The Diamond Awards credit card sits right under their most prestigious card, the Ultimate Awards Card and has a $349 p.a. annual fee. Here is our independent review of the Commbank Diamond Awards card.
Commonwealth Bank runs its own awards program with its credit cards, but you can transfer points to various airline partners or use them for retail products.
Digging into the details
|Card||Diamond Awards Card|
|Points Earn Rate||1.25 point per $|
|Points Cap||1,000,000 points per year|
|Minimum credit limit||$15,000|
|Extras||Travel Insurance - for you and your partner + children (PDS)
Purchase Security Insurance - for up to 90 days
Extended Warranty Insurance - for up to 1 year
|Overseas transaction fee||3% on the Mastercard|
|Annual Fee||$349 (you can choose to pay this off with 69,800 points)|
The CommBank Diamond Awards Card earns 1.25 Awards points per dollar up to 1,000,000 points per year.
About CommBank Awards
Earning points and rewards
You can earn 1.25 points per $1 spent on all eligible spend with the card up to a hard cap of 1,000,000 points per year.
Through the Commbank Awards eShop, you can earn bonus points at retailers.
Redeeming points and rewards
Commbank Awards provides a number of ways to redeem your Award Points, including Travel, Shopping, Gift Card and Banking rewards.
Commbank Awards is one of the best programs in terms of variety of frequent flyer partners available, however, the redemption rates are relatively poor. Rates can vary from 2 Award Points to 1 frequent flyer point to as low as 4 Award Points needed for 1 frequent flyer point.
Award members can transfer Award Points to Velocity Points at a rate of 2:1, while those looking to redeem for Qantas Points will face a redemption rate of 2.5:1. Those wanting Qantas Points should also note that you will need to opt-in for this option at a cost of $30 per year, and you will be excluded from transferring Award Points to any other frequent flyer partner program. Such transfers are also capped at 400,000 Qantas Points per year.
|Transfer partner||Transfer rate||Effective earn rate per $1|
|Qantas Frequent Flyer*||2.5 to 1||0.4 points|
|Velocity Frequent Flyer||2 to 1||0.5 points|
|AirAsia BIG||2.5 to 1||0.5 points|
|Air France/KLM Flying Blue||3 to 1||0.33 points|
|Cathay Pacific Asia Miles||3 to 1||0.33 points|
|China Eastern Miles||3 to 1||0.33 points|
|EVA Air Infinity MileageLands||3 to 1||0.33 points|
|IHG Rewards Club||2.5 to 1||0.33 points|
|Etihad Guest||3.5 to 1||0.29 points|
|Malaysia Airlines Enrich||3.5 to 1||0.29 points|
|Qatar Airways Privilege Club||3.5 to 1||0.29 points|
|JAL Mileage Bank||4 to 1||0.25 points|
|Lufthansa Miles & More||4 to 1||0.25 points|
|United MileagePlus||4 to 1||0.25 points|
|* Need to opt in to the program for a $30 annual fee|
Aside from travel, popular use of Commbank Awards points is for gift cards, where 20,000 Award points will get you a $100 gift card. It’s also possible to pay-off purchases in-store at Myer and Flight Centre, or certain Commonwealth Bank banking fees with your points, which also costs the same rate of 200 points per $1.
You can also use your points at an Awards store for retail products, but the value you get from each point will vary.
Other card benefits
The other key benefits that come with the CommBank Diamond Awards Card are:
- International Travel Insurance that you can simply activate before travelling regardless if you paid for your trip with the card or not
- Interstate Flight Inconvenience cover
- Up to 1 year extended warranty on most purchases
- Purchase security insurance for most lost, stolen and damaged purchases
- Cashback at participating merchants overseas with Mastercard Travel Rewards
You can read the full insurance PDS here.
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.
Fees and charges
The Commonwealth Bank Diamond Awards card has a $395 p.a. ongoing annual fee.
The purchase interest rate is 20.24% p.a. with a standard 55 days interest-free period. The $20 late payment fee, 21.24% cash advance rate and $3 or 3% cash advance fee is fairly standard on award cards. It’s always advisable to only spend what you can afford and pay back the full amount monthly, to avoid all of these fees.
The minimum credit limit is $15,000, but no minimum income is indicated in the application.
Apple Pay & Google Pay Support
CommBank cards support Apple Pay, Google Pay and Samsung Pay, meaning you can use this card on your smartphone for easier payments.
With this feature set up, it means you could still use your NFC-enabled phone to make purchases with your CommBank card, even if your physical card is lost or stolen and pending replacement.
The Diamond Awards card is one of the Commonwealth Bank’s premium credit cards along with the Ultimate Awards Card. While the card has an impressive list of travel partners, including many frequent flyer programs from around the world, the poor redemption rates take away from much of this benefit.
The card also falls short on some useful travel perks like lounge access or travel credits that are typically seen in other cards within this category. However, the card does come with generous overseas travel insurance, without the requirement to put the full (or any for that matter) costs of travel onto the card.
Overall, for those seeking maximum points earn, Commonwealth Bank cards currently fall short of the broader market and it would pay to shop around.