the primary card's annual fee.
  • This card is similar to the gold card but has an annual fee of almost double the price.
  • Points are capped at 250,000 for the year and when you have opted-in to the Qantas Frequent Flyer program the rate of accrual when using the American Express card halves.
Rewards ProgramCommonwealth Bank Awards Program
Rewards Points per $ (VISA/MC)1
Rewards Points per $ (AMEX)2.5
Rewards Points per $ (VISA/MC) Cap150,000
Rewards Points per $ (AMEX) Cap250,000
Points ExpiryNever

Commonwealth Bank Platinum Awards credit card review

The Commonwealth Bank Platinum Awards credit card, like most other platinum cards, comes with a number of extras, and is suited for frequent travellers who’re looking at earning rewards. Through the CommBank Awards program you can earn up to 250,000 Awards points each year, and you can redeem your points in various ways. When you use your card with Commonwealth Bank’s bonus partners, you stand to earn bonus reward points. Cardholders can also enjoy peace of mind via complimentary insurance covers and a personal concierge service. Applicants can take advantage of $0 annual fee for the first year if they apply online by 15 September 2016.

Benefits of the Commonwealth Bank Platinum Awards credit card

Using the Commonwealth Bank Platinum Awards card comes with its share of benefits, including the following:

  • No annual fee for the first year. Enjoy $0 annual fee for the first year when if you apply online by 15 September 2016. Terms and conditions apply.
  • Rewards program. The reward points you earn accumulate in your CommBank Awards program account, and you get to redeem them in different ways. You can use your points at Myer to pay for purchases by simply presenting your Platinum credit card, you can use your points to book flight tickets through Flight Centre, you can use your points as cashback, you can transfer them to a frequent flyer program account, and you can redeem them for gifts and merchandise.
  • Complimentary insurance covers. Once you activate the cover prior to your travel date, you can enjoy complimentary access to overseas emergency medical assistance and hospital expenses insurance, cover for travel delays, cancellation cover, personal liability cover, and rental vehicle excess cover. Purchase security insurance and extended warranty insurance provide cover to purchases made using this card. For more information on this travel insurance policy see our full guide to Commonwealth Bank’s complimentary travel insurance.
  • 24/7 concierge service. Get around the clock assistance for lifestyle services including flight bookings, hotel reservations, tickets for various events (including sport, concerts, theatre shows), travel advice (museums, entertainment) and many more.
  • Balance transfer offer. If you’re considering transferring balances from existing cards, this card’s 5.99% p.a. balance transfer rate for 5 months can help you save a tidy sum in the form of interest. A variable cash advance rate of 21.24% p.a. will apply after the promotional period ends.

Features of the Commonwealth Bank Platinum Awards credit card

Here’s a detailed explanation of the features you expect when you use the Commonwealth Bank Platinum Awards credit card:

  • Annual fee. This card comes with an ongoing annual fee of $249, however you can enjoy $0 annual fee for the first year if you apply online by 15 September 2016.
  • Earning reward points. Using the Commonwealth Bank Platinum American Express card gives you the ability to earn up to 2.5 reward points per dollar spent on eligible purchases. When you use the Commonwealth Bank Platinum MasterCard to make eligible purchases, you earn one reward point for every dollar spent.
  • Interest-free days. You can make use of as many as 55 interest-free days on purchases, provided you pay your account’s outstanding balance completely every month.
  • Lock, block, and limit. Using Commonwealth Bank’s online and mobile banking platforms you can place a stop on international online and in-store international transactions, you have the option of blocking cash advances, and you can even set maximum limits per individual transaction.
  • Additional cards. You can get an additional card for anyone aged over 16 years, and each additional card attracts an annual fee of $10.
  • Card security. These chip-enabled cards offer more protection against fraud when compared to cards that rely on magnetic strips. A 24/7 fraud detection program monitors account activity and detects unusual transactions and spending patterns. When you use your card online, NetCode provides an additional layer of security. A zero liability policy is in place so you don’t have to worry about paying for fraudulent and unauthorised transactions.

How to apply for the Commonwealth Bank Platinum Awards credit card

One way to apply is to visit any Commonwealth Bank branch, and another is to apply online. If you wish to apply online, establish if you meet the required eligibility criteria, as listed below.

Eligibility criteria

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

Required documents

  • Your complete name, date of birth, residential address, email address, and phone number
  • Your employer’s name, address, and phone number
  • Details about your income and assets
  • Details about your expenses and liabilities

If you think the rewards you’ll redeem while using the Commonwealth Bank Platinum Awards credit card will offset the annual fee, then this card could be of value to you. As this is not the only platinum card on the market, you’ll need to compare your options to ensure that this is the right card for you.

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

  1. Default Gravatar
    Tan | June 26, 2016

    I have commonwealth awards credit card but Can I upgrade to platinum awards if I 457 visa

    • Staff
      May | June 28, 2016

      Hi Tan,

      Thanks for your inquiry.

      If you want to upgrade to Commonwealth Bank Platinum Awards Credit Card, you’ll need to apply for the card. You’d be best to contact CommBank directly to discuss your chances of acceptance. For your convenience, I’ve forwarded their contact details to your email.

      Cheers,
      May

  2. Default Gravatar
    arno | June 1, 2016

    How does reward points convert to Qantas frequent flyer points?

    • Staff
      May | June 1, 2016

      Hi Arno, thanks for your inquiry!

      To transfer your awards points to Qantas Frequent Flyer points, you need to contact CommBank Awards Service Centre. I’ve sent to your email their contact details.

      Please note though some of the conditions in the CBA Awards T&Cs:

      - You must opt-in to Qantas Frequent Flyer Direct if you wish to redeem your CommBank Awards points for Qantas FF points using Qantas FF Direct.

      - You must be a member of the Qantas FF program in order to redeem Awards points in the CommBank Awards Program for Qantas FF points using Qantas FF Direct.

      - Once you opted-in to Qantas FF Direct, all CommBank Awards points earned will be automatically redeemed for Qantas FF points and transferred monthly to your Qantas FF account.

      - If you have opted-in to Qantas FF Direct, you cannot redeem CommBank Awards points for other Awards in the CommBank Awards Program

      For your reference, I’ve forwarded to your email the CommBank Awards T&Cs.

      I hope this helps.

      Cheers,
      May

  3. Default Gravatar
    Mike | May 26, 2016

    What is the income requirement for this card?

    • Staff
      Sharon | May 26, 2016

      Hi Mike,

      Thank you for your inquiry.

      This card doesn’t require a minimum income. However, you do need to disclose your annual earnings during the application process, so they could still affect on your application approval.

      I hope this has helped.

      Thanks,

      Sharon

  4. Default Gravatar
    Suzana | May 13, 2016

    Hi,

    Is the 80,000 bonus reward points as Qantas Frequent Flyer points? Or will it equate to 40,000 Qantas Frequent Flyer points converted?

    Thanks

    • Staff
      Anndy | May 13, 2016

      Hi Suzana,

      Thanks for your question.

      The 80,000 bonus points refer to CommBank Awards points and not Qantas Frequent Flyer points. 2 CommBank Awards points that you earn from your Commonwealth Bank Platinum Awards Credit Card can be converted to 1 Qantas point.

      Cheers,
      Anndy

  5. Default Gravatar
    Tyana | April 27, 2016

    Take advantage of 80,000 bonus reward points if you apply before 30 June 2016 and spend $1,000 on eligible purchases using your card before 31 July 2016.

    What are considered as eligible purchases?

    • Staff
      Sharon | April 27, 2016

      Hi Tyana, thanks for your inquiry.

      Eligible purchases are most of the common purchases, but does not include BPAY transactions, cash advances, balance transfers and payments to the Australian Taxation Office unless made using a Business Awards card.

      Cheers,

      Sharon

  6. Default Gravatar
    ann | April 21, 2016

    I have a platinum credit card. I want to know if this card is covering travel insurance?

    • Staff
      May | April 22, 2016

      Hi Ann,

      Thanks for your question.

      Yes, one of the benefits of Commonwealth Bank Platinum Awards Credit Card is a complimentary travel insurance for 6 months.

      Cheers,
      May

  7. Default Gravatar
    | March 15, 2016

    If I transfer the reward points to Qantas, is it 1 reward point for one Qantas point?

    • Staff
      Sally | March 16, 2016

      Hi James,

      Thanks for your question.

      You’ll receive 1 Qantas point per 2.5 CommBank Awards points transferred.

      I hope this has helped.

      Cheers,

      Sally

  8. Default Gravatar
    Kirsty | March 14, 2016

    Hello,

    Looking for the best credit card option as per below:

    Allows you to pay tax bills at the ATO and still collect points, (some credit cards specifically do not awards FF points on ATO purchases)
    · How many points are received for each dollar spent, (Should be at least 1.5points per $1 spent on AMEX and ideally > $0.5 points per $1 spent on Master / Visa cards)
    · Ideally these would be Qantas FF points, (and if they are not, ie they are a bank reward style point), what the conversion to FF points is.
    · Has no points earning limit,
    · Whether it is an AMEX, Mastercard or VISA. (I’d prefer an AMEX option as well as a MC / Visa one),

    Thanks.

  9. Default Gravatar
    paul | March 12, 2016

    do i have free access to airport lounges with this card

    • Staff
      Ysa | March 13, 2016

      Hi Paul,

      Thanks for your question.

      Unfortunately the Commonwealth Bank Platinum Awards Card does not offer complimentary airport lounge access.

      You may like to compare other card options that give free airport lounge passes on this page.

      I hope this helps.

      Cheers,
      Ysa

  10. Default Gravatar
    Kylie | March 3, 2016

    Hello,
    My husband and I are booking flights through Flight Centre and looking at payment with our CBA American express card. What type of travel insurance is covered if we pay with the amex and are we both covered?

    • Staff
      Jonathan | March 4, 2016

      Hi Kylie, thanks for your inquiry!

      You and your spouse can be covered under this policy. All you need to do is active your policy before you travel. Please see our complete guide to this complimentary travel insurance policy for ensuring you are covered.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated July 25th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
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
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) 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. Also enjoy a 0% p.a. balance transfer rate for 12 months.
14.99% p.a. 0% p.a. for 12 months with 1% balance transfer fee $0 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Interest Visa Card offers 0% p.a. purchase and balance transfer offers for 15 months. Also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 2% balance transfer fee $59 p.a. 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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