Commonwealth Bank Platinum Awards Credit Card

20.24% p.a.

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

$249

Commonwealth Awards

Commonwealth Bank Platinum Awards Credit Card

20.24% p.a.

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

$249

Commonwealth Awards

Mozo Review   Commonwealth Bank Platinum Awards Credit Card Review

Last updated: 7 August 2018.

What's hot:
  • 2018 Mozo Experts Choice Award

  • Earn up to 2.5 reward points for every $1 spent

  • No foreign exchange fees with the AMEX companion card

  • Extensive rewards program

What's not:
  • $249 annual fee

  • Points cap of up to 150,000 per year (or 120,000 with the Qantas Frequent Flyer direct earn program)

Mozo snapshot:

The 2018 Mozo Experts Choice Award winning Platinum Awards Credit Card is a card that has a lot of rewards bling whether you want to cash in on instant rewards at Myer, redeem points for a holiday at Flight Centre or transfer them across to your preferred airline's frequent flyer program. If you're super savvy and pay your balance off in full each month and use all of the features and benefits attached to the card like 24/7 concierge, complimentary travel insurance, purchase security protection and extended warranty insurance you'll get top value out of this card.

Key features:

The Platinum Awards Credit Card offers customers the flexibility of two cards: Amex AMEX and MasterCard. We suggest you stick with the American Express option whenever you shop overseas and via international e-tailers (to skip the foreign exchange fees), at supermarkets, department stores and petrol stations however, as you'll receive a generous 2.5 Awards points for get double the points for every dollar you spend. However, if you use your American Express card at any other merchant, the earn rate per $1 spent drops down to the 0.5 point mark. Something else to keep in mind, is the fact that some merchants do charge higher service fees for processing AMEX card payments, so weigh this up and if it's not in your interest, use the MasterCard that comes with the account which offers a flat earn rate of 1 Award point per dollar spent. While points don’t expire, there is a yearly cap to consider of 150,000 Awards points, or 120,000 if you’ve opted to directly earn points into the Qantas Frequent Flyer Program.

You can choose to redeem your Award points through a range of airline programs or redeem points at Flight Centre, in-store at Myer, for gift cards, cash back or many other items from the Awards website, which according to Roy Morgan is the most extensive rewards program of any bank in Australia.

The Commonwealth Bank Platinum Awards credit card has a standard purchase rate of 20.24% so watch overspending as it’s not a card you want to have an ongoing balance on for a long time. If you have pre-existing debt on another card, the CommBank Platinum Awards Credit Card offers a balance transfer rate of 5.99% for five months. But if you haven't paid off the debt by the end of that period, your balance will roll over to the much less reasonable cash advance revert rate of 21.24%.

There is a sizable annual fee of $249, but don't forget the card comes with a 24/7 concierge service, complimentary international travel insurance (just be sure to activate it prior to leaving Australia), and, if you're a globetrotter MasterCards' exclusive Priceless Cities program which gives you access to a range of restaurants and entertainment options, as well as the American Express Entre Program and AmexConnect which you can register for. Suddenly, the annual fee isn't looking too bad at all!

And don't forget the other complimentary insurances that could come in handy like purchase security protection, which if an item is lost, damaged or stolen within 90 days will get repaired or replaced by CommBank, and extended warranty insurance where you will get an extra 12 months warranty in addition to the standard Australian manufacturers warranty for the goods.

The Platinum Awards card comes with extra security via the lock, block and limit feature which enables you to change features of the card to suit your spending patterns. For instance you can block overseas transactions if you are not travelling, you can also give yourself a per transaction spending limit and block any ATM cash withdrawals. The feature is part of NetBank or the CommBank app, so if you change your mind you can easily unlock or clear it whenever you need.

NOTE: From 1 September 2018 CommBank will no longer be offering American Express companion cards and from 1 November 2018, AMEX companion cards will be closed.

Who it's good for:

The CommBank Platinum Awards Credit Card will work well for anyone looking to increase their points earning potential and is diligent about paying their balance in full each month.

Any catches?

Late repayments will attract a $20 fee so sign up for payment alerts or set up an automatic repayment in NetBank.

Don't be tempted to overspend with the card's $6000 minimum credit limit.

Rewards program details

Rates and fees information correct as at 22 August 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

0.5 points per dollar on Amex, 1 point per dollar on Mastercard, up to 150000 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.

Earn 2.5 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.

Value of rewards points

Spend $25,000 (Mastercard) or $50,000 (Amex)

Spend $21,000 (Mastercard) or $42,000 (Amex)

Spend $15,600 (Mastercard) or $31,200 (Amex)

Spend $239,200 (Mastercard) or $478,400 (Amex)

at 150,000 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
  • $249.00

  • 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

Google Pay
Samsung Pay
Garmin
Fitbit
PayTag

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
7.3/10
Price
6.2/10
Features
6.4/10
Customer service
7.5/10
Convenience
8.0/10
Trust
7.5/10

Latest reviews of Commonwealth Bank Platinum Awards Credit Card

  • Overall
    8/10
    It’s pretty good

    It’s a pretty good bank with good customer service.

    It’s a pretty good bank with good customer service.

    Price
    5/10
    Features
    5/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Zainab | VIC

    27 Feb 2018

  • Overall
    10/10
    Great

    I have always banked with Commonwealth and never had a problem in 50 years

    I have always banked with Commonwealth and never had a problem in 50 years

    Price
    -1/10
    Features
    -1/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10

    Fred | QLD

    22 Jan 2018

  • Overall
    10/10
    Good service to me in past

    I pay it all when due so interest charges are not a concern. They have handled my business...

    I pay it all when due so interest charges are not a concern. They have handled my business account well

    Price
    -1/10
    Features
    -1/10
    Customer service
    -1/10
    Convenience
    -1/10
    Trust
    -1/10

    George | NSW

    17 Jan 2018

  • Overall
    7/10
    Friendly service

    Friendly, helpful but high interest charges on credit card.

    Friendly, helpful but high interest charges on credit card.

    Price
    4/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Dorothy | QLD

    11 May 2017

  • Overall
    5/10
    They are average overall

    I just think that being one of the biggest banks, they can do more for their customers.

    I just think that being one of the biggest banks, they can do more for their customers.

    Price
    2/10
    Features
    -
    Customer service
    -
    Convenience
    -
    Trust
    -

    Jason | NSW

    05 Jan 2017

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