Awards Credit Card card image

Commonwealth Bank Awards Credit Card

Advertiser disclosure
Purchase rate
20.24% p.a.
Balance transfer rate
5.99% p.a. for 5 months and then 21.24% p.a.
Annual fees
$59
Interest free days on purchases
55

Mozo editorial review Commonwealth Bank Awards Credit Card

Last updated: 6 July 2020.

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What's hot
  • $59 annual fee
  • 1 Award point per $1 spent
  • Lock, block and limit card feature
What's not
  • Balance transfers revert to the high cash advance rate
Mozo snapshot

If you're looking for a rewards credit card with awards flexibility, then the Commonwealth Bank Awards Card is one that really delivers - especially with an annual fee of just $59. You can transfer points to a range of airline programs or redeem points at Flight Centre, instantly in store at Myer, gift cards, cash back and thousands of items from the Awards website - in fact it has the largest rewards program of any bank in Australia according to Roy Morgan Research.

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Key features

The Commonwealth Bank Awards card will earn rewards lovers 1 Award point per $1 spent.

Since this card works on the Mastercard network, in addition to being able to use it at over 32 million locations around the world, you can live it up with the Mastercard Priceless program which offers cardholders exclusive access to dining, sporting and entertainment events in a number of cities around the world. And when the time comes to make a payment, you won't even need your wallet, as Apple Pay is also available. 

The annual fee is just $59, which is low for a rewards card and overseas purchases have a 3% foreign exchange margin added on your MasterCard.

The lock, block and limit feature of the Awards Credit Card gives you added security when you need it. For instance if you accidentally misplace your card you can put a temporary block on the card while you look for it, and then unlock it again when its found. You can block overseas transactions (online or in store), give yourself a set per transaction purchase limit and block any ATM cash withdrawals.

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Who is it good for

This card links to the largest awards program of any bank in Australia so it is ideal for people who want flexibility in what they use their points for. 

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Any catches

While CBA’s Awards points don’t expire, there is a yearly cap of 50,000 points to consider (or 30,000 points for those who opt to funnel their points directly into the Qantas Frequent Flyer Program).

Given thought to CommBank’s balance transfer feature that offers a competitive rate at only 5.99%? Keep in mind, if you don’t repay it by end of the five month honeymoon period, a 21.24% rate will kick in!

Rewards program details

Rates and fees information correct as at 16 January 2021. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
What your points get you

Fly Sydney to London return

299,000 points

Fly Sydney to Melbourne one-way

19,500 points

$100 Giftcard

21,000 points

$100 Cash

25,000 points

Points earning

1 point per dollar on Mastercard, up to 50000 points per year

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, Qantas Frequent Flyer or through Flight Centre vouchers.

Value of rewards points

Spend $25,000 (Mastercard)

Spend $21,000 (Mastercard)

Spend $19,500 (Mastercard)

Spend $299,000 (Mastercard)

at 50,000 points yearly

Never

How do we calculate the rewards?

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 Australia Saver including baggage and Jetstar Starter 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, Malaysian, Etihad, Singapore, Cathay Pacific and Thai, 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.

Close

Rate and fee details

Rates
  • 20.24% p.a.

  • none

  • 5.99% p.a. for 5 months and then 21.24% p.a.

  • yes

  • 21.24% p.a.

  • 55

Fees
  • $59.00

  • none

  • none

  • none

  • $20.00

  • 3%, Min $3.00, Max $300

  • 3.00%

  • $0.00

  • $0.00

  • $10.00

Features
  • $25.00

  • 2.0

  • 1

  • none

Payment options

Apple Pay, Google Pay, Samsung Pay, Garmin, Fitbit

Customer Reviews

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

Overall
6.9/10
Price
5.8/10
Features
6.1/10
Customer service
7.0/10
Convenience
7.9/10
Trust
7.2/10

Latest reviews of Commonwealth Bank Awards Credit Card

  • Overall 7/10
    I feel CBA is a good bank, when I call for support

    I feel CBA is a good bank. When I call for support I normally speak to someone based in Australia which is nice. Their credit card awards program I’m not very happy with - I had to wait 8 months and constant emails to get accommodation awards points approved and credited to my account. It wasn’t the banks fault but would have liked for them to follow this up and get these approved earlier. Overall I wouldn’t bank with any other bank, have been with them my whole life and I’m happy with the service they provide.

    Read full review

    I feel CBA is a good bank. When I call for support I normally speak to someone based in Australia which is nice. Their credit card awards program I’m not very happy with - I had to wait 8 months and constant emails to get accommodation awards points approved and credited to my account. It wasn’t the banks fault but would have liked for them to follow this up and get these approved earlier. Overall I wouldn’t bank with any other bank, have been with them my whole life and I’m happy with the service they provide.

    Price
    6/10
    Features
    7/10
    Customer service
    7/10
    Convenience
    6/10
    Trust
    8/10
    Less
    Tina, Victoria reviewed 1 day ago
  • Overall 8/10
    Great when you have money to use and pay off bill.

    You can use the card anywhere. The best part of the card is getting points and spending them on rewards, although you do have to spend a lot. The bank staff are mostly very friendly although during Covid the hardship telephone centre people I have not found to be very professional or kind and helpful, even to the extent that I did not even get called back.

    Read full review

    You can use the card anywhere. The best part of the card is getting points and spending them on rewards, although you do have to spend a lot. The bank staff are mostly very friendly although during Covid the hardship telephone centre people I have not found to be very professional or kind and helpful, even to the extent that I did not even get called back.

    Price
    1/10
    Features
    5/10
    Customer service
    7/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Deborah, Queensland reviewed about 1 month ago
  • Overall 9/10
    Bank with confidence.

    I love our bank as I have never had any issues and any problems. They are easy to get in touch with and have things sorted asap!

    Read full review

    I love our bank as I have never had any issues and any problems. They are easy to get in touch with and have things sorted asap!

    Price
    8/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    8/10
    Trust
    10/10
    Less
    Trudy, Queensland reviewed about 1 month ago
  • Overall 10/10
    Bank Commonwealth - always a winner for me.

    I have banked with the Commonwealth Bank for years. I have had five home loans with them and I found their help and service great. I saw their financial advisor at the advice of my son when nearing retirement and the advisor was so helpful and explained everything to me in layman’s terms so I could easily understand where my money was invested and the fees involved. I have a Mastercard with them and love that I can choose cash back or credit at Myer. I bought my first iPad from Myer, actually I received it for free with the points I accumulated with my credit card. I then upgraded for free again with my points. I will always keep my Commonwealth Bank credit card as I am so happy with the rewards. I don’t have any dislikes that I can list, every interaction with them have been positive.

    Read full review

    I have banked with the Commonwealth Bank for years. I have had five home loans with them and I found their help and service great. I saw their financial advisor at the advice of my son when nearing retirement and the advisor was so helpful and explained everything to me in layman’s terms so I could easily understand where my money was invested and the fees involved. I have a Mastercard with them and love that I can choose cash back or credit at Myer. I bought my first iPad from Myer, actually I received it for free with the points I accumulated with my credit card. I then upgraded for free again with my points. I will always keep my Commonwealth Bank credit card as I am so happy with the rewards. I don’t have any dislikes that I can list, every interaction with them have been positive.

    Price
    8/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Kym, Queensland reviewed about 1 month ago
  • Overall 9/10
    Never had issues.

    No issues. Always helpful.

    Read full review

    No issues. Always helpful.

    Price
    7/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Joanne, Queensland reviewed 2 months ago
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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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