Commonwealth Bank Platinum Awards Credit Card

  • Commonwealth Bank
  • 20.24%

  • 5.99% for 5 months and then 21.24%

  • $250 $0 in the first 1 year

  • 55

Commonwealth Bank Platinum Awards Credit Card Review

Review updated: 27 January 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.


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!



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 7.3 Based on 1187
Commonwealth Bank credit card reviews
6.1 6.2 7.5 8.0 7.5

Read Commonwealth Bank credit card reviews by the Mozo community

Latest reviews of Commonwealth Bank Platinum Awards Credit Card

  • Great customer service

    1. Overall customer rating
    2. (Reviewed about 23 hours 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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  • Convenient

    1. Overall customer rating
    2. (Reviewed about 23 hours ago)

    My branch is friendly and not too busy. The online banking is efficient and easy to use.  Full review 

    My branch is friendly and not too busy. The online banking is efficient and easy to use.


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    Commonwealth Bank credit card review by Sue from Victoria

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  • Shoddy authorisation practices

    1. Overall customer rating
    2. (Reviewed 8 days ago)

    Had to buy an overseas airline ticket with CBA MasterCard. The amount was declined twice - without the CBA contacting me. When I had then switched to using AMEX to buy the ticket, I received an automated text from CBA asking if I wanted to autho...  Full review 

    Had to buy an overseas airline ticket with CBA MasterCard. The amount was declined twice - without the CBA contacting me. When I had then switched to using AMEX to buy the ticket, I received an automated text from CBA asking if I wanted to authorise TWO amounts for the airline ticket. I then phoned the CBA call centre - who are unable to give the name of any manager with a surname for further contact. While talking with the call centre, a further automated phone message came through from CBA Card fraud to get in touch with them urgently - even though I was already on the phone to their call centre. CBA needs to wake up to its shoddy and dilatory processes.


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    Commonwealth Bank credit card review by Michael from New South Wales

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  • Great products

    1. Overall customer rating
    2. (Reviewed 8 days ago)

    My husband and I have been customers of Commonwealth bank for 40 years. Great service and products. Would not go anywhere else.  Full review 

    My husband and I have been customers of Commonwealth bank for 40 years. Great service and products. Would not go anywhere else.


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    Commonwealth Bank credit card review by Kathleen from New South Wales

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  • Helpful, friendly and good advice

    1. Overall customer rating
    2. (Reviewed 10 days ago)

    I love my bank, they have always given me good advice, are friendly, helpful and I have felt that they have almost gone out of their way to answer any questions or offer suggestions that end up benefitting me or making my life easier. I often reco...  Full review 

    I love my bank, they have always given me good advice, are friendly, helpful and I have felt that they have almost gone out of their way to answer any questions or offer suggestions that end up benefitting me or making my life easier. I often recommend them to others.


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    Commonwealth Bank credit card review by Lynda 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

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
$0 in the first 1 year
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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