Diamond Awards

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Basic

Card Level
Card Level
Premium
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$15,000
Minimum repayment dollars
Minimum repayment dollars
$25
Minimum repayment percent
Minimum repayment percent
2
Number free supplementary
Number free supplementary
0
Annual Fee
Annual Fee
$349
Late Payment Fee
Late Payment Fee
$20
Over limit fee
Over limit fee
$0
Duplicate statement fee
Duplicate statement fee
$0
Supplementary card annual fee
Supplementary card annual fee
$10
Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available
Card Level
Card Level
Premium
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$15,000
Minimum repayment dollars
Minimum repayment dollars
$25
Minimum repayment percent
Minimum repayment percent
2
Number free supplementary
Number free supplementary
0
Annual Fee
Annual Fee
$349
Late Payment Fee
Late Payment Fee
$20
Over limit fee
Over limit fee
$0
Duplicate statement fee
Duplicate statement fee
$0
Supplementary card annual fee
Supplementary card annual fee
$10
Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available

Rates

Purchase Rate
Purchase Rate
20.24%
Cash advance rate
Cash advance rate
21.24%
Purchase Rate
Purchase Rate
20.24%
Cash advance rate
Cash advance rate
21.24%

Balance Transfer

Balance Transfer Rate
Balance Transfer Rate
5.99%for 5 months then 21.24%
Transfer Limit
Transfer Limit
100%of the chosen credit limit
Balance Transfer Fee
Balance Transfer Fee
$0
Balance Transfer Rate
Balance Transfer Rate
5.99%for 5 months then 21.24%
Transfer Limit
Transfer Limit
100%of the chosen credit limit
Balance Transfer Fee
Balance Transfer Fee
$0

Overseas spending

Foreign Exchange Fee
Foreign Exchange Fee
3% on MasterCard3.5% on AMEX
Overseas charges
Overseas charges
$2.5
Estimated ATM Cost
Estimated ATM Cost
Foreign Exchange Fee
Foreign Exchange Fee
3% on MasterCard3.5% on AMEX
Overseas charges
Overseas charges
$2.5
Estimated ATM Cost
Estimated ATM Cost

Rewards

Program name
Program name
CBA Premium Awards
Rewards Available
Rewards Available
Gift Card, Cash Back
Program name
Program name
CBA Premium Awards
Rewards Available
Rewards Available
Gift Card, Cash Back

Eligibility

Minimum age
Minimum age
18
Minimum income
Minimum income
Eligibility conditions
Eligibility conditions
Minimum age
Minimum age
18
Minimum income
Minimum income
Eligibility conditions
Eligibility conditions

Earn Rates

RateCard TypeEarnsCondition
3 points for $1 spentAMEXUp to $1,000,000 annuallysupermarkets, petrol stations, department stores and eligible overseas purchases
0.5 points for $1 spentAMEXUp to $1,000,000 annuallyall other eligible transactions
1.25 points for $1 spentMasterCardUp to $1,000,000 annuallyeligible transactions

Perks

  • Concierge
  • Special Events
  • Extended WarrantyWarranty is extended for the same duration as the original warranty up to 1 year.
  • Free Domestic Travel Insurance
  • Free International Travel Insurance
  • Purchase Protection
  • Vip Seating
  • Airport Lounge

Features

The Commonwealth Bank Diamond Awards credit card has a high interest rate, high annual fee and moderately high interest-free period. A Diamond Awards account comes with two cards – American Express and MasterCard. The AMEX card has a higher rewards-earning rate and zero transaction fees for overseas purchases. A cash advance fee applies for ATM withdrawals.

Cardholders can earn up to a million points a year through the CommBank Awards Program, and points can be redeemed for gifts, merchandise, cashback, frequent flyer points and other travel benefits.

In terms of security, the Commonwealth Bank Diamond Awards card is covered by a 100 per cent money back guarantee for fraudulent transactions and secure online shopping. Cardholders are also covered by international travel insurance and 90-day purchase protection insurance.

Pros
  • Rewards program
  • Complimentary insurance
  • No international transaction fees with Amex
Cons
  • High interest rate
  • High annual fee
  • Moderate late payment fee

Who is it good for?

This card is well-suited to customers looking for a credit card that offers rewards for spending. The CommBank Awards Program is broad and offers a good amount of flexibility in terms of what points can be redeemed for.

Customers who travel frequently may also be drawn to this card thanks to its complimentary travel insurance, travel point earning potential and zero-fee international transactions (with AMEX). 

The purchase interest rate on the Commonwealth Bank Diamond Awards card is high, so it is best suited to those who are able to pay off the balance in full each month. Those looking to transfer existing debt may find better options elsewhere as interest applies to balance transfers immediately on this card.

If you want to add cardholders, this card comes with a low additional cardholder fee. However, there are other cards on the market that offer additional cardholders at no cost.

What RateCity says

The Commonwealth Bank Diamond Awards credit card comes with a number of attractive incentives for those seeking a rewards card. With the ability to earn up to a million points a year and spend points on virtually anything, customers can enjoy a lot of reward-earning potential.

The complimentary travel insurance and 90-day purchase insurance also provide additional protection, especially for frequent travellers. However, unlike some other rewards cards, the Commonwealth Bank Diamond Awards card doesn’t offer perks like airport lounge access and bonus point offers – which could be a drawback for some.

The annual fee and interest rate are high, so it’s worth considering if the benefits outweigh the costs. If you’re not confident you’ll be able to pay off your balance each month, you may want to choose a card with a lower interest rate.

Applying/eligibility

To be eligible for the Commonwealth Bank Diamond Awards card you must be at least 18 years old, legally allowed to work in Australia and not currently bankrupt. To apply, you’ll need to provide proof of ID and proof of income such as payslips and bank statements. You’ll also need to disclose information about money you owe such as personal loans, and provide visa details if you’re not an Australian resident. Applications can be completed online or in-branch.

About the lender

The Commonwealth Bank of Australia (CBA) is a multinational bank and one of Australia’s big four banks. It was founded in 1911, and today has more than 800,000 shareholders and 52,000 staff. The bank offers customers a wide range of financial products including credit cards, home loans, personal loans, bank accounts and savings accounts. CBA has one of the largest branch and ATM networks in the country. Customers can manage their finances through online banking and the CommBank app.

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