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Commonwealth Bank Diamond Awards Credit Card

My monthly spend: 
$5,000
 
offer
card features
rewards program
earn rate
sign up bonus
your earnings
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.
Up to 55 days on purchases.
Add to comparison

Commonwealth Bank Awards
1.2 pts
per $1 spent
-
 
in 12 mths (approx.) what can I do with these?

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.
Up to 55 days on purchases.
The annual fee is large.

Review

Our review of the Commonwealth Bank Diamond Awards Credit Card

The mother of all credit cards. The diamond-level features, benefits, rewards and more are at your fingertips with the CommBank Diamond Awards Credit Card. You get one account, two credit cards, security, convenience, potential points earning.

Pros

The Diamond Awards card is capped at 1 million points. You can earn up to 3 points per $1 spent on the AMEX card and up to 1 point per $1 spent on the MasterCard.

There are few limits on what you can redeem your awards points for. With Diamond Awards you have absolute freedom to redeem your points for lots of different things. Or, you can get the cash back to your credit card and purchase what you like. (Definitely a plus to be able to redeem your points on things you actually want.) Possibilities range from travel, to shopping vouchers, to merchandise, to cash back and much more. Items can be redeemed from as little as 2,500 points (worth about $15).

We could be here all day, but let me list the best features and benefits for you. Aside from a great and flexible rewards program, other appealing benefits abound. Insurances are subject to eligibility and coverage conditions (you can find that on the CommBank website). The benefits include:

  • Complimentary international travel insurance for you and your family
  • Extended warranty insurance
  • Purchase security insurance
  • Emergency travel assistance
  • Safe online shopping guarantee as long as you comply with credit cards conditions of use.
  • MasterCard PayPass (contactless payment for purchases under $100)
  • Security chip protection on MasterCard
  • State of the art fraud protection (24/7)
  • Up to 55 days on purchases interest free on purchases

Cons

The card has a pretty huge $349 p.a. annual fee and interest rates are up there too. You’d want to make sure you were going to be able to pay off all your balances and that the card can get you more than it’s costing you.
It’s aimed at the big dollar spender so if that’s not you, don’t even look twice. Even if you are turning over more than a few bucks, always read the fine print and make sure it’s a card that does indeed suit your lifestyle and your needs.

Remember one point is not worth one dollar. You do have to spend a lot to get anywhere with points. In this case, on the MasterCard, each point is worth just over 0.006cents. To get a million points you’d be spending an absolute fortune. It’s a bit better on the AMEX.

Conclusion

In short, this card is in the suit-wearing class. Superior rewards, security, convenience and travel features are what this card has to offer and you’ll pay for the privilege, but if you’re spending enough to barely notice, this card could be your new best friend.

User reviews

4.3 out of 5.0 based on 39 reviews95% of reviewers would recommend this card.

Rates and fees
Rewards
Customer service
Convenience
Trust
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.

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.

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.

Making money on this credit card

Reviewed and recommended by Chantelle on 22 Nov 2016

I love using this credit card as I gain a decent amount of award points which I convert to flight centre money. I get 3 points per dollar spent with American Express and 1.5 points with the MasterCard.

I do not have to pay a credit card fee as I have a Commonwealth Wealth Package, which allows me to have one credit card.

This is definitely a worthwhile credit card and I would recommend it.

Great rewards card actually makes me money

Reviewed and recommended by Sam on 27 Oct 2016

This card is great for reward points. Every month or two I redeem a reward of around $100 just by trying to use this credit card for most purchases. That’s almost $1000 per year with very little effort. I pay off in full before the due date and the card is actually making me money.

Money saver with great rewards

Reviewed and recommended by Miss on 26 Oct 2016

I have saved hundreds of dollars on overseas travel insurance by using this card, as travel insurance is included.

It also has a great awards system. I have received a Bosch washing machine in the last year using this card, and also have enough travel dollars already for an overseas trip.

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.

High fees outweighed by rewards

Reviewed and recommended by Debra on 17 Oct 2016

The credit card is as convenient as any other card. The fees are quite high but the rewards usually outweigh them, so we have continued with it so far rather than changing to a no/low fee card.

I like that I can go online and it is easy to access the card or make changes myself.

Good card but dislike overseas transaction fees

Reviewed and recommended by Keira on 26 Sep 2016

I have two cards linked to the one account — one AmEx and one MasterCard. There are more points associated with AmEx so I use it as my priority, and use MasterCard where AmEx is not accepted.

To be honest, I never pay interest on my cards and use them for the points system to purchase items and travel. On the rare occasion where I have missed paying down the card to $0, the interest was quite low (no more than $5).

My main problem with this card is the international transaction fees that come with online purchases. For example, I travel a lot and if I’m booking a room on HostelBookers or booking.com, it comes with an international transaction fee because the website is based outside of Australia. (The UK I think). The same applies with booking flights. This really annoys me. However, if you don’t travel much it probably won’t be an issue for you.

The online rewards shop that you can use your points in is quite vast. However, you do need lots of points to purchase anything quite good.

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.

Good rewards and insurance

Reviewed and recommended by David on 20 Sep 2016

The included travel insurance is great as you don’t need to put the ticket on the card. You just activate the insurance with your dates.

The reward rates are OK but the fees are high. I wish the fees were lower.

There is lounge access at Sydney airport once a year, which we will use.

Show 29 more reviews

Basic details

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
$6000
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
$4 or 1.75% of the cash advance amount (whichever is greater).
Overseas emergency card replacement fee
$20
Transaction verification fee
$0

Rewards

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)
1.2 pts per $1 spent
Frequent flyer points (mc)
0.5 pts per $1 spent
Overseas earn rate (amex)
Same as standard earn rate
Overseas earn rate (mc)
Same as standard earn rate
Points cap per month (amex)
N/A
Points cap per month (mc)
N/A
Points cap per year (amex)
1,000,000
Points cap per year (mc)
N/A
Reward points (amex)
3 pts per $1 spent
Reward points (mc)
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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