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    • Commonwealth Bank Diamond Awards Credit Card

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    • Diamond Awards Credit Card card from Commonwealth Bank

    • 20.74%

    • 5.99% for 5 months and then 21.74%

    • $425.00

    • 55

    • Diamond Awards Credit Card (Qantas Awards) card from Commonwealth Bank

    • 20.74%

    • 5.99% for 5 months and then 21.74%

    • $425.00

    • 55

    Commonwealth Bank Diamond Awards Credit Card Review

    Review published: 16 February 2012
    Review updated: 3 May 2012

    What's hot:

    • Limitless reward choices and personal concierge
    • Amex and Mastercard flexibility
    • $50 cash back

    What's not:

    • $425 annual fee

    Mozo snapshot:

    Credit cards don't get any more premium than the Commonwealth Bank Diamond Awards Card. With a minimum credit limit of $18,000, this is a credit card for high flyers who want a limitless rewards program to match their lifestyle.

    Key features: Absolute freedom, that's what you'll get with the Commonwealth Bank Diamond Awards Card. You simply decide what you want to spend your rewards points on - travel, Michelin Star restaurants, high-end fashion, gift cards - you name it. Either your personal concierge will take care of it for you or you can purchase what you like and get cash back onto your card. You can also choose the option of having all points credited to the Qantas Frequent Flyer program.

    The American express card has a higher rewards earning rate (3 points per dollar) compared with the Mastercard (1.25 points per dollar). And a quick check of our Rewards Revealer tool reveals this credit card is one of the top rewards cards for getting value from your rewards points.

    There is a low 5.99% balance transfer offer for 5 months and a $50 cash back offer after your first purchase (must be within 30 days of the card activation). Make sure any debt transferred is paid off within the promo period or you'll end up paying the high cash rate of 21.74% until the balance is paid off.

    A rate of 20.74% applies to all purchases, but cardholders have a leisurely 55 day interest free period to repay. There is a very weighty $425 annual fee but the card comes with a 24/7 personal concierge service. You'll also get access a range of exclusive offers and discounts through the American Express Premium Privileges and MasterCard World Privilege Access programs. Other benfits include travel insurance, purchase protection and extended warranty.

    Who it's good for: Boasting a limitless rewards program as well as Amex and Mastercard usability, the Commonwealth Bank Diamond Awards Card should please all high flyers.

    Any catches? The rewards may be limitless and no matter what your credit limit is, at some point you’ll still have to repay the balance.

    How are Commonwealth Bank credit cards rated by the Mozo community?

    Product Type Overall Price Features Service Convenience Trust
    Commonwealth Bank credit cards 6.7 Based on 890
    Commonwealth Bank credit card reviews     		5.6 5.9 6.9 7.8 6.9

    Read Commonwealth Bank credit card reviews by the Mozo community

    Latest reviews of Commonwealth Bank Diamond Awards Credit Card

      • Commonwealth Bank Diamond Awards Credit Card *

        • 20.74%

          interest rate

        • $425.00

          annual fee

        Commonwealth Bank Platinum Awards Credit Card *

        More Commonwealth Bank credit cards

        * Fees and charges are payable

        Show Rates

        superior customer service

          11. Overall customer rating
          12. (Reviewed 15 days ago)

        I always receive superior customer service and the staff are so friendly and professional, they treat you like a person not a number.       Full review 

        I always receive superior customer service and the staff are so friendly and professional, they treat you like a person not a number.


          11. Price
          11. Features
          11. Service
          11. Convenience
          11. Trust
        Less
        Commonwealth Bank Diamond Awards Credit Card credit card review by Annette from Tasmania

        Was this review helpful?

        Yes

      • Commonwealth Bank Diamond Awards Credit Card *

        • 20.74%

          interest rate

        • $425.00

          annual fee

        Commonwealth Bank Platinum Awards Credit Card *

        More Commonwealth Bank credit cards

        * Fees and charges are payable

        Show Rates

        True customer service focus!

          11. Overall customer rating
          12. (Reviewed 17 days ago)

        The Commonwealth bank experience is truly outstanding, their telephone banking representatives are far better than other providers. Their answers are always correct and understandable, with a true and apparent customer service focus.       Full review 

        The Commonwealth bank experience is truly outstanding, their telephone banking representatives are far better than other providers. Their answers are always correct and understandable, with a true and apparent customer service focus.


          11. Price
          11. Features
          11. Service
          11. Convenience
          11. Trust
        Less
        Commonwealth Bank Diamond Awards Credit Card credit card review by Ian from Victoria

        Was this review helpful?

        Yes

      • Commonwealth Bank Diamond Awards Credit Card *

        • 20.74%

          interest rate

        • $425.00

          annual fee

        Commonwealth Bank Platinum Awards Credit Card *

        More Commonwealth Bank credit cards

        * Fees and charges are payable

        Show Rates

        Full-featured card but high fees and interest!

          11. Overall customer rating
          12. (Reviewed about 1 month ago)

        This is a full-featured card but has the fees and interest rate to match. Pricing guarantee (in case the item is available for a cheaper price within 21 days), great rate (0.99% interest for 3 statement periods for up to 6 $1000+ purchases per ye...       Full review 

        This is a full-featured card but has the fees and interest rate to match. Pricing guarantee (in case the item is available for a cheaper price within 21 days), great rate (0.99% interest for 3 statement periods for up to 6 $1000+ purchases per year), purchase protection (protects against loss or theft in first 90 days), complementary international travel insurance and extended warranties (additional year on most items) all offer peace of mind that in the end justify the high fees.


          11. Price
          11. Features
          11. Service
          11. Convenience
          11. Trust
        Less
        Commonwealth Bank Diamond Awards Credit Card credit card review by Dave from Queensland

        Was this review helpful?

        Yes

      • Commonwealth Bank Diamond Awards Credit Card *

        • 20.74%

          interest rate

        • $425.00

          annual fee

        Commonwealth Bank Platinum Awards Credit Card *

        More Commonwealth Bank credit cards

        * Fees and charges are payable

        Show Rates

        Free upgrade? No brainer!

          11. Overall customer rating
          12. (Reviewed about 1 month ago)

        I had a CBA Gold card as part of my home loan wealth package, which has suited me and my husband well over many years. Recently, we received a letter offering the Diamond rewards card for no extra cost. I thought it seemed like a good offer, but w...       Full review 

        I had a CBA Gold card as part of my home loan wealth package, which has suited me and my husband well over many years. Recently, we received a letter offering the Diamond rewards card for no extra cost. I thought it seemed like a good offer, but when I was told I would have to manually update all my direct debits, I decided against it. Not long ago, the bank sent me another letter with two Diamond cards attached, in what was clearly a final role of the dice before the new credit card laws come into affect (no more unsolicited offers!). Well, it is hard to ignore the glimmer of platinum and black plastic. So they had me hooked. Paying no extra fees did make it a bit of a no brainer, even if it won't have a huge impact on my life. Better bonus point earn rate and the AMEX option (dual cards) will be nice come the end of the year, plus the ability to choose any reward is neat. Fancy stuff like a personal concierge seem like a bit of hot air to me, but we shall see.


          11. Price
          11. Features
          11. Service
          11. Convenience
          11. Trust
        Less
        Commonwealth Bank Diamond Awards Credit Card credit card review by Ruth from New South Wales

        Was this review helpful?

        Yes

      • Commonwealth Bank Diamond Awards Credit Card *

        • 20.74%

          interest rate

        • $425.00

          annual fee

        Commonwealth Bank Platinum Awards Credit Card *

        More Commonwealth Bank credit cards

        * Fees and charges are payable

        Show Rates

        A Must Have!

          11. Overall customer rating
          12. (Reviewed 3 months ago)

        Having the freedom to use both an American Express and Mastercard covers all credit card transactions. This combined with the great service and flexible options with rewards makes for the best credit card and the best provider!       Full review 

        Having the freedom to use both an American Express and Mastercard covers all credit card transactions. This combined with the great service and flexible options with rewards makes for the best credit card and the best provider!


          11. Price
          11. Features
          11. Service
          11. Convenience
          11. Trust
        Less
        Commonwealth Bank Diamond Awards Credit Card credit card review by Reginald from New South Wales

        Was this review helpful?

        Yes
    Currently showing:

    Rewards scheme

    • Transfer points to a range of airline programs or redeem your points for travel, cashback, gift cards, retail rewards and shopping gift cards.
    • You can get flights via Velocity, Air New Zealand Airpoints or through Flight Centre vouchers.
    • Bonus points at over 30 partners including hotels, travel and more.

    Privileges

    • Concierge
    • Travel Accident Insurance
    • Extended Warranty
    • Purchase Protection

    Value of rewards points

    • Example reward
    • You'd need to spend
    •  
    • MasterCard
    • Amex
    • Flight: Sydney-Melbourne
    • $15,680
    • $6,533
    • Flight: Sydney-London
    • $200,000
    • $83,333
    • $100 gift card
    • $13,920
    • $5,800
    • $100 cash back
    • $16,000
    • $6,667
    • Points are capped?
    • at $800,000 pa
    • Points expire?
    • Never

    Details behind our 'value of rewards' calculations

    • Points earning 3 points per dollar on Amex, 1.25 points per dollar on MasterCard, up to 1000000 points per year
    • Flight: Sydney-Melbourne 1 points buys 0.5 Velocity Points; 9800 Velocity Points buys a Virgin Australia Syd-Mel flight
    • Flight: Sydney-London 1 points buys 0.5 Velocity Points; 125000 Velocity Points buys a Velocity partner London flight
    • $100 gift card 17400 points buys a David Jones $100 Gift Card
    • $100 cash back 20000 points buys a $100 credit

    (how did we do it? find out...)

    Rewards scheme

    • Points are automatically credited to the Qantas Frequent Flyer program.
    • All rewards are redeemed via Qantas Frequent Flyer.
    • Bonus points at over 30 partners including hotels, travel and more.

    Privileges

    • Concierge
    • Travel Accident Insurance
    • Extended Warranty
    • Purchase Protection

    Value of rewards points

    • Example reward
    • You'd need to spend
    •  
    • MasterCard
    • Amex
    • Flight: Sydney-Melbourne
    • $20,560
    • $8,567
    • Flight: Sydney-London
    • $204,800
    • $85,333
    • $100 gift card
    • $21,600
    • $9,000
    • Points are capped?
    • at $400,000 pa
    • Points expire?
    • Never

    Details behind our 'value of rewards' calculations

    • Points earning 3 points per dollar on Amex, 1.25 points per dollar on MasterCard, up to 500000 points per year
    • Flight: Sydney-Melbourne 1 points buys 0.5 Qantas Frequent Flyer Points; 12850 Qantas Frequent Flyer Points buys a Qantas Syd-Mel flight
    • Flight: Sydney-London 1 points buys 0.5 Qantas Frequent Flyer Points; 128000 Qantas Frequent Flyer Points buys a Qantas London flight
    • $100 gift card 1 points buys 0.5 Qantas Frequent Flyer Points; 13500 Qantas Frequent Flyer Points buys a Myer $100 Gift Card

    (how did we do it? find out...)

    Rates

    Purchase rate
    20.74%
    Intro purchase rate
    none
    Balance transfer rate
    5.99% for 5 months and then 21.74%
    Balance transfer term
    5 Months
    Balance transfer revert to cash
    yes
    Cash advance rate
    21.74%
    Interest free days
    55

    Other financial bits

    Minimum repayment amount
    $25.00
    Minimum repayment percent
    2.0

    Fees

    Annual card fee
    $425.00
    Introductory fee
    none
    Annual fee spend threshold
    none
    Reward program fee
    $
    Late payment fee
    $20.00
    Overlimit fee
    $10.00
    Cash advance fee
    $$2.50 or 1.5%
    Foreign exchange margin
    2.95%
    Duplicate statement fee
    $0.00
    Transaction verification fee
    $0.00
    Additional card fee
    $15.00
    Establishment fee
    $

    Features

    Additional cardholders
    1
    Other restrictions
    none
    Other benefits
    Receive an Amex card linked to your MasterCard. $50 cash back if apply online and card used within 30 days of activation. Annual fee reduced by $30 each year if you hold a current Commonwealth Bank account.

    Rates

    Purchase rate
    20.74%
    Intro purchase rate
    none
    Balance transfer rate
    5.99% for 5 months and then 21.74%
    Balance transfer term
    5 Months
    Balance transfer revert to cash
    yes
    Cash advance rate
    21.74%
    Interest free days
    55

    Other financial bits

    Minimum repayment amount
    $25.00
    Minimum repayment percent
    2.0

    Fees

    Annual card fee
    $425.00
    Introductory fee
    none
    Annual fee spend threshold
    none
    Reward program fee
    $10.00
    Late payment fee
    $20.00
    Overlimit fee
    $10.00
    Cash advance fee
    $$2.50 or 1.5%
    Foreign exchange margin
    2.95%
    Duplicate statement fee
    $0.00
    Transaction verification fee
    $0.00
    Additional card fee
    $15.00
    Establishment fee
    $

    Features

    Additional cardholders
    1
    Other restrictions
    none
    Other benefits
    Receive an Amex card linked to your MasterCard. $50 cash back if apply online and card used within 30 days of activation. Annual fee reduced by $30 each year if you hold a current Commonwealth Bank account.

    About Commonwealth Bank

    The Commonwealth Bank might be one of Australia’s oldest and largest banks, but lately it’s determined to do things differently. The Commonwealth Bank reckons it’s focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank’s wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.

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