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.
Add to comparison
Commonwealth Bank Awards
Commonwealth Bank Awards
1.25 pts
per $1 spent
-
 
in 12 mths (approx.)
Similar cards

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.

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

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.

Reliable, great customer support

Reviewed and recommended by Stephen on 20 Aug 2013

This card is reliable and recognised everywhere. The customer support is 100% and the statement is clear and concise. I have the added advantage of being a long standing client of the Commonwealth Bank and this account is linked to my cheque account and paid in full monthly. I do not pay any interest.

Very pleased with this card

Reviewed and recommended by Mrs Vijay on 31 Mar 2014

A very good card. Low annual fees and very good rewards. Good customer service. Can be used overseas. 55 days interest free. Fee is usually recovered by using reward points. I never paid annual fees. The Bank has also provided American Express card linked with this card and I earn 3 points for each dollar spent using this card.

Pleased but had some direct debit problems

Reviewed and recommended by Owen on 11 Aug 2013

I rate this card very highly as the rewards can be in the form of cash as well as gifts or merchandise. It was one of the first credit cards and banks in Australia to offer free travel insurance to the cardholder which is amazing and a great incentive for those that travel overseas or interstate regularly.

The only downfall I have had with this card and account is that I have signed up for a direct debit system to pay off the entire balance at the end of the month automatically and after a period of time the computer system drops this direct debit back to the minimum payment each month and soon you begin to accrue interest on it quickly if your unaware. This has happened twice now and I am looking at finding a more loyal credit card from a competitor’s bank that I can trust more.

Added value having the travel insurance option

Reviewed and recommended by Linda on 10 Aug 2016

Trust, convenience and awards. Good value for Qantas Frequent Flyer points and added bonus of travel insurance that is very easy to activate. Always accepted both locally and overseas and good customer service.

Easy to manage via the Commbank Netbank and also via the Commbank mobile app.
Happy to recommend.

Very convenient card with good rewards

Reviewed and recommended by Beau on 20 Jun 2016

I have had a Diamond Awards Credit Card for a while now, however, I do find the fees and rates excessive. The rewards program is a great bonus and the convenience of the card, including the personal concierge service, is excellent.

I would recommend the card to anyone that pays their balance monthly so as not to incur interest and there are incentives for minimum annual spends too. Definitely a card to consider for those people wanting the convenience and a higher limit on their card/s.

Good service, disappointing rewards program

Reviewed and not recommended by Raphael on 04 Dec 2016

The card is good without being exceptional. The CBA has excellent software and support services.

However, the awards program has terms that recently changed and the earning rate is reduced.

Also, the points accrued are not easy to redeem. CBA award points can be transferred to Velocity. However, you must opt in and pay extra for Qantas Frequent Flyer points. There can be no transfer at a later stage.

If I wasn’t banking with CBA (and getting the annual fee waived), I would not be using this card.

Incidental expenses add up to a lot of points

Reviewed and recommended by Margaret on 08 Apr 2017

It’s worth using a credit card attached to a frequent flyer program. All those incidentals – filling up the car, paying for groceries &ndash: can earn you decent reward points. Just make sure you pay your card balance off every month.

The ongoing support of a reputable company such as Commonwealth Bank also gives a feeling of security and support

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.

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!

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 (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 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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