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Complete Guide to the CommBank Rewards Program
Smart Money

Complete Guide to the CommBank Rewards Program

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Like ANZ, CommBank provides a full selection of tiered options within its CommBank Awards card selection, ranging from classic to the newly released Ultimate card. With a wide range of redemption options to choose from, CommBank Awards is nice and flexible, especially for those who want to transfer points to a broader range of frequent flyer partners.

Editor’s note: All rates, fees and offers correct at the time of publication as of 7th October 2021

  💳   Earning

  • On the CommBank Awards Card, you will earn 1 Awards point per $1, capped at 50,000 points per year. The card has a $59 annual fee.
  • On the CommBank Platinum Awards Card, you will earn 1 Awards point per $1, capped at 150,000 points per year. The card has a $249 annual fee. You will receive 60,000 bonus Awards points when you spend $4,000 in the first 90 days, and a further 20,000 bonus Awards points when you keep the card for 12 months. Extras include travel and purchase covers.
  • On the CommBank Diamond Awards Card, you will earn 1.25 Awards points per $1, capped at 1 million points per year. The card has a $349 annual fee. You will receive 90,000 bonus Awards points when you spend $5,000 in the first 90 days, and a further 30,000 bonus Awards points when you keep the card for 12 months. Extras include travel and purchase covers.
  • On the CommBank Ultimate Awards Card, you will earn 3 Awards points per $1 up to $10,000 per statement period. There is no monthly fee when you spend $2,500 in each statement period and choose to receive online statements. You will receive 90,000 bonus Awards points when you spend $5,000 in the first 90 days, and a further 30,000 bonus Awards points when you keep the card for 12 months. Extras include insurances, paid lounge access and no international transaction fees).

Within the CommBank Awards program, you can also earn Bonus Points for every $1 spent when shopping with bonus partners. There’s no cap on how many bonus points you can earn.

  🛒   Redeeming

As a flexible rewards program, CommBank Awards has a number of redemption options to choose from. It is worth noting that for most options, CommBank does not provide a redemption value on rewards unless you sign in as a member.

  • Pay with points at Myer (redemption value not available).
  • Pay with points at Flight Centre to book flights, holiday packages and more (redemption value not available).
  • Shop the CommBank Awards Store for merchandise and gift cards (where 5,700 points equal a $25 gift card).
  • Transfer points to frequent traveller partner programs:
    • Cathay Pacific 3:1 (where 3,000 CommBank Award points equal 1,000 Asia Miles)
    • Malaysia Airlines 3:1
    • Japan Airlines: 4:1
    • Qatar Airways 3:1
    • United 4:1
    • Eva Air 3:1
    • Lufthansa 4:1
    • Air France KLM 3:1
    • China Eastern 3:1
    • Velocity Frequent Flyer 2.5:1 (classic Awards card) 2:1 (Platinum, Diamond & Ultimate cards)
    • Etihad 3:1
    • Air Asia 2.5:1
    • IHG 2.5:1
  • Get cashback onto your card or pay down your card fee (redemption value not available).
  • Donate to charity (where 4,650 points equal a $25 donation).

Points Plus Pay is also available.

  💰   Value

As we mentioned, you really need to log in as a member to check out the value offered by most of the redemption options within CommBank Awards. However, we can provide some examples of value using what we know of gift card and merchandise redemptions.

CommBank Awards Card (1 point per $1, capped at 50,000 points per year, $59 annual fee).

  • On a monthly spend of $1,000, you would earn 1,000 points each month, or 12,000 points per year, equal to $57 in gift card value. Alternatively, you could pick up Skullcandy Ink’d+ In-Ear earbuds W.Mic 1 for 12,048 points, available to buy for $20.
  • On a monthly spend of $2,500, you would earn 2,500 points each month, or 30,000 points per year, equal to $142 in gift card value. Alternatively, you could pick up a Prairie Rivet FO Continental Wallet for 28,548 points, available to buy for $109.

CommBank Platinum Awards Card (1 point per $1, capped at 150,000 points per year, $249 annual fee, insurances, bonus points after min. spend and 12 months).

  • On a monthly spend of $5,000, you would earn 5,000 points each month, or 60,000 points per year, equal to $285 in gift card value. Alternatively, you could pick up a Prairie Saddle Sling for 59,715 points, available to buy for $240.

    Factoring in the 60,000 intro bonus points, you would receive an additional $285 in gift card value, providing a total of $570 gift card value in the first year (additional bonus points only available after keeping the card for 12 months and paying another annual fee).
  • On a monthly spend of $10,000, you would earn 10,000 points each month, or 120,000 points per year, equal to $571 in gift card value (there are no Store items above 60,000 points).

    Factoring in the 60,000 intro bonus points, you would receive an additional $285 in gift card value, providing a total of $856 in gift card value in the first year (additional bonus points only available after keeping the card for 12 months and paying another annual fee).

CommBank Diamond Awards Card (1.25 points per $1, capped at 1 million points per year, $349 annual fee, insurances, bonus points).

  • On a monthly spend of $5,000, you would earn 6,250 points each month, or 75,000 points per year, equal to $357 in gift card value.

    Factoring in the 90,000 intro bonus points, you would receive an additional $428 in gift card value, providing a total of $785 gift card value in the first year (additional bonus points only available after keeping the card for 12 months and paying another annual fee).
  • On a monthly spend of $10,000, you would earn 12,500 points each month, or 150,000 points per year, equal to $714 in gift card value.

    Factoring in the 90,000 intro bonus points, you would receive an additional $428 in gift card value, providing a total of $1,142 gift card value in the first year (additional bonus points only available after keeping the card for 12 months and paying another annual fee).

CommBank Ultimate Awards Card (3 points per $1 up to $10,000 per statement period, no monthly fee if you spend $2,500 per statement period, paid lounge access, insurance, no international transaction fees, bonus points).

  • On a monthly spend of $5,000, you would earn 15,000 points each month, or 180,000 points per year, equal to $857 in gift card value.

    Factoring in the 90,000 intro bonus points, you would receive an additional $428 in gift card value, providing a total of $1,285 gift card value in the first year (additional bonus points only available after keeping the card for 12 months and paying another annual fee).
  • On a monthly spend of $10,000, you would earn 30,000 points each month, or 360,000 points per year, equal to $1,714 in gift card value.

    Factoring in the 90,000 intro bonus points, you would receive an additional $428 in gift card value, providing a total of $2,142 gift card value in the first year (additional bonus points only available after keeping the card for 12 months and paying another annual fee).

  ⚖️   Verdict

As long as you are committed to channelling a relatively high spend through your card, you could enjoy value from the CommBank Awards program, especially in the first year. For those who are eligible, the Ultimate card would be particularly appealing, as there would be no monthly fee on monthly spends over $2,500.

While the rewards on offer are varied, you would need to weigh up the value of your redemptions once you have all information available to you as a rewards member.
 

Photo source: Getty Images
Founder - Roland B Bleyer

Roland Bleyer

Founder of Creditcard.com.au. Roland has extensive knowledge about credit cards in Australia. Known as a credit card expert, he has been featured on tv and in various publications. Some popular offers on our site right now include the ANZ Low Rate. This special offer has no annual fee first year, a low purchase rate and long 0% balance transfer. Have a look also at the huge 0% for 30 months balance transfer from Citi with no balance transfer fees.

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