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
Interest free days on purchases

Mozo editorial review Commonwealth Bank Awards Credit Card - last updated: 17 February 2021

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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.

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%, 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 2 July 2022. 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


How do we calculate these points?
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.


Rate and fee details


20.24% p.a.


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


21.24% p.a.








3%, Min $3.00, Max $300










Payment options

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

Other benefits

Receive personalised cashback offers based on your spending history with CommBank Rewards.

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