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 2019 Mozo Experts Choice Travel Money Award winner in the Rewards Travel Credit Card category.
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.
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 Awards Points when you spend $5,000 on eligible purchases in the first 90 days for new CommBank Awards customers with applications by 29 April 2021.
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?
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
0%
$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
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.
CBA offered Diamond card for fees payable on Gold card, which made it an attractive offer, as Diamond offers additional rewards points. Free travel insurance is excellent, but you must register your overseas travel to get full benefits. Not great for overseas funds, though as lots of additional costs. Easy to use and very handy having second card holder.
Read full reviewCBA offered Diamond card for fees payable on Gold card, which made it an attractive offer, as Diamond offers additional rewards points. Free travel insurance is excellent, but you must register your overseas travel to get full benefits. Not great for overseas funds, though as lots of additional costs. Easy to use and very handy having second card holder.
Poor reward points, in fact almost non existant.
Read full reviewPoor reward points, in fact almost non existant.
Terrible bank to deal with even when directly affected by the fires, they couldn’t care less.
Read full reviewTerrible bank to deal with even when directly affected by the fires, they couldn’t care less.
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.
Westpac
Low Rate
13.74% p.a.
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
$59
St.George
Vertigo
13.99% p.a.
0% p.a. for 24 months and then 21.49% p.a.
$55 $0 in the first year
CUA
Low Rate Credit Card
11.99% p.a.
0% p.a. for 20 months and then 21.74% p.a.
$49 $0 in the first year
Defence Bank
Foundation Credit Card
3.99% p.a. for 6 months then 8.99% p.a.
3.99% p.a. for 6 months and then 8.99% p.a.
$45
CUA
Platinum Credit Card
19.99% p.a.
0% p.a. for 20 months and then 21.74% p.a.
$149 $0 in the first year
CUA Platinum Rewards
American Express
Qantas Discovery Card
20.74% p.a.
No current offer
$0
Qantas Frequent Flyer
Virgin Money
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 22 months and then 20.99% p.a.
$129 $64 in the first year
Velocity Frequent Flyer
American Express
Qantas Discovery Card
Qantas Frequent Flyer
$0
No current offer
0.75 points uncapped
Qantas Money
Qantas Premier Platinum
Qantas Frequent Flyer
$299 $199 in the first year
100,000
1 point up to $10,000/month, then
0.5 points uncapped
Bankwest
Qantas Platinum Mastercard
Qantas Frequent Flyer
$160
30,000
0.75 points up to $2,500/month, then
0.3 points uncapped
St.George
Amplify Platinum
Qantas Frequent Flyer
$99
70,000
0.5 points uncapped
Citi
Rewards - e-voucher Offer
Citi Rewards Program
$199 $99 in the first year
No current offer
1 point up to $10,000/month
Bank of Melbourne
Amplify Platinum
Amplify Rewards
$99 $0 in the first year
No current offer
1 point uncapped
American Express
Velocity Escape Card
Velocity Frequent Flyer
$0
No current offer
0.75 points uncapped
Westpac
Low Rate
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
13.74% p.a.
$59
St.George
Vertigo
0% p.a. for 24 months and then 21.49% p.a.
13.99% p.a.
$55 $0 in the first year
CUA
Low Rate Credit Card
0% p.a. for 20 months and then 21.74% p.a.
11.99% p.a.
$49 $0 in the first year
ANZ
First
0% p.a. for 18 months and then 20.24% p.a. (2.00% balance transfer fee)
20.24% p.a.
$30
Qantas Money
Qantas Premier Platinum
0% p.a. for 18 months and then 21.99% p.a. (1.00% balance transfer fee)
19.99% p.a.
$299 $199 in the first year
Qantas Frequent Flyer
Bank of Melbourne
Vertigo
0% p.a. for 24 months and then 21.49% p.a.
13.99% p.a.
$55 $0 in the first year
Bankwest
Zero Platinum Mastercard
2.99% p.a. for 9 months and then 17.99% p.a.
17.99% p.a.
$0
Bank of Melbourne
Amplify Platinum
0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)
0% p.a. for 7 months then 19.74% p.a.
$99 $0 in the first year
Amplify Rewards
St.George
Vertigo
13.99% p.a.
0% p.a. for 24 months and then 21.49% p.a.
$55 $0 in the first year
Westpac
Low Rate
13.74% p.a.
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
$59
Defence Bank
Foundation Credit Card
3.99% p.a. for 6 months then 8.99% p.a.
3.99% p.a. for 6 months and then 8.99% p.a.
$45
CUA
Low Rate Credit Card
11.99% p.a.
0% p.a. for 20 months and then 21.74% p.a.
$49 $0 in the first year
NAB
Low Rate Card
12.99% p.a.
0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)
$59
Bank of Melbourne
Vertigo Platinum
12.99% p.a.
6.99% p.a. for 12 months and then 21.49% p.a.
$99
ANZ
Low Rate
12.49% p.a.
0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)
$58 $0 in the first year
Westpac
Low Rate
13.74% p.a.
0% p.a. for 24 months and then 21.49% p.a. (1.00% balance transfer fee)
$59
St.George
Vertigo
13.99% p.a.
0% p.a. for 24 months and then 21.49% p.a.
$55 $0 in the first year
CUA
Low Rate Credit Card
11.99% p.a.
0% p.a. for 20 months and then 21.74% p.a.
$49 $0 in the first year
Defence Bank
Foundation Credit Card
3.99% p.a. for 6 months then 8.99% p.a.
3.99% p.a. for 6 months and then 8.99% p.a.
$45
CUA
Platinum Credit Card
19.99% p.a.
0% p.a. for 20 months and then 21.74% p.a.
$149 $0 in the first year
Qantas Money
Qantas Premier Platinum
19.99% p.a.
0% p.a. for 18 months and then 21.99% p.a. (1.00% balance transfer fee)
$299 $199 in the first year
ANZ
Low Rate
12.49% p.a.
0% p.a. for 25 months and then 20.24% p.a. (1.50% balance transfer fee)
$58 $0 in the first year
