How to Apply for your Awards Credit Card
The CommBank Awards Credit Card is one of Commonwealth Bank of Australia’s leading financial products, designed for customers who want to earn rewards on everyday purchases.
With a points-based system, cardholders can accumulate Awards points on eligible purchases and redeem them for various rewards, including travel bookings, gift cards, electronics, and more.
The card also offers access to cashback benefits, exclusive deals through Priceless.com, and purchase security and extended warranty insurance.
While the CommBank Awards Credit Card offers a comprehensive rewards program, it comes with trade-offs like higher interest rates and fees, making it ideal for users who pay their balances in full each month and utilize the rewards program effectively.
CommBank Awards Credit Card Benefits
The CommBank Awards Credit Card provides a wide array of benefits, catering to those who want to earn points and access rewards on their everyday spending. Some of the key advantages include:
- CommBank Awards Program: As one of Australia’s largest rewards programs, the CommBank Awards Program allows cardholders to earn 1 Awards point per dollar spent on eligible purchases, up to $2,000 in a statement period. After reaching this threshold, you’ll earn 0.5 Awards points per dollar for the remainder of the period. There’s no cap on the total points you can accumulate annually, and the points don’t expire. This makes it an ideal choice for long-term rewards collectors. Points can be redeemed through various outlets, such as Myer and Flight Centre, or exchanged for gift cards, electronics, and other items through the Awards website. You can also use your points for travel bookings via the CommBank app through the Travel Booking feature, powered by Hopper.
- CommBank Yello Cashback Offers: This feature gives you access to personalized cashback offers through the CommBank app. By activating these offers, which are based on your shopping habits, you can earn cashback from selected big-brand partners. The Yello Cashback Offers reward your everyday spending, making it even more appealing for frequent shoppers who want to maximize the value of their purchases.
- Flexible Redemption Options: Cardholders have the flexibility to redeem Awards points in multiple ways, whether it’s through gift cards, travel bookings, or exclusive offers at Myer and Flight Centre. This flexibility ensures that your points can be used in ways that best fit your lifestyle and preferences.
- Complimentary Access to Priceless Cities: This card also gives you access to the Priceless Cities Program, which offers exclusive experiences and events globally, from dining and sports to travel and entertainment.
- Travel Booking Access: Eligible cardholders gain complimentary access to book flights and hotels through Travel Booking, a service powered by Hopper. This makes it easy to plan trips and utilize points seamlessly within the CommBank app.
- Purchase Security and Extended Warranty Insurance: Purchases made with the CommBank Awards Credit Card are protected through Purchase Security Insurance and Extended Warranty Insurance, offering peace of mind when shopping for big-ticket items or electronics. This insurance coverage is provided by Cover-More and ensures that eligible purchases are protected against theft, loss, or damage for a specified period after the purchase.
- No Additional Cardholder Fee: Share your card with a secondary cardholder without incurring extra fees, making it easier for families or couples to manage expenses together.
- Up to 44 Days Interest-Free: Enjoy up to 44 days of interest-free purchases, provided you pay off your balance in full each month. This gives you flexibility with your cash flow and can save money in the long run.
These benefits make the CommBank Awards Credit Card highly appealing to individuals looking for a versatile and rewarding credit card that provides opportunities for cashback, travel, and extensive purchase protection.
Awards Credit Card Fees and Tariffs
While the CommBank Awards Credit Card offers attractive rewards and perks, it’s important to consider its rates and fees, which include:
- Monthly Fee: $8 per month, which totals $96 annually. While this is higher than some low-fee or no-fee cards, it can be justified for users who maximize their points earning and rewards redemption.
- Purchase Interest Rate: 20.99% p.a., which is higher than many low-rate credit cards. This makes it less ideal for individuals who carry a balance from month to month.
- Cash Advance Interest Rate: 21.99% p.a. on cash advances, along with a cash advance fee of $4.00 or 3.00% of the transaction amount (whichever is greater).
- Late Payment Fee: A $20 fee is charged when the minimum monthly payment is not made by the statement due date.
- International Transaction Fee: 3.50%, applied when making purchases in foreign currencies or with international merchants. This makes the card less suitable for frequent international travelers who prefer to avoid additional transaction costs.
What You Should Have to Apply
To apply for the CommBank Awards Credit Card, applicants must meet the following requirements:
- Be at least 18 years old.
- Be an Australian citizen or permanent resident
- Have a good credit rating
- Provide some documentation like proof of income and identification.
About CommBank
Commonwealth Bank of Australia (CommBank) is one of the country’s largest and most trusted financial institutions, offering a wide range of products and services, including banking, loans, credit cards, and insurance.
CommBank is known for its customer-focused approach, robust online banking platform, and extensive network of branches and ATMs across Australia.
As one of the “Big Four” banks, it holds a significant share of the Australian banking market and offers a comprehensive range of financial solutions to individuals, businesses, and institutions.
How to Apply for the CommBank Awards Credit Card
Applying for the CommBank Awards Credit Card is simple and can be done online through the CommBank website or app. The process involves the following steps:
- Submit an Online Application: Prospective cardholders can fill out the online application form, providing personal details, employment information, and financial history.
- Provide Required Documentation: Applicants may be asked to provide documents such as proof of identity, income statements, and other relevant financial information.
- Receive Approval: Once the application is submitted, CommBank will review the details and provide a response, typically within a few business days.
- Receive and Activate the Card: If approved, the new credit card will be sent to the applicant, who can then activate it online or through the CommBank app.
CommBank Awards Credit Card Pros and Cons
Like any financial product, the CommBank Awards Credit Card has its advantages and disadvantages:
Pros
- Generous rewards program with no annual points cap.
- Access to exclusive cashback offers and experiences with the Priceless Cities Program
- Complimentary purchase security and extended warranty insurance.
- Easy point redemption options via the CommBank app or NetBank.
Cons
- High interest rates, make it less suitable for users who carry a balance.
- Limited points earning potential after $2,000 spent in a statement period.
- International transaction fees apply, which may be a downside for frequent travelers.
Conclusion
The CommBank Awards Credit Card is an excellent option for individuals who want to earn rewards on their everyday purchases and enjoy access to exclusive benefits like cashback offers, insurance coverage, and flexible points redemption.
However, the card’s higher interest rates and monthly fees make it less suitable for those who carry a balance or prefer lower-cost options.
For the right users, particularly those who pay off their balances regularly and leverage the rewards program, the CommBank Awards Credit Card can offer substantial value over time.
