The Commonwealth Bank Standard Awards credit card allows customers to earn rewards points on eligible transactions. Like many other credit cards available, this card allows customers to earn points with the provider’s own rewards program; in this case, the Commbank Awards program.
This credit card has a high interest rate and includes the typically high cash advance interest rate, but Commbank do offer a moderate number of interest-free days with the Standard Awards card. Customers who choose this card will also need to pay a moderate annual fee each year. You also have the option to add an additional card, but at an annual cost.
Entertainment rewards can also be found with this card, with access to either Discover Connect by American Express, or Priceless Sydney and Mastercard Privileges, depending on which credit card you choose.
- Earn rewards points
- Entertainment offers
- 24/7 help if you lose your card overseas
- High interest rate
- Annual fee charged
- No complimentary insurance
Who is it good for?
Like most rewards credit cards, the Commonwealth Bank Standard Awards card is best suited to current members of Commbank Rewards, or those who want to join the program. For current Commonwealth Bank customers who are shopping around for the right rewards program, this credit card could be a good option.
However, with this credit card’s high interest rate and moderate annual fee, it is not the best option if you don’t already pay off your credit card in full each month. With rewards points being this card’s main draw, it is best suited to medium and big spenders, who are more likely to see a return on their spending by earning more rewards points.
Despite the air miles that you can earn with this card, it is not a suitable travel credit card, with no complimentary travel insurance, as well as international transaction fees.
What RateCity says
When it comes to rewards credit cards, the main point to consider is whether the rewards program on offer will suit the person considering the card. The Commonwealth Bank Standard Awards credit card allows customers to earn Commbank Rewards points on eligible purchases, which can be redeemed at Myer or Flight Centre, or transferred to your Qantas Frequent Flyer or Virgin Velocity account.
The Commbank Rewards program is advertised as the largest rewards program of any bank in Australia. However, the process for earning and redeeming rewards points gets a little more complicated, with different amounts of points earned per dollar spent, depending on whether you choose Mastercard or American Express. More points are also earned when purchasing via Commbank’s official partners.
With a high interest rate and moderate annual fee, customers should weigh up whether this rewards program will be worth the cost when considering the Commonwealth Bank Standard Awards credit card.
To be eligible for the Commonwealth Bank Standard Awards credit card, you must be at least 18, not currently bankrupt and have the legal right to work in Australia. You can start the application process online, which should take less than 30 minutes - you can also expect a response within 60 seconds of lodging your application. If you are ready to apply, make sure you have a few personal items on hand, including proof of income and employment details.
About the lender
The Commonwealth Bank of Australia was established in 1911 as a government bank, and was later privatised in 1991. Also known as Commbank and CBA, it is headquartered in Sydney, but operates in countries worldwide across Asia, North America and Europe. Customers can reach Commbank at more than 1,100 branches, and via phone 24/7 for general enquiries and to report lost, stolen or damaged cards. Other enquiries are taken during standard and extended business hours.