CommBank is offering 80,000 bonus Awards Points to new cardholders of Platinum Awards Card who apply by 30 June 2022.

New cardholders will receive 80,000 bonus Awards Points after spending $4,000 or more on eligible purchases within 90 days of card activation.

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.

The Platinum Awards credit has a $249 p.a. annual fee. Here is our independent review of the Commbank Platinum Awards card.

The current 80,000 bonus Awards Points is equivalent to 40,000 Velocity Points or 32,000 Qantas Points when transferred. We cover the transfer rates to different programs in more detail further down in the guide.

How you could use the bonus points from this card

All redemption figures above exclude any accompanying taxes, fees and charges. Points redemption price data is provided by a third-party. For an exact total redemption cost, please consult with the airline directly.

Disclaimer: These are example redemptions only and due to COVID-19 travel restrictions, some of these routes may not be currently available.

Digging into the details

Card Details

CardPlatinum Awards Card
Points Earn Rate1 point per $1 on eligible spend
Points cap150,000 points per year
Minimum credit limit$6,000
ExtrasTravel Insurance - for you and your partner + children (PDS)
Purchase Security Insurance - for up to 90 days
Extended Warranty Insurance - for up to 1 year
Concierge - a 24/7 service to help with your requests (fees apply)
Overseas transaction fee3%
Annual fee$249 (you can choose to pay this off with 49,800 points)

The CommBank Platinum Awards Card earns 1 Awards Point per dollar on eligible spend up to 150,000 points per year.

About CommBank Awards

CommBank Awards is a flexible reward program with 10 frequent flyer partners, including Qantas and Velocity frequent flyer.

Earning points and rewards

You can earn 1 point per $1 spent on all eligible spend with the card up to a hard cap of 150,000 points per year.

Through the Commbank Awards eShop, you can also 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 60,000 Qantas Points per year.

Transfer partnerTransfer rateEffective earn rate per $1
Qantas Frequent Flyer*2.5 to 10.4 points
Velocity Frequent Flyer2 to 10.5 points
AirAsia BIG2.5 to 1 0.5 points
Air France/KLM Flying Blue3 to 10.33 points
Cathay Pacific Asia Miles3 to 10.33 points
China Eastern Miles3 to 10.33 points
EVA Air Infinity MileageLands3 to 10.33 points
IHG Rewards Club2.5 to 10.33 points
Etihad Guest3.5 to 10.29 points
Malaysia Airlines Enrich3.5 to 10.29 points
Qatar Airways Privilege Club3.5 to 10.29 points
JAL Mileage Bank4 to 10.25 points
Lufthansa Miles & More4 to 10.25 points
United MileagePlus4 to 10.25 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 Platinum 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

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 Platinum Awards card has a $295 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 $6,000, 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.

Read the Point Hacks guide to using Apple Pay or for using Google Pay and Samsung Pay, including instructions on how to add your card to those services.

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.

Summing up

The Platinum Awards card is the Commonwealth Bank’s mid-tier card offering. 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. 

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 within this category and it would pay to shop around.

80,000 bonus Awards Points with the CommBank Platinum Awards Card was last modified: April 4th, 2022 by Daniel Sciberras