Commonwealth Bank Platinum Awards Credit Card

My monthly spend: 
card features
rewards program
earn rate
sign up bonus
your earnings
Rewards points never expire.
Strong earn rate of 2.5 pts per $1 spent on the AmEx card.
$249 p.a. annual fee.
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Commonwealth Bank Awards
Commonwealth Bank Awards
1 pts
per $1 spent
in 12 mths (approx.) what can I do with these?

Pros & cons

What's good?

What's not so good?

Rewards points never expire.
Strong earn rate of 2.5 pts per $1 spent on the AmEx card.
$249 p.a. annual fee.
Complimentary international travel insurance, purchase security insurance and extended warranty insurance.
Lots of branches & ATM’s across the country if you ever need them.
Award winning Internet Banking and Mobile Apps to make it easier to manage your account.
CommBank concierge is available 24/7.
There is balance transfer offers available on other credit cards.
The interest rate and annual fee are as high as you would expect for a platinum credit card.

User reviews

4.0 out of 5.0 based on 39 reviews87% of reviewers would recommend this card.

Rates and fees
Customer service
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.

Convenient, but only average rewards and high fees

Reviewed and recommended by Derryn on 11 Dec 2016

This is a fairly good card that comes with the convenience of the CommBank app. So you get benefits like being able to remotely lock your card if you lose it, as well as being able to put other reward program cards in your phone.

You can use the reward points for a lot of things through the Awards website, including booking directly with Flight Centre, which means you can choose any airline to fly with, not just Qantas or Virgin. You can also just use the value of the points you have towards a booking, instead of having to reach certain point milestones.

The reward points can also be used to pay for the annual fee, which could effectively make this a fee-free card.

It also comes with an optional tap-to-pay sticker which you can put on your phone so you don’t need to carry your wallet. The downside to this is that it is only for the MasterCard, which means you will only receive 1 point per $1, instead of 2.5 per $1 if you use the AmEx. For this reason I almost never use it unless AmEx isn’t accepted.

This is the other major downside to this card. It is quite expensive compared to the value of the reward points and your ability to accumulate them quickly. This card is really only worth it if you are using AmEx 90% of the time, but the AmEx surcharge at most retailers will usually be more than the value of the points you earn. So you really need to shop around for retailers that don’t charge more for AmEx.

An easy way around the surcharge (or to reduce it) is to link the AmEx to your PayPal account. Retailers will often charge nothing to pay by PayPal, or a maximum 1%. This way you can still earn maximum points, with minimum fees. This will also often avoid the high international transaction fee that CommBank charges for transactions that don’t take place in Australia.

There are bonus point partners, but the bonus points are minimal and the partners are mostly rare purchases.

Pros: – Convenient – Good technology – Can link AmEx to PayPal to avoid surcharges and international transaction fees when purchasing online – Flexible rewards usage

Cons: – Expensive annual fee for the benefits – Hard to earn rewards on AmEx alone in Australia – No Apple Pay or other eWallets – Tap-to-pay sticker is for MasterCard only

Rewards programme works great

Reviewed and recommended by Saloni on 31 Oct 2016

There’s a great rewards program on offer. There are no hidden terms and conditions for redeeming the points. The additional American Express card offers more points on purchases.

I have had this card for more than two years now and it has reasonable annual charges.

The bank offers a very easy and user-friendly phone application service.

Qantas points, travel insurance, easy app

Reviewed and recommended by E on 29 Oct 2016

I have been very pleased with the service Commonwealth Bank offer. They always try to address any concerns very promptly and they are all very polite.

I upgraded to this card because I was very quickly maxing out the awards points I received with the lower rate cards.

One particular perk of this card that I really enjoy is that this credit card gives me travel insurance and a 24 hour help desk. I also really like the fact that I can link my Qantas frequent flyer card to this card and earn Qantas points.

My favourite thing about Commonwealth cards is that you can very quickly transfer money between accounts with the app or even by logging in online. You can transfer between your accounts and the money is available instantly. Even if you are transferring into a foreign currency, that money will be available right away.

Free travel insurance and rewards

Reviewed and recommended by Lisa on 26 Oct 2016

I really like the insurance cover with travel bookings. That’s the main point for me.

The rewards/points are pretty good and you can easily transfer money between accounts with the app. It also provided some benefits with CBA home loans which is why I switched.

The annual fee is a bit hefty, though — $350, I think.

Loving the rewards

Reviewed and recommended by Chai on 23 Oct 2016

We got a bonus 80,000 points when we signed up, which definitely put us ahead. Now we are eight months in and have $700 worth of points — definitely worth the $250 annual fee. Rewards are amazing and extremely convenient to claim, and it’s so easy through the CommBank app. I’ve been recommending it to all my friends and family.

Good rewards, free insurance

Reviewed and recommended by Tejas on 29 Sep 2016

It’s a good card and it’s also helpful to have an AmEx card with it, which gives you more rewards every time you shop. You can also add your spouse and get an extra card for him/her and take advantage of extra points when they shop.

It’s a bit expensive in annual fees, but you can negotiate with the bank. Also it has travel insurance, so there’s no need to buy any other travel insurance when you’re going overseas.

It’s easy to get online banking with the CBA banking app. I would recommend it.

Awards and interest-free days

Reviewed and recommended by J on 28 Sep 2016

I wouldn’t move to another bank. Purchases are interest free for 55 days and I always pay it off so never pay interest, ever.

I get award points for using it too, and it comes with an American Express card, which earns more points. I use points for cash or gift cards, or I can donate to charity.

I have been with Commonwealth my whole life though.

Good rewards but high interest rate

Reviewed and recommended by Bec on 20 Sep 2016

Rewards offered are quite good, with very fast delivery times.

CBA waived the card fees when I took up this product.

The overall appearance of the card is appealing to the eye. However, the Interest rate is exceptionally high.

CBA offer a wide variety of credit cards to suit people with all types of budgets, and there are easy repayment options.

Money for jam!

Reviewed and recommended by Nick on 23 Aug 2016

I use this card for all of my expenses, such as petrol and groceries and all spending. For each $1 I spend I am awarded 3 points, and sometimes more for bonus offers. I then accumulate points which I can convert to cash or travel. It is a no-brainer, as you spend the money anyway, and you might as well spend smartly and generate fully free $$$$ and points

Simple and easy

Reviewed and recommended by Eliza on 10 Aug 2016

Great company and great card. I’ve never had any issues with it. If I am confused or want something clarified, it’s equally simple to jump onto the web or call up to clarify.

i didn’t even apply for this card, but was it was sent to me for being a loyal customer.

Show 29 more reviews

Basic details

About this card

Card setup
Dual Card
Card tier
Card type
Mastercard & Amex
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Commonwealth Bank Awards
Temporary residents


Additional cardholders
Additional card fee
$10 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


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

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
Balance transfer fee payment due
First statement
Balance transfer from personal loan
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

Banks you can't balance transfer from

You can't balance transfer to the Commonwealth Bank Platinum 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

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


Annual fee
$249 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
$4 or 1.75% of the cash advance amount (whichever is greater)
Overseas emergency card replacement fee
Transaction verification fee


Rewards program basics

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

Earning points with this card

ATO payment earns rewards (amex)
0 pts per $1 spent
ATO payment earns rewards (mc/visa)
Frequent flyer points (amex)
1 pts per $1 spent
Frequent flyer points (mc/visa)
0.4 pt 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)
Points cap per month (mc/visa)
Points cap per year (amex)
Points cap per year (mc/visa)
Reward points (amex)
2.5 pts per $1 spent
Reward points (mc/visa)
1 pt per $1 spent

Additional benefits

Airport lounge access
Complimentary flight voucher
Concierge service


This card comes with benefits worth an estimated $1,341

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.
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.
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.
Interstate flight inconvenience insurance
Valuation based on similar domestic travel insurance policies available online that include interstate flight inconvenience.
Overseas travel insurance
Valuation based on similar annual travel insurance policies available online for trips of up to 60 days.
Transit accident insurance
Valuation based on similar global transit accident insurance policies available online.
Total estimated value$1,341
Annual fee$249
Net customer value$1,092
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
Earn a regular income of more than $50,000 per year
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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