Commonwealth Bank Awards – Credit Card Rewards Programs

Information verified correct on September 1st, 2015

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 September 1st, 2015
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Points per $ spent
Commonwealth Bank Awards Credit Card
Enjoy a low annual fee with balance transfer offer of 5.99% p.a. for 5 months.
20.24% p.a. 5.99% p.a. for 5 months $59 p.a. VISA/MC: 1 AMEX: 1.5 More info
Commonwealth Bank Gold Awards Credit Card
Receive complimentary comprehensive travel insurance, 90 day purchase security cover and extended warranty on purchases. Get 5% cash back on contactless purchases.
20.24% p.a. 5.99% p.a. for 5 months $119 p.a. VISA/MC: 1 AMEX: 2 More info
Commonwealth Bank Platinum Awards Credit Card
Enjoy a balance transfer offer of 5.99% p.a. for 5 months with an international travel Insurance and extended Insurance/Purchase/Security benefits. Get 5% cash back on contactless purchases.
20.24% p.a. 5.99% p.a. for 5 months $249 p.a. VISA/MC: 1 AMEX: 2.5 More info
Commonwealth Bank Diamond Awards Credit Card
Enjoy a low balance transfer offer of 5.99% p.a. for 5 months with rewards points earnings and complimentary insurances.
20.24% p.a. 5.99% p.a. for 5 months $349 p.a. VISA/MC: 1.25 AMEX: 3 More info

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.

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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.

Learn more about the Commonwealth Bank Awards Program

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9 Responses to Commonwealth Bank Awards – Credit Card Rewards Programs

  1. Default Gravatar
    Josh | August 17, 2014

    I have a few velocity and qantas frequent flyer points but not really enough to do much with. Is it possible to transfer them to my commonwealth awards program and, if so, how do I go about it?

    • Staff
      Shirley | August 18, 2014

      Hi Josh,

      Thanks for your question.

      Unfortunately you can’t transfer your points into your CommBank Awards account.

      You might want to consider converting your CommBank points into Velocity/Qantas points, this will increase your balance.

      All the best,
      Shirley

  2. Default Gravatar
    J.Hamilton | December 5, 2013

    Can the points be used to make purchases at Myers stores?

    • Staff
      Jacob | December 6, 2013

      Hi J.

      Commonwealth Bank Award Points can be used for in-store purchases at Myer. You can even use a combination of points plus dollars.

      Thanks for your question.

  3. Default Gravatar
    John | August 22, 2013

    Wish to use awards points for cash back. How is this done?

    • Staff
      Jacob | August 22, 2013

      Hi John.

      To redeem your awards points for cash back, log onto NetBank and select the option to redeem your points for cash back onto your card. There are set denominations you can redeem your points for. If you would like to redeem your points for a different denomination you can speak to the Commonwealth Bank directly. It’s important to note that this does not cover your cards minimum monthly repayment.

      Thanks for your question.

    • Default Gravatar
      Josh | August 18, 2014

      Thanks all. Cash back sounds like a plan

  4. Default Gravatar
    Suzanne | July 8, 2013

    We rang for information on linking our credit card to a frequent flyer program. we have a Diamond Mastercard. We were advised to accept a free Amex card and earn more points that way and our points would be transferred over to Virgin Velocity. It seems better from reading this website to change to a Commbank Gold credit card. Is this so?

    • Staff
      Jacob | July 8, 2013

      Hi Suzanne.
      Currently, the Commonwealth Bank Diamond Awards Credit Card allows you to earn up to three points per dollar spent, while the Gold Awards Cards allow you to earn only two points per dollar spent on eligible purchases. You can find transfer rates on this page. The rates and features of these cards are quite different, mainly the annual fee, and are aimed at different types of customers. If you believe te Commonwealth Bank Gold Card is better suited to your circumstances, you can apply for the card through the link in the review page. Thanks for your question. Jacob.

Credit Cards Comparison

Rates last updated September 1st, 2015
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Cash advance rate (p.a.)
NAB Low Rate Credit Card
Low ongoing interest rate on purchases and balance transfers.
0% p.a. for 12 months (reverts to 13.99% p.a.) 4.99% p.a. for 6 months $59 p.a. 21.74% p.a. Go to site More info
American Express Velocity Escape Card
Enjoy 7,500 bonus Velocity Points when you spend $300 within the first 3 months and up to 2.00 points for every dollar you spend, together with a $0 annual fee. Offer ends on 30 September 2015.
20.74% p.a. 0.99% p.a. for 6 months with 1% balance transfer fee $0 p.a. Go to site More info
HSBC Platinum Credit Card
Earn rewards points plus a balance transfer offer. Access to Platinum benefits including a personal concierge service and VISA Platinum reward program.
19.99% p.a. 0% p.a. for 8 months $0 p.a. 21.99% p.a. Go to site More info
Citi Rewards Credit Card - Platinum Card
Consolidate your debt with a low balance transfer of 0% p.a. for 24 months and a long purchase rate offer plus a host of platinum privileges. Earn up to Citibank Reward points for every $1 spend.
20.99% p.a. 0% p.a. for 24 months with 2.5% balance transfer fee $199 p.a. 21.74% 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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