The Platinum Awards Credit Card offers customers the flexibility of two cards: Amex and MasterCard. We suggest you stick with the American Express option, however, as you'll get double the points for every dollar you spend. The points you earn do not expire, but after earning the first 150,000 points, there is a reduced earn rate up to a maximum of 250,000 points in a year. Just be aware 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.
You can choose to redeem your points through a range of airline programs or redeem points at Flight Centre, instore at Myer, 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 its not a card you want to have an ongoing balance on for a long time. If you have preexisting 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 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.
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.
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.