Our verdict

Offers up to 100,000 bonus CommBank Awards points, no international transaction fees, and a $0 monthly fee when you meet the spend requirements.

The CommBank Ultimate Awards Credit Card earns 25,000 CommBank Awards points each month when you apply as a Commbank Yello customer and spend at least $3,500 per month on eligible purchases within the first 4 months (up to 100,000 points total). This offer is not available to customers who have held an Awards card in the last 12 months.

The earn rate on this card is tiered, so you earn more points per $1 spent overseas and on purchases with major Australian supermarkets, department stores and petrol stations compared to other eligible transactions. When you add up the $35 monthly fee over a year, it’s equivalent to paying a $420 annual fee. But the CommBank Ultimate Awards Credit Card is set apart from most top-tier rewards cards because it offers a monthly fee waiver if you spend $4,000 in your statement period. Its 20.99% p.a. interest rate for purchases is similar to other rewards credit cards – but it’s higher than the average standard rate and would add up if you carried a balance.

This card also offers travel benefits like no foreign transaction fees, airport lounge access and included travel insurance. You can also use CommBank Awards points to pay for travel with Flight Centre or transfer to a frequent flyer partner like Velocity. And if you’re not travelling at the moment, there’s plenty of other rewards to redeem, including shopping at Myer, gift cards from brands like Coles and BP and even credit back on the account.

Pros

Up to 100,000 bonus Awards points
3 points per $1 spent overseas and 0% foreign transaction fees.
Included international travel insurance when you activate it before you travel.
2 complimentary airport lounge passes per year with Mastercard Travel Pass

Cons

Purchase rate of 20.99% p.a. is relatively high
After $10,000 spend per statement period, earn rate drops to 0.5 pts / $1
Monthly fee can add up to $420 a year if you don’t spend at least $4,000 in each statement period
Offers up to 44 days interest-free on purchases, compared to other cards that offer up to 55 days

Currently, the bonus points offer gives you a way to collect up to 100,000 CommBank Awards points when you meet the spend requirement. You could use your points to pay for travel at Flight Centre or shopping at Myer, transfer them to a partnered frequent flyer program or choose from the other rewards listed on the CommBank Awards website.

It also includes travel insurance, no foreign transaction fees and paid access to over 1,300 airport lounges. Instead of an annual fee, there’s a $35 monthly fee that could add up to $420 a year. But it’s waived if you spend at least $4,000 in each statement period and choose to get online statements.

Details

Product details

Product Name	CommBank Ultimate Awards Credit Card
Purchase rate p.a.	Purchase rate p.a. 20.99%
Interest-free period	Up to 44 days on purchases
Cash advance rate p.a.	21.99%
Min credit limit	$6,000
Card type	Mastercard

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Rewards program	CommBank Awards Program
Bonus points	100,000
Rewards points per $ spent	1

Fees

Annual fee	Annual fee $420
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	Foreign currency conversion fee 0%
Cash advance fee	3% or $4, whichever is greater
Overseas cash advance fee	$3 or 3% of the transaction amount, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

You can apply for the CommBank Ultimate Awards Credit Card online by filling in a secure application form. To get started, make sure you meet the following eligibility requirements and have all the information you need to complete the application.

Eligibility criteria

Cardholder status. In order to be eligible for any bonus points, you must apply as a Commbank Yello customer. This means you cannot hold or have held any Awards card types in the last 12 months.
Residency. This card is available to permanent and temporary residents as long as you have the legal right to work in Australia. You may be asked to provide your visa details if you're not a permanent resident.

Credit history. You must have a good credit score with no current bankruptcies to receive approval. You can get your credit score and copy of your comprehensive credit report for free through Finder.
Age. You must be at least 18 years old.

Required documents

Personal information. This includes your full name, residential address and contact details.
Proof of identification. You'll need to provide proof of identification such as your Australian driver's licence or passport.
Income and employment. Confirm your annual income and current place of employment. You may also need to provide your employer's contact information.
Finances. This includes your regular expenses as well as information about any savings, investments, assets or liabilities like existing debts or loans.

Card benefits

Up to 100,000 bonus CommBank Awards points. Earn 25,000 CommBank Awards points each month when you apply as a CommBank Yello customer and spend $3,500 per month on eligible purchases within the first 4 months of activation. The total 100,000 bonus points will appear as 'BONUS AWARDS' on your statement within 90 days after the end of the final month of the offer campaign period. This offer is not available to customers who have held an Awards card in the last 12 months.
0% foreign transaction fees. You won't be charged an international transaction fee when you use your card to shop overseas or online with a foreign merchant.

Points per $1 spent. You'll earn 3 Awards points per $1 spent on international transactions made in store and online, 2 Awards points per $1 spent at major Australian supermarkets, department stores and petrol stations and 1 point per $1 on all other eligible spending. After the first $10,000 spent in a statement period, you'll earn 0.5 Awards points per $1 for the rest of the statement period (regardless of the spending category). You can redeem CommBank Awards points in-store at Myer and Flight Centre or take your pick of rewards including frequent flyer points, gift cards and retail items.
CommBank Yello Cashback Offers. This card gives you access to personalised cashback offers from some of the biggest brands in Australia. You can view and activate CommBank Yello Cashback Offers in the CommBank app, then redeem the offers using your CommBank Ultimate Awards Credit Card.
Included international travel insurance. You'll be covered for overseas medical, baggage and travel delays, cancellation costs and more with this international travel insurance. Provided the eligibility requirements are met, this cover protects you, your spouse and dependent children travelling with you. Activate your insurance through NetBank, the CommBank app or by Cover-More on 1300 467 951 before you go overseas.
Purchase insurance. You can shop with peace of mind with extended warranty cover and other included purchase covers on lost, stolen or damaged items bought with the card.
Airport lounge access via Mastercard Travel Pass. The CommBank Ultimate Awards Credit Card gives you access to over 1,300 airport lounges through Mastercard Travel Pass, a service provided by DragonPass. You need to register your credit card through the app or online, then show your membership QR code and valid boarding pass at the lounge. Each visit will attract a fee from the lounge, which is charged to your credit card.
Mastercard Travel Rewards. Get cashback offers when you travel overseas and shop with participating merchants. Browse the current offers through the Mastercard Travel Rewards website and pay in the currency shown for each offer and meet any other conditions to get a cashback credit on your account.
Mobile wallet compatibility. Link your account with Apple Pay, Samsung Pay and Google Pay to tap and pay with your smartphone or device. You can also use your fitness tracker to make contactless payments with Fitbit Pay and Garmin Pay.
Security. You can set transaction limits, lock international transactions and block cash advances through NetBank or the CommBank app. Your account is also monitored by 24-hour fraud protection to detect any abnormal transactions and you'll be protected against fraud with Mastercard Zero Liability.

Rates & fees

Monthly fee. This card charges a $35 monthly fee, which is waived if you spend at least $4,000 on your Ultimate Awards credit card during the statement period. If you pay the monthly service fee each month, it would add up to $420 over a year.
Purchase interest rate. This card charges a 20.99% p.a. purchase interest rate.

Interest-free days. When you pay your balance in full by the statement due date, you can save with up to 44 days interest-free on purchases.
Cash advances. If you use your card to make a cash advance, you'll be charged the 21.99% p.a. cash advance interest rate and the cash advance fee of $4 or 3% of the transaction value (whichever is greater).
Additional cardholders. You can apply for 1 supplementary card for a partner or family member for $0.

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CommBank Ultimate Awards Credit Card

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