Commonwealth Bank

Commonwealth Bank Diamond Awards Credit Card

Purchase rate

20.24% p.a.

Balance transfer rate

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

Annual fee

$349

Rewards program

Commonwealth Awards

Commonwealth Bank Diamond Awards Credit Card

Purchase rate

20.24% p.a.

Balance transfer rate

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

Annual fee

$349

Rewards program

Commonwealth Awards

Details

Details

Mozo Review Commonwealth Bank Diamond Awards Credit Card Review

Last updated: 1 September 2018.

What's hot:

2018 Mozo Experts Choice winner
1.25 Award 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 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. 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.

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 20 October 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

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

Earn $100 cash back reward

Spend $20,000 (Mastercard)

Earn $100 gift card reward

Spend $16,800 (Mastercard)

Earn Flight: Sydney-Melbourne reward

Spend $12,480 (Mastercard)

Earn Flight: Sydney-London reward

Spend $191,360 (Mastercard)

Are points capped?

at 1,000,000 points yearly

Do points expire?

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

Purchase rate

20.24% p.a.
Intro purchase rate

none
Balance transfer rate

5.99% p.a. for 5 months and then 21.24% p.a.
Balance transfer revert to cash

yes
Cash advance rate

21.24% p.a.
Interest free days

55

Fees

Annual card fee

$349.00
Introductory annual fee

none
Annual fee spend threshold

none
Reward program fee

none
Late payment fee

$20.00
Cash advance fee

2%, Min $2.50, Max $150
Foreign exchange margin

0%
Duplicate statement fee

$0.00
Transaction verification fee

$0.00
Additional card fee

$10.00

Features

Minimum repayment amount

$25.00
Minimum repayment percent

2.0
Additional cardholders

1
Other restrictions

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

6.9/10

Based on 8172 Commonwealth Bank credit card reviews

Price

5.8/10

Features

6.1/10

Customer service

7.0/10

Convenience

7.9/10

Trust

7.1/10

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...

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.

Price

10/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Helen | South Australia

reviewed 8 months ago
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...

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.

Price

10/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Patricia | Western Australia

reviewed 10 months ago
Overall

10/10

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.

Price

7/10

Features

-

Customer service

-

Convenience

-

Trust

-

Less

Catherine | Queensland

reviewed over 1 year ago
Overall

10/10

Great banking experience!

Awesome

Read full review

Awesome

Price

10/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Courtney | Victoria

reviewed almost 2 years ago
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...

Read full review

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

Less

J ohn | Victoria

reviewed over 2 years ago

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

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Everyday Platinum Credit Card

balance transfer rate

0% p.a. for 14 months and then 21.99% p.a.

purchase rate

19.99% p.a.

annual fee

$49 $0 in the first year

Commonwealth Bank Diamond Awards Credit Card

Mozo Review Commonwealth Bank Diamond Awards Credit Card Review

What's hot:

What's not:

Mozo snapshot:

Key features:

Who it's good for:

Any catches?

Rewards program details

What your points get you

Points earning

Rewards scheme

Value of rewards points

How do we calculate the rewards?

Rate and fee details

Rates

Fees

Features

Payment options

Rewards privileges

Customer Reviews

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

Overall customer rating

Latest reviews of Commonwealth Bank Diamond Awards Credit Card

Service is at a premium

Great customer service - love them

Great customer service at my local branch

Great banking experience!

I rarely look at other banks as I am very happy

About Commonwealth Bank