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Commonwealth Bank Platinum Awards

Commonwealth Bank Platinum Awards

2.9 from 23 reviews

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

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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.

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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.

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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

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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!

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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.

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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.

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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.

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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.

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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.

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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.

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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!


Credit Card Charges

I supported a fundraising effort by purchasing tickets in a lottery. The CBA deigned to treat my purchase as "gambling" and consequently charged me a cash withdrawal fee for the transaction PLUS interest. No amount of arguing my case changed anything or solicited any sympathy. Be wary of purchasing lottery or raffle tickets to support your favourite charity's fundraising efforts using a CBA credit card.


Travel insurance doesn't work

I've just had a straight forward travel insurance case declined due to one of their loopholes. A fault with the baggage handling machine at the airport caused us to miss a flight and have to buy other tickets. I was informed by my claim manager that Commbank travel insurance on their platinum card "is limited to mechanical failures on the aircraft itself". Claim declined.

Don't trust the "free insurance" provided with this card, it doesn't replace getting proper travel insurance.


dedicated staff

I've had the card for awhile with the package. We use it for everything and clear the balance each month so never had to pay interest. I love it. The points refund covers for our package fees and staff are always friendly and helpful. Recently I had to put through a dispute and their customer service for dispute is wonderful and resourceful. Last year we went to NZ, our car company - Budget, double charged us, taking an extra $1000 and was very unhelpful so we put in a formal dispute. Months later they told us (got this in writing) they would refund the whole amount. Of course their refund was short by $120. By this time, I was stressed, depressed and tired with the whole ordeal so left it. Then CBA staff called to confirm the refund, but noticed the difference and told me that she'll put through another dispute and reimbursed me the full amount. They are very thorough and dedicated bunch.

NB. Please read travel insurance brochure carefully as there are changes every few years. You'll need to spend over a certain amount per person to be covered. Not much, but if you have a special deal or so in Bali, it may not cost enough for coverage.


Travel insurance works

Forget the hype about points - you have to spend so much money with any card to get anything worthwhile it's just not worth worrying about.
But travel Insurance is another matter. The overseas travel insurance options do work (I've used it) and I smile every time I book a flight when they say "we recommend travel insurance". If you use your platinum card to pay for your airfares you are covered and don't need anything else. The policy is well backed and they do support you.
Always pay your card off by the due date - interest is a killer on every card not just the Commonwealth.
You can use your points to pay your annual fees so there is absolutely no cost to you.
travel insurance


Depends on the individual - I enjoyed it

I have had this card in the past, for approximately 1.5 years. Personally I thought the American Express additional card was a bit of a ‘gimmick’, however I did find myself using this additional card at Myers, David Jones, and many other retail shops where no extra charges were applicable, the primary reason being the bonus points earned. The annual fee is a little high for a platinum card with its range of features, I personally would like to see it lowered, I also note if you have a home loan with CBA and are on one of their ‘packages’ it is free (please confirm this).

A major perk of this card is its travel insurance, and the reason I say this is because the underwriters (Zurich from memory) of the insurance didn’t prescribe an age limit, or void the insurance if you have a prior medical condition unlike nearly all other credit card insurances for travel (Please note: they didn’t cover your past medical condition, and to confirm the no age limit via the PDS as it may have changed since I were holding the card).

Balance transfer rate is high in comparison to others, however I don’t see CBA competing in this area ever, which doesn’t matter to me anyway. Customer service is quiet good I feel, from walk ins to a branch to telephone enquires, I was always pleased. General knowledge/ability to assist with the travel insurance enquires was pretty dismal on both phone and walk ins.

On the rewards side of things, CBA seems to be up there with the best. In regards to flexibility of using your points they are great, then again, the cost of points to redemption is pretty poor. Example being 2 CBA points to 1 QFF, 10,000 CBA points equals $50.00 voucher, and for flight Centre their conversion is not to good at all (I forgot this conversion rate sorry).

Also points capping is little upsetting to see, especially at 250,000. Also note, that if you use QFF your points cap will be lowered, (a little past half way from memory, I didn’t look to much into this as I don’t use QFF) Final note, the Concierge Service they offer for this card, on both occasions I used them, was pathetic. Overall, I do like this card for what it does offer, I think this card would be great for a young professional couple ranging all the way up to retirees.

I would strongly consider this card if I were mature aged/retiree. Negatives with CBA, they give pretty lean credit card limits if you are a first time applier, age (too young or mature) or haven’t been in your occupation for to long, or don’t earn a reasonable income. (only a handful or reason, there are so many more) I hope my review helps your decision on this card.

Please note: All the perks and benefits mentioned were during my time holding the card, I have tried my best to identify these major benefits by stating check in brackets after or during the sentence.
Travel Insurance, Rewards Points, Service from bank
High Annual fee, High Interest rates, bad point conversion rates.


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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

Details

Platinum Awards
Card TypeMastercard
BenefitsComplimentary Travel Insurance
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%
Rates & Fees
Purchase Rate20.24% p.a.
Cash Advance Fee2%
Late Payment Fee$20
Annual Fee$249
Foreign Transaction Fee 3%
Overseas ATM Withdrawal Fee$3
Interest Free Period 55 days
Cash Advance Rate21.24% p.a.
Balance Transfer Rates
Balance Transfer Period 5 months
Balance Transfer Rate 5.99% p.a.
Balance Transfer Fee 0%
Release dateJun 2007

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