- Unsecured credit limit of up to $50,000 (based on eligibility criteria)
- Complimentary Transit Accident Insurance and Unauthorised Transaction Insurance
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Pros and cons
- Earn just 1 Award point for every $1 spent on Mastercard
- $75 p.a. additional cardholder fee
- Points are capped at 300,000 per year
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Editor Review
CommBank Business Platinum Awards Credit Card
Roland Bleyer
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. Ask Roland a Question about this card.
The CommBank Business Platinum Awards Credit Card
Earning rewards on CommBank’s Awards program, the CommBank Business Platinum Awards Credit Card allows cardholders to get something back on their business spend. Other features offered on this card include up to 55 days interest free on purchases, complimentary overseas travel insurance, and easy card management and tracking via CommBank tools.
What we love...
The CommBank Business Platinum Awards Credit Card’s intro offer is something of a money saver, providing new cardholders with a up to 55 days interest free on purchases. Whether you are in the market to purchase a big ticket item for your business, or you simply want to use the card day to day, you could save you a significant amount in interest as long as you clear your balance before the 55 day period ends.
Ongoing, this card is designed to reward cardholders by allowing them to earn points on CommBank’s Awards program. You will earn 1 Awards point for every $1 you spend on your business expenses, plus you can earn bonus Awards points when you make purchases with your credit card at any of the program’s bonus partners. Points are capped at 300,000 per year.
What can you redeem your points for? The Awards program is pretty flexible, allowing you to redeem points for gift cards, merchandise, cash back, flights and more. You could redeem your points instantly for purchases at Myer, or for travel at Flight Centre. There is also the option to convert Awards points to frequent flyer programs such as Velocity and Qantas.
Aside from its intro offer and rewards, what else does the CommBank Business Platinum Awards Credit Card have to offer? Designed to work as a cash flow tool for small business owners, the card offers up to 55 days interest free on purchases, with a minimum credit limit of $6,000, ranging up to $50,000 (based on eligibility criteria).
It has a simple application process, which sets it apart from other business products, such as business loans, as there is no need to provide business financials. Simple is the keyword ongoing as well, making it easier for you to separate your business and personal spending, while also helping you to save time with automatic bank feeds to accounting software such as Xero or MYOB.
This simplicity carries over to card management and tracking. As the primary cardholder, you can manage your account online with CommBiz, NetBank or the CommBank app, to see transactions updated instantly. You can also lock international payments, block ATM cash withdrawals and limit spending, while staying in control with alerts and payment reminders.
What’s not so great...
As is usually the case with rewards cards, the CommBank Business Platinum Awards Credit Card has a pretty sizable annual fee for both the primary cardholder and additional cardholders. Whether this fee is worth paying will depend on how many rewards you earn, and how much value you gain from the features on offer.
It’s also worth pointing out that this card does not feature a low purchase rate. At the end of the intro period, it will become very important to clear your balance to avoid interest accruing at that higher rate.
Why should you choose this card?
If you want your business spending to accumulate points on a flexible rewards program, it could be well worth your time to check out the CommBank Business Platinum Awards Credit Card. You can enjoy access to all the features we have already mentioned, plus International Travel Insurance, Transit Accident Insurance and Unauthorised Transaction Insurance.
As long as you get more out than you put in, the card could offer serious value.
Overall Rating
A rewards card earning points on CommBank’s flexible Awards program, the CommBank Business Platinum Awards Credit Card is currently offering complimentary overseas travel insurance and easy card tracking and management.
User reviews
Rates and fees
Interest rates
Purchase rate 20.74% p.a.
Cash advance rate 21.74% p.a.
Interest free period on purchases up to 55 days
Balance transfer
Balance transfer rate 5.99% p.a. for 5 months
Balance transfer revert rate 21.74% p.a.
Balance transfer from personal loan No
Balance transfer fee No fee
Balance transfer limit N/A
Banks you can't balance transfer from Commonwealth Bank
Credit limits
Minimum credit limt $6,000
Maximum credit limit $50,000
Fees & repayments
Annual fee $300 p.a.
Additional card holder fee $75 p.a.
Foreign transaction fee 3%
Minimum repayment $25 or 2%
Cash advance fee 2%
Late payment fee $20
Rewards and points
Rewards program
Rewards Program
Commonwealth Bank Awards
Bonus points N/A
Annual points cap 300,000
Bonus points spend criteria N/A
Earning points with this card
CBA Awards Rewards points 1 point per $1 spent
Points cap per month N/A
Overseas earn rate same as standard earn rate
Additional features
Complimentary insurance
International Travel Insurance Yes
Flight Inconvenience Insurance No
Transit Accident Insurance Yes
Smartphone Screen Insurance No
Purchase Protection Insurance No
Extended Warranty Insurance No
Rental Vehicle Excess In Australia Insurance No
Extras
Unauthorised Transaction Insurance
Eligible with Apple Pay, Google Pay and Samsung Pay
Overview
CommBank Business Platinum Awards Credit Card
With the Commbank Business Platinum Awards Credit Card you make business purchases and get up to 55 days interest free on purchases.
Key features
- Earn 1 Awards point for every dollar spent on the Mastercard
- Complimentary Transit Accident Insurance and Unauthorised Transaction Insurance
- Unsecured credit limit of up to $50,000 (based on eligibility criteria)
- The primary cardholder takes personal responsibility for all transactions on the account
- Additional cardholder fee of $75 per annum
Minimum criteria to apply for this card
-
Be over 18 years old
-
Good Credit and have not applied for multiple credit cards recently
-
Australian permanent residents
You have your personal details ready to complete the online application
Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.
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