Commonwealth Bank Platinum Awards Credit Card

  • Commonwealth Bank
  • 0.00% for 10 months then 20.24%

  • 5.99% for 5 months and then 21.24%

  • $280$250 if CBA customer when applying

  • 55

Commonwealth Bank Platinum Awards Credit Card Review

Review updated: 2 July 2014
Review published: 16 April 2013

What's hot:

  • Complimentary travel insurance
  • Amex and MasterCard, no expiry date on points
  • Rewards options galore
  • 0% purchase rate for 10 months

What's not:

  • $280 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. Plus you will get to enjoy interest free spending for 10 months if you apply by 15 September 2014 and are approved by 15 October 2014 with the 0% purchase rate offer.


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 they are capped at 150,000 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. However, the Frequent Flyer option does incur an extra $10 rewards program fee.

The Commonwealth Bank Platinum Awards credit card has 0% purchase rate for 10 months, which reverts to the standard purchase rate of 20.24% after the intro period ends. 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 $280, but if you are an existing CommBank customer, you'll only pay $250 per year. And 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!



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.

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

Product Type Overall Rating Price Features Service Convenience Trust
Commonwealth Bank credit card 7.7 Based on 54
Commonwealth Bank credit card reviews
6.3 6.6 7.7 8.5 7.9

Read Commonwealth Bank credit card reviews by the Mozo community

Latest reviews of Commonwealth Bank Platinum Awards Credit Card

  • Trouble free banking

    1. Overall customer rating
    2. (Reviewed about 2 hours ago)

    Awesome online site. App is pretty good too. So good I haven't needed to go into a branch or talk on the phone to the CBA for years, so can't really comment on service.  Full review 

    Awesome online site. App is pretty good too. So good I haven't needed to go into a branch or talk on the phone to the CBA for years, so can't really comment on service.


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    Commonwealth Bank credit card review by Mat from Tasmania

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  • Great customer service

    1. Overall customer rating
    2. (Reviewed 25 days ago)

    Trustworthy, convenient and supportive customer service. Interest rates are not the lowest available from a banking service provider.  Full review 

    Trustworthy, convenient and supportive customer service. Interest rates are not the lowest available from a banking service provider.


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    Commonwealth Bank credit card review by Linda from Victoria

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  • Great service signing up, then they don't care

    1. Overall customer rating
    2. (Reviewed 25 days ago)

    The interest rates are high but mainly due to using my credit card insurance (when I became unemployed). The payments they make on my credit card are phenomenal however the customer service is terrible, the amount of times I rang them continuously...  Full review 

    The interest rates are high but mainly due to using my credit card insurance (when I became unemployed). The payments they make on my credit card are phenomenal however the customer service is terrible, the amount of times I rang them continuously and with promises of them to ring me back or get back to me was ridiculous. I have found with them they are very friendly and eager to help you upon signing up etc. but when it comes to things like making claims, they are outright not interested in helping.


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    Commonwealth Bank credit card review by Jodie from Queensland

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  • Great personal extras

    1. Overall customer rating
    2. (Reviewed 28 days ago)

    I love the friendly staff at the local branch, helpful, efficient and knowledgable. I like the credit card extras like complimentary travel insurance, it's a great saving.  Full review 

    I love the friendly staff at the local branch, helpful, efficient and knowledgable. I like the credit card extras like complimentary travel insurance, it's a great saving.


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    Commonwealth Bank credit card review by Eve from Western Australia

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  • Fantastic customer service and reliable

    1. Overall customer rating
    2. (Reviewed about 1 month ago)

    In my experience they have been very reliable and fantastic at customer service. They provide clear, effective support in a friendly and honest way. I always seem to have positive experiences when using customer support over the phone. I fi...  Full review 

    In my experience they have been very reliable and fantastic at customer service. They provide clear, effective support in a friendly and honest way. I always seem to have positive experiences when using customer support over the phone. I find the Netbank and Kaching website and app easy to use and have never had issues or problems with it. It's never crashed and never failed to do what I want. I find CBA also seem to be thinking about and introducing the next new thing for online banking and I think are ahead of the game in terms of innovation and technology. The credit card interest rates are not the lowest on the market but I try not to pay the interest anyway so doesn't really affect me. I know for the home loan, at the time I applied, they had one of the lowest rates out there. I use the rewards program a lot and enjoy the 'freebies'. The system is easy to use although it would be good to see the gift cards available straight away online.


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    Commonwealth Bank credit card review by Amy from Victoria

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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

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 points per dollar on MasterCard, up to 150000 points per year, then
    1 points 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
0.00% for 10 months
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
$280.00
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
Purchase rate offer available for applications received by 15 September 2014 and approved by 15 October 2014.

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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