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Commonwealth Bank Platinum Awards

Commonwealth Bank Platinum Awards

2.9 from 28 reviews

See the Best Frequent Flyer & Travel Credit Cards in 2019 as rated by Australians on ProductReview.com.au.

Pros

  • 100,000 Bonus Awards Points if you apply by 31 Oct 2019 and spend $4,000 by 31 Jan 2020

  • Earn 1 Awards point for every $1 spent

  • International Travel Insurance included

Cons

  • $249 Annual Fee

  • 3% International Transaction Fee

  • Points are capped at 150,000 points per year

Details

Commonwealth Bank Platinum Awards
CategoryFrequent Flyer & Travel Credit Cards, Balance Transfer Credit Cards and Rewards Credit Cards
Card TypeMastercard
BenefitsComplimentary Travel Insurance and Sign-Up Bonus Points Offer
Minimum Credit Limit $6,000
Maximum Credit Limit $50,000
Minimum Income $50,000
Additional Cardholders 1
Additional Cardholder Fee $10 p.a.
Minimum Repayments2%
Rewards ProgramCommBank Awards
Points Earn Rate 1 points per $1
Points Conditions
  • 1 Awards point per $1 spent using your Mastercard

This is capped at 150,000 points per year.

Contactless PaymentsApple Pay, Fitbit Pay, Garmin Pay, Google Pay and Samsung Pay
Rates & Fees
Purchase Rate20.24% p.a.
Cash Advance Fee2%
Late Payment Fee$20
Annual Fee$249 p.a.
Foreign Transaction Fee 3%
Overseas ATM Withdrawal Fee$3
Interest Free Period 55 days
Cash Advance Rate21.24% p.a.
Introductory Offers
Sign-Up Bonus Receive 100,000 Bonus Awards Points when you apply by 31 October and spend $4,000 by 31 January 2020.
Introductory Offers
  1. Apply for a Platinum Awards card by 31 October 2019.
  2. Spend $4,000 on eligible purchases with your new card by 31 January 2020.
  3. You'll get your Bonus Awards Points on your account within 90 days of you meeting the eligibility criteria.

(Keep in mind, if you’ve had any Awards credit card in the last 12 months, you won’t be eligible for this offer.)

Balance Transfer Rates
Balance Transfer Period 5 months
Balance Transfer Rate 5.99% p.a.
Balance Transfer Fee 0%
Release dateJun 2007

Visit official website

Good card provided you spend enough

Never had any issues with the card whatsoever and I have found CBA customer service brilliant. They even refunded interest charges when I missed paying my card off one month by a few days. I set the card up and had annual fees waived included as part of a professional program due to a home loan which has since closed, so now I pay full price :-(

So, main positive is that there is a long interest free period which is good if you are disciplined and pay the card off, miss your payment and you pay big time though. The interest rate is around 20%. The rewards are ok, you get to redeem the equiv of around $1 in rewards for every $220 you spend. I tend to take fuel or food EFTPOS cards as rewards, but you can get straight dollars off your credit card, although it redeems at a lower rate than the fuel cards etc.

There is an annual fee of around $250, so you need to spend at least $52k pa to break even on the card ($4,333 /mth). If you are not doing at least, then find a fee free card, esp if you are not disciplined enough to pay the card off monthly. Interest charges are horrific.

I’m leaning towards something from ING myself.

The main thing keeping me with CBA is their customer service and I like the web and iPad app. The card is not great, but not terrible either ... provided you spend around $5k per month and pay it off every month, otherwise it would be a nightmare.

Transparency
Customer Service
Rates and Fees
Rewards
Online Experience
Application Process
Main Point of ContactOnline

Was great, but progressively getting worse

I have this card for approximately 10 years. What started as great opportunity to recoup all annual fees and charges thru reward system now seem to be taken pretty bad turn.
1. The concept of collecting points did not change, what changed is how many points needed to achieve break even to justify convenience of keeping this card. A couple of years ago CBA (due to new credit card regulations) moved to cancel complementary Amex which was the main points earner. Not a big deal. What is seem to be a big deal that it created significant points void that CBA seem not willing to plug. As result it is statistically x2 harder to financially justify this card
2. The card has one of the highest interest attached to it, well above 20%. Total absurd, but CBA is happy with what it is...
3. CBA's competitors realised that online shopping is getting more popular and people don't want to pay international transaction fees. CBA not only happy to collect those fees, but they are also one of the highest on the market.

All in all the card is getting outdated and I'd recommend to approach competitors rather than accept CBA's default choice for consumer.

Transparency
Customer Service
Rates and Fees
Rewards
Online Experience
Application Process
Card Start DateNovember 2003
Main Point of ContactPhone
Card / Account Used ForEveryday Expenses, Online Shopping, Overseas/Travel and Special Purchases

Reliable & easy to use internationally

I use this card most days, it is reliable and accepted every where I have been in both Australia and overseas.
I appreciate that the service is some what intuitive by sending sms's to draw my attention to unusual spends & includes international activity. The card has many security benefits that you can self manage on line and provides good reporting functions. It is my only credit card and at this point I am very happy, with no intention to take another.

Transparency
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Card Start DateJanuary 2012
Main Point of ContactPhone
Card / Account Used ForEveryday Expenses, Online Shopping, Overseas/Travel and Special Purchases

not even close to being a good credit card, avoid this.

Got this for free as part of the wealth package (no annual fee, normally $249).

They make you pay $30 annually to transfer the commbank reward points into Qantas frequent flyer. The actual ratio spend is $2.5 for 1 QFF which is so terrible. I feel for people that actually pay $249 per annum for this rip off card. I’ll be changing over to a credit card that has a $1 to 1 QFF/velocity point ratio

Extended warranty and free international insurance is something they advertise but a lot of other cc do the same with a lower annual fee

Transparency
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Card Start DateFebruary 2019
Main Point of ContactPhone
Card / Account Used ForEveryday Expenses

Easy to use with great benefits

I’ve been using my Platinum Debit Card for some time now and it’s great to have the added benefits of extended warranty on compatible products, however it was a shame that they got rid of the included insurance without being notified

Transparency
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Card Start DateFebruary 2016
Main Point of ContactOnline
Card / Account Used ForEveryday Expenses

Good card- no problems

- provides insurance if i am travelling overseas, saving costs
- easy to monitor my balance and transactions through CBA app
- nothing special about rewards, this is lacking
- good interest rate offered

Transparency
Customer Service
Rates and Fees
Rewards
Online Experience
Application Process
Main Point of ContactPhone
Card / Account Used ForEveryday Expenses and Online Shopping

Great card

It's a great card when it came with Amex. However, now that Amex is revoked, there's actually not much perks left for me. I've paid the annual fee this year, so will continue to rack up point and change when it's near expiry.

Transparency
Customer Service
Rates and Fees
Online Experience
Card Start DateNovember 2016
Main Point of ContactBranch
Card / Account Used ForEveryday Expenses, Online Shopping, Overseas/Travel and Special Purchases

Its Great ~ until they removed Amex.

I paid $395 per year for this credit card as part of my home loan package. It was great when they had the Amex especially i shop on international website and it was great to have the fee waived. I went to commonwealth and asked if they have something to replace it and all they said is NO. It was little disappointing as i do not think i got my money worth by Paying this high fee annually.

Transparency
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Online Experience
Card Start DateJune 2016

Used instead of cash regularly, safe

No fee if balance paid each month, easy to use, comes with rewards. Website easy to use for online banking. Have had this card for many years and have never had a problem. No cost for second card user. Free travel insurance with this card if you have no medical conditions. I have taken advantage of this offer many times.

Transparency
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Online Experience
Application Process
Card Start DateJanuary 2001
Main Point of ContactBranch
Card / Account Used ForEveryday Expenses, Online Shopping and Special Purchases

A very convenient everyday card.

I process most of our family spending through this card and have had a great experience. Once my wife's card was stolen and the bank rang before we knew it was missing because of irregular use. All transactions on the card while it was stolen were re-credited immediately so we had no loss. When we travelled overseas we took a travel card with us from CBA and had no trouble transferring money between the two cards using the online app. The rewards were easily used to pay some of the cost of the trip and the travel agent did all that and we paid the balance on the card. Gained more reward points!

Transparency
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Online Experience
Application Process
Main Point of ContactBranch
Card / Account Used ForEveryday Expenses, Online Shopping, Overseas/Travel and Special Purchases

An everyday card

Got this card as part of my home loan package. Hence, pay no annual fees. My go-to-card when merchants don't accept Amex. Not a bad card, but nothing fantastic either. The rewards redemption that I ever used/ found useful was for Coles gift card and Myers. The complimentary travel insurance means I no longer have to spend extra on travel insurance.

Transparency
Customer Service
Rates and Fees
Rewards
Online Experience
Main Point of ContactOnline
Card / Account Used ForEveryday Expenses and Online Shopping

My go to card

I pay it out in full every month, so no interest charge. Yearly fees waved with mortgage option. Rewards easy to accumulate and easy to claim.
Didn’t ask for platinum card, just arrived in the mail, but still at previous card options.

Transparency
Customer Service
Rates and Fees
Online Experience
Card Start DateAugust 2018
Main Point of ContactOnline
Card / Account Used ForEveryday Expenses and Online Shopping

Daily essential, but oversea use could cost you a bit more

Good daily card for domestic use, got annual fee waived if you also have home loan products. Interest rate is pretty standard, can't complain. Oversea use could be a problem as bank fee is there and the exchange rate is not using the rate on the shopping day, which is very bad! Complimentary travel insurance is good, save you a bit when you are traveling oversea. Reward points are okay, 1 dollar 1 point.

Transparency
Customer Service
Rates and Fees
Rewards
Online Experience
Application Process
Card Start DateAugust 2018
Main Point of ContactPhone
Card / Account Used ForEveryday Expenses, Online Shopping, Overseas/Travel and Special Purchases

No Longer A Value Proposition

When I got my homeloan with the CBA the card was offered free as part of the package. Initially I found the card good but overtime CBA has removed nearly all the benefits I once enjoyed.

For example, it came with an AMEX Card option, if this card was used abroad there were no extra fees. They discontinued this card and didn't provide the same option with mastercard.

Another example, I used to earn about $1000 worth of CBA points a year because I travel a lot, they lowered the no of points per $1 spent and I'm now lucky to get $100 worth of CBA points a year!

The only real benefit that I use is the travel insurance, I use this twice a year. The netbanking & usability of the cards is great.

I don't really care about the interest rates as I pay before the due date, although they are quite high compared to other cards.

Transparency
Customer Service
Rates and Fees
Rewards
Online Experience
Card Start DateDecember 2000
Main Point of ContactOnline
Card / Account Used ForEveryday Expenses, Online Shopping, Overseas/Travel and Special Purchases

Seamless, easy way to pay for items and receive reward points

I was switched by the bank from a Gold Card to the new Platinum one. Whilst this was a little inconvenient having to change my direct charges with various companies, it wasn't that big a deal. I pay my credit card balance out in full every month, so I don't have to worry about silly things like interest, so I get to enjoy cashing in my rewards points every 12 months or so on things I may not necessarily have splurged on independently. Points accumulate quicker than you realise, and the method to redeem them is quick and convenient. I have never had a problem in this regard. I have also never had a problem in dealing with the bank when calling and questioning something, and I have always been satisfied with the response.

Transparency
Customer Service
Rates and Fees
Rewards
Online Experience
Application Process
Card Start DateOctober 2018
Main Point of ContactOnline
Card / Account Used ForEveryday Expenses, Online Shopping and Overseas/Travel

CBA PLATINUM VISA: ONE OF THE BIGGEST LEGAL RIP-OFFS THERE MUST BE

No customer service (or wait, as I do too often one+ hour on phone), expensive fee ($249), exorbitant rate of interests (20.24 to 21.24%) and rewards are a "joke" (e.g. half a point for dollar spent!). CBA & VISA have devalued for ever the word 'PLATINUM' attached to a card.

Transparency
Customer Service
Rates and Fees
Rewards
Online Experience
Application Process
Card Start DateJune 2018
Main Point of ContactPhone
Card / Account Used ForEveryday Expenses

Best Complimentary Travel Insurance.

If one travels overseas, the CBA cards which offer complimentary Travel Insurance are the best. The Gold card is good for three months of travel, the Platinum card for up to six months, and Diamond for up to 12 months. This is because,
a. One only has to activate the insurance, unlike most other cards which require purchasing some of the trip, or all of the flights on the cards, and
b. After activation, one actually receives the policy via email, to print out and take overseas, and
c. The policy is with Allianz.

We have used the CBA Platinum Card for insurance on the last five overseas trips. Last year we had to cancel our European vacation because of unexpected back surgery. Allianz paid the cancellation fees, less the $250 excess, and sent us $670. Then we went to Bali and got stuck there in luxury accommodation for an extra five days because the volcano erupted. Allianz paid for our accommodation and meals, less the $250 excess, and sent us $1763.

Looked at another way, we have been to Bangkok this year, and are flying to Europe later this year. Had we paid for the two Allianz travel insurance policies directly, they would have cost us $1302. But we got the same policies for free through the CBA Platinum card.

If one travels a bit - who cares about the Awards scheme of this card? (Though my wife thinks the Bosch vacuum cleaner she got from them, is the best she's ever had). The card's Travel Insurance feature is the best around..
Regards.


Don't bother

Awards program has been terribly devalued, much better options available on the market. Used points to order a number of gift cards and like many others they have never arrived. After a number of phone calls still can't get a straight answer as to when they will arrive and been told they have no stock. Poor communication and a terrible service. Glad I have left the program and the bank for a better option.


Don't use Allianz for travel insurance.

Apparently disruptions that affects your mode of transport eg Heathrow express signal failure doesn't qualify as an accident. Yet an "accident" is an event that happens by chance or that is without apparent or deliberate cause. Apparently signal failure was within my control! Be wary of this company they will do anything not to pay out a few hundred dollars.

They were not my company of choice they were part of my insurance through Commonwealth Bank credit card service and I thought I would be covered. Well I learnt my lesson. I will never use Allianz again.


Run by computers now

After being stranded in Europe with my twins in neonatal intensive care unit I was to discover that a replacement card had not been sent to me. After contacting the bank their responsewas to removeinternet statement from my internet banking site (after I had put thousands on it!). Then getting collections agencies contacting me - when I had no card and no internet statement of account.
To make it worse, once back I repeatedly kept contacting complaints department and...it is just ridiculous...they paid funds off my credit card to apologise and then 2 more times my account is sent to collections (even after apologies from the bank itself)
After 30 years as a customer - this is unacceptable. The bank is being run by computers instead of humans. I'm shifting my business accounts and personal accounts to another bank that actually cares!


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Questions & Answers

Hi there, just wondering if you had a small list of what places will accept Amex with no additional charges? I just got mine today. Thank you! DB
1 answer
Hi DB, I don't really use the Amex as its too limiting but have been told that Wooly and Coles accept AMex with no fees. Not part of your query, but I notice that some petrol stations are starting to charge a fee for Credit Card transactions and it seem to be an increasing trend. I guess, we just have to vigilant before swiping. Sorry can't be much help Lisa

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