Commonwealth Bank Diamond Awards Credit Card
0% p.a. for 12 months then 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
0% p.a. for 12 months then 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
0% p.a. for 12 months then 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: 25 February 2019.
What's hot:
2018 Mozo Experts Choice winner
1.25 Award points per $1 spent
Complimentary travel insurance
12 months interest-free (if you apply before April 30)
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 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. 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:
Rewards lovers take note: you'll earn 1.25 points per dollar spent on the CBA Diamond Awards Card, 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 once off joining fee which costs $89.50.
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.
Plus new customers who apply for a Diamonds Award Credit Card before April 30 will pay 0% interest for 12 months.
Who it's good for:
Boasting a limitless rewards program as well as 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 25 April 2019. 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
239,200 points
Fly Sydney to Melbourne one-way
15,600 points
$100 Giftcard
21,000 points
$100 Cash
25,000 points
Points earning
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.
Value of rewards points
Spend $20,000 (Mastercard)
Spend $16,800 (Mastercard)
Spend $12,480 (Mastercard)
Spend $191,360 (Mastercard)
at 1,000,000 points yearly
Never
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
Rates
-
20.24% p.a.
-
0% p.a. for 12 months
-
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
Apple Pay, Google Pay, Samsung Pay, Garmin, Fitbit
Rewards privileges
Concierge,
Travel Insurance,
Extended Warranty,
Purchase Protection,
Guaranteed Pricing
Customer Reviews
How are Commonwealth Bank credit cards rated by the Mozo community?
Latest reviews of Commonwealth Bank Diamond Awards Credit Card
- Overall10/10
Service is at a premium
The tellers get to know you and from then on there's a good relationship between customer and...
Read full review
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.
Price10/10Features10/10Customer service10/10Convenience10/10Trust10/10Less
Helen | South Australia
reviewed about 1 year ago
- Overall10/10
Great customer service - love them
I have banked with the commonwealth for many many years and I love everything they are good to me...
Read full review
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.
Price10/10Features10/10Customer service10/10Convenience10/10Trust10/10Less
Patricia | Western Australia
reviewed over 1 year ago
- Overall10/10
Great customer service at my local branch
Great online system and mobile application. Both are very easy to use.
Read full review
Great online system and mobile application. Both are very easy to use.
Price7/10Features-Customer service-Convenience-Trust-Less
Catherine | Queensland
reviewed almost 2 years ago
- Overall10/10
Great banking experience!
Awesome
Read full review
Awesome
Price10/10Features10/10Customer service10/10Convenience10/10Trust10/10Less
Courtney | Victoria
reviewed over 2 years ago
- Overall9/10
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...
Read full review
I have been with this bank for many years and have always received friendly assistance, speedily and accurately
Price9/10Features10/10Customer service9/10Convenience10/10Trust10/10Less
J ohn | Victoria
reviewed about 3 years ago
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.
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