Commonwealth Bank

Commonwealth Bank Platinum 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 fee

$249

Rewards program

Commonwealth Awards

Commonwealth Bank Platinum 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 fee

$249

Rewards program

Commonwealth Awards

Details

Details

Mozo Review Commonwealth Bank Platinum Awards Credit Card Review

Last updated: 15 February 2019.

What's hot:

2018 Mozo Experts Choice Award
Earn 1 Award point 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:

With the CommBank Platinum Awards Credit Card, you can bag 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. And from January 1 2019, CommBank customers will also be able to make payments through the ease of Apple Pay.

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. 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.

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

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 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.

Value of rewards points

Earn $100 cash back reward

Spend $25,000 (Mastercard)

Earn $100 gift card reward

Spend $21,000 (Mastercard)

Earn domestic flight: Sydney-Melbourne one-way reward

Spend $15,600 (Mastercard)

Earn international flight: Sydney-London return reward

Spend $239,200 (Mastercard)

Are points capped?

at 150,000 points yearly

Do points expire?

Never

How do we calculate these points?

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.

Rate and fee details

Rates

Purchase rate

20.24% p.a.
Intro purchase rate

none
Balance transfer rate

5.99% p.a. for 5 months and then 21.24% p.a.
Balance transfer revert to cash

yes
Cash advance rate

21.24% p.a.
Interest free days

55

Fees

Annual card fee

$249.00
Introductory annual fee

none
Annual fee spend threshold

none
Reward program fee

none
Late payment fee

$20.00
Cash advance fee

2%, Min $2.50, Max $150
Foreign exchange margin

0%
Duplicate statement fee

$0.00
Transaction verification fee

$0.00
Additional card fee

$10.00

Features

Minimum repayment amount

$25.00
Minimum repayment percent

2.0
Additional cardholders

1
Other restrictions

none

Payment options

Apple Pay, Google Pay, Samsung Pay, Garmin, Fitbit

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

6.9/10

Based on 8194 Commonwealth Bank credit card reviews

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 Platinum Awards Credit Card

Overall

10/10

Great customer service

You are able to go in any time to discuss any situation that arises with your banking.

Read full review

You are able to go in any time to discuss any situation that arises with your banking.

Price

9/10

Features

9/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Michael | Queensland

reviewed 4 months ago
Overall

10/10

Reliable

I have been with CommBank for a while now and I don't have any complaints. They are reliable.

Read full review

I have been with CommBank for a while now and I don't have any complaints. They are reliable.

Price

10/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Asha | Victoria

reviewed 4 months ago
Overall

10/10

Rewards and convenience in one

Rewards points are easy to get, lots of choices when you redeem, Amex and Mastercard operate the...

Read full review

Rewards points are easy to get, lots of choices when you redeem, Amex and Mastercard operate the one account, never pay interest as balance is paid off by due date, totally convenient and hassle free.

Price

-1/10

Features

10/10

Customer service

10/10

Convenience

10/10

Trust

10/10

Less

Jane | South Australia

reviewed 6 months ago
Overall

8/10

It’s pretty good

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

Read full review

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

Less

Zainab | Victoria

reviewed 12 months ago
Overall

10/10

Great

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

Read full review

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

Less

Fred | Queensland

reviewed about 1 year 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.

See Commonwealth Bank credit cards

Promoted

HSBC

Platinum Credit Card

balance transfer rate

0% p.a. for 22 months and then 21.99% p.a.

purchase rate

19.99% p.a.

annual fee

$129 Refunded when you spend over $6,000 p.a

Commonwealth Bank Platinum Awards Credit Card

Mozo Review Commonwealth Bank Platinum Awards Credit Card Review

What's hot:

What's not:

Mozo snapshot:

Key features:

Who it's good for:

Any catches?

Rewards program details

What your points get you

Points earning

Rewards scheme

Value of rewards points

How do we calculate the rewards?

Rate and fee details

Rates

Fees

Features

Payment options

Rewards privileges

Customer Reviews

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

Overall customer rating

Latest reviews of Commonwealth Bank Platinum Awards Credit Card

Great customer service

Reliable

Rewards and convenience in one

It’s pretty good

Great

About Commonwealth Bank