The Commonwealth Bank Awards Program is one of the most popular credit card rewards programs in Australia, but that is not surprising as Commonwealth is one of the big four banks in Australia.
Open up a world of exclusive opportunities with the Commonwealth Bank Awards Gold Credit Card. Take advantage of exceptional Gold rewards every time you shop or pay a bill, and get a range of great travel benefits as well. A must for frequent international fliers and travellers. Earn 2 Awards points for every $1 spent with a Commonwealth Bank American Express® Card and enjoy acceptance at 29 million locations with MasterCard®
Features of a Commonwealth Bank Awards Gold Credit Card
- Interest rate - Standard interest rates of 20.24% p.a. on purchases and 21.24% p.a. on cash advances
- Interest-free period - Up to 55 days interest free
- Annual fee - There is an annual fee of $119.
- Balance transfer offer - 5.99% p.a. for 5 months on balance transfers
- Rewards - Earn up to 125,000 points per year
- Security - Issued with chip for extra security
- Rewards program - Wide range of rewards available in Commonwealth’s Gold Reward Program
- Additional cardholders fee - Get an additional credit card for $10 a year.
- Complimentary insurances - With this credit card you stand to receive complimentary international travel insurance, extended warranty insurance, and purchase security insurance. You can also get optional CreditCard Plus insurance for added protection.
- Worldwide access - Use your card for over 35 millions locations worldwide.
Commonwealth Bank Awards Credit Cards Comparison
Rates last updated July 29th, 2015
The program is one of the new-style companion credit cards rewards schemes, where two credit cards are issued on one account – a MasterCard and an American Express – with one annual fee and one statement, but with points from both cards going towards the rewards of your choice.
Commonwealth Bank Awards Program: Interview with Lynn Hamblet
Click here for video transcript
Jeremy: Hi. I’m Jeremy Cabral, from Finder.com.au, and we’re here to talk to Lynn Hamlett, the Executive Manager of Credit Cards from Commonwealth Bank. Lynn, thank you for joining us.
Lynn: It’s great to be here.
Jeremy: When it comes to choosing a rewards credit card, why should someone choose CommBank?
Lynn: The CommBank Awards Program is the largest awards program of any Australian bank. All of our awards accounts come with an American Express card and a MasterCard card. This means our
customers can maximise their points earning potential, as well as having the freedom of knowing that their card is accepted at over 35 million locations worldwide. What’s more, with our Awards Program, our points never expire.
Jeremy: How can customers earn CommBank awards points?
Lynn : Most purchases you make with your CommBank Awards card will earn you points. We also have a bonus partner program, whereby customers can earn bonus points at some of our selected bonus partners. For a full list of our bonus partners, you can visit the website.
The main difference with the CommBank Awards Program is that we not only allow our customers to redeem by the more traditional methods, such as over the phone or online, but our customers
have the power to redeem their points in-store at Myer and FlatCentre stores nationwide. All our customers need to do is present their card at Myer or Flight Centre stores and ask to pay with points. If you don’t have enough points to pay for the total amount, you can make up the difference, just like any other purchase.
Jeremy: So how can somebody apply for a CommBank Awards credit card?
Lynn: Once you hit Apply on credit card finder, you’ll be taken to a secure website where you can complete your application. We offer a 60 second response.
Main Features of Commonwealth Bank Awards
- Travel options - Commonwealth Awards members can redeem their points through Travel Plus for flights, accommodation, car hire, cruises and tours, which covers the whole gamut from a city break to a round-the-world vacation.
- Cashback - Commonwealth Awards points can be redeemed for cashback which appears as a credit on your card statement. This means that your existing balance is being paid down by your points, or you can look at it that the next time you come to use your credit card, whatever you buy is being subsidised by your previous spending.
- Velocity Rewards, and Qantas Frequent Flyer transfers - Commonwealth Awards points can be redeemed for Velocity Rewards, which is the rewards program of Virgin Australia. This program require you to be members. Alternatively, you can transfer your points across to the Qantas Frequent Flyer program, but this also requires you to join Qantas Frequent Flyer Direct which carries a $10 annual fee. Once this is paid, your points will automatically be transferred across to Qantas every month.
- Points Plus Pay - This option allows you to get your hands on your rewards sooner by topping up any points deficit with a credit card payment.
- Bonus Partners - Bonus Partners are always being added to the rewards program to increase the rewards selection for the customer.
Commonwealth Awards Gold Program:The Commonwealth Awards Gold program includes all the features listed above plus the usual gold card perks, benefits and extra rewards.
- Commonwealth Awards Platinum Program - The Commonwealth Awards Platinum program includes all the features listed above plus the usual platinum card perks, benefits and extra rewards.
- Redeeming Commonwealth Awards points - Points earned through the Commonwealth Bank Awards program can be redeemed by logging onto NetBank and clicking through to the Awards program section, or by calling the Commonwealth Awards Service.