Commonwealth Bank Awards – Credit Card Rewards Programs

Best Commonwealth Bank Awards Credit Card

Earn up to 1.5 Awards points for every $1 you spend on everyday purchases and redeem them for shopping, entertainment, travel and more. Also receive other exclusive shopping and travel benefits.

• $89.00 annual fee
• 20.49% p.a. on purchases
• 5.99% p.a. for 5 months on balance transfers
• Cash Advance Rate of 21.49%
• Reward yourself for everyday spending

Click here to read the Commonwealth Bank Awards Credit Card terms and conditions

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 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 travelers. Earn 2 Awards points for every $1 spent with a Commonwealth Bank American Express® Card and enjoy acceptance at 29 million locations with MasterCard®

• Standard interest rates of 20.49% p.a. on purchases and 21.49% p.a on cash advances
• Up to 55 days interest free
• Annual fee$144.00 (or $114 for qualifying customers)
• 5.99% p.a. for 5 months on balance transfers
• Earn up to 100,000 points per year.
• Issued with chip for extra security
• Wide range of rewards available in Commonwealth’s Gold Reward Program
• Additional cardholder for $15
• Free international travel insurance (for trips of up to 3 months)
• Free transit accident insurance
• Commission-free travelers cheques
• Your Global Connection (premium integrated travel services)
• World-wide access (over 24 million locations)

The programme 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. 1.5 points per dollar are earned with the Amex card, and one point per dollar is earned with the MasterCard.

Here are the important figures for this rewards program:

• Interest rate of 20.49%p.a. on purchases
• 5.99% p.a. for 5 months on balance transfers
• Interest-free period up to 55 days
• Annual fee of $144.00, or $59 for existing qualifying customers

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.

Air New Zealand Airpoints, Velocity Rewards, and Qantas Frequent Flyer transfers

Commonwealth Awards points can be redeemed for Velocity Rewards, which is the rewards programme of Virgin Blue, or for Air New Zealand Airpoints Dollars. Both programmes require you to be members. Alternatively, you can transfer your points across to the Qantas Frequent Flyer programme, 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 programme to increase the rewards selection for the customer.
Commonwealth Awards Gold Program:

The Commonwealth Awards Gold programme 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 programme section, or by calling the Commonwealth Awards Service.

• Comparison of Top 10 Credit Card Offers

Editor's Choice: Our Top Credit Cards

Credit Card	Card Details	Interest Rate (p.a.)	Cash Advance Rate (p.a.)	Balance Transfer Rate (p.a.)	Annual fee	Interest free days (up to)
HSBC Credit Card	Editor's Choice: 0% for 6 months Balance Transfer & No Annual Fee Featuring a $0 annual fee for life, and 0% p.a. balance transfer for 6 months, the HSBC Credit Card was voted the Best Transactor Credit Card for 2010.	16.99%	20.75%	0% for 6 months	$0	55
Suncorp Clear Options Standard Visa Card	A great 12 month balance transfer offer, combined with a low annual fee and a good interest rate on purchases.	12.24%	17.99%	1.9% for 12 months	$39	0