CommBank drops new rewards card: could it be an addition to your wallet in 2020?

Polly Fleeting

Thursday 16 January 2020

Today, the Commonwealth Bank has released a brand new rewards credit card to join its Awards program, the Ultimate Awards credit card. 

Today, the Commonwealth Bank has released a brand new rewards credit card to join its Awards program, the Ultimate Awards credit card.

This all black card not only has a different design to the other three cards on offer but it could also snag you more points on purchases than possible before. 

Here’s a breakdown of the points you can earn on the Ultimate Awards card

Purchase typeAwards points earningsConditions
International transactions online or in store3 points per $1 spentUp to $10,000 per statement period
Major Australian supermarkets, department stores and petrol stations2 points per $1 spentUp to $10,000 per statement period
All other purchases1 point per $1 spentUp to $10,000 per statement period
From May 2020, for any spend over $10,00 in a statement period0.5 point per $1 spendAfter spending $10,000

And the points aren’t the only point of difference about this brand new card. 

When it comes to the annual fee, CommBank has decided to change things up and instead charge a $35 monthly fee (which adds up to $420 annually), but there’s a catch - and it’s a good one for cardholders.  

If you end up spending $2,500 per statement period on your Ultimate Awards card and choose to receive online statements, CommBank will waive the $35 fee. 

So if you play your cards right, no pun intended, you could end up not paying monthly fees at all. That’s right, you’d save yourself $420 over the course of the year! 

RELATED ARTICLE: The 6 best credit cards for Qantas Frequent Flyer Points

Mozo Banking Expert, Peter Marshall, says he’s not surprised that CommBank has rolled out this new product to entice people to its reward program. 

“The number of Australian’s using credit cards has decreased over the past few years, especially with the emergence of new alternatives like buy now pay later, which are interest-free and don’t have hefty annual fees,” he said. 

“Banks have to offer up more competitive credit card products to interest consumers, so CommBank’s move to introduce a new rewards card with a higher points earning system and a potential waived monthly fee proves they are willing to change things up.” 

This card is not only for new customers either. If you are already a CommBank Awards program member you can make the switch to the Ultimate Awards card through your online NetBank account. 

The CommBank Awards program: what you need to know 

Before jumping into a rewards program, it’s a good idea to familiarise yourself with the ins and outs of the program - like where will get you the most points - that way you can make the most of it every time you spend! 

CommBank’s Awards program is now made up of four cards - the Awards, Platinum Awards, Diamond Awards and the new Ultimate Awards credit cards. 

While the number of points you are able to earn on eligible purchases differs between cards, there are common features of the program, like the fact that points have no expiry date and can be easily checked and redeemed online via NetBank or on the CommBank app. 

And there are other perks as well for Awards program members. You can earn up to 15 bonus points when you spend at one of over 150 of CommBank’s bonus partners. 

Redeeming your points is also straightforward, whether it be online on the Awards website to snag a gift card, some homeware goodies or even cashback, as well as redeem your points exclusively in store at Myer or Flightcentre.   

RELATED GUIDE: Australia’s big bank rewards programs  

Want to find out how this card weighs up against other rewards credit cards? Check out the table below or try our rewards revealer tool!

Find great rewards credit card deals

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