Commonwealth Bank Awards Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt Ask Pauline a Question about this card.

The Commonwealth Bank Awards Credit Card

Providing entry-level access to CommBank’s flexible rewards program, the Commonwealth Bank Awards Credit Card makes it easy to earn rewards on everyday card spending. With a focus on rewards, this card keeps other features fairly basic, providing access to functional budgeting tools that can track spending, while helping cardholders keep more control over their finances.

What we love...

Offering access to the “largest rewards program of any bank in Australia”, the Commonwealth Bank Awards Credit Card is an entry-level rewards card that allows cardholders to get something back on their day-to-day card spending.

The Commonwealth Bank Awards Credit Card has one earn rate across all purchases. That means you will earn 1 Awards point for every $1 you spend on the card, allowing you to earn up to an overall limit of 50,000 points within a year. There is no expiry on points earned.

To boost your points-earning potential, you can use your card with the program’s partners to earn additional points on your purchases. As for points redemption, you can redeem your points instore at Myer or at Flight Centre, swapping your points for a new pair of shoes or a flight to Vegas. Alternatively, you could redeem your points on the Awards site, with more that 1,000 options to choose from, including gift cards, tech and homewares.

The program makes it easy to check or redeem points, using NetBank or the CommBank app. If you find you don’t have enough points to get the reward you want, you can use Points Plus Pay, which allows you to use the Awards points you have now, and pay the remainder on your Commonwealth Bank Awards Credit Card.

Want to earn on the Qantas program instead? This card allows you to opt in to Qantas for an additional $30 per year. Once you’ve opted in, all points you earn on the card will be automatically converted to Qantas Points and transferred monthly to your Qantas Frequent Flyer account. Bear in mind, if you’re not yet a Qantas Frequent Flyer member, you may need to pay to join.

What’s not so great...

As with most rewards cards, the Commonwealth Bank Awards Credit Card has a high purchase rate and cash advance rate. If you want to retain any value from the rewards you earn on the card, you will need to clear the balance by the due date each month to avoid interest accruing.

Aside from that, you should know that this card is not abundant in features. It offers you the opportunity to earn rewards, but that’s about it. If you want a card with more features, you may want to check out the Platinum or Diamond options from CommBank, but be aware, you will pay more in annual fees for these cards.

Why should you choose this card?

As a basic rewards card, the Commonwealth Bank Awards Credit Card could be the ideal option for cardholders who are new to rewards, or anyone who simply wants a rewards card with no complicated features on the side.

With a fairly low annual fee, the card makes it easy to get value back on any rewards earned. But, if you choose to add any additional cardholders to the account, this comes at a cost of $10 per cardholder per year. While additional cardholders can help you earn points faster, weigh up the added value of the points they earn against that additional cardholder fee.

In terms of extras, you can save on interest with up to 55 days interest free on purchases, while enjoying access to Priceless Cities offers and experiences. You can benefit from more control over your finances by setting a Spending Cap, or instantly locking, blocking or limiting your card as needed. Meanwhile, Spending Tracker & Insights can assist with budgeting.

Overall Rating

As a basic rewards card, the Commonwealth Bank Awards Credit Card offers a straightforward earn rate capped at 50,000 Awards points per year, and access to a flexible rewards program with the option to opt in to Qantas Frequent Flyer.