Ultimate Awards Credit Card card image

Commonwealth Bank Ultimate Awards Credit Card

Advertiser disclosure
Purchase rate
20.24% p.a.
Balance transfer rate
5.99% p.a. for 5 months and then 21.24% p.a.
Annual fees
$420 $0 monthly fee if you spend $2,500 per month and select online statements
Interest free days on purchases

Mozo editorial review Commonwealth Bank Ultimate Awards Credit Card - last updated: 28 October 2021

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What's hot
  • 2021 Mozo Experts Choice Award winner
  • $35 monthly fee waived when you spend $2,500+ in your statement period & opt for online statements
  • Up to 100,000 bonus points on offer
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 you 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 a 2021 Mozo Experts Choice Award for best Premium Rewards 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 20.24% 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).   

As an extra treat, you can earn 100,000 bonus points by spending $5,000 or more on eligible purchases within 90 days of opening your account as long as you sign up before 28 February 2022.

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.

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 22 January 2022. 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

21,000 points

$100 Cash

25,000 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

Special offers

100,000 Bonus Points when you apply for a new Ultimate Awards credit card by 28 February 2022 and spend $5,000 on eligible purchases within 90 days from activation.

Value of rewards points

Spend $25,000 (Mastercard)

Spend $21,000 (Mastercard)

Spend $15,600 (Mastercard)

Spend $358,400 (Mastercard)



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


20.24% p.a.


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


21.24% p.a.








3%, Min $3.00, Max $300










Payment options

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

Rewards privileges

Travel Insurance,
Extended Warranty,
Purchase Protection

Other benefits

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

Customer Reviews

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