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

By Polly Fleeting · · 3 min read
Fact Checked
Advertiser disclosure

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!

Rewards Credit Cards 2020 - last updated 25 April 2024

Search promoted rewards credit cards below or do a full Mozo database search. Advertiser disclosure
  • Apply By 28 May 2024
    American Express Qantas Ultimate Card

    Qantas Frequent Flyer

    $450

    60,000

    1.25 points up to 100,000 points/year, then
    1 point uncapped

    Receive 60,000 Bonus Qantas Rewards Points when you apply online by 28 May 2024, are approved, and spend $3,000 on your new Card within the first 3 months. T&Cs apply. Available for New American Express Card Members only.

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  • G&C Mutual Bank Platinum Visa Credit Card

    Qantas Frequent Flyer

    $299

    50,000

    1 point up to 20,000 points/month

    Receive 50,000 bonus Qantas Points when you apply, are approved, and spend $5,000 on eligible purchases on your new G&C Mutual Bank Platinum Visa Credit Card within 90 days. T&Cs apply. Available to new G&C Mutual Bank Card Members only. Earn 10,000 bonus Qantas Points annually. T&Cs apply. Access Platinum Visa Concierge. Add an additional cardholder at no extra cost.

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    Details
  • NAB Qantas Rewards Premium Card

    Qantas Frequent Flyer

    $250 $150 in the first year

    70,000

    0.66 points up to $3,000/month, then
    0.33 points up to $6,000/month

    70,000 Bonus Qantas Points. Offer applies to a new NAB Qantas Rewards Premium Card when you spend $2,000 on everyday purchases within 60 days.

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    Details
  • American Express Qantas Premium Card

    Qantas Frequent Flyer

    $249

    20,000

    1 point uncapped

    Receive 20,000 bonus Qantas Points when you apply, are approved, and spend $3,000 on eligible purchases on your new Qantas American Express Premium Card within 3 months of Card Membership. T&C’s apply. Available to new American Express Card Members only.

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  • NAB Rewards Signature Card

    NAB Rewards

    $295 $145 in the first year

    160,000

    1.25 points uncapped

    Earn 100,000 bonus points when you spend $3,000 on everyday purchases within the first 60 days of account opening and 40,000 bonus points when you keep your card for over 12 months (T&Cs apply). Enjoy a reduced annual card fee (from $295 to $195) for the first year. Up to 44 Interest free days on purchases (T&Cs apply). $15,000 minimum credit limit. 0% p.a. on standard balance transfer (BT) rate for 12 months (3% BT fee applies).

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  • American Express Qantas Discovery Card

    Qantas Frequent Flyer

    $0

    No current offer

    0.75 points uncapped

    Earn 1.75 Qantas Points on eligible Qantas products and services per $1 spent (T&Cs apply). Enjoy $0 Annual Card Fee. Get the security of Card Refund and Purchase Cover. Up to four additional Cards at no extra fee. Redeem your points for Classic Flight Rewards (T&Cs apply).

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^See information about the Mozo Experts Choice Rewards Credit Card Awards

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