CommBank offers three levels of business credit cards: Awards, Gold and Platinum, with the Business Awards Platinum credit card being the top-tier option. The Platinum card offers higher earn rates than its peers and extra features such as complimentary insurances and fee-free international transactions.
Note: CommBank discontinued the ability to use their Amex cards from 1 November 2018.
It is the sister card to CommBank’s personal Diamond and Platinum cards.
The CommBank Business Awards Platinum card participates in CommBank’s Awards program, allowing members to earn points for everyday business spend in addition to bonus points from select bonus partners. Points can be redeemed for rewards including travel products through Flight Centre, gift vouchers, merchandise, cashback and the transfer of award points to Qantas, Velocity or another frequent flyer programs.
Earning points with the CommBank Business Awards Platinum Card
The CommBank Business Awards Platinum card will earn you 1 Award point for every dollar spent. You can also earn bonus points when shopping with bonus partners, including up to 15 bonus Award points per dollar spent when shopping with Kaligo and 10 bonus points with OnSport.
More commonly, 1 bonus Award point is awarded per dollar spent with most bonus partners. A full list of bonus partners can be found here.
You can earn up to 300,000 Award points on the card per year, which equates to 120,000 Qantas points and 150,000 Velocity points if transferring to airline frequent flyer programs, which usually represents better value than cashback and gift vouchers.
CommBank Awards Program
CommBank’s Awards Programs is one of Australia’s largest and most popular rewards program in Australia.
The Program allows members to redeem Award points for a variety of awards, including merchandise, gift vouchers, cashback and travel booked directly with Flight Centre. A benefit of this tie-up between CommBank and Flight Centre is that there are no restrictions regarding seat, airline, dates or destinations.
You can also transfer your Award points to Qantas Frequent Flyer through direct sweep or to Velocity Frequent Flyer or one of the other frequent flyer program partners.
The transfer rate for 1 Award point is 0.4 Qantas Points or 0.5 Velocity Points.
Further details regarding the CommBank Awards Program can be found here.
Other features of the CommBank Business Awards Platinum card
To apply for a CommBank Business Awards Platinum card, your business must accept a minimum credit limit of $6,000 and pay an annual fee of $300, which is waived for CommBank home loan customers who take out a Wealth Package and elect this card as their complimentary card. Additional cards can be issued for $75 each.
The card comes with an unsecured credit limit of up to $50,000 and complimentary travel insurance, which covers you, your spouse and your dependent children for return trips from Australia, up to a set period. Complimentary coverage includes:
|Overseas medical assistance and hospital expenses||Unlimited|
|Personal liability cover||$2,500,000|
|Cancellation fees and lost deposits||$15,000|
|Rental vehicle access||$2,250|
|Maximum trip length will be covered||Up to 6 months|
Note: Information is accurate at the time of publishing and may be subject to changes by CommBank at any time
Additional coverage also includes travel or luggage delay, kidnap and hijacking, accidental death, loss of income and travel service provider insolvency.
In order to receive the above level of coverage, you must activate your cover, however, this is a very simple process, which can be done through NetBank, the Commbank app or by calling Cover-more on 1300 467 951 before you travel. Failure to activate your cover still gives you basic cover limited to the first two covers on the above table.
I have personally used NetBank to activate my cover and complete the process within a minute. A PDF version of your Travel Insurance document is immediately emailed to you. The process easily allows for optional extra cover to be purchased and any amendments to the insurance policy to be made through any of the three channels above.
The card also comes with complimentary Transit Accident Insurance and Unauthorised Transaction Insurance. Full details on the range of insurances included with the card can be found here Credit Card Insurance Product Disclosure Statement and Information Booklet
There is no requirement to have purchased your travel on the card, which is a very handy benefit when your travel has been booked using frequent flyer points.
This guide references some of the benefits of insurance policies provided with this card.
You should read the PDS and obtain independent professional advice before obtaining this product.
The CommBank Business Awards Platinum card is a card that provides many benefits for businesses such as competitive earn rates compared with other business cards in the market, a wide variety of redemption options, and comprehensive travel insurance.
The points cap of 300,000 points is on the low side, so for businesses with large annual expenses, this is a limitation that should be factored in.
If the flexibility of airline reward partners is also of importance to your business, then this card shines but the transfer rates are lower than comparable products from other banks.
Overall, this card is a relatively strong offering and provides many benefits that are unique to the market at a competitive cost. If you’re in the market for a business credit card linked to Qantas and/or Velocity, it is definitely worth considering.
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