Credit cards don't get any more premium than the Commonwealth Bank Diamond Awards Card. With a minimum credit limit of $15,000, this is a credit card for high flyers who want a limitless rewards program to match their lifestyle.
Depending on where you make purchases with your card, you can earn 1.25 Awards points for every dollar you spend, plus receive free travel, extended warranty and purchase protection insurance and your very own personal concierge to help you plan the perfect night or the perfect holiday. New customers have the opportunity to earn up to 100,000 bonus points (T&C apply).
With the Commonwealth Bank's Diamond Awards credit card you can earn 1.25 points per dollar spent, plus access to a range of exclusive offers and discounts through the MasterCard World Privilege Access program. Other benefits include travel insurance (just be sure to activate it before you leave or you'll only have the base level cover), purchase protection and extended warranty.
And when it comes to redeeming your hard earned points, you'll have plenty of freedom. You simply decide what you want to spend your Awards points on - travel, Michelin Star restaurants, high-end fashion, gift cards - you name it. Either your personal concierge will take care of it for you or you can purchase what you like and get cash back onto your card. And if you prefer to leave your wallet at home sometimes, there's no worries there either, as customers can make payments through Apple Pay.
You can also choose the option of having all Awards points credited to the Qantas Frequent Flyer program ($30 annual fee applies). If you are not already a member of Qantas Frequent Flyer you'll need to pay a one-off joining fee which costs $89.50. New customers can earn up 100,000 bonus points when you apply by 31 October 2022 and spend $5,000 on eligible purchases within 90 days from activation.
The standard rate for purchases is 20.24% and there is a very weighty $349 annual fee but you do get access to top notch 24/7 personal concierge service. There's also a 5.99% balance transfer offer for 5 months. Make sure any debt transferred is paid off within the promo period or you'll end up paying the high cash rate of 21.24% until the balance is paid off.
The lock, block and limit feature of the card gives you extra security when you need it. If you ever misplace your card you can temporarily lock it and unlock it again when you find the card. You can lock overseas in store payments or lock overseas online payments if you don't do any shopping online at overseas sites and then unlock it again when you are travelling or planning on doing some online shopping. You can set a spending cap so that purchases over a set amount will not go through and you can also block ATM cash advances.
Boasting a limitless rewards program as well as MasterCard usability, the Commonwealth Bank Diamond Awards Card should please all high flyers.
The maximum number of Awards points you can accrue per year is capped at 1,000,000.
Fly Sydney to London return
239,200 points
Fly Sydney to Melbourne one-way
15,600 points
$100 Giftcard
21,000 points
$100 Cash
25,000 points
1.25 points per dollar on Mastercard, up to 1000000 points per year
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.
100,000 Bonus Points when you apply for a new Diamond Awards credit card by 31 October 2022 and spend $5,000 on eligible purchases within 90 days from activation.
Spend $20,000 (Mastercard)
Spend $16,800 (Mastercard)
Spend $12,480 (Mastercard)
Spend $191,360 (Mastercard)
at 1,000,000 points yearly
Never
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.
|
20.24% p.a. |
|
|
none |
|
|
5.99% p.a. for 5 months and then 21.24% p.a. |
|
|
yes |
|
|
21.24% p.a. |
|
|
55 |
|
$349.00 |
|
|
none |
|
|
none |
|
|
none |
|
|
$20.00 |
|
|
3%, Min $3.00, Max $300 |
|
|
3.00% |
|
|
$0.00 |
|
|
$0.00 |
|
|
$10.00 |
|
$25.00 |
|
|
2.0 |
|
|
1 |
|
|
none |
Apple Pay, Google Pay, Samsung Pay, Garmin, Fitbit
Travel Insurance,
Extended Warranty,
Purchase Protection
Receive personalised cashback offers based on your spending history with CommBank Rewards.
Flexibility. Annual package fee is bit expensive.
Read full reviewFlexibility. Annual package fee is bit expensive.
Doesn't reduce interest rate with RBA rate cuts.
Read full reviewDoesn't reduce interest rate with RBA rate cuts.
Interest rates on credit cards remain very high, despite general interest rates being at an all time low.
Read full reviewInterest rates on credit cards remain very high, despite general interest rates being at an all time low.
The biggest positive of the the Commonwealth diamond rewards credit card is the opt in Qantas points for every dollar spent.
Read full reviewThe biggest positive of the the Commonwealth diamond rewards credit card is the opt in Qantas points for every dollar spent.
I can't think of any drawbacks.
Read full reviewI can't think of any drawbacks.
American Express
Qantas Ultimate Card
20.74% p.a.
No current offer
$450
Qantas Frequent Flyer
St.George
Vertigo
13.99% p.a.
0% p.a. for 32 months and then 21.49% p.a.
$55 $0 in the first year
NAB
Low Rate Card
12.99% p.a.
0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)
$59 $0 in the first year
American Express
Platinum Edge Credit Card
20.74% p.a.
No current offer
$195
Membership Rewards
American Express
Velocity Platinum Card
20.74% p.a.
No current offer
$375
Velocity Frequent Flyer
St.George
Amplify Rewards Platinum
19.49% p.a.
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
$99
Qantas Frequent Flyer
American Express
Qantas Ultimate Card
Qantas Frequent Flyer
$450
100,000
1.25 points uncapped
Westpac
Altitude Platinum
Qantas Frequent Flyer
$200 $99 in the first year
70,000
0.5 points up to $100,000/year
American Express
Platinum Edge Credit Card
Membership Rewards
$195
30,000
1 point uncapped
St.George
Amplify Rewards Platinum
Qantas Frequent Flyer
$99
60,000
0.5 points up to $100,000/year
David Jones
American Express Card
Qantas Frequent Flyer
$99
No current offer
0.5 points uncapped
American Express
Cashback Credit Card
Cashback Rewards
$120
No current offer
1 point uncapped
David Jones
American Express Platinum Card
Qantas Frequent Flyer
$295
No current offer
0.5 points uncapped
HSBC
Platinum Credit Card
0% p.a. for 36 months and then 21.99% p.a.
19.99% p.a.
$129 $29 in the first year
Rewards Plus
St.George
Amplify Rewards Platinum
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
19.49% p.a.
$99
Qantas Frequent Flyer
St.George
Vertigo
0% p.a. for 32 months and then 21.49% p.a.
13.99% p.a.
$55 $0 in the first year
Bank of Melbourne
Vertigo
0% p.a. for 32 months and then 21.49% p.a.
13.99% p.a.
$55 $0 in the first year
St.George
Amplify Rewards Signature
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
19.49% p.a.
$279
Qantas Frequent Flyer
BankSA
Vertigo
0% p.a. for 32 months and then 21.49% p.a.
13.99% p.a.
$55 $0 in the first year
St.George
Vertigo
13.99% p.a.
0% p.a. for 32 months and then 21.49% p.a.
$55 $0 in the first year
BankSA
Vertigo
13.99% p.a.
0% p.a. for 32 months and then 21.49% p.a.
$55 $0 in the first year
NAB
Low Rate Card
12.99% p.a.
0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)
$59 $0 in the first year
Bank of Melbourne
Vertigo
13.99% p.a.
0% p.a. for 32 months and then 21.49% p.a.
$55 $0 in the first year
St.George
Vertigo
13.99% p.a.
0% p.a. for 32 months and then 21.49% p.a.
$55 $0 in the first year
NAB
Low Rate Card
12.99% p.a.
0% p.a. for 32 months and then 21.74% p.a. (0% balance transfer fee)
$59 $0 in the first year
St.George
Amplify Rewards Platinum
19.49% p.a.
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
$99
Bank of Melbourne
Vertigo
13.99% p.a.
0% p.a. for 32 months and then 21.49% p.a.
$55 $0 in the first year
Westpac
Altitude Black
19.99% p.a.
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
$250 $99 in the first year
HSBC
Platinum Credit Card
19.99% p.a.
0% p.a. for 36 months and then 21.99% p.a.
$129 $29 in the first year
