Commonwealth Bank Diamond Awards Credit Card

What do you want this card for?
Save money
Earn points
My monthly spend: 
$5,000
 
Offer
Card features
Rewards program
Earn rate
Sign up bonus
Points earned
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.
No international transaction fees on overseas purchases.
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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?

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.
  • From 1 September 2018, new CommBank American Express Cards will no longer be offered.
  • From 1 November 2018, we’re closing all CommBank American Express Cards and transactions will be declined (some exceptions apply*).

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

A great asset

Reviewed and recommended by Wozza on 10 Jul 2013

The card gives me up to 55 days interest free, which I pay off each month. I use the rewards points to pay off the fees and I still have lots of points left each year, so the fees pay for themselves. I have a great itemised list of all my transactions. It is accepted everywhere and now with CommBank Kaching I can let my phone act as my credit card for tap and go.

Awesome card, rewards are so easy

Reviewed and recommended by Anon on 20 Aug 2013

I love that I can use my rewards at any shop I choose. I can also use my rewards straight from my card in any Myer store without redeeming beforehand. With the price guarantee, if I buy a product today e.g: fridge, then see that same fridge in 10 days time cheaper, I can get the difference put back on my card.

Very good rewards program

Reviewed and recommended by Marton on 01 Aug 2013

Overall this card is a good card with a very good rewards program and very good added benefits (like free worldwide travel insurance). The interest free period is quite a normal length, but as I pay it off in full every month I don’t pay any interest. I use it for everything, so I build up rewards points very fast.

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.

Never had an Issue with Commonwealth

Reviewed and recommended by Linda on 17 Jun 2015

Best aspect is that these cards are acceptable in most places, especially MasterCard. On the rare occasion that I have been late, albeit a day or so paying my account, the Commonwealth Bank has agreed to waive the interest. Any queries have been pleasantly resolved.

In all, I haven’t had any complaints. And, moreover, I accrue points which allows for a few extras along the way!

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.

It's okay

Reviewed and recommended by CBA customer on 02 Apr 2014

i have this card through another product of the Commonwealth Bank called the wealth package to access lower rates for my real estate loans and normally would not choose to have this card. The fee for the wealth package is high. The advantages of the wealth package I guess outweigh the high percentage of the card because I never owe past the due date.

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.

Double points on AmEx

Reviewed and recommended by Rob on 14 Jul 2016

The card is good. The attached AmEx card gives maximum points. The rewards programme at CBA has enough different options.

The cost of the card per annum is reasonable compared to others like it.

Getting a replacement card is easy. There are no extra charges for other cards.

The interest-free period is 55 days. The attached Amex card gives double points.

Great card, great features

Reviewed and recommended by Toni on 28 Sep 2013

Fantastic reward program able to redeem for cash back, direct for anything with flight centre or in store at Myer as well as lots of gifts etc from catalogue. Good to have Amex & MasterCard linked to one account for flexibility and ability to increase award points. Heaps of branches so easy to get face to face help. Great Internet banking access makes account easy to manage.

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
  • 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 (MasterCard)
0.5 pts per $1 spent
Overseas earn rate (AmEx)
Same as standard earn rate
Overseas earn rate (MasterCard)
Same as standard earn rate
Points cap per month (AmEx)
N/A
Points cap per month (MasterCard)
N/A
Points cap per year (AmEx)
1,000,000
Points cap per year (MasterCard)
N/A
Points earned on ATO payments (AmEx)
0 pts per $1 spent
Points earned on ATO payments (MasterCard)
N/A
Reward points (AmEx)
3 pts per $1 spent
Reward points (MasterCard)
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 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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