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.
- Rewards program
- Complimentary insurance
- No international transaction fees with Amex
- 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.
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.