Commonwealth Bank Platinum Awards Credit Card

20.24%

5.99% for 5 months and then 21.24%

$249

Commonwealth Bank Platinum Awards Credit Card Review

Rates and fees information correct as at 30 April 2016.

Review published: 16 April 2013

What's hot:

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

  • No expiry date on points

  • Extensive rewards program

  • 80,000 bonus point offer (conditions apply)

What's not:

  • $249 annual fee

Mozo snapshot:

The 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. There is a pricey $249 annual fee but 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. Plus for a limited time, you'll also enjoy a 80,000 bonus points offer if you spend $1,000 on the card by 31 July 2016. 

Key features:

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. No matter which card you decide to swipe with, as long as you spend at least $1,000 on the Platinum Awards Credit Card by 31 July, you'll receive a mega 80,000 bonus points. 

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.

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 and so if you change your mind you can easily unlock or clear it whenever you need.

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.

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 Platinum Awards Credit Card

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   8 / 10

Need to have more compassion

Obtaining credit card was easy, however if you struggle with payments do to financial difficulty they are not very understanding
Full review

Obtaining credit card was easy, however if you struggle with payments do to financial difficulty they are not very understanding

    Price   6 / 10

    Features   5 / 10

    Customer service   7 / 10

    Convenience   6 / 10

    Trust   7 / 10

Less

Abe (QLD), reviewed 8 days ago

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   8 / 10

In line with other available.

Interest rates are high but the option not to use it by paying you card off each month keeps this cost from occurring
Full review

Interest rates are high but the option not to use it by paying you card off each month keeps this cost from occurring

    Price   4 / 10

    Features   7 / 10

    Customer service   7 / 10

    Convenience   8 / 10

    Trust   7 / 10

Less

Nik (NSW), reviewed 16 days ago

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   10 / 10

Very helpful staff

Very helpful staff
Full review

Very helpful staff

    Price   10 / 10

    Features   8 / 10

    Customer service   10 / 10

    Convenience   9 / 10

    Trust   10 / 10

Less

Kiara (VIC), reviewed 19 days ago

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   10 / 10

Awesome

They are always so helpful
Full review

They are always so helpful

    Price   10 / 10

    Features   10 / 10

    Customer service   10 / 10

    Convenience   10 / 10

    Trust   10 / 10

Less

Amanda (WA), reviewed 20 days ago

Commonwealth Bank

Commonwealth Bank Platinum Awards Credit Card credit card review

Overall rating   8 / 10

Good reliable bank and very convenient

Commbank is everywhere and that's awesome. Just have to remember how big they are and your just a number to them sometimes
Full review

Commbank is everywhere and that's awesome. Just have to remember how big they are and your just a number to them sometimes

    Price   8 / 10

    Features   8 / 10

    Customer service   3 / 10

    Convenience   9 / 10

    Trust   6 / 10

Less

Tom (NSW), reviewed 2 months ago

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 Blue Blue Saver including baggage and Jetstar Jetsaver 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, Singapore, Virgin Atlantic and Malaysian, 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.
  • Bonus points at over 30 partners including hotels, travel and more.

Privileges

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

Special offers

  • 80,000 bonus points for applications before 30 June 16 and $1,000 spend on eligible transactions by 31 July 16.

Value of rewards points

  • Need to spend $20,900 (MasterCard) or $8,360 (Amex)

  • Need to spend $20,000 (MasterCard) or $8,000 (Amex)

  • Need to spend $13,800 (MasterCard) or $5,520 (Amex)

  • Need to spend $250,000 (MasterCard) or $160,000 (Amex)

  • at 250,000 points yearly

  • Never

Details behind our 'value of rewards' calculations

  • 2.5 points per dollar on Amex, 1 point per dollar on MasterCard, up to 150000 points per year, then
    1 point per dollar on Amex, 0 points per dollar on MasterCard, up to 250000 points per year

  • 20900 points buys a $100 credit

  • 20000 points buys a Myer $100 Gift Card

  • 1 points buys 0.5 Velocity Points; 6900 Velocity Points buys a Virgin Australia Syd-Mel flight

  • 1 points buys 0.5 Velocity Points; 125000 Velocity Points buys a Velocity partner London flight

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

Rates

  • 20.24%

  • none

  • 5.99% for 5 months and then 21.24%

  • yes

  • 21.24%

  • 55

Fees

  • $249.00

  • 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.

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