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Commbank Ultimate Awards Credit Card - Bonus 100,000 Awards Points (after $5000 Spend). $0 Annual Fee (with $2500 Monthly Spend)

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Commbank Ultimate Awards Credit Card

Commbank have just released this new credit card. The main attractions are:

  • Point earning card with no international fee
  • No annual/monthly fee if you spend $2500 per month on the card. If you can't meet that requirement there are better products out there (like the Coles one)

The credit card can be found on the Ozbargain Wiki that lists all the credit and debit cards with no international fees, so you can easily compare: https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra...

Bonus Points (FOR NEW CUSTOMERS ONLY)

  • 100,000 Bonus Commbank Awards Points are issued after a $5000 within 90 days of activation.

Features

  • No International Fee
  • $0 monthly fee if you spend $2500 per statement period, otherwise there is a $35 fee.
  • $0 Additional Card Holder Fee
  • No Cap on points earning
  • Access to Loungekey lounges worldwide (additional cost)
  • 55 Days interest free
  • $6000 minimum credit limit
  • Apple Pay, Google Pay and Samsung Pay Support

Points Earning (no expiry on Commbank Awards Points)

  • 3 Points per $1 spent on international transactions
  • 2 Points per $1 spent on groceries or fuel
  • 1 Point per $1 for anything else
  • 0.5 points per $1 for anything over $10,000 per statement period from May 1st onwards.

Velocity Point redemption rate

  • 2 Commbank Awards Points to 1 Velocity Point (2:1)

QANTAS Point redemption rate

  • 2.5 Commbank Awards Points to 1 QANTAS Point (2.5:1)

Insurances

  • Travel Insurance
  • Extended Warranty
  • Purchase Security
  • Price Guarantee

Related Stores

Commonwealth Bank
Commonwealth Bank

closed Comments

      • Yes, you can use filters every statement period and check your spending and if short just spend to reach to $2500 amount!Else, just pay $35/month and bother about checking next statement period transactions using filters and repeat! Only another task in your routine!

        • If you need to track (and worse…alter) your spending to hit the $2.5k then its probably not the card or offer for you. Plenty of people will know they'll reliably hit that figure each month without ever having to look at any reports. They're the people that are best probably served by the card. It seems a terrible idea to me to go into this with the mindset that you might need to increase your spending so that you can meet the minimum requirements.

          • @Smigit: Exactly. If u doubt ur spendings could be less or more at times, do not take this offer. A good idea is having fixed expenses every month bringing to very close to that limit and then a lot other variable expenses to securely reaching that amount. Practically, it's too much to track your spending if you are looking just to get the offer and make it work for you.

    • $2500 spend in Jan… refund it feb.. Repeat?

  • Whether you're looking for a long term card or a churn and burn there are better credit card deals currently out there than this.

    • I agree, not that great….but what if you've exhausted all the other banks' credit card offers?

      I think there's like a 12month gap between your last credit card points offer and being eligible for the next offer, from the same bank?

      Can any Ozbargainers confirm if that's that case?

      • yes usually you have to wait 12 months from the date you cancel the card until you get a new one (often american express it's 18months)

    • Hi any recommendations for a long term card for day to day purchases? to earn rewards

      Currently use 28 Degrees for my large purchases that can be price reduced on need to be insured, but I have also used it as a day to day card for a while now without earning any points.

  • Pretty average offer, I'd only apply if I was wanting to churn and burn after 3 months - plenty of better deals out there card wise even taking into account the annual fee and despite what others are saying you can easily afford and take advantages of Credit Card bonuses if not spending $2500 a month on expenses.

  • Very interesting card. I used to have a Commbank Platinum specifically for the international transaction fee waiver and the great rewards points I was earning. Dumped it when the points earning went to trash. But this looks massively improved now. Looks like a solid card for anyone that has the necessary $2500 monthly spend.

    Time for me to review my bank statements and see if this works out in my favour.

  • I admit this is better than the usual CommBank offering but still not good enough if you are churning for Qantas points given the low bonus points on offer.

    • What would you recommend in that case? I'm very new to earning points and looking to get started :)

      Oh I see there's an ANZ one listed above. Could be interesting

  • Spending incentive programs work.

    The users of these programs lose more money than if they didn't use the spending incentive program. This happens unconsciously and automatically.

  • 40,000 QF points might make it worth it for some if they were going to spend $5000 anyway. But seriously, dump this thing immediately afterwards (unless you get it free with the wealth package) as the points rate is so pathetically bad compared to every other black tier card on the market (0.4 QF points per dollar for most purchases when other banks offer 0.75 to 1 QF points per dollar spent).

    Making you spend $2500 a month with such a terrible regular points earn rate just to effectively avoid the ridiculously high $420 annual fee is another scam particularly if you have a mortgage package with another bank (which will allow you to get their Signature VISA or World Mastercard offering with the same or more perks + better points earn rate fee free)

    If you want a 0% foreign transaction fee card just get a Bankwest Zero Platinum MasterCard for that spending (plus it also comes with travel insurances and extended warranty) to combine with your other cards. If you are worried about it affecting eligibility for a home loan, don't worry as even if your limits/number of cards are too high they will generally just ask you to cut down a bit and it will end up fine

    Overall with the bonus offer it is not terrible but certainly not a keeper card for most

    • Careful with the Bankwest Platinum complimentary travel insurance, they've recently changed it to a pretty basic policy which you have to 'upgrade' ($$$) to get back all the benefits which were previously included. Even something standard like rental car excess cover is no longer included by default.

  • This is a very poor value proposition, especially for a top-tier card…

  • Poor deal. Just called. 1. Existing customers don’t qualify for 100k points. 2. Mortgage package doesn’t waive card fees for this card. 3. Point earn will be cut to 0.5 after $10k spending per month.

    • How come they told me it's free if you switch the card?

      • Depending on how you have asked. I asked “if I didn’t spend more than $2500, do I need to pay the card fee for the month, or it’s still free because of mortgage package agreement?” The reply is “you need to pay card fee as no T&Cs received to waive card fees as other CBA CC products”.

        Another possibility is that the CBA staff gave me an incorrect answer, but it’s irrelevant now since I won’t receive 100k points. That’s the deal breaker to me.

  • What card are people recommending? I'm looking for a new one, preferably $1 = =>1 QFF, low-ish annual fees, travel insurance, decent sign up bonus if possible. I tried for the Qantas Premier Platinum but was denied - not overly sure why as I well and truly fit the criteria and no feed back is given on why it's denied. Possibly because I put down a car loan as a personal loan but their application form doesn't really give an alternative.

  • What's the best way to spend the reward point?

  • If you want the best of both worlds you should consider having two cards, your choice of Rewards card for local use and 24 Degrees card for offshore use (no OS trans fees, best exchange rates, no annual fee). I've been set up this way for last 15 years. Unbeatable .. :-) .. !!

    • ING is better than the 28 Degrees card given you can withdraw from overseas ATM and not get charged any fees.

      • Just note that for most there’s a requirement to deposit $1000 into their savings account and to make five transactions each month. Not too hard, but if you bank elsewhere and only want to use the card for the very odd international transaction that could be a hassle.

        As is the case for us, that requirement is waived if you have a home loan with them. You also get the higher tier card with 1% cashback with no fee too.

        • Wait there’s a higher tier ING card?

        • Can you please share more details about this higher tier card with ING? I do my homeloan banking with them and they better offer me something good to retain me when I next assess our homeloan financials.

      • have you used transferwise debit card?

  • Best deal Comm have had in a while, a shame they wont give it to ppl on their wealth package.

  • Has anyone tried to get a better deal through Commonwealth premier banking?

  • CBA is shit on earth

  • $35 annual monthly fee if you forget to meet the spend and low 40k qf signup points with a high 5k minimum spend … pretty poor deal from Australia's biggest bank. Neg for me.

  • just be aware offer is not available if you previously had ANY commbank awards card within last month. e.g. I had the awards card that gave free amazon voucher and sub last year, so I need to wait until April before I can apply for this.

  • Conditions say points are paid with 90 days of meeting criteria. Does CBA usually pay up quickly? Not worth it if you have to wait 90 days, otherwise I think it is worth it.

  • Innovative but up to $420 annual fee if you don’t spend 30k a year on the card…

  • The following transactions are excluded from earning points: BPAY transactions, payments to the Australian Taxation Office unless made using a Business Awards card, balance transfers, cash advances (including a transaction treated by the Bank as a cash advance, for example, gambling or purchase of lottery tickets), purchases of foreign exchange, credit card insurance premiums, travellers cheques, interest charges, Qantas Frequent Flyer Direct fees, Bank fees, Card account payments, cash back, transactions deemed by the Bank to be for business purposes (excluding transactions on Business Awards, Business Gold Awards and Business Platinum Awards cards) and any other transactions which may from time to time be excluded by the Bank.

  • while monthly spend is doable it's still poor value and a poor return considering competing offers.

  • There's a lot of talk about international transaction fees and points earn rates, but when comparing Credit Cards to be used for international purchases, points and fees is only half the picture … you also need to factor in the exchange rate that the bank uses to calculate the local currency (AUD) amount you actually get charged for each purchase.

    1 Card might charge zero international transaction fees, but their exchange rate is crap; and another card might actually charge the international transaction fees, but have a great exchange rate, and on the whole actually be a better Card for international purchases.

    I can't see any talk about how CBA exchange rates stack up against other Bank / Credit Card issuing institutions in here … From my experience, CBA exchange rates tend to be worse than most other Banks.

    What would be really helpful is a Card comparison which incorporates everything, point earn rates, annual / monthly fees, international transaction fees, AND international exchange rates at any given time.

    Perhaps there is another posting discussing this? … Can somebody point me in the right direction please?

  • Just got the card but instead of the Ultimate card they sent me a standard Award, retards. Going to call to double check and cancel this rubbish waste of time card.