Commonwealth Bank Platinum Awards Credit Card

  • Commonwealth Bank
  • 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: 16 September 2014
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:

  • $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.


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 a 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 7.3 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

  • Reliable

    1. Overall customer rating
    2. (Reviewed 4 days ago)

    Never had a problem with this bank in 40 years.  Full review 

    Never had a problem with this bank in 40 years.


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    Commonwealth Bank credit card review by Dianne from South Australia

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  • OK

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

    Charges are too high, service is good.  Full review 

    Charges are too high, service is good.


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    Commonwealth Bank credit card review by Ron from Queensland

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  • Very supportive

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

    Trustworthy and reliable.  Full review 

    Trustworthy and reliable.


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    Commonwealth Bank credit card review by Janet from Victoria

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  • Great customer service and products

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

    I have banked with CBA for over twenty year and have never really had a problem with them. The staff in any State (I've lived in Sydney, Brisbane and Melbourne) are not too pushy with products they offer. They explain any product well and assist w...  Full review 

    I have banked with CBA for over twenty year and have never really had a problem with them. The staff in any State (I've lived in Sydney, Brisbane and Melbourne) are not too pushy with products they offer. They explain any product well and assist with anything and everything a customer needs. They are friendly and approachable.


      1. Price
      1. Features
      1. Customer service
      1. Convenience
      1. Trust
    Less
    Commonwealth Bank credit card review by Anna from Victoria

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  • Great Service, Poor Rates

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

    Pros: Easy to use, great customer service Cons: Rates are far too expensive  Full review 

    Pros: Easy to use, great customer service Cons: Rates are far too expensive


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      1. Features
      1. Customer service
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    Commonwealth Bank credit card review by Bruno 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 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
$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
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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