Commonwealth Bank Diamond Awards Credit Card | Review

Commonwealth Bank Diamond Awards Credit Card

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Commonwealth Bank Diamond Awards Credit Card
Earn up to 1 million Award points at a rate of 1.25 pts per $1 spent.
Spend points on travel, shopping vouchers, merchandise, cashback and much more.
Feel secure with the complimentary Interantional Travel Insurance.
Add to comparison
5 months
5.99% p.a.
then 21.24%
with a 0% fee
20.24% p.a.
ongoing
$349
ongoing

Pros & cons

What's good?

What's not so good?

Earn up to 1 million Award points at a rate of 1.25 pts per $1 spent.
Spend points on travel, shopping vouchers, merchandise, cashback and much more.
Feel secure with the complimentary Interantional Travel Insurance.
Redeem points for Velocity Rewards or the Qantas Frequent Flyer Program. Conditions Apply.
Redeem exclusive in-store at Myer and Flight Centre or choose from over 1,000 items on the Awards site.
No points expiry.
Up to 55 days on purchases.
The annual fee is large.
  • From 1 September 2018, new CommBank American Express Cards will no longer be offered.
  • From 1 November 2018, we’re closing all CommBank American Express Cards and transactions will be declined (some exceptions apply*).
Disclaimer (2): Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

4.2 out of 5.0 based on 34 reviews94% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Incidental expenses add up to a lot of points

Reviewed and recommended by Margaret on 08 Apr 2017

It’s worth using a credit card attached to a frequent flyer program. All those incidentals – filling up the car, paying for groceries &ndash: can earn you decent reward points. Just make sure you pay your card balance off every month.

The ongoing support of a reputable company such as Commonwealth Bank also gives a feeling of security and support

Points and benefits galore

Reviewed and recommended by Jeff on 16 Dec 2016

At 3.0 points per dollar with AmEx, this card is worth it, and it’s free if you have a home loan with CBA. It includes a Visa card at 1.5 points per dollar if AmEx is not accepted. Accumulation of points is very quick and they have a great range of items to exchange with the points.

There’s free travel insurance as well, and you don’t even have to buy tickets with the card. It includes all the bells and whistles of other platinum credit cards.

Good service, disappointing rewards program

Reviewed and not recommended by Raphael on 04 Dec 2016

The card is good without being exceptional. The CBA has excellent software and support services.

However, the awards program has terms that recently changed and the earning rate is reduced.

Also, the points accrued are not easy to redeem. CBA award points can be transferred to Velocity. However, you must opt in and pay extra for Qantas Frequent Flyer points. There can be no transfer at a later stage.

If I wasn’t banking with CBA (and getting the annual fee waived), I would not be using this card.

I can purchase with peace of mind

Reviewed and recommended by Andy on 21 Oct 2016

I’ve been a Commonwealth Bank customer since I was young and their consistently great deals and credit card options lead to me to not having to go shopping at other banks. I have peace of mind when I tap and pay with my Diamond Awards card, and on the off chance that I have unexplained charges on my statements, customer service is always prompt. They understand how I feel, and it’s corrected so easily!

I recommend others at least look at all the great benefits of this card. It’s definitely worth anyone’s time.

High fees outweighed by rewards

Reviewed and recommended by Debra on 17 Oct 2016

The credit card is as convenient as any other card. The fees are quite high but the rewards usually outweigh them, so we have continued with it so far rather than changing to a no/low fee card.

I like that I can go online and it is easy to access the card or make changes myself.

Good card but dislike overseas transaction fees

Reviewed and recommended by Keira on 26 Sep 2016

I have two cards linked to the one account — one AmEx and one MasterCard. There are more points associated with AmEx so I use it as my priority, and use MasterCard where AmEx is not accepted.

To be honest, I never pay interest on my cards and use them for the points system to purchase items and travel. On the rare occasion where I have missed paying down the card to $0, the interest was quite low (no more than $5).

My main problem with this card is the international transaction fees that come with online purchases. For example, I travel a lot and if I’m booking a room on HostelBookers or booking.com, it comes with an international transaction fee because the website is based outside of Australia. (The UK I think). The same applies with booking flights. This really annoys me. However, if you don’t travel much it probably won’t be an issue for you.

The online rewards shop that you can use your points in is quite vast. However, you do need lots of points to purchase anything quite good.

Handy and convenient

Reviewed and recommended by Marlene on 20 Sep 2016

Widely accepted in shops here in Australia and worldwide, good rewards when used regularly, easy to deal with staff, responsive and polite, lots of convenient branches around Australia, friendly staff, easy use of website, reliable and fast payment method, access 24 hours, seven days a week.

My only complaint is the fees if buying anything outside Australia.

Insurance is very useful

Reviewed and recommended by Ingrid on 16 Sep 2016

Overall satisfaction with the use of the card. It has free insurance, but you do not even have to use your card to get overseas travel insurance.

I can pay for most things with my card as it is accepted everywhere.

I get a text from the bank when my card is due to be paid.

Added value having the travel insurance option

Reviewed and recommended by Linda on 10 Aug 2016

Trust, convenience and awards. Good value for Qantas Frequent Flyer points and added bonus of travel insurance that is very easy to activate. Always accepted both locally and overseas and good customer service.

Easy to manage via the Commbank Netbank and also via the Commbank mobile app.
Happy to recommend.

Double points on AmEx

Reviewed and recommended by Rob on 14 Jul 2016

The card is good. The attached AmEx card gives maximum points. The rewards programme at CBA has enough different options.

The cost of the card per annum is reasonable compared to others like it.

Getting a replacement card is easy. There are no extra charges for other cards.

The interest-free period is 55 days. The attached Amex card gives double points.

Show 24 more reviews
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Single
Card tier
Black
Card type
Mastercard
Card use
Personal
Credit rating
N/A
Gambling transactions allowed
Yes
Joint application
No
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
Same as standard
Pensioners
Rewards program
Commonwealth Bank Awards
Temporary residents
Yes

Cardholders

Additional cardholders
1
Additional card fee
$10 p.a.

Credit limits

Minimum credit limit
$15,000
Maximum credit limit
$50,000

Repayments

Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment
whichever is greater, $25 or 2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers5.99% p.a.5 months0%100% of credit limit21.24% p.a.

Balance transfers to this card

Balance transfer earns rewards
No
Balance transfer fee payment due
First statement
Balance transfer from personal loan
No
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
100% of credit limit
Available to existing customers
No

Banks you can't balance transfer from

You can't balance transfer to the Commonwealth Bank Diamond Awards Credit Card at the promotional balance transfer rate from:

  • Aussie
  • Commonwealth Bank

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers5.99% p.a.5 months0%100% of credit limit 21.24% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

MonthlyAnnually
Cash advances 1.77% 21.24% p.a.
Purchases 1.69% 20.24% p.a.

Fees

Annual fee
$349 p.a.
Cash advance fee
whichever is greater, $3 or 3%
Dishonour fee
$20
Duplicate statement fee
$7
Foreign exchange fee
3%
Late payment fee
$20
Over limit fee
$10
Overseas ATM balance fee
$1.25
Overseas ATM withdrawal fee
N/A
Overseas emergency card replacement fee
$20
Transaction verification fee
$0

Rewards & points

Rewards program basics

First purchase bonus
N/A
Reward points expiry
Never as long as you keep your account active
Rewards program
Commonwealth Bank Awards
Sign up bonus
- points
Spend required for bonus points
N/A

Earning points with this card

Frequent flyer points
0.5 pts per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
N/A
Points cap per year
1,000,000
Points earned on ATO payments
N/A
Reward points
1.25 pts per $1 spent

Additional benefits

Airport lounge access
Yes, 2 passes per year
Complimentary flight voucher
No
Concierge service
Yes

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Temporary residents are eligible
Age Pension, Disability Pension and Widower's Pension are acceptable.
Carer's Allowance and Child Support Payments are acceptable.
Joint applications are not allowed
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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People are happy
Rated 4.8 out of 5 for customer satisfaction.
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