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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 fees
$349
Interest free days on purchases
55

Mozo editorial review Commonwealth Bank Diamond Awards Credit Card

Last updated: 1 April 2020.

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What's hot
  • 2019 Mozo Experts Choice Award winner
  • 1.25 Award points per $1 spent
  • Earn up to 1 million points per year (conditions apply)
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 2019 Mozo Experts Choice Travel Money Award winner in the Rewards Travel Credit Card category.

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Key features

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.

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Who is it good for

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

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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 31 May 2020. 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, Qantas Frequent Flyer 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 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

  • 3%, Min $3.00, Max $300

  • 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

Travel Insurance,
Extended Warranty,
Purchase Protection

Customer Reviews

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

Overall customer rating
6.9/10
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 6/10
    Very convenient and lots of benefits

    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 review

    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.

    Price
    6/10
    Features
    7/10
    Customer service
    5/10
    Convenience
    7/10
    Trust
    5/10
    Less
    Fiona, Victoria reviewed 4 days ago
  • Overall 8/10
    Otherwise no worse than any other provider.

    Poor reward points, in fact almost non existant.

    Read full review

    Poor reward points, in fact almost non existant.

    Price
    10/10
    Features
    7/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Barry, Queensland reviewed about 2 months ago
  • Overall 1/10
    Terrible bank to deal with.

    Terrible bank to deal with even when directly affected by the fires, they couldn’t care less.

    Read full review

    Terrible bank to deal with even when directly affected by the fires, they couldn’t care less.

    Price
    1/10
    Features
    1/10
    Customer service
    0/10
    Convenience
    1/10
    Trust
    0/10
    Less
    Mary, New South Wales reviewed 3 months ago
  • Overall 10/10
    Never really looked at others.

    I have never had a problem, has always worked well for me.

    Read full review

    I have never had a problem, has always worked well for me.

    Price
    9/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    8/10
    Less
    Christine, Western Australia reviewed 4 months ago
  • Overall 7/10
    Safe and secure, with local accessible branches.

    I like CBA because it is secure and unlikely to have any fraud issues and if we do they will be taken care off immediately. Also peace of mind when travelling as well as branches where you can talk to real humans. I dislike it because it is one of the big banks and as such has a monopoly and make their own rules. Large profits are not shared with customers with reduced charges, etc.

    Read full review

    I like CBA because it is secure and unlikely to have any fraud issues and if we do they will be taken care off immediately. Also peace of mind when travelling as well as branches where you can talk to real humans. I dislike it because it is one of the big banks and as such has a monopoly and make their own rules. Large profits are not shared with customers with reduced charges, etc.

    Price
    6/10
    Features
    4/10
    Customer service
    7/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Joanne, Victoria reviewed 6 months 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.

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