The Commonwealth Bank Awards card has two cards on the one account, so you can choose which card will give you the best perks when you're out shopping. For instance, AMEX offers the best value when you opt to use it at supermarkets, department stores, petrol stations and overseas (which includes international websites), as you’ll receive 1.5 points for every dollar you spend. Here’s the catch - American Express transactions processed anywhere else will only accrue you 0.5 Awards points. That’s when it’s worth your while using MasterCard instead, as the earn rate is double the rate.
The American Express card will give you access to globaleshop which allows you to access US online stores that don't accept Australian credit cards, plus its American Express Selects program which gives you access to exclusive offers to match your lifestyle or interests. With the MasterCard, 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.
While the interest rate is pretty high at 20.24% as long as you pay your balance in full each month there is up to 55 interest free days. The annual fee is just $59, which is low for a rewards card and overseas purchases have a 3% foreign exchange margin added on the MasterCard and 3.5% on AMEX.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 it's 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.
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!