Commonwealth Bank Gold Awards Credit Card

20.24% p.a.

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

$119

Revealing rewards

How do we do it?

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.

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 2 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.

Privileges

  • Travel Insurance
  • Extended Warranty
  • Purchase Protection
  • Guaranteed Pricing

Value of rewards points

  • Need to spend $25,000 (Mastercard) or $50,000 (Amex)

  • Need to spend $21,000 (Mastercard) or $42,000 (Amex)

  • Need to spend $19,500 (Mastercard) or $39,000 (Amex)

  • Need to spend $299,000 (Mastercard) or $598,000 (Amex)

  • at 75,000 points yearly

  • Never

Details behind our 'value of rewards' calculations

  • 0.5 points per dollar on Amex, 1 point per dollar on Mastercard, up to 75000 points per year

  • 25000 points buys a $100 credit

  • 21000 points buys a Myer $100 Gift Card

  • 1 points buys 0.4 Velocity Points; 7800 Velocity Points buys a Virgin Australia Sydney-Melbourne flight

  • 1 points buys 0.4 Velocity Points; 119600 Velocity Points buys a Velocity partner Sydney-London flight

* How did we do it? Find out...

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

  • $119.00

  • none

  • none

  • none

  • $20.00

  • 2%, Min $2.50, Max $150

  • 3.00%

  • $0.00

  • $0.00

  • $10.00

Other financial bits

  • $25.00

  • 2.0

Features

  • 1

  • American Express foreign transaction fee is 3.5%

  • none

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
7.3

Based on 2848
Commonwealth Bank credit cards reviews

6.2 6.4 7.5 8.0 7.5

Read Commonwealth Bank credit card reviews by the Mozo community

Latest reviews of Commonwealth Bank Gold Awards Credit Card

Commonwealth Bank

Commonwealth Bank Gold Awards Credit Card credit card review

Overall rating   10 / 10

Good customer service

Easy internet banking, good customer service, good location.

Full review

Easy internet banking, good customer service, good location.

    Price   -1 / 10

    Features   -1 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Lesley (QLD), reviewed 3 days ago

Commonwealth Bank

Commonwealth Bank Gold Awards Credit Card credit card review

Overall rating   9 / 10

Precise and friendly

The staff are tops.

Full review

The staff are tops.

    Price   5 / 10

    Features   5 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   8 / 10

Less

Lloyd (VIC), reviewed 3 days ago

Commonwealth Bank

Commonwealth Bank Gold Awards Credit Card credit card review

Overall rating   5 / 10

Satisfied

I like the way I can turn the points awarded into money to pay off the credit card debt.

Full review

I like the way I can turn the points awarded into money to pay off the credit card debt.

    Price   4 / 10

    Features   5 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   4 / 10

Less

Kerrie (VIC), reviewed 3 days ago

Commonwealth Bank

Commonwealth Bank Gold Awards Credit Card credit card review

Overall rating   8 / 10

Good all around

Good all round card, services and fees. Would recommend to anyone looking for a credit card.

Full review

Good all round card, services and fees. Would recommend to anyone looking for a credit card.

    Price   8 / 10

    Features   8 / 10

    Customer service   8 / 10

    Convenience   8 / 10

    Trust   8 / 10

Less

Rod (NT), reviewed 28 days ago

Commonwealth Bank

Commonwealth Bank Gold Awards Credit Card credit card review

Overall rating   8 / 10

Competitive premiums and great customer rapport

Always been good, reliable and competitive.

Full review

Always been good, reliable and competitive.

    Price   7 / 10

    Features   7 / 10

    Customer service   7 / 10

    Convenience   7 / 10

    Trust   7 / 10

Less

Charles (NSW), reviewed about 1 month ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

**Saving based on the average difference in fees and charges over 3 years between the most competitive product Mozo can refer a consumer to and the average credit card product input by 6,863 consumers (average balance of $4,262 or balance transfer balance of $5,818, interest rate of 19.6% and annual fee of $36.50) who used the Mozo Credit Card Health Check tool between 1 January 2012 to July 2012.

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