Commonwealth Bank Platinum Awards Credit Card | Review

Commonwealth Bank Platinum Awards Credit Card

What do you want this card for?
Save money
Earn points
Card features
balance transfer
purchase rate
annual fee
Commonwealth Bank Platinum Awards Credit Card
Apply by 30 jun 20
32 reviews
Commonwealth Bank Platinum Awards Credit Card
Get 100,000 Bonus Awards Points when you apply by 30 June 2020, are approved and spend $4,000 on eligible purchases within 90 days from card activation.
Earn 1 Awards point per $1 spent on purchases.
$249 p.a. annual fee
Add to comparison
5 months
5.99% p.a.
then 21.24%
with a 0% fee
20.24% p.a.

Pros & cons

What's good?

What's not so good?

Get 100,000 Bonus Awards Points when you apply by 30 June 2020, are approved and spend $4,000 on eligible purchases within 90 days from card activation.
Rewards points never expire.
Earn 1 Awards point per $1 spent on purchases.
Redeem points for Velocity Rewards or the Qantas Frequent Flyer Program. Conditions Apply.
Complimentary international travel insurance, purchase security insurance and extended warranty insurance.
Lots of branches & ATM’s across the country if you ever need them.
Award winning Internet Banking and Mobile Apps to make it easier to manage your account.
CommBank concierge is available 24/7.
Enable for Apple Pay, Google Pay or Samsung Pay.
The interest rate and annual fee are as high as you would expect for a platinum credit card.
Disclaimer: 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

4.0 out of 5.0 based on 32 reviews88% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

Convenient, but only average rewards and high fees

Reviewed and recommended by Derryn on 11 Dec 2016

This is a fairly good card that comes with the convenience of the CommBank app. So you get benefits like being able to remotely lock your card if you lose it, as well as being able to put other reward program cards in your phone.

You can use the reward points for a lot of things through the Awards website, including booking directly with Flight Centre, which means you can choose any airline to fly with, not just Qantas or Virgin. You can also just use the value of the points you have towards a booking, instead of having to reach certain point milestones.

The reward points can also be used to pay for the annual fee, which could effectively make this a fee-free card.

It also comes with an optional tap-to-pay sticker which you can put on your phone so you don’t need to carry your wallet. The downside to this is that it is only for the MasterCard, which means you will only receive 1 point per $1, instead of 2.5 per $1 if you use the AmEx. For this reason I almost never use it unless AmEx isn’t accepted.

This is the other major downside to this card. It is quite expensive compared to the value of the reward points and your ability to accumulate them quickly. This card is really only worth it if you are using AmEx 90% of the time, but the AmEx surcharge at most retailers will usually be more than the value of the points you earn. So you really need to shop around for retailers that don’t charge more for AmEx.

An easy way around the surcharge (or to reduce it) is to link the AmEx to your PayPal account. Retailers will often charge nothing to pay by PayPal, or a maximum 1%. This way you can still earn maximum points, with minimum fees. This will also often avoid the high international transaction fee that CommBank charges for transactions that don’t take place in Australia.

There are bonus point partners, but the bonus points are minimal and the partners are mostly rare purchases.

Pros: – Convenient – Good technology – Can link AmEx to PayPal to avoid surcharges and international transaction fees when purchasing online – Flexible rewards usage

Cons: – Expensive annual fee for the benefits – Hard to earn rewards on AmEx alone in Australia – No Apple Pay or other eWallets – Tap-to-pay sticker is for MasterCard only

Good rewards, free insurance

Reviewed and recommended by Tejas on 29 Sep 2016

It’s a good card and it’s also helpful to have an AmEx card with it, which gives you more rewards every time you shop. You can also add your spouse and get an extra card for him/her and take advantage of extra points when they shop.

It’s a bit expensive in annual fees, but you can negotiate with the bank. Also it has travel insurance, so there’s no need to buy any other travel insurance when you’re going overseas.

It’s easy to get online banking with the CBA banking app. I would recommend it.

Awards and interest-free days

Reviewed and recommended by J on 28 Sep 2016

I wouldn’t move to another bank. Purchases are interest free for 55 days and I always pay it off so never pay interest, ever.

I get award points for using it too, and it comes with an American Express card, which earns more points. I use points for cash or gift cards, or I can donate to charity.

I have been with Commonwealth my whole life though.

Good rewards but high interest rate

Reviewed and recommended by Bec on 20 Sep 2016

Rewards offered are quite good, with very fast delivery times.

CBA waived the card fees when I took up this product.

The overall appearance of the card is appealing to the eye. However, the Interest rate is exceptionally high.

CBA offer a wide variety of credit cards to suit people with all types of budgets, and there are easy repayment options.

Money for jam!

Reviewed and recommended by Nick on 23 Aug 2016

I use this card for all of my expenses, such as petrol and groceries and all spending. For each $1 I spend I am awarded 3 points, and sometimes more for bonus offers. I then accumulate points which I can convert to cash or travel. It is a no-brainer, as you spend the money anyway, and you might as well spend smartly and generate fully free $$$$ and points

Simple and easy

Reviewed and recommended by Eliza on 10 Aug 2016

Great company and great card. I’ve never had any issues with it. If I am confused or want something clarified, it’s equally simple to jump onto the web or call up to clarify.

i didn’t even apply for this card, but was it was sent to me for being a loyal customer.

Atrocious customer service and support

Reviewed and not recommended by Leonie on 23 Jul 2016

This card came as a package with three lines of credit I had, which was the worst decision I’ve made in my entire life. I have fallen upon hard times after losing my job in 2013, unemployed for two years then landed a job in January 2016 which lasted five months. I have tried to get help with hardship, but the Commonwealth Bank is not very giving when it comes to assisting people suffering hardship. The interest rate, which is 13.49%p.a., will not be frozen or lowered, which causes me frustration and mental stress, because we pay a minimum amount which they deem is affordable, and then the interest is charged so you take one step forward and four steps back.

A good card

Reviewed and recommended by Katherine on 09 Jul 2016

This is a good card overall. Rewards are good, although the interest rate is quite high. You need to spend a fair bit to make the rewards points work, but this is easily done by paying bills with the card. Customer service with the Commonwealth Bank is always very good—I have never had a problem.

Overall convenience and secured facilities

Reviewed and recommended by Mayet on 08 Jul 2016

Facilities readily accessible and available for this type of card. This also has the provision for a concierge when necessary. LIkewise, heaps of opportunities to earn rewards because this is only one credit card account but with two different kinds of cards to choose from.
The only thing that might be a setback is that if we already paid off our mortgage then the annual fee would no longer be free and it is very expensive to maintain. This card is probably not worth it to keep going when the time comes.

Not the cheapest, but has extras if you want them

Reviewed and recommended by Michael on 06 Jul 2016

This is not a cheap card, but it offers features such as rewards, extended warranties, and travel insurance. If you use these extras, you may find that it works for you. It also ties in well with the excellent NetBank online facilities for ease of payment, transfers, and access to account information.

Show 22 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
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Commonwealth Bank Awards
Temporary residents


Additional cardholders
Additional card fee
$10 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


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
Balance transfer fee payment due
First statement
Balance transfer from personal loan
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

Banks you can't balance transfer from

You can't balance transfer to the Commonwealth Bank Platinum 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

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


Annual fee
$249 p.a.
Cash advance fee
whichever is greater, $3 or 3%
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
$2.50 or 2% whichever is greater
Overseas emergency card replacement fee
Transaction verification fee

Rewards & points

Rewards program basics

First purchase bonus
100,000 points
Reward points expiry
Never as long as you keep your account active
Rewards program
Commonwealth Bank Awards
Spend required for bonus points
$4,000 on eligible purchases by 29 February 2020

Earning points with this card

Frequent flyer points
0.4 pts per $1 spent
Overseas earn rate
Same as standard earn rate
Points cap per month
Points cap per year
Points earned on ATO payments
Reward points
1 pt per $1 spent

Additional benefits

Airport lounge access
Complimentary flight voucher
Concierge service

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular income of more than $50,000 per year
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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