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Our verdict

Enjoy rewards points, complimentary travel insurance, plus an unsecured limit of up to $50,000.

The Commonwealth Bank Business Platinum Awards card is linked with the CommBank Awards program and offers flexibility when redeeming rewards, but you should make sure that the annual Awards cap doesn’t limit your points potential.

Like most business cards, you can link additional cardholders to the account and take advantage of simplified account reporting. Plus, with credit limit options ranging from $6,000 to $50,000, you could use this card to help free up cash flow for your small or medium business.

It does charge a higher annual fee and purchase interest rate than other business cards on the market, so it’s wise to pay your balance in full to avoid interest and take full advantage of the extra features.

Pros

1 Awards point per $1 spent on business purchases
Included travel insurance, extended warranty and purchase security covers

Cons

$75 annual fee per additional cardholder
Points are capped at 300,000 per year

The card boasts platinum privileges including international travel insurance, transit accident insurance and unauthorised transaction insurance covers. You can also use the personal liability business credit card to keep your business expenses separate from your personal spending to simplify your accounting process.

Details

Product details

Product Name	CommBank Business Platinum Awards Credit Card
Purchase rate p.a.	20.74%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.74%
Min credit limit	$6,000
Max credit limit	$50,000
Card type	Mastercard

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Rewards program	CommBank Awards Program
Bonus points	N/A
Rewards points per $ spent	1
Rewards points cap	300,000

Fees

Annual fee	$300
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	3%
Cash advance fee	1.5% or $2.50, whichever is greater
Overseas cash advance fee	1.5% or $4, whichever is greater
Additional cardholder fee	$75

How to apply

You can apply for the Business Platinum Awards credit card online. You'll need to meet the eligibility criteria and have the necessary documents to complete the application form.

Eligibility criteria

Eligible employee. You must be a business owner, director or partner who holds a valid Australian Business Number (ABN).
Credit history. This card is available to applicants who aren't currently bankrupt and have a good credit score.

Age. You must be at least 18 years old to apply.

Required documents

Residency. This card is available to permanent and temporary residents, so long as you're legally allowed to work in Australia.
Personal information. Including your full name, date of birth and residential address. You'll also need to provide the details of any additional cardholders.
Proof of identification. You'll need to verify your identity with ID including your Australian drivers licence, passport or Medicare card.
Finances. This includes personal finances including your income as well as existing assets and liabilities.
Business information. This includes the business name and ABN.

Card benefits

Earn rewards. Earn 1 Awards point per $1 spent on eligible purchases, up to 300,000 points per year.
Redeeming rewards. You can redeem your Award points for travel, gift cards, merchandise and even credit back to your account.

Frequent flyer points. If you're a member of the Qantas Frequent Flyer program, you can opt to earn Qantas Points by enrolling in the Qantas Frequent Flyer Direct program. The points you earn will then be automatically transferred to your Qantas Frequent Flyer membership account on a monthly basis. There is a $30 annual fee for opting in to this program. You can also transfer Awards points to your Velocity Frequent Flyer account. Note that minimum transfer limits apply for this option.
Simplified reporting. Save time on data entry and reporting with automatic bank feeds sent to accounting software such as Xero or MYOB.
Included insurance. Your card offers complimentary travel insurance, transit accident insurance and unauthorised transaction insurance. Eligibility and activation requirements apply.
Mobile payment compatibility. Commonwealth Bank credit cards are as convenient as it gets when it comes to cardless payments. You can use your eligible smartphone or wearable device to make contactless payments with Apple Pay, Samsung Pay and Google Pay.

Rates & fees

Annual fee. This credit card charges an annual fee of $300.
Interest rate on purchases. Your purchases are charged at an interest rate of 20.74% p.a. (variable).

Interest-free days. When you pay your balance in full by the statement due date, you can take advantage of up to 55 interest-free days.
Credit limit. The credit limit for this card ranges between $6,000 and $50,000. CommBank will determine your credit limit based on its lending criteria.
Additional cardholder. You can manage your employee spending and request additional cardholders for this account. You'll be charged $75 a year per additional cardholder.
International transactions. When you use your CommBank Business Platinum Awards Mastercard to spend overseas or shop online with an international merchant, you'll be charged 3% of the Australian currency value.

Sources

CommBank Business Platinum Awards credit card information PDF

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JON

October 08, 2016

Dear CBA,

1) Does a Business Awards Platinum Card can Business Taxes be paid to the ATO?

2) Is there any cap on the number of points earned?

3) Can the points earned be exchanged for Qantas FF Points and if so, at what rate of exchange?

Thank you

May Finder

October 11, 2016

Hi Jon,

Thank you for your questions. Just to confirm, though, you’ve come through to Finder. We are an Australian financial comparison website and general information service, not actually CBA.

1) Does a Business Awards Platinum Card can Business Taxes be paid to the ATO?

Yes, with Commonwealth Bank Business Awards Platinum Credit Card, you can earn points for ATO payments. The equivalents are Amex: Up to 3 points per $1 and MasterCard: Up to 1 point per $1

If you wish, read our guide about credit cards and tax payments to learn more about which credit cards can help you earn points when paying taxes.

2) Is there any cap on the number of points earned?

For this card, the maximum number of points that can be accumulated per year is 300,000 points.

3) Can the points earned be exchanged for Qantas FF Points and if so, at what rate of exchange?

Yes. Currently, the conversion rate is 2 points:1 Qantas Frequent Flyer point for Mastercard, and 2.5:1 Qantas Frequent Flyer point when using the Amex card.

Hope this has answered your questions.

Cheers,

May

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Coffeeboy

August 08, 2016

Can you confirm that payments made to ATO with Comm Bank Business Award Credit Card are not excluded from earning reward points, if so is the rate 3 points per $ using Amex. I have tried to get answer an answer from Comm Bank but given up as no one seems to know? The terms and conditions clearly states ” excluded are payments made to ATO UNLESS made using a Business Awards card.

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Chester

August 08, 2016

Hello Cofeeboy,

Thanks for your contacting us in regards to Comm Bank Business Award Credit Card reward points enquiry.

As stated on their website that Points are earned on eligible transactions (most purchases, but not, for example, BPAY transactions, cash advances, payments to the Australian Taxation Office unless made using a Business Awards card, or balance transfers). I have also sent you an email for you to be able to view the information I have provided.

I hope I was able to answer your question.

Cheers!

Chester

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Nick

August 07, 2016

Do you earn points for ATO transactions on this card ??

May Finder

August 07, 2016

Hi Nick,

Thanks for you question.

Yes, with Commonwealth Bank Business Awards Platinum Credit Card, you can earn points for ATO payments.

The equivalents are Amex: Up to 3 points per $1 and MasterCard: Up to 1 point per $1.

Check out our guide about earning points when paying taxes if you want to know some other credit cards that let you earn points for paying tax bills.

I hope this has helped.

Cheers,

May

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Erica

August 03, 2016

Can the Amex card be used for entry into the Amex lounge at Sydney Airport?

Anndy Finder

August 03, 2016

Hi Erica,

Thanks for your question.

If you are referring to the Commonwealth Bank Business Awards Platinum credit card, unfortunately, it doesn’t come with complimentary airport lounge access.

You can check these credit cards that come with free airport lounge access.

Cheers,

Anndy

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matt

January 14, 2015

What is the changeover rate from the points you acquire to qantas FF program with the Commonwealth Bank Business Awards Platinum credit card. Is it 1:1 ?

Jonathan Finder

January 15, 2015

Hi Matt,

Thanks for your question!

For the changeover/ conversion rate it is currently 2 points : 1 Qantas Frequent Flyer point for Mastercard, and 2.5 : 1 Qantas Frequent Flyer point when using the Amex card.

I hope this helps!

Cheers,

Jonathan

CommBank Business Platinum Awards Credit Card

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