Commonwealth Bank Diamond Awards Credit Card

20.24% p.a.

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

$349

Commonwealth Awards

Commonwealth Bank Diamond Awards Credit Card

20.24% p.a.

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

$349

Commonwealth Awards

Mozo Review   Commonwealth Bank Diamond Awards Credit Card Review

Last updated: 14 August 2018.

What's hot:
  • 2018 Mozo Experts Choice winner

  • Limitless reward choices

  • Earn up to 3 Awards points per $1 spent

  • Complimentary travel insurance

What's not:
  • $349 annual fee

Mozo snapshot:

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 up to 3 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. It's hardly a surprise then that the card was named a 2018 Mozo Experts Choice Travel Money Award winner in the Rewards Travel Credit Card category. 

Key features:

Plenty of freedom, that's what you'll get with the Commonwealth Bank Diamond Awards Card. 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. 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 once off joining fee which costs $89.50.

You'll get two cards on the one account: AMEX is one and the other is MasterCard. The earn rate attached to the American Express card has a higher rewards earning rate (3 Awards points per dollar) when you use it for overseas purchases (including online) and at supermarkets, department stores and petrol stations around Australia (PayPal transactions excluded). Just keep in mind, that spending on your AMEX card other than the merchant types mentioned above will attract a lower earn rate at only 0.5 points per dollar spent. When it comes to the MasterCard companion card, there’s a flat earn rate of 1.25 points per dollar spent. And to top things off, CBA has scrapped the foreign exchange fees of up to 3.50% that previously applied with American Express companion cards used outside Australia (including overseas websites).

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 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. You'll also get access to a range of exclusive offers and discounts through the American Express Premium Privileges and MasterCard World Privilege Access programs. 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.

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.

NOTE: From 1 September 2018 CommBank will no longer be offering American Express companion cards and from 1 November 2018, AMEX companion cards will be closed.
Who it's good for:

Boasting a limitless rewards program as well as Amex and MasterCard usability, the Commonwealth Bank Diamond Awards Card should please all high flyers.

Any catches?

The maximum number of Awards points you can accrue per year is capped at 1,000,000.

Rewards program details

Rates and fees information correct as at 22 August 2018.

What your points get you

Fly Sydney to London

239,200 points

Fly Sydney to Melbourne

15,600 points

$100 Giftcard

21,000 points

$100 Cash

25,000 points

Points earning

0.5 points per dollar on Amex, 1.25 points per dollar on Mastercard, up to 1000000 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 or through Flight Centre vouchers.

Earn 3 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

Spend $20,000 (Mastercard) or $50,000 (Amex)

Spend $16,800 (Mastercard) or $42,000 (Amex)

Spend $12,480 (Mastercard) or $31,200 (Amex)

Spend $191,360 (Mastercard) or $478,400 (Amex)

at 1,000,000 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
  • $349.00

  • none

  • none

  • none

  • $20.00

  • 2%, Min $2.50, Max $150

  • 0%

  • $0.00

  • $0.00

  • $10.00

Features
  • $25.00

  • 2.0

  • 1

  • none

Payment options

Google Pay
Samsung Pay
Others

Rewards privileges

Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing

Customer Reviews

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

Overall customer rating
7.3/10
Price
6.2/10
Features
6.4/10
Customer service
7.5/10
Convenience
8.0/10
Trust
7.5/10

Latest reviews of Commonwealth Bank Diamond Awards Credit Card

  • Overall
    10/10
    Service is at a premium

    The tellers get to know you and from then on there's a good relationship between customer and...

    The tellers get to know you and from then on there's a good relationship between customer and bank worker. Help is at hand at all times.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Helen | SA

    19 Feb 2018

  • Overall
    10/10
    Great customer service - love them

    I have banked with the commonwealth for many many years and I love everything they are good to me...

    I have banked with the commonwealth for many many years and I love everything they are good to me and I will not change banks.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Patricia | WA

    22 Dec 2017

  • Overall
    10/10
    Great customer service at my local branch

    Great online system and mobile application. Both are very easy to use.

    Great online system and mobile application. Both are very easy to use.

    Price
    7/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Catherine | QLD

    25 Jun 2017

  • Overall
    9/10
    I rarely look at other banks as I am very happy

    I have been with this bank for many years and have always received friendly assistance, speedily...

    I have been with this bank for many years and have always received friendly assistance, speedily and accurately

    Price
    9/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    10/10

    J ohn | VIC

    14 Apr 2016

  • Overall
    9/10
    Awesome customer service

    I have no problems at all with this bank. They have accommodated me in every banking aspect. I am...

    I have no problems at all with this bank. They have accommodated me in every banking aspect. I am extremely happy with them

    Price
    7/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Birrali | QLD

    11 Apr 2016

Commonwealth Bank

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.

See Commonwealth Bank credit cards