Commonwealth Bank Platinum Awards Credit Card

  • Commonwealth Bank
  • 20.24%

  • 5.99% for 5 months and then 21.24%

  • $250

  • 55

Commonwealth Bank Platinum Awards Credit Card Review

Review updated: 24 February 2015
Review published: 16 April 2013

What's hot:

  • Complimentary travel insurance
  • Amex and MasterCard, no expiry date on points
  • Rewards options galore

What's not:

  • $250 annual fee

Mozo snapshot:

The Platinum Awards Credit Card links two cards to one account, helping customers to get the most out of their rewards.

Activate the Lock, Block and Limit feature of the card in the first 30 days and you'll earn double Awards points on MasterCard spend for the first 90 days.

Key features:

The Platinum Awards Credit Card offers customers the flexibility of two cards: Amex and MasterCard. We suggest you stick with the American Express option, however, as you'll get double the points for every dollar you spend. The points you earn do not expire, but after earning the first 150,000 points, there is a reduced earn rate up to a maximum of 250,000 points in a year.

You can choose to redeem your points through a range of airline programs or redeem points at Flight Centre, instore at Myer, gift cards, cash back or many other items from the Awards website.

The Commonwealth Bank Platinum Awards credit card has a standard purchase rate of 20.24%. If you have pre-existing debt on another card, the CommBank Platinum Awards Credit Card offers a low balance transfer rate of 5.99% for five months. But if you haven't paid off the debt by the end of that period, your balance will roll over to the much less reasonable cash advance revert rate of 21.24%. 

There is a hefty annual fee of $250, but don't forget the card comes with concierge service, complimentary international travel insurance, and, if you're a Sydneysider or visiting Sydney, the exclusive Priceless Sydney program. Suddenly, the annual fee isn't looking too bad at all!

The card comes with extra security via the lock, block and limit feature which enables you to change features of the card to suit your spending patterns. For instance you can block overseas transactions if you are not travelling, you can also give yourself a per transaction spending limit and block any ATM cash withdrawals. The feature is part of NetBank or the CommBank app and so if you change your mind you can easily unlock or clear it whenever you need.

Who it's good for:

The CommBank Platinum Awards Credit Card will work well for anyone looking to increase their points earning potential.

Any catches?

Avoid late repayments - they'll attract a $20 fee. Don't be tempted to overspend with the cards $6000 minimum credit limit. 

To get the double Awards points on MasterCard spend you will need to activate the lock, block and limit feature within the first 30 days of getting the card.

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

Product Type Overall Rating Price Features Service Convenience Trust
Commonwealth Bank credit card 7.3 Based on 1293
Commonwealth Bank credit card reviews
6.2 6.3 7.5 8.0 7.6

Read Commonwealth Bank credit card reviews by the Mozo community

Latest reviews of Commonwealth Bank Platinum Awards Credit Card

  • Commonwealth - Where it's at!

    1. Overall customer rating
    2. (Reviewed 9 days ago)

    Commonwealth Bank could not have nicer staff and better rates in various areas. Being a student, I was helped with travel arrangements, long-term deposits and even the opening of a joint account for a gym membership, while the staff did not even b...  Full review 

    Commonwealth Bank could not have nicer staff and better rates in various areas. Being a student, I was helped with travel arrangements, long-term deposits and even the opening of a joint account for a gym membership, while the staff did not even batan eyelid and made sure that I was getting the most out of my banking experience.


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    Commonwealth Bank credit card review by Rafferty from Victoria

    1 person found this review helpful – do you? Yes flag

  • Nice rewards from my bank

    1. Overall customer rating
    2. (Reviewed 24 days ago)

    My bank upgraded me to this Platinum level at no extra cost probably because I have a solid record of saving and general banking.  Full review 

    My bank upgraded me to this Platinum level at no extra cost probably because I have a solid record of saving and general banking.


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    Commonwealth Bank credit card review by Eric from Queensland

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  • Convenient and user friendly

    1. Overall customer rating
    2. (Reviewed 24 days ago)

    I have banked with the Commonwealth Bank all of my life. I have tried other banks in addition and have used a variety of credit cards but I have found the Commonwealth to be the easiest and most convenient. Staff at the local branch are always hel...  Full review 

    I have banked with the Commonwealth Bank all of my life. I have tried other banks in addition and have used a variety of credit cards but I have found the Commonwealth to be the easiest and most convenient. Staff at the local branch are always helpful and banking online is super easy to use as is the new phone app.


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    Commonwealth Bank credit card review by Susan from Queensland

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  • Cheaper fee, I would be happy

    1. Overall customer rating
    2. (Reviewed 24 days ago)

    I think the annual fee is far to high, what I can get for the points I earn I can buy those things twice over for the cost of the fee.  Full review 

    I think the annual fee is far to high, what I can get for the points I earn I can buy those things twice over for the cost of the fee.


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    Commonwealth Bank credit card review by Jan from New South Wales

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  • Great customer service

    1. Overall customer rating
    2. (Reviewed 29 days ago)

    Staff at Lismore are always happy to help with enquiries I have with my Credit Card. Concierge always pleasant and have a good chat when being served.  Full review 

    Staff at Lismore are always happy to help with enquiries I have with my Credit Card. Concierge always pleasant and have a good chat when being served.


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    Commonwealth Bank credit card review by John from New South Wales

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  • Show more reviews

Rewards scheme

  • Transfer points to a range of airline programs or redeem points at Flight Centre, instore at Myer, gift cards, cash back or thousands of items from the Awards website.
  • You can get flights via Velocity or through Flight Centre vouchers.
  • Bonus points at over 30 partners including hotels, travel and more.

Privileges

  • Concierge
  • Travel Insurance
  • Extended Warranty
  • Purchase Protection

Special offers

  • Earn double Awards Points on MasterCard spend for the first 90 days when you use the lock, block or limit feature within the first 30 days.

Value of rewards points

  • Example reward
  • You'd need to spend
  •  
  • MasterCard
  • Amex
  • $100 gift card
  • $18,600
  • $7,440
  • $100 cash back
  • $20,900
  • $8,360
  • Flight: Sydney-Melbourne
  • $13,800
  • $5,520
  • Flight: Sydney-London
  • $250,000
  • $160,000
  • Points are capped?
  • at 250,000 points yearly
  • Points expire?
  • Never

Details behind our 'value of rewards' calculations

  • Points earning 2.5 points per dollar on Amex, 1 point per dollar on MasterCard, up to 150000 points per year, then
    1 point per dollar on Amex, 0 points per dollar on MasterCard, up to 250000 points per year
  • $100 gift card 18600 points buys a Myer $100 Gift Card
  • $100 cash back 20900 points buys a $100 credit
  • Flight: Sydney-Melbourne 1 points buys 0.5 Velocity Points; 6900 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

*how did we do it? find out...

Rates

Purchase rate
20.24%
Intro purchase rate
none
Balance transfer rate
5.99% for 5 months and then 21.24%
Balance transfer revert to cash
yes
Cash advance rate
21.24%
Interest free days
55

Fees

Annual card fee
$250.00
Introductory fee
none
Annual fee spend threshold
none
Reward program fee
none
Late payment fee
$20.00
Cash advance fee
2%, Min $2.50, Max $150
Foreign exchange margin
3.00%
Duplicate statement fee
$0.00
Transaction verification fee
$0.00
Additional card fee
$15.00

Other financial bits

Minimum repayment amount
$25.00
Minimum repayment percent
2.0

Features

Additional cardholders
1
Other restrictions
American Express foreign transaction fee is 3.5%
Other benefits
none

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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