Commonwealth Bank Platinum Awards Credit Card

Commonwealth Bank

20.24%

5.99% for 5 months and then 21.24%

$249

Commonwealth Bank Platinum Awards Credit Card Review

Review updated: 7 March 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:

  • $249 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 $249, 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
7.3

Based on 1308
Commonwealth Bank credit cards reviews

6.2 6.4 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 Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Helpful service

Overall rating   8 / 10

Bank has been helpful in providing services to meet our needs. Staff at branch are impressive. Full review

Bank has been helpful in providing services to meet our needs. Staff at branch are impressive.

    Price rating   8 / 10

    Features rating   8 / 10

    Service rating   8 / 10

    Convenience rating   7 / 10

    Trust rating   8 / 10

Less

- John (WA)

flag Was this review helpful? Yes

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Great Customer Service

Overall rating   8 / 10

You have to go to the right branch. The more experienced staff are in those bigger branches and they are very friendly and know their job well. The cons is that the bigger branches usually have a longer queue and might require a longer wait. Full review

You have to go to the right branch. The more experienced staff are in those bigger branches and they are very friendly and know their job well. The cons is that the bigger branches usually have a longer queue and might require a longer wait.

    Price rating   6 / 10

    Features rating   6 / 10

    Service rating   10 / 10

    Convenience rating   10 / 10

    Trust rating   8 / 10

Less

- Cindy (NSW)

flag Was this review helpful? Yes

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

They're great!

Overall rating   9 / 10

Most of my money, what little I have, is taken care of by the Commonwealth Bank, and they have my trust. Full review

Most of my money, what little I have, is taken care of by the Commonwealth Bank, and they have my trust.

    Price rating   8 / 10

    Features rating   10 / 10

    Service rating   8 / 10

    Convenience rating   9 / 10

    Trust rating   9 / 10

Less

- Hazel (VIC)

flag Was this review helpful? Yes

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Effective, efficient and secure

Overall rating   8 / 10

I find that I have never had an issue. Whilst overseas a few times, I did also get validation calls which were nice and the included travel insurance is amazing. Full review

I find that I have never had an issue. Whilst overseas a few times, I did also get validation calls which were nice and the included travel insurance is amazing.

    Price rating   6 / 10

    Features rating   8 / 10

    Service rating   9 / 10

    Convenience rating   9 / 10

    Trust rating   10 / 10

Less

- Con (VIC)

flag Was this review helpful? Yes

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Great rewards programme

Overall rating   10 / 10

I have a Commonwealth Awards Mastercard and Amex card. The rewards are of a very high standard, claiming is easy and delivery is very fast. Also, features such as automatic travel insurance and purchase insurance are a great safety net, especially... Full review

I have a Commonwealth Awards Mastercard and Amex card. The rewards are of a very high standard, claiming is easy and delivery is very fast. Also, features such as automatic travel insurance and purchase insurance are a great safety net, especially when abroad.

    Price rating   10 / 10

    Features rating   10 / 10

    Service rating   10 / 10

    Convenience rating   10 / 10

    Trust rating   10 / 10

Less

- Patrick (NSW)

flag Was this review helpful? Yes

Revealing rewards

How do we do it?

To work out the "Rewards value minus fees" in our Rewards Revealer we:

  • calculate how many points you'd get each year,
  • figure out how many flights or gift cards or cashback credits you could get for those points,
  • work out what that's actually worth to you,
  • take off the annual fee you'd pay.

More details:

  • Our calculations are designed to help you compare the value of different rewards schemes. To do this, we've looked at earning a one-way Sydney-Melbourne flight excluding taxes and charges, a return Sydney-London flight excluding taxes and charges, a $100 shopping Gift Card and $100 cashback. Most cards will also offer other rewards, which may be worth more or less than the ones we've shown.
  • We have made no allowance for bonus points for using your card at specific merchants, introductory offers or special offers. We have not assigned any value to instant discounts, insurances, ticketing and concierge services or other such benefits.
  • Rewards value calculations do not take credit card interest into account. If you do not pay off your card each month you may be better off looking for a card based on interest rates than on the value of rewards.
  • In products that have more than one card, a different mix of spend between American Express / Visa / MasterCard will give different results. Mozo's Rewards Revealer lets you choose the mix based on the way you would use such a product, and gives you tailored results.
  • We assume flights purchased with airline points are 'classic' or 'reward' economy seats with restricted seat availability. 'Any seat' rewards will probably cost more.
  • To compare the value of flight rewards, we sample online retail flight prices once a quarter based on the average price on a Wednesday 3 months in advance but outside NSW school holidays. For domestic flights we take the lowest available fare from each flight on that day from Qantas Red e-deal, Virgin Blue Blue Saver including baggage and Jetstar Jetsaver including baggage. We calculate the average price excluding taxes and surcharges for each airline, and also the average across all airlines (which we use when rewards are travel agent vouchers). For international flights, we take the lowest available fares on that same Wednesday from each of Qantas, Emirates, Singapore, Virgin Atlantic and Malaysian, assuming a return flight 2 weeks later, calculate the average price before taxes and surcharges and use this as our assumed cost of a flight on any airline.
  • Shopping rewards are based on $100 gift cards from a major national department store.
  • We make every effort to ensure our calculations are correct and up to date but make no guarantees.

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
  • Guaranteed Pricing

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

  • Need to spend $18,600 (MasterCard) or $7,440 (Amex)

  • Need to spend $20,900 (MasterCard) or $8,360 (Amex)

  • Need to spend $13,800 (MasterCard) or $5,520 (Amex)

  • Need to spend $250,000 (MasterCard) or $160,000 (Amex)

  • at 250,000 points yearly

  • Never

Details behind our 'value of rewards' calculations

  • 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

  • 18600 points buys a Myer $100 Gift Card

  • 20900 points buys a $100 credit

  • 1 points buys 0.5 Velocity Points; 6900 Velocity Points buys a Virgin Australia Syd-Mel flight

  • 1 points buys 0.5 Velocity Points; 125000 Velocity Points buys a Velocity partner London flight

* How did we do it? Find out...

Rates

  • 20.24%

  • none

  • 5.99% for 5 months and then 21.24%

  • yes

  • 21.24%

  • 55

Fees

  • $249.00

  • none

  • none

  • none

  • $20.00

  • 2%, Min $2.50, Max $150

  • 3.00%

  • $0.00

  • $0.00

  • $10.00

Other financial bits

  • $25.00

  • 2.0

Features

  • 1

  • American Express foreign transaction fee is 3.5%

  • 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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