Diamond Awards (CommBank Awards Points)
- Last updated on 05 Jul 2020
Bendigo Bank Low Rate Mastercard
Purchase Offers0% p.a. on purchases for 15 months from account opening. Receive a $150 Woolworths gift card when you spend $3,000 in 90 days.
2% transfer fee applies
for 15 months then 11.99%
Balance Transfer Rate
for 5 months then 21.24%
Max Free Days
- Balance Transfers Available
- Free domestic travel insurance
- Free international travel insurance
- Purchase protection insurance
- Extended warranty
- Vip seating
- Special events
Number free supplementary
Interest Free Days
Interest Free Days
Maximum credit limit
No set max
Late Payment Fee
Minimum credit limit
Over limit fee
Minimum repayment dollars
Duplicate statement fee
Minimum repayment percent
Supplementary card annual fee
Cash advance rate
Balance Transfer Rate
Balance Transfer Rate
for 5 months then 21.24%
of the approved credit limit
Balance Transfer Fee
Foreign Exchange Fee
3% on Mastercard
Estimated ATM Cost
CBA Premium Awards
Gift Card, Cash Back
|1.25 points for $1 spent||Mastercard||Up to $1m annually||eligible transactions|
- FREE DOMESTIC TRAVEL INSURANCE
- FREE INTERNATIONAL TRAVEL INSURANCE
- PURCHASE PROTECTION INSURANCE Cover lasts for 90 days per year
- EXTENDED WARRANTY Warranty is extended for the same duration as the original warranty up to 1 year.
- VIP SEATING
- SPECIAL EVENTS
Mastercard Traveler Rewards: Enjoy cashback offers when you travel overseas and pay with your Diamond Awards Mastercard at participating merchants4: 1. Shop at an overseas merchant that has an offer. 2. Pay in the currency of the offer and meet the offer’s terms and conditions, 3. Get a cashback as a credit on your account
From 1/9/18 this card will no longer be offered to new applicants. From 1/11/18 all cards of this type will be closed.
Compare and review credit cards with similar features
American Express Qantas American Express Ultimate Card
Bonus PointsReceive 55,000 bonus Qantas Points when you apply online, are approved and spend $3,000 on your new Card within the first 3 months. Offer available to new American Express Card Members only
Commonwealth Bank (CBA) is Australia’s largest bank, and the largest bank in the Southern Hemisphere. It offers customers stability and variety in its credit card options, as well as home loans, personal loans, term deposits, car insurance, savings accounts and more.
CBA is the largest Australian listed company on the Australian Securities Exchange as of August 2015 with brands including Bankwest, Colonial First State Investments, ASB Bank (New Zealand), Commonwealth Securities (CommSec) and Commonwealth Insurance (CommInsure).
CBA customers can reach customer support by contacting them via:
- Customer service (phone, email, branch)
- Mobile app
- Online banking
- Mobile banking staff
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.
- Rewards program
- Complimentary insurance
- No international transaction fees with Amex
- 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.
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.
Property Personal Finance Writer
A property and personal finance writer, Nick Bendel covers property, loans, credit cards, superannuation, and other bank products. Nick has previously written for The Adviser, Mortgage Business, Lifehacker, Business Insider, Yahoo Finance, and InvestorDaily, and loves getting elbow-deep in the latest ABS, APRA and RBA data.
If you’re wondering about how to make a credit card online application, here are some steps to follow:
- Test the market. Many credit card options are available online. Compare providers by fees, interest and perks to ensure you’re getting the best deal.
- Complete the application. Once you’ve selected a card, head to the provider’s website and complete the online credit card application form. Forms vary by providers.
- Provide details. Most cards require you to meet age, residency, income and credit status condition, and you need to provide details like a bank account statement to prove this.
- Review details. Ensure the information you’ve entered is correct.
Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.
The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.
Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.
Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.
Think of credit cards as a short-term loan where you use the bank’s money to buy something up front and then pay for it later. Unlike a debit card which uses your own money to pay, a credit card essentially borrows the bank’s money to fund the purchase. When you apply for a credit card, the bank assesses your income and assigns you a credit limit based on what you can afford to pay back. At the end of each billing cycle, which is usually monthly, the bank will send you a statement showing the minimum amount you have to pay back, including any interest payable on the balance.
It is possible to get a credit card as a pensioner. There are some factors to keep in mind, including:
- Annual income. Look for credit cards with minimum annual income requirements you can meet.
- Annual fees. If high fees are a concern for you, opt for a card with a low or $0 annual fee.
- Interest rate. Make sure you won’t have any nasty surprises on your credit card bill. Compare cards with a low interest rates to minimise risk.
It’s important to cancel your old cards to avoid any additional fees. Unless you’re doing a balance transfer, you’ll need to pay the outstanding balance before you cancel your credit card. If you’ve opted for a card with reward points, make sure you redeem or transfer the points before you close your account. To avoid any bounced payments and save yourself an admin headache, redirect all your direct debits to a new card or account. Once you’ve done all the preparation, call your bank or credit card provider to get the cancellation underway. Once you receive a confirmation letter, destroy your card and make sure the numbers aren’t legible.
A credit card is a payment method which lets you pay for goods and services without using your own money. It’s essentially a short-term loan which lets you borrow the bank’s money to pay for things which you can pay back – potentially with interest – at a later date. Credit cards can also be used to withdraw money from an ATM, which is known as a cash advance. Because you’re borrowing money from a bank, credit cards charge you interest on the money you use (unless you repay the entire debt during the interest-free period). When you apply for a credit card, the bank gives you a credit limit which sets the maximum amount you can borrow using your card. Credit cards are one of the most popular methods of payments and can be a convenient way of paying for goods and services in store, online and all around the globe.