Platinum Awards

Compare

Basic

Card Level
Card Level
Platinum
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$6,000
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
$249
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
Platinum
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$6,000
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
$249
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
2.5 points for $1 spentAMEXUp to $150,000 annuallysupermarkets, petrol stations, department stores and eligible overseas purchases
0.5 points for $1 spentAMEXUp to $150,000 annuallyall other eligible transactions
1 point for $1 spentMasterCardUp to $150,000 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

Features

Features of the Commonwealth Bank Platinum Awards credit card include a high interest rate, moderately high annual fee and a moderate number of interest-free days. Additional cardholders are allowed for a fee.

Platinum Awards cardholders receive two cards – an American Express card and a Mastercard. The AMEX card comes with a higher rewards-earning rate and zero transaction fees for international spending. A cash advance fee applies for ATM withdrawals.

This card is associated with the CommBank Awards program, which allows cardholders to earn points for spending and redeem them for gifts, merchandise, cashback, frequent flyer points and other travel benefits.

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

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

Who is it good for?

People who spend a lot on their credit card and pay it off in full each month are likely to be drawn to this card thanks to its flexible rewards program.

Qantas Frequent Flyer and Virgin Velocity members could also benefit from the ability to earn frequent flyer miles to put towards flight tickets, upgrades, etc. Frequent travellers may like to take advantage of no international transaction fees (with the American Express card).

Those looking for a low-rate card or to cut down on fees may find better options elsewhere as the Commonwealth Bank Platinum Awards card has a high interest rate and annual fee. Similarly, it isn’t particularly suitable for balance transfer customers as interest applies to transfers immediately.

If you need to add supplementary cardholders, this card comes with a low additional cardholder fee. However, there are other cards available that offer additional cardholders at no cost. 

What RateCity says

The Commonwealth Bank Platinum Awards credit card offers several attractive benefits for those shopping around for a rewards card. Points can be spent on a variety of rewards, so this card is likely to appeal to a wide range of potential customers.

Complimentary travel insurance and 90-day purchase insurance offer additional peace of mind, especially for those who travel or spend frequently. However, this card doesn’t allow access to airport lounges or come with a bonus points offer, which could be a downside for some.

If you plan to use your credit card when the budget is tight, it might be worth looking at other cards on the market that offer a lower rate or lower fees. This one comes with a high interest rate and moderately high annual fee – meaning debt can add up quickly if you’re not diligent about paying off your balance every month. 

Applying/eligibility

Eligibility requirements for the Commonwealth Bank Platinum Awards card state you must be at least 18 years old, legally allowed to work in Australia and not currently bankrupt. During the application process, you will need to show proof of ID and proof of income such as payslips and bank statements. You will also need to provide information about any current debts you have, such as personal loans. To apply, head to the Commonwealth Bank website or visit a branch. 

About Commonwealth Bank

Founded in 1911, Commonwealth Bank of Australia (CBA) is today one of Australia’s big four banks. The bank offers a wide range of financial products including credit cards, home loans, personal loans, bank accounts and savings accounts. CBA’s branch and ATM network is one of the largest in the country. Customers can manage their finances through online banking and the CommBank app, and get 24/7 access through the bank’s phone hotline.

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