Ask Roland a Question

Hi, I’m the site founder and I will personally answer your question within a business day.

By submitting this question you agree to our privacy policy.

Commonwealth Bank Diamond Awards Credit Card

2 reviews

Apply by 31 October 2019

points over 12 months Calculate your savings icon

Earn rate per $1

1.25 points
16.77% Complete (success)
Commonwealth Bank Awards

Bonus points

120,000 points
120,000% Complete (success)

Annual fee

$349
p.a.
349% Complete (success)

Pros

120,000 Bonus Awards Points when you apply by 31 October 2019 and spend $6,000 on eligible purchases with your new card by 31 January 2020

Ability to convert Awards points directly to Qantas or Velocity points

Complimentary 12 months Travel Insurance Cover

You can use your card to redeem reward points to pay for purchases at Myer

Cons

Earn just 1.25 Award point for every $1 spent on Mastercard

Points cap of 1,000,000 points each year

Commonwealth Bank Diamond Awards Credit Card

Earn 1.25 Awards point for every dollar you spend on your Commonwealth Bank Diamond Awards Credit Card. You can also convert Awards points directly Qantas Frequent Flyer points or Velocity Frequent Flyer points.

Key features

  • 120,000 Bonus Awards Points when you apply by 31 October 2019 and spend $6,000 on eligible purchases with your new card by 31 January 2020
  • Annual fee of $349
  • 20.24% p.a. on purchases
  • 5.99% p.a. on balance transfers for the first 5 months
  • Minimum credit limit of $15,000
  • Personal concierge available 24/7
  • International travel insurance for trips up to 12 months
  • Earn 1.25 Awards point for every dollar you spend on your CommBank Diamond Awards Mastercard
  • Points cap of 1,000,000 points each year
  • Redeem points directly at Flight Centre for flights, hotels, holiday packages
  • Redeem points for store cards or gift offers including Apple, Panasonic, Morphy Richards, Dyson and more
50% of customers who have rated this card would recommend it
  • Rates
    32%
  • Fees
    33%
  • Rewards
    35%
  • Customer Service
    52%
  • Value
    27%
Overall user rating 45%
2 reviews
Interest Rates
Purchase rate 20.24% p.a.
Cash advance rate 21.24% p.a.
Interest free on purchases up to 55 days
Balance Transfer
Balance transfer rate 5.99% p.a. for 5 months
Balance transfer fee No fee
Balance transfer revert rate 21.24% p.a.
Balance transfer limit 100% of your approved new credit limit
Balance transfer from personal loan No
Banks you can't balance transfer from Commonwealth Bank
Credit limits
Minimum credit limit $15,000
Maximum credit limit $50,000
Fees & repayments
Annual fee $349 p.a.
Additional cardholder fee $10 p.a.
Cash advance fee 2%
Foreign transaction fee 3%
Minimum repayment $25 or 2%
Late payment fee $20
Credit card type Mastercard
Rewards program
Rewards program Commonwealth Bank Awards Commonwealth Bank Awards
Bonus points 120,000 CBA Awards points
Annual points cap 1,000,000
Bonus points spend criteria Spend $6,000 by 31 January 2020
Earning points with this card
CBA Awards points 1.25 points per $1 spent
Overseas earn rate same as standard earn rate
Points cap per month N/A
Complimentary insurance
Overseas travel insurance yes - up to months
Flight inconvenience insurance No
Transport accident cover No
Smartphone screen insurance No
Purchase protection insurance Yes
Extended warranty insurance Yes
Rental vehicle excess cover No
Extras
Eligible with Apple Pay

The Big Review: Commonwealth Bank Diamond Awards Credit Card

Designed to appeal to big spenders who want to earn big rewards, the Commonwealth Bank Diamond Awards Credit Card offers access to CommBank’s flexible Awards program, with the option to opt in to Qantas Frequent Flyer for an additional fee. With the focus squarely on rewards, the card offers select extras, providing cardholders with overseas travel insurance and retail cover on their purchases.

  • Earn 1.25 Awards points per $1
  • Earn up to 1 million Awards points per year
  • Earn rewards on CommBank’s Awards program or opt in to Qantas Frequent Flyer
  • Earn 0.5 Qantas Points per $1, with no points cap
  • Transfer Awards points to a choice of 12 frequent flyer programs
  • Complimentary international travel insurance
  • Complimentary cover on retail purchases, with extended warranty, price guarantee and purchase security insurance
  • Access to Priceless Cities offers and experiences
  • Annual Fee: $349
  • Additional Cardholder Fee: $10 per cardholder, per year
  • Purchase Rate: 20.24% p.a. (variable)
  • Cash Advance Rate: 21.24% p.a. (variable)
  • Minimum Credit Limit: $15,000
  • Interest Free Period on Purchases: Up to 55 days

This Card: The Lowdown

Offering the highest earn rate within CommBank’s Awards card range, the Commonwealth Bank Diamond Awards Credit Card would be the go-to option for cardholders who want to earn more points on their everyday spending. Points are capped at 1 million per year, which would allow cardholders to earn points on their annual spend up to $800,000.

However, with a higher earn rate and higher points cap comes a higher annual fee. So, anyone who is considering the Commonwealth Bank Diamond Awards Credit Card as an addition to their wallet should be willing to spend on it. Obviously, the more you spend, the more you get back in rewards. This helps to balance out that significant annual fee.

CommBank’s Awards program is impressively flexible, providing access to 12 frequent flyer programs, including Velocity and Qantas. To earn on the Qantas program, cardholders must opt in. This costs an additional annual fee, but does provide an earn rate of 0.5 Qantas Points per $1, with no points cap that we could see.

In terms of extras, this card only offers a select few. While you might expect an abundance of extras for an annual fee of that size, the Commonwealth Bank Diamond Awards Credit Card really only offers a selection of insurance covers. So, if you want to make that annual fee spend worthwhile, you’ll need to make it back in rewards.

Digging Deeper

With the basics covered, it’s time to dig a little deeper into what’s on offer with the Commonwealth Bank Diamond Awards Credit Card, so you can decide whether this card is right for you.

This Card: As a Rewards Card

While high end rewards cards often entice new cardholders with bonus points introductory offers, that’s not the case with the Commonwealth Bank Diamond Awards Credit Card. While it could have helped to soften the blow on that annual fee, there is no intro offer of note on this card. That means you need to think about the long term, which means looking at the rewards on offer.

Earning Points

Delivering the highest earn rate available on CommBank’s range of Awards cards, the Commonwealth Bank Diamond Awards Credit Card allows you to earn 1.25 Awards points per $1 on all eligible purchases. Points are capped at 1 million points per year, with no points expiry.

This compares favourably to other cards offered within the Awards range. Both the entry-level CommBank Awards Credit Card and the CommBank Platinum Awards Credit Card earn 1 Awards point per $1 spent, with a points cap of 50,000 points per year on the Awards Card, and 150,000 points per year on the Platinum Card.

To calculate the value offered on each card, you need to compare annual fees. As you would expect, the Awards Card has the lowest annual fee, at $59 per year, the Platinum Card has a $249 annual fee, while the Diamond Card has an annual fee of $349.

Which card is right for you? To work that out, you need to think about how much you will spend on your card. If you’re not likely to spend more than $50,000 per year on your card, the Awards Card may be for you. If you’d likely spend up to $150,000 per year on your card, paying more for the Platinum Card and its higher points cap could be a better option.

However, if you will have an annual spend more than $150,000, the Diamond Card may be worth considering. With its higher earn rate and points cap, the Diamond Card earns points on card spending up to $800,000 per year.

Earning Bonus Points

Helping to boost your points earning, the Diamond Card offers you the opportunity to earn bonus points when shopping with the Awards program’s partners. Note, there is no limit to the number of bonus points you can earn, so even if you hit that annual 1 million points cap, you can still continue to earn bonus points.

Shopping

 

Onsport (online only) 

10 bonus points per $1 spent

WineDirect.com

10 bonus points per $1 spent

Magshop (online only)

1 bonus point per $1 spent

Napoleon Perdis

1 bonus point per $1 spent

Prouds the Jewellers

1 bonus point per $1 spent

Travel

 

Kaligo.com (online only)

15 bonus points per $1 spent

Crown Metropol

1 bonus point per $1 spent

Crown Promenade Hotel

1 bonus point per $1 spent

Crown Towers

1 bonus point per $1 spent

Entertainment

 

RedBalloon (online only)

1 bonus point per $1 spent

Village Cinemas Australia (online only)

1 bonus point per $1 spent

Opting In To Qantas

As a cardholder, you can choose to opt in to earn Qantas Points on the Qantas Frequent Flyer program. By opting in to Qantas on the Commonwealth Bank Diamond Awards Credit Card, you will earn 0.5 Qantas Points per $1. There was no mention of a points cap that we could find.

It is worth noting that opting to earn Qantas Points is an ‘all or nothing’ deal. You will pay an additional $30 annual fee to opt in to Qantas, and all points you earn on the card will be automatically converted to Qantas Points, then transferred to your Qantas account at the end of each statement period.

You can switch back and forth between Awards and Qantas if you wish, but be aware, each time you opt in to Qantas, you will pay that $30 fee. In addition, accrued Awards points generally cannot be converted to Qantas Points. An exception will be made, however, if you have been enrolled in the Awards program less than three months.

Of course, to earn Qantas Points, you need to be a Qantas Frequent Flyer member. If you’re not yet a member, you will need to join. As the Commonwealth Bank Diamond Awards Credit Card doesn’t offer complimentary Qantas Frequent Flyer membership, you may have to pay a joining fee of $89.50.

Redeeming Points

CommBank promotes its Awards program as the “largest credit card rewards program of any bank in Australia”. So, what does it have to offer?

Travel Options

In terms of travel options, the Commonwealth Bank Diamond Awards Credit Card offers plenty of flexibility, allowing cardholders to transfer Awards points to a variety of frequent flyer airline partners. Unlike Qantas, these partners do not require an additional annual fee, and points can be transferred as and when you like.

Virgin Australia Velocity: 2 Awards points = 1 Velocity Point
Qantas Frequent Flyer: 2.5 Awards points = 1 Qantas Point
Air Asia BIG: 2.5 Awards points = 1 BIG Point
Air France-KLM Flying Blue: 3 Awards points = 1 mile
EVA Air Infinity MileageLands: 3 Awards points = 1 mile
Malaysia Airlines Enrich: 3.5 Awards points = 1 mile
Lufthansa Miles & More: 4 Awards points = 1 mile
China Eastern Eastern Miles: 3 Awards points = 1 point
Etihad Guest: 3.5 Awards points = 1 mile
JAL Mileage Bank: 4 Awards points = 1 mile
United MileagePlus: 4 Awards points = 1 mile
IHG Rewards Club: 2.5 Awards points = 1 point

Velocity is perhaps the most popular option outside of Qantas, providing cardholders with an earn rate of 0.625 Velocity Points per $1. What value you gain from the program’s other partner airlines will obviously depend on how often you use them. Understanding the partners of those partners could help.

Velocity Points can be used for travel on Virgin Australia and partners such as Singapore Airlines and Etihad.
Qantas Points can be used for travel on Qantas, Emirates and oneworld partner airlines.
EVA Air Infinity MileageLands & United MileagePlus miles can be used for travel on Star Alliance airlines such as United, ANA and THAI.
Air France-KLM Flying Blue miles can be used for travel on SkyTeam airlines such as China Airlines, Delta and Korean Air.

If you’re looking for travel options, you’re not limited to the program’s frequent flyer partners. Having teamed up with Flight Centre, CommBank allows cardholders to redeem their Awards points instantly for flights, hotels, holiday packages, cruises and more. You can choose any seat, any airline, any destination at any time by visiting Flight Centre instore, or online via the Awards website.

Retail Options

As a cardholder, you also have a number of retail points redemption options. You can redeem your Awards points instantly in-store at Myer, covering pretty much any purchase simply by presenting your card and saying you want to pay with points. If you're a MYER one member, you’ll earn MYER one Shopping Credits for the total transaction too.

Gift cards offer an alternative option, with gift cards available for stores such as Myer, BP, Caltex, Kmart, Coles, Dymocks, Target, Adairs, Napoleon Perdis, Prouds the Jewellers, Red Balloon, Good Food and more. All gift cards have the same redemption value, as follows:

$25 Gift Card: 5,700 Awards points
$50 Gift Card: 11,300 Awards points
$100 Gift Card: 21,000 Awards points
$250 Gift Card: 52,500 Awards points
$500 Gift Card: 105,000 Awards points
$1,000 Gift Card: 210,000 Awards points

So, if you were to redeem your points for gift cards, you would need to spend $58,800 on your card each year to get back your annual fee. This would give you $350 in gift cards, redeemed for 73,500 Awards points.

The Awards online store provides an another way to redeem points, with more than 1,000 products available, including sports equipment, tech, fashion and appliances. Want to see how far your points will go? Here are some of the items offered on the September 2018 Awards Guide:

For a Kindle 6 Inch Wi-Fi eReader (RRP $109), you would redeem 31,000 Awards points, which is equal to a $24,800 card spend.
For a FitBit Versa Smart Watch (RRP $299.95), you would redeem 69,500 Awards points, which is equal to a $55,600 spend.
For an iPhone 8 Plus 64GB (RRP $1,229.00), you would redeem 297,000 Awards points, which is equal to a $237,600 spend.

If you don’t have enough points to cover the item you want, you can use the Points + Pay option to make up the difference.

This Card: Extras on Offer

When it comes to extras, the Commonwealth Bank Diamond Awards Credit Card keeps its focus firmly on insurance covers, providing cardholders cover on overseas travel and their retail card purchases.

Overseas Travel Insurance

The Commonwealth Bank Diamond Awards Credit Card provides comprehensive overseas travel insurance, but you need to activate it before you travel. If you don’t activate your cover, you will receive the card’s base cover, which includes personal liability cover, and unlimited overseas emergency medical assistance and hospital expenses only.

Activating provides extra benefits on your cover, such as interstate flight inconvenience insurance, rental vehicle excess up to $2,250, and baggage and personal goods cover up to $15,000 for the main cardholder, or up to $30,000 for a family. Cover provided is for you, your spouse and your accompanied children for return trips from Australia, for up to six months for each journey.

Retail Insurance Cover

Your retail purchases may also be covered with the Commonwealth Bank Diamond Awards Credit Card in your wallet. Retail cover on offer includes price guarantee, purchase security and extended warranty. These included covers provide the potential to save you money, but you need to understand how they work. Reading the PDS is recommended if you want to take full advantage.

This Card: The Essentials

At its core, the Commonwealth Bank Diamond Awards Credit Card is a rewards card. Sure, it offers a few handy insurance covers, but where cardholders will get most value is its rewards program. Because of its high annual fee, this card best suits big spenders. So, before you apply for the Commonwealth Bank Diamond Awards Credit Card, think about how much you will spend on it, to work out what it will offer in return.

Happily, the Awards program itself is a good one. You can enjoy plenty of flexibility, converting points to any of the program’s 12 frequent flyer partners, or by redeeming points instantly at Myer or Flight Centre. You can choose to opt in to Qantas, but be sure to take into account that extra $30 annual fee, and its earn rate of 0.5 Qantas Points per $1.

In terms of interest, the Commonwealth Bank Diamond Awards Credit Card is not a card you want to carry a balance on. It has high rates of interest on purchases and cash advances, so it’s best to avoid them if you want to make the most of the rewards you earn.

There are no introductory offers to speak of, but there is a balance transfer offer of sorts. You can transfer an existing balance to the Commonwealth Bank Diamond Awards Credit Card at a rate of 5.99% p.a. for five months. While there is no balance transfer fee, if you fail to clear your transferred balance within five months, it will start accruing interest at the card’s substantial cash advance rate.

Decision Time

Offering CommBank’s highest earn rate and a cap of 1 million points per year, the Commonwealth Bank Diamond Awards Credit Card is a rewards card for big spenders. As there are minimal extras, potential cardholders will find most value from their rewards. But, to balance out the annual fee, that rewards earn will need to be pretty big indeed.

11 questions (showing the latest 10 Q&As)

Alan Proud

Alan Proud

12 August 2019
is travel insurance in Australia covered by diamond credit card or just overseas?
Laurel

Laurel

7 April 2019
Can I use my diamond reward points on hotel accommodation?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    8 April 2019
    Hi Laurel, with CBA rewards points you can redeem with hotels with Flight Centre. The program itself is not as rewarding as many others. THerefore if you are keen on travel rewards it would pay to have a look at other premium cards in the market. Have a look at our bonus points category as a start. https://www.creditcard.com.au/bonus-points-credit-cards/.
Charlie Raymond

Charlie Raymond

16 May 2018
Can you earn points for ATO payments on this card?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    17 May 2018
    Hi Charlie, the Commbank Diamond Awards does not earns any points with ATO spend. You also need to be aware of the credit card surcharges from the ATO if looking at this option. AMEX will deliver 0.5 points per $1 with the ATO though the surcharges are around 1.5%. Mastercard is at around 0.4% surcharge but I am struggling to find any personal cards that earn points.
Stephanie Strong

Stephanie Strong

16 November 2017
What do you classify as a department store is Bunnings one?
Nathan rosenow

Nathan rosenow

5 November 2017
I would like to go for a loan up to $10,000
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    6 November 2017
    Hi Nathan, your credit limit will be allocated when Commbank access your application. A $10,000 limit is very possible with the Diamond awards but will depend on your own personal financial position. You can apply in branch, through Netbank if already a customer or online through the Commbank website.
Angelo

Angelo

27 September 2017
Does using this card for B-Pay trigger immediate interest charges?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    28 September 2017
    Hi Angelo, Bpay would be considered purchases in most cases. Therefore you could get some interest free days. Though you only get interest free days if you pay off your balance in full each statement period.
wayne

wayne

2 June 2017
With an activated Diamond cover If my wife and/ or I are admitted to hospital whilst overseas and if our travel company advises Allianz timely of this situation when and how does the hospital / medical account get paid. ie do I have to be concerned that I have to pay upfront and claim the money back or does Allianz take on the role of protector as this is what having insurance is about. I have heard some negative feedback about this cc insurance from people who have had a bad experience with the length of time it takes to have a claim settled. This information is hard to decipher from the PDS. Perhaps you can help me with where the specifics are.
george

george

26 March 2017
Will Commbamk discontinue the use of Amex in August, as ANZ is doing?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    27 March 2017
    Hi George, at this stage it is unknown. One thing for sure there is going to be a massive shake up of points earnings. We are awaiting many of the providers to come out with the new points earning. Bottom line it is possible that this will happen. What people will look at is getting an AMEX card and having a Visa or MasterCard in their wallets. Therefore 2 accounts rather than 1 dual card account to maximise rewards.
wayne

wayne

15 January 2017
Where do I find the specifics about what the CC insurance will cover in relation to Hire cars? If a hire car company has $4500 - $5500 required to be paid if any damage occurs to the car How much of this is covered by the Credit card insurance?
Kent

Kent

26 October 2016
I purchased tickets for holiday next month by Master card. How travel insurance works, please
Dianne

Dianne

7 April 2016
Do you pay interest immediately on purchases on your diamond American Express card
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    8 April 2016
    Hi Dianne, to get interest free days on any credit card you need to pay off your balance in full the previous statement period. If you do, then you will receive interest free days on purchases. The amount of interest free days you receive will depend on when you purchase in the statement cycle. You can receive up to 55 days with this card, whether its a purchase made on the AMEX or the MasterCard.
  • Be over 18 years old
  • Good credit and not applied for multiple credit cards recently
  • Resident or citizen of Australia. Temporary residents are eligible.
  • You have your personal details ready to complete the online application
Commonwealth Bank Diamond Awards Credit Card
Commonwealth Bank Diamond Awards Credit Card

Commonwealth Bank Credit Cards

Commonwealth Bank Diamond Awards Credit Card

Updated 31 July 2019

Apply by 31 October 2019

Points Earn Rate (per $1 spent)

1.25

points

CBA Awards

Rewards Program

Commonwealth Bank Awards

Bonus Points

120,000 pts

Spend $6,000 by 31 January 2020

0 points over 12 months spend

My monthly card spend

Pros and cons

  • 120,000 Bonus Awards Points when you apply by 31 October 2019 and spend $6,000 on eligible purchases with your new card by 31 January 2020
  • Ability to convert Awards points directly to Qantas or Velocity points
  • Complimentary 12 months Travel Insurance Cover
  • You can use your card to redeem reward points to pay for purchases at Myer

  • Earn just 1.25 Award point for every $1 spent on Mastercard
  • Points cap of 1,000,000 points each year

Creditcard.com.au review

Editor Review

The Big Review: Commonwealth Bank Diamond Awards Credit Card

Designed to appeal to big spenders who want to earn big rewards, the Commonwealth Bank Diamond Awards Credit Card offers access to CommBank’s flexible Awards program, with the option to opt in to Qantas Frequent Flyer for an additional fee. With the focus squarely on rewards, the card offers select extras, providing cardholders with overseas travel insurance and retail cover on their purchases.

  • Earn 1.25 Awards points per $1
  • Earn up to 1 million Awards points per year
  • Earn rewards on CommBank’s Awards program or opt in to Qantas Frequent Flyer
  • Earn 0.5 Qantas Points per $1, with no points cap
  • Transfer Awards points to a choice of 12 frequent flyer programs
  • Complimentary international travel insurance
  • Complimentary cover on retail purchases, with extended warranty, price guarantee and purchase security insurance
  • Access to Priceless Cities offers and experiences
  • Annual Fee: $349
  • Additional Cardholder Fee: $10 per cardholder, per year
  • Purchase Rate: 20.24% p.a. (variable)
  • Cash Advance Rate: 21.24% p.a. (variable)
  • Minimum Credit Limit: $15,000
  • Interest Free Period on Purchases: Up to 55 days

This Card: The Lowdown

Offering the highest earn rate within CommBank’s Awards card range, the Commonwealth Bank Diamond Awards Credit Card would be the go-to option for cardholders who want to earn more points on their everyday spending. Points are capped at 1 million per year, which would allow cardholders to earn points on their annual spend up to $800,000.

However, with a higher earn rate and higher points cap comes a higher annual fee. So, anyone who is considering the Commonwealth Bank Diamond Awards Credit Card as an addition to their wallet should be willing to spend on it. Obviously, the more you spend, the more you get back in rewards. This helps to balance out that significant annual fee.

CommBank’s Awards program is impressively flexible, providing access to 12 frequent flyer programs, including Velocity and Qantas. To earn on the Qantas program, cardholders must opt in. This costs an additional annual fee, but does provide an earn rate of 0.5 Qantas Points per $1, with no points cap that we could see.

In terms of extras, this card only offers a select few. While you might expect an abundance of extras for an annual fee of that size, the Commonwealth Bank Diamond Awards Credit Card really only offers a selection of insurance covers. So, if you want to make that annual fee spend worthwhile, you’ll need to make it back in rewards.

Digging Deeper

With the basics covered, it’s time to dig a little deeper into what’s on offer with the Commonwealth Bank Diamond Awards Credit Card, so you can decide whether this card is right for you.

This Card: As a Rewards Card

While high end rewards cards often entice new cardholders with bonus points introductory offers, that’s not the case with the Commonwealth Bank Diamond Awards Credit Card. While it could have helped to soften the blow on that annual fee, there is no intro offer of note on this card. That means you need to think about the long term, which means looking at the rewards on offer.

Earning Points

Delivering the highest earn rate available on CommBank’s range of Awards cards, the Commonwealth Bank Diamond Awards Credit Card allows you to earn 1.25 Awards points per $1 on all eligible purchases. Points are capped at 1 million points per year, with no points expiry.

This compares favourably to other cards offered within the Awards range. Both the entry-level CommBank Awards Credit Card and the CommBank Platinum Awards Credit Card earn 1 Awards point per $1 spent, with a points cap of 50,000 points per year on the Awards Card, and 150,000 points per year on the Platinum Card.

To calculate the value offered on each card, you need to compare annual fees. As you would expect, the Awards Card has the lowest annual fee, at $59 per year, the Platinum Card has a $249 annual fee, while the Diamond Card has an annual fee of $349.

Which card is right for you? To work that out, you need to think about how much you will spend on your card. If you’re not likely to spend more than $50,000 per year on your card, the Awards Card may be for you. If you’d likely spend up to $150,000 per year on your card, paying more for the Platinum Card and its higher points cap could be a better option.

However, if you will have an annual spend more than $150,000, the Diamond Card may be worth considering. With its higher earn rate and points cap, the Diamond Card earns points on card spending up to $800,000 per year.

Earning Bonus Points

Helping to boost your points earning, the Diamond Card offers you the opportunity to earn bonus points when shopping with the Awards program’s partners. Note, there is no limit to the number of bonus points you can earn, so even if you hit that annual 1 million points cap, you can still continue to earn bonus points.

Shopping

 

Onsport (online only) 

10 bonus points per $1 spent

WineDirect.com

10 bonus points per $1 spent

Magshop (online only)

1 bonus point per $1 spent

Napoleon Perdis

1 bonus point per $1 spent

Prouds the Jewellers

1 bonus point per $1 spent

Travel

 

Kaligo.com (online only)

15 bonus points per $1 spent

Crown Metropol

1 bonus point per $1 spent

Crown Promenade Hotel

1 bonus point per $1 spent

Crown Towers

1 bonus point per $1 spent

Entertainment

 

RedBalloon (online only)

1 bonus point per $1 spent

Village Cinemas Australia (online only)

1 bonus point per $1 spent

Opting In To Qantas

As a cardholder, you can choose to opt in to earn Qantas Points on the Qantas Frequent Flyer program. By opting in to Qantas on the Commonwealth Bank Diamond Awards Credit Card, you will earn 0.5 Qantas Points per $1. There was no mention of a points cap that we could find.

It is worth noting that opting to earn Qantas Points is an ‘all or nothing’ deal. You will pay an additional $30 annual fee to opt in to Qantas, and all points you earn on the card will be automatically converted to Qantas Points, then transferred to your Qantas account at the end of each statement period.

You can switch back and forth between Awards and Qantas if you wish, but be aware, each time you opt in to Qantas, you will pay that $30 fee. In addition, accrued Awards points generally cannot be converted to Qantas Points. An exception will be made, however, if you have been enrolled in the Awards program less than three months.

Of course, to earn Qantas Points, you need to be a Qantas Frequent Flyer member. If you’re not yet a member, you will need to join. As the Commonwealth Bank Diamond Awards Credit Card doesn’t offer complimentary Qantas Frequent Flyer membership, you may have to pay a joining fee of $89.50.

Redeeming Points

CommBank promotes its Awards program as the “largest credit card rewards program of any bank in Australia”. So, what does it have to offer?

Travel Options

In terms of travel options, the Commonwealth Bank Diamond Awards Credit Card offers plenty of flexibility, allowing cardholders to transfer Awards points to a variety of frequent flyer airline partners. Unlike Qantas, these partners do not require an additional annual fee, and points can be transferred as and when you like.

Virgin Australia Velocity: 2 Awards points = 1 Velocity Point
Qantas Frequent Flyer: 2.5 Awards points = 1 Qantas Point
Air Asia BIG: 2.5 Awards points = 1 BIG Point
Air France-KLM Flying Blue: 3 Awards points = 1 mile
EVA Air Infinity MileageLands: 3 Awards points = 1 mile
Malaysia Airlines Enrich: 3.5 Awards points = 1 mile
Lufthansa Miles & More: 4 Awards points = 1 mile
China Eastern Eastern Miles: 3 Awards points = 1 point
Etihad Guest: 3.5 Awards points = 1 mile
JAL Mileage Bank: 4 Awards points = 1 mile
United MileagePlus: 4 Awards points = 1 mile
IHG Rewards Club: 2.5 Awards points = 1 point

Velocity is perhaps the most popular option outside of Qantas, providing cardholders with an earn rate of 0.625 Velocity Points per $1. What value you gain from the program’s other partner airlines will obviously depend on how often you use them. Understanding the partners of those partners could help.

Velocity Points can be used for travel on Virgin Australia and partners such as Singapore Airlines and Etihad.
Qantas Points can be used for travel on Qantas, Emirates and oneworld partner airlines.
EVA Air Infinity MileageLands & United MileagePlus miles can be used for travel on Star Alliance airlines such as United, ANA and THAI.
Air France-KLM Flying Blue miles can be used for travel on SkyTeam airlines such as China Airlines, Delta and Korean Air.

If you’re looking for travel options, you’re not limited to the program’s frequent flyer partners. Having teamed up with Flight Centre, CommBank allows cardholders to redeem their Awards points instantly for flights, hotels, holiday packages, cruises and more. You can choose any seat, any airline, any destination at any time by visiting Flight Centre instore, or online via the Awards website.

Retail Options

As a cardholder, you also have a number of retail points redemption options. You can redeem your Awards points instantly in-store at Myer, covering pretty much any purchase simply by presenting your card and saying you want to pay with points. If you're a MYER one member, you’ll earn MYER one Shopping Credits for the total transaction too.

Gift cards offer an alternative option, with gift cards available for stores such as Myer, BP, Caltex, Kmart, Coles, Dymocks, Target, Adairs, Napoleon Perdis, Prouds the Jewellers, Red Balloon, Good Food and more. All gift cards have the same redemption value, as follows:

$25 Gift Card: 5,700 Awards points
$50 Gift Card: 11,300 Awards points
$100 Gift Card: 21,000 Awards points
$250 Gift Card: 52,500 Awards points
$500 Gift Card: 105,000 Awards points
$1,000 Gift Card: 210,000 Awards points

So, if you were to redeem your points for gift cards, you would need to spend $58,800 on your card each year to get back your annual fee. This would give you $350 in gift cards, redeemed for 73,500 Awards points.

The Awards online store provides an another way to redeem points, with more than 1,000 products available, including sports equipment, tech, fashion and appliances. Want to see how far your points will go? Here are some of the items offered on the September 2018 Awards Guide:

For a Kindle 6 Inch Wi-Fi eReader (RRP $109), you would redeem 31,000 Awards points, which is equal to a $24,800 card spend.
For a FitBit Versa Smart Watch (RRP $299.95), you would redeem 69,500 Awards points, which is equal to a $55,600 spend.
For an iPhone 8 Plus 64GB (RRP $1,229.00), you would redeem 297,000 Awards points, which is equal to a $237,600 spend.

If you don’t have enough points to cover the item you want, you can use the Points + Pay option to make up the difference.

This Card: Extras on Offer

When it comes to extras, the Commonwealth Bank Diamond Awards Credit Card keeps its focus firmly on insurance covers, providing cardholders cover on overseas travel and their retail card purchases.

Overseas Travel Insurance

The Commonwealth Bank Diamond Awards Credit Card provides comprehensive overseas travel insurance, but you need to activate it before you travel. If you don’t activate your cover, you will receive the card’s base cover, which includes personal liability cover, and unlimited overseas emergency medical assistance and hospital expenses only.

Activating provides extra benefits on your cover, such as interstate flight inconvenience insurance, rental vehicle excess up to $2,250, and baggage and personal goods cover up to $15,000 for the main cardholder, or up to $30,000 for a family. Cover provided is for you, your spouse and your accompanied children for return trips from Australia, for up to six months for each journey.

Retail Insurance Cover

Your retail purchases may also be covered with the Commonwealth Bank Diamond Awards Credit Card in your wallet. Retail cover on offer includes price guarantee, purchase security and extended warranty. These included covers provide the potential to save you money, but you need to understand how they work. Reading the PDS is recommended if you want to take full advantage.

This Card: The Essentials

At its core, the Commonwealth Bank Diamond Awards Credit Card is a rewards card. Sure, it offers a few handy insurance covers, but where cardholders will get most value is its rewards program. Because of its high annual fee, this card best suits big spenders. So, before you apply for the Commonwealth Bank Diamond Awards Credit Card, think about how much you will spend on it, to work out what it will offer in return.

Happily, the Awards program itself is a good one. You can enjoy plenty of flexibility, converting points to any of the program’s 12 frequent flyer partners, or by redeeming points instantly at Myer or Flight Centre. You can choose to opt in to Qantas, but be sure to take into account that extra $30 annual fee, and its earn rate of 0.5 Qantas Points per $1.

In terms of interest, the Commonwealth Bank Diamond Awards Credit Card is not a card you want to carry a balance on. It has high rates of interest on purchases and cash advances, so it’s best to avoid them if you want to make the most of the rewards you earn.

There are no introductory offers to speak of, but there is a balance transfer offer of sorts. You can transfer an existing balance to the Commonwealth Bank Diamond Awards Credit Card at a rate of 5.99% p.a. for five months. While there is no balance transfer fee, if you fail to clear your transferred balance within five months, it will start accruing interest at the card’s substantial cash advance rate.

Decision Time

Offering CommBank’s highest earn rate and a cap of 1 million points per year, the Commonwealth Bank Diamond Awards Credit Card is a rewards card for big spenders. As there are minimal extras, potential cardholders will find most value from their rewards. But, to balance out the annual fee, that rewards earn will need to be pretty big indeed.

User reviews

Commonwealth Bank Diamond Awards Credit Card ( based on 2 Creditcard.com.au user reviews )

45% rating based on 2 reviews

Rates
Fees
Rewards
Customer Service
Value

Rates and fees

Interest rates

Purchase rate 20.24% p.a.

Cash advance rate 21.24% p.a.

Interest free on purchases up to 55 days

Balance transfer

Balance transfer rate 5.99% p.a. for 5 months

Balance transfer revert rate 21.24% p.a.

Balance transfer from personal loan No

Balance transfer fee No fee.

Balance transfer limit 100% of approved credit limit

Banks you can't balance transfer from Commonwealth Bank

Credit limits

Minimum credit limt $15,000

Maximum credit limit $50,000

Fees & repayments

Annual fee $349 p.a.

Additional card holder fee $10 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 Commonwealth Bank Awards

Bonus points 120,000 CBA Awards points

Annual points cap 1,000,000

Bonus points spend criteria Spend $6,000 by 31 January 2020

Earning points with this card

CBA Awards pointsCBA Awards points 1.25 points per $1 spent

Points cap per month N/A

Overseas earn rateOverseas earn rate same as standard earn rate

Additional features

Complimentary insurance

Overseas travel insurance yes

Flight inconvenience insurance No

Transport accident cover No

Smartphone screen insurance No

Purchase protection insurance Yes

Extended warranty insurance Yes

Rental vehicle excess cover No

Extras

Eligible with Apple Pay

Overview

Commonwealth Bank Diamond Awards Credit Card

Earn 1.25 Awards point for every dollar you spend on your Commonwealth Bank Diamond Awards Credit Card. You can also convert Awards points directly Qantas Frequent Flyer points or Velocity Frequent Flyer points.

Key features

  • 120,000 Bonus Awards Points when you apply by 31 October 2019 and spend $6,000 on eligible purchases with your new card by 31 January 2020
  • Annual fee of $349
  • 20.24% p.a. on purchases
  • 5.99% p.a. on balance transfers for the first 5 months
  • Minimum credit limit of $15,000
  • Personal concierge available 24/7
  • International travel insurance for trips up to 12 months
  • Earn 1.25 Awards point for every dollar you spend on your CommBank Diamond Awards Mastercard
  • Points cap of 1,000,000 points each year
  • Redeem points directly at Flight Centre for flights, hotels, holiday packages
  • Redeem points for store cards or gift offers including Apple, Panasonic, Morphy Richards, Dyson and more

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Resident or citizen of Australia. Temporary residents are eligible.

  • You have your personal details ready to complete the online application

Roland B Bleyer

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.

Recently Asked Questions

Something you need to know about this card? Ask a our credit card expert a question.

11 questions (showing the latest 10 Q&As)

Alan Proud

Alan Proud

12 August 2019
is travel insurance in Australia covered by diamond credit card or just overseas?
Laurel

Laurel

7 April 2019
Can I use my diamond reward points on hotel accommodation?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    8 April 2019
    Hi Laurel, with CBA rewards points you can redeem with hotels with Flight Centre. The program itself is not as rewarding as many others. THerefore if you are keen on travel rewards it would pay to have a look at other premium cards in the market. Have a look at our bonus points category as a start. https://www.creditcard.com.au/bonus-points-credit-cards/.
Charlie Raymond

Charlie Raymond

16 May 2018
Can you earn points for ATO payments on this card?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    17 May 2018
    Hi Charlie, the Commbank Diamond Awards does not earns any points with ATO spend. You also need to be aware of the credit card surcharges from the ATO if looking at this option. AMEX will deliver 0.5 points per $1 with the ATO though the surcharges are around 1.5%. Mastercard is at around 0.4% surcharge but I am struggling to find any personal cards that earn points.
Stephanie Strong

Stephanie Strong

16 November 2017
What do you classify as a department store is Bunnings one?
Nathan rosenow

Nathan rosenow

5 November 2017
I would like to go for a loan up to $10,000
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    6 November 2017
    Hi Nathan, your credit limit will be allocated when Commbank access your application. A $10,000 limit is very possible with the Diamond awards but will depend on your own personal financial position. You can apply in branch, through Netbank if already a customer or online through the Commbank website.
Angelo

Angelo

27 September 2017
Does using this card for B-Pay trigger immediate interest charges?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    28 September 2017
    Hi Angelo, Bpay would be considered purchases in most cases. Therefore you could get some interest free days. Though you only get interest free days if you pay off your balance in full each statement period.
wayne

wayne

2 June 2017
With an activated Diamond cover If my wife and/ or I are admitted to hospital whilst overseas and if our travel company advises Allianz timely of this situation when and how does the hospital / medical account get paid. ie do I have to be concerned that I have to pay upfront and claim the money back or does Allianz take on the role of protector as this is what having insurance is about. I have heard some negative feedback about this cc insurance from people who have had a bad experience with the length of time it takes to have a claim settled. This information is hard to decipher from the PDS. Perhaps you can help me with where the specifics are.
george

george

26 March 2017
Will Commbamk discontinue the use of Amex in August, as ANZ is doing?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    27 March 2017
    Hi George, at this stage it is unknown. One thing for sure there is going to be a massive shake up of points earnings. We are awaiting many of the providers to come out with the new points earning. Bottom line it is possible that this will happen. What people will look at is getting an AMEX card and having a Visa or MasterCard in their wallets. Therefore 2 accounts rather than 1 dual card account to maximise rewards.
wayne

wayne

15 January 2017
Where do I find the specifics about what the CC insurance will cover in relation to Hire cars? If a hire car company has $4500 - $5500 required to be paid if any damage occurs to the car How much of this is covered by the Credit card insurance?
Kent

Kent

26 October 2016
I purchased tickets for holiday next month by Master card. How travel insurance works, please
Dianne

Dianne

7 April 2016
Do you pay interest immediately on purchases on your diamond American Express card
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    8 April 2016
    Hi Dianne, to get interest free days on any credit card you need to pay off your balance in full the previous statement period. If you do, then you will receive interest free days on purchases. The amount of interest free days you receive will depend on when you purchase in the statement cycle. You can receive up to 55 days with this card, whether its a purchase made on the AMEX or the MasterCard.

Similar Credit Cards

31 reviews

Apply by 31 Aug 19

More info
points earned over 12 months
1 point
16.77% Complete (success)
Velocity Frequent Flyer
90,000
points
16.77% Complete (success)
Velocity Frequent Flyer
$289
p.a.
16.77% Complete (success)
Your points
$120,000 saved over 12 months
Calculate your savings icon

6 reviews
More info
points earned over 12 months
0.5 points
16.77% Complete (success)
Qantas Frequent Flyer
25,000
points
16.77% Complete (success)
Qantas Frequent Flyer
$95
p.a.
16.77% Complete (success)
Your points
$120,000 saved over 12 months
Calculate your savings icon
Help us improve

By submitting this feedback you agree to our privacy policy.

My credit card is not listed

By submitting this form you agree to our privacy policy.