Commonwealth Bank Diamond Awards Credit Card

My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
A chance to win 1 of 60 $5,000 Flight Centre Gift Cards. Conditions apply.
Earn up to 1 million Award points at a rate of 3 pts per $1 spent.
Spend points on travel, shopping vouchers, merchandise, cash back and much more.
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Commonwealth Bank Awards
Commonwealth Bank Awards
1.25 pts
per $1 spent
-
 
in 12 mths (approx.)
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Pros & cons

What's good?

What's not so good?

A chance to win 1 of 60 $5,000 Flight Centre Gift Cards. When you apply for a new CommBank credit card by 31st Oct 2017 and activate by 15th Nov 2017. Conditions apply.
Earn up to 1 million Award points at a rate of 3 pts per $1 spent.
Spend points on travel, shopping vouchers, merchandise, cash back and much more.
Redeem points for Velocity Rewards or the Qantas Frequent Flyer Program. Conditions Apply.
No international transaction fees on overseas purchases.
Up to 55 days on purchases.
The annual fee is large.

User reviews

4.3 out of 5.0 based on 40 reviews95% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Quality card

Reviewed and recommended by D on 01 Jul 2016

I have had this card for years and years and it is by far the best credit card I have owned. This is a quality credit card with great rewards, low fees, and travel insurance, plus it is safe and secure. It has PayPass, which is a welcome feature in this day and age.

Handy and convenient

Reviewed and recommended by Marlene on 20 Sep 2016

Widely accepted in shops here in Australia and worldwide, good rewards when used regularly, easy to deal with staff, responsive and polite, lots of convenient branches around Australia, friendly staff, easy use of website, reliable and fast payment method, access 24 hours, seven days a week.

My only complaint is the fees if buying anything outside Australia.

Worth the change

Reviewed and recommended by Nicola on 29 Jul 2013

I use my credit card for everything – I switched to the Diamond Awards card so my points continue to accrue – with my other card they were capped. I can use my points directly at Myer, or use them to pay off my card. Internet banking is safe and easy – both purchasing and paying off the card.

Good value for good frequent flyer points

Reviewed and recommended by Ann on 02 Jul 2016

There may be cards offering more points, but I find my CBA AmEx card brings me in a good number of Qantas Frequent Flyer points just for shopping. particularly groceries and petrol.

A really good feature is that I have my CBA AmEx card connected to my PayPal account, so can use it for overseas purchases as well.

I can purchase with peace of mind

Reviewed and recommended by Andy on 21 Oct 2016

I’ve been a Commonwealth Bank customer since I was young and their consistently great deals and credit card options lead to me to not having to go shopping at other banks. I have peace of mind when I tap and pay with my Diamond Awards card, and on the off chance that I have unexplained charges on my statements, customer service is always prompt. They understand how I feel, and it’s corrected so easily!

I recommend others at least look at all the great benefits of this card. It’s definitely worth anyone’s time.

One happy customer!

Reviewed and recommended by Rolo on 05 Sep 2014

I got upgraded from a basic card to a diamond card probably due to my relationship with the bank and good credit record. The best is keeping the same annual fee as my basic card. This is a smart move to keep a customer happy. The AmEx card helps to earn reward points faster. Customer service is excellent.

Good rewards earned quickly

Reviewed and recommended by Glenn on 20 Aug 2016

Good level of rewards, especially when using AmEx, and Commonwealth points can be used in lots of places. Myer is the best for cashing in points.

Great customer service, never had any problems. If you use Netbank as well, managing your card couldn’t be easier. The iPad and iPhone apps are great as well, to track spending.

Got a good deal

Reviewed and not recommended by Ida on 02 Jul 2016

I had a Gold Awards card and received the Diamond card in the post—a 'free’ upgrade. Now I pay the Gold annual fee for the Diamond card. Apparently they do this occasionally to customers.

I otherwise wouldn’t have this—there are much better black level cards out there. The benefits of a CommBank Black card are minimal compared to almost any other in the market, but I can’t complain given that I’m only paying the Gold annual fee.

Insurance is very useful

Reviewed and recommended by Ingrid on 16 Sep 2016

Overall satisfaction with the use of the card. It has free insurance, but you do not even have to use your card to get overseas travel insurance.

I can pay for most things with my card as it is accepted everywhere.

I get a text from the bank when my card is due to be paid.

Points and benefits galore

Reviewed and recommended by Jeff on 16 Dec 2016

At 3.0 points per dollar with AmEx, this card is worth it, and it’s free if you have a home loan with CBA. It includes a Visa card at 1.5 points per dollar if AmEx is not accepted. Accumulation of points is very quick and they have a great range of items to exchange with the points.

There’s free travel insurance as well, and you don’t even have to buy tickets with the card. It includes all the bells and whistles of other platinum credit cards.

Show 30 more reviews
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Dual Card
Card tier
Black
Card type
Mastercard & Amex
Card use
Personal
Credit rating
N/A
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
$Same as standard
Pensioners
Rewards program
Commonwealth Bank Awards
Temporary residents
Yes

Cardholders

Additional cardholders
1
Additional card fee
$10 p.a.

Credit limits

Minimum credit limit
$15,000
Maximum credit limit
$50,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers5.99% p.a.5 months0%100% of credit limit21.24% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
100% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the Commonwealth Bank Diamond Awards Credit Card at the promotional balance transfer rate from:

  • Aussie
  • Bankwest
  • Commonwealth Bank

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers5.99% p.a.5 months0%100% of credit limit 21.24% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.77% 21.24% p.a.
Purchases 1.69% 20.24% p.a.

Fees

Annual fee
$349 p.a.
Cash advance fee
2%
Dishonour fee
$20
Duplicate statement fee
$7
Foreign exchange fee
3%
Late payment fee
$20
Over limit fee
$10
Overseas ATM balance fee
$1.25
Overseas ATM withdrawal fee
N/A
Overseas emergency card replacement fee
$20
Transaction verification fee
$0

Rewards & points

Rewards program basics

Reward points expiry
Never as long as you keep your account active
Rewards program
Commonwealth Bank Awards
Sign up bonus
N/A
Spend required for bonus points
N/A

Earning points with this card

Frequent flyer points (AmEx)
1.25 pts per $1 spent
Frequent flyer points (mc/Visa)
0.5 pts per $1 spent
Overseas earn rate (AmEx)
Same as standard earn rate
Overseas earn rate (mc/Visa)
Same as standard earn rate
Points cap per month (AmEx)
N/A
Points cap per month (mc/Visa)
N/A
Points cap per year (AmEx)
1,000,000
Points cap per year (mc/Visa)
N/A
Points earned on ATO payments (AmEx)
N/A
Points earned on ATO payments (mc/Visa)
N/A
Reward points (AmEx)
3 pts per $1 spent
Reward points (mc/Visa)
1.25 pts per $1 spent

Additional benefits

Airport lounge access
Yes, 2 passes per year
Complimentary flight voucher
No
Concierge service
Yes

Benefits

This card comes with benefits worth an estimated $1,356

ShoppingEstimated value
Extended warranty
Valuation based on the assumption of making a $250 claim once every 5 years. There is no retail market for all-encompassing extended warranty insurance covering more than one item, so no premium saving.
$50
Guaranteed pricing / price protection insurance
Valuation based on the assumption of making a $100 claim once every 10 years. Extensive conditions apply. There is no retail market for this type of insurance, so no premium saving.
$10
Purchase protection
Valuation based on the assumption of making a $200 claim once every 5 years. There is no retail market for this type of insurance, so no premium saving.
$40
Transaction fee waiver
Cardholders get a CommBank Travel Money Card without paying the usual $15 fee.
$15
Travel
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
$290
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
$801
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
$150
Total estimated value$1,356
Annual fee$349
Net customer value$1,007
Disclaimer: Details of who, what, and where coverage applies to, as well as its duration and any coverage limitations will be listed in the credit card insurance product disclosure statement (PDS) on the card issuer's website. The names/labels of complimentary insurance products may differ from one issuer to another. Terms and conditions apply. Always check the insurance PDS when considering a financial product. Accurate as of 31st October 2015.

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are eligible
Age Pension, Disability Pension and Widower's Pension are acceptable.
Carer's Allowance and Child Support Payments are acceptable.
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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