Commonwealth Bank Awards Credit Card

20.24% p.a.

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

$59

Commonwealth Bank Awards Credit Card Review

Rates and fees information correct as at 16 July 2018.

Review published: 15 April 2013

What's hot:

  • Options galore for redeeming points

  • Low $59 annual fee

  • Earn up to 1.5 Awards points for every $1 spent

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.

Key features:

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.  

NOTE: From 1 September 2018 CommBank will no longer be offering American Express companion cards and from 1 November 2018, AMEX companion cards will no longer work.

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. 

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!

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

Product Type Overall Rating Price Features Service Convenience Trust
7.3

Based on 2848
Commonwealth Bank credit cards reviews

6.2 6.4 7.5 8.0 7.5

Read Commonwealth Bank credit card reviews by the Mozo community

Latest reviews of Commonwealth Bank Awards Credit Card

Commonwealth Bank

Commonwealth Bank Awards Credit Card credit card review

Overall rating   3 / 10

Subpar

It's really not that good. Idk about it just was the bank I signed up with.

Full review

It's really not that good. Idk about it just was the bank I signed up with.

    Price   2 / 10

    Features   4 / 10

    Customer service   3 / 10

    Convenience   2 / 10

    Trust   2 / 10

Less

Charlotte (NSW), reviewed 3 months ago

Commonwealth Bank

Commonwealth Bank Awards Credit Card credit card review

Overall rating   10 / 10

10/10

Best bank, trustworthy.

Full review

Best bank, trustworthy.

    Price   8 / 10

    Features   5 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Sereyo (SA), reviewed 4 months ago

Commonwealth Bank

Commonwealth Bank Awards Credit Card credit card review

Overall rating   7 / 10

Great in-branch service

Very professional staff, co-operative, informative. Products and interest rates appear to be about average for this sector.

Full review

Very professional staff, co-operative, informative. Products and interest rates appear to be about average for this sector.

    Price   5 / 10

    Features   4 / 10

    Customer service   7 / 10

    Convenience   9 / 10

    Trust   8 / 10

Less

Geoff (QLD), reviewed 4 months ago

Commonwealth Bank

Commonwealth Bank Awards Credit Card credit card review

Overall rating   7 / 10

Commsec is very good

I find the interest rates to be too high.

Full review

I find the interest rates to be too high.

    Price   7 / 10

    Features   5 / 10

    Customer service   6 / 10

    Convenience   6 / 10

    Trust   7 / 10

Less

Timothy (WA), reviewed 4 months ago

Commonwealth Bank

Commonwealth Bank Awards Credit Card credit card review

Overall rating   8 / 10

Stability and trusted

Consistent with service and communication.

Full review

Consistent with service and communication.

    Price   5 / 10

    Features   5 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   8 / 10

Less

Beverley (NSW), reviewed 5 months ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Revealing rewards

How do we do it?

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.

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 or through Flight Centre vouchers.
  • Earn 1.5 Awards points per $1 spent overseas (including purchases made online at overseas websites) and at supermarkets, department stores and petrol stations in Australia when using a linked American Express card.

Value of rewards points

  • Need to spend $25,000 (Mastercard) or $50,000 (Amex)

  • Need to spend $21,000 (Mastercard) or $42,000 (Amex)

  • Need to spend $19,500 (Mastercard) or $39,000 (Amex)

  • Need to spend $299,000 (Mastercard) or $598,000 (Amex)

  • at 50,000 points yearly

  • Never

Details behind our 'value of rewards' calculations

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

  • 25000 points buys a $100 credit

  • 21000 points buys a Myer $100 Gift Card

  • 1 points buys 0.4 Velocity Points; 7800 Velocity Points buys a Virgin Australia Sydney-Melbourne flight

  • 1 points buys 0.4 Velocity Points; 119600 Velocity Points buys a Velocity partner Sydney-London flight

* How did we do it? Find out...

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

  • 2%, Min $2.50, Max $150

  • 3.00%

  • $0.00

  • $0.00

  • $10.00

Other financial bits

  • $25.00

  • 2.0

Features

  • 1

  • American Express foreign transaction fee is 3.5%

  • none

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.

**Saving based on the average difference in fees and charges over 3 years between the most competitive product Mozo can refer a consumer to and the average credit card product input by 6,863 consumers (average balance of $4,262 or balance transfer balance of $5,818, interest rate of 19.6% and annual fee of $36.50) who used the Mozo Credit Card Health Check tool between 1 January 2012 to July 2012.

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