Commonwealth Bank Platinum Awards Credit Card

  • Commonwealth Bank
  • 20.24%

  • 5.99% for 5 months and then 21.24%

  • $249

  • 55

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
Commonwealth Bank credit card 7.3 Based on 1322
Commonwealth Bank credit card 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

  • Great Customer Service

    1. Overall customer rating
    2. (Reviewed 18 days ago)

    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.


      1. Price
      1. Features
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      1. Convenience
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    Commonwealth Bank credit card review by Cindy from New South Wales

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  • They're great!

    1. Overall customer rating
    2. (Reviewed 24 days ago)

    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.


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      1. Features
      1. Customer service
      1. Convenience
      1. Trust
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    Commonwealth Bank credit card review by Hazel from Victoria

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  • Effective, efficient and secure

    1. Overall customer rating
    2. (Reviewed 24 days ago)

    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.


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      1. Features
      1. Customer service
      1. Convenience
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    Commonwealth Bank credit card review by Con from Victoria

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  • Great rewards programme

    1. Overall customer rating
    2. (Reviewed 24 days ago)

    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.


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      1. Features
      1. Customer service
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    Commonwealth Bank credit card review by Patrick from New South Wales

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  • Commonwealth - Where it's at!

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

    Commonwealth Bank could not have nicer staff and better rates in various areas. Being a student, I was helped with travel arrangements, long-term deposits and even the opening of a joint account for a gym membership, while the staff did not even b...  Full review 

    Commonwealth Bank could not have nicer staff and better rates in various areas. Being a student, I was helped with travel arrangements, long-term deposits and even the opening of a joint account for a gym membership, while the staff did not even batan eyelid and made sure that I was getting the most out of my banking experience.


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    Commonwealth Bank credit card review by Rafferty from Victoria

    1 person found this review helpful – do you? Yes flag

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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

  • 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
$249.00
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
$10.00

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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