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: 31 July 2015

Review published: 16 April 2013

What's hot:

  • Complimentary travel insurance

  • Amex and MasterCard, no expiry date on points

  • 5% cash back for first 3 months via "tap and go"

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. 

If you apply by the 31 September and activate by 30 October, every time you "tap and go" at the checkout you'll receive 5% cash back for the first 3 months of up to $50 per month. 

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
7.3

Based on 1521
Commonwealth Bank credit cards reviews

6.2 6.4 7.4 7.9 7.5

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

Overall rating   8 / 10

Great service.

Been with the bank for a very long time. They offered me platinum credit cards without any extra cost.
Full review

Been with the bank for a very long time. They offered me platinum credit cards without any extra cost.

    Price   6 / 10

    Features   8 / 10

    Customer service   7 / 10

    Convenience   9 / 10

    Trust   9 / 10

Less

Phillip (QLD), reviewed about 10 hours ago

Was this review helpful? Yes

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Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   9 / 10

Excellent, friendy, cheerful and efficient service

The Ulladulla Branch of the Commonwealth Bank is one of the best banks providing an excellent service and sound advice to retirees. They even say g' day to you in the high street when they see you and are a happy and the most efficient...
Full review

The Ulladulla Branch of the Commonwealth Bank is one of the best banks providing an excellent service and sound advice to retirees. They even say g' day to you in the high street when they see you and are a happy and the most efficient organisation in the township.

    Price   9 / 10

    Features   9 / 10

    Customer service   9 / 10

    Convenience   8 / 10

    Trust   10 / 10

Less

Bill (NSW), reviewed 17 days ago

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Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   5 / 10

Expensive card and rates

Good rewards programme. High interest rates.
Full review

Good rewards programme. High interest rates.

    Price   1 / 10

    Features   7 / 10

    Customer service   6 / 10

    Convenience   7 / 10

    Trust   -1 / 10

Less

Chris (QLD), reviewed 21 days ago

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Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   10 / 10

Excellent

The reason for me going into the bank, is because the staff know me and I don't have to waste time explaining my every step.
Full review

The reason for me going into the bank, is because the staff know me and I don't have to waste time explaining my every step.

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Jo (WA), reviewed 22 days ago

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Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   8 / 10

Convenient

Generally find this card convenient and when you pay balance in full each month, no interest.
Full review

Generally find this card convenient and when you pay balance in full each month, no interest.

    Price   7 / 10

    Features   8 / 10

    Customer service   7 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Bronwen (SA), reviewed 24 days ago

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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

Value of rewards points

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

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

  • 20900 points buys a $100 credit

  • 18600 points buys a Myer $100 Gift Card

  • 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%

  • Apply by 30 September 2015 and get 5% cash back on contactless purchases under $100 made during the first 3 months from card activation, up to $50 a month.

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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