Ultimate Awards Credit Card card image
Mini meca 2023

Commonwealth Bank Ultimate Awards Credit Card

Advertiser disclosure
Purchase rate
20.99% p.a.
Balance transfer rate
No current offer
Annual fees
$420 $0 monthly fee if you spend $4,000 per month and select online statements
Interest free days on purchases
44

Mozo editorial review Commonwealth Bank Ultimate Awards Credit Card - last updated: 1 May 2024

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What's hot
  • 2023 Mozo Experts Choice Award winner
  • $35 monthly fee waived when you spend $2,500+ in your statement period & opt for online statements
What's not
  • $35 monthly fee (up to $420 annually) if you spend under $2,500 in every statement period & don't opt for online statements
Mozo snapshot

If you're looking for a rewards credit card that could earn you a tonne of points without charging a tonne of fees, the Commonwealth Bank Ultimate Awards Credit Card could be the match for you. Cardholders can earn up to 3 Awards points per $1 spent on eligible purchases using your Mastercard®, up to $10,000 in a statement period, as well as up to 15 points when you shop with one of CommBank’s bonus partners.

Plus, when you spend at least $2,500 in your statement period and choose to receive online statements, then the $35 monthly fee is waived. Saving you $420 in a year! It's no surprise this card took home an award in the 2023 Mozo Experts Choice Travel Money Award in the Rewards Travel Credit Card category. This card also won two awards in the 2023 Mozo Experts Choice Credit Card Awards for best Premium Rewards Credit Card and best Cashback Premium Credit Card. 

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Key features

There are plenty of reasons to consider CommBank’s Ultimate Awards Credit Card, whether you’re looking for points, savings or perks. 

While the card comes with a 20.99% p.a. purchase rate, if you shop smart with this card, you could see a lot of return on your money in the form of rewards points. For international transactions made in-store or online, cardholders can earn 3 Awards points per $1 spent.

For transactions made at home in Australia, shoppers can earn 2 Awards points per $1 spent at major Aussie supermarkets, department stores and petrol stations, and receive 1 Awards point on all other purchases. Just keep in mind that these points can only be earned up to and including the first $10,000 spent in a statement period - after that, you'll earn 0.5 Awards points per $1 spent on Mastercard purchases (uncapped).   

When it comes to paying an annual fee on the Ultimate Awards Credit Card, CommBank has done things a little differently. Instead of charging customers an upfront $420 annual fee, they spread the cost with a monthly $35 charge. However, for if you spend over $2,500 in a statement period and choose to receive online statements, the fee will be waived.

Talking about fees, with a 0% foreign exchange margin you won't have any international transaction fees to worry about, or any additional cardholder fees for that matter.

After perks? This card comes with a few. The CommBank Ultimate Awards Credit Card offers complimentary travel insurance, plus, thanks to Mastercard Airport Experiences, you'll have access to over 1,000 airport lounges around the world as well a bunch of dining, shopping and spas.

But that’s not all! The card also comes with up to 55 interest-free days on purchases and is connected to Priceless Cities offers and experiences connected to Mastercard.

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Who is it good for

This card could be a good option for rewards points-collectors! With the CommBank Ultimate Awards program, the points you earn are uncapped and don’t expire, so you can grow your stash for as long as and as large as you like.

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Any catches

Bear in mind that the minimum credit limit on this card is $6,000, so if you're after a card with a lower limit then the CommBank Awards credit card might be a better alternative for you.

Rewards program details

Rates and fees information correct as at 27 May 2024. Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.

What your points get you
Fly Sydney to London return

239,200 points

Fly Sydney to Melbourne one-way

15,600 points

$100 Giftcard

20,650 points

$100 Cash

28,300 points

Points earning

1 point per dollar on Mastercard, up to $10,000 per month, then
0.5 points per dollar on Mastercard, uncapped

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, Qantas Frequent Flyer or through Flight Centre vouchers.

Earn 3 Awards points per $1 spent for international transactions made instore and online, and 2 Awards points per $1 spent on purchases at major Australian supermarkets, department stores and petrol stations.

Access to over 1,000 airport lounges worldwide, plus selected offers on airport dining, shopping and spas, provided by LoungeKey

Value of rewards points

Spend $28,300 (Mastercard)

Spend $20,650 (Mastercard)

Spend $15,600 (Mastercard)

Spend $358,400 (Mastercard)

Uncapped

Never

How do we calculate these points?

Rate and fee details

Rates

20.99% p.a.

none

No current offer

none

21.99% p.a.

44

Fees

$420.00

none

$48,000.00

none

$20.00

3%, min $4.00, max $300

0%

$0.00

$0.00

$0.00

Features

$25.00

2.0

1

Interest free days will decrease to 44, effective 1st May 2024.

Payment options

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

Rewards privileges

Travel Insurance,
Extended Warranty,
Purchase Protection

Other benefits

Receive personalised cashback offers based on your spending history with Yello CommBank Offers.

Customer Reviews

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

Overall
7.4/10
Price
5.8/10
Features
6.1/10
Customer service
7.0/10
Convenience
7.9/10
Trust
7.2/10
Based on 8550 Commonwealth Bank credit card reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

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