How to Apply for your Ultimate Awards Credit Card

The Commonwealth Bank Ultimate Awards Credit Card provides a range of benefits, making it an attractive option for those who travel frequently or enjoy earning rewards. With no international transaction fees and the opportunity to accumulate points via the CommBank Awards Program, this card caters to individuals looking to maximize their spending power.

The card carries a purchase interest rate of 20.99% p.a. and a monthly fee of $35, which is waived if the cardholder spends at least $4,000 per month. Additionally, it includes complimentary international travel insurance and access to over 1,300 airport lounges via the Mastercard Travel Pass, along with two complimentary airport lounge passes each calendar year.

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Designed for frequent travelers and high spenders, this card offers up to 3 Awards points per $1 spent on eligible transactions. Other benefits include purchase protection, extended warranty coverage, and the ability to redeem points for cash, gift cards, or travel rewards. Account management is simplified through the CommBank app, which provides features such as spending controls and fraud alerts.

Benefits of the Ultimate Awards Credit Card

The Commonwealth Bank Ultimate Awards Credit Card offers a variety of features suited for frequent travelers and those who make regular purchases. From earning CommBank Awards Points to enjoying exclusive travel perks, this card provides significant advantages. Below are the key benefits and their detailed explanations:

No International Transaction Fees

This credit card eliminates foreign transaction fees, allowing you to shop internationally and make online purchases from overseas retailers without incurring additional costs. This feature can save up to 3% on every foreign purchase, making it ideal for travelers and online shoppers.

CommBank Awards Points Program

Cardholders can earn up to 3 Awards points per dollar spent on eligible international purchases, 2 points per dollar at major supermarkets and petrol stations in Australia, and 1 point per dollar on other transactions. These points can be redeemed for travel, gift cards, cashback, and more. However, once the spending reaches $10,000 per month, the earning rate decreases to 0.5 points per dollar.

Included International Travel Insurance

The card provides complimentary international travel insurance, but it requires the cardholder to use their card to pay for at least $500 of their travel costs (such as flights, accommodation, or tours) before departure in a single transaction. This insurance covers medical expenses, travel delays, and lost baggage, offering protection for both the cardholder and accompanying family members.

Airport Lounge Access

Through Mastercard Travel Pass, cardholders gain entry to over 1,300 airport lounges worldwide. Activation through the Mastercard Travel Pass app is required before using this feature.

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Prerequisites to Obtain the Ultimate Awards Credit Card

Before applying for this card, applicants must meet certain requirements:

• Age & Residency: Must be at least 18 years old. Both permanent and temporary residents of Australia are eligible, though temporary residents must provide valid visa details.
• Credit History: Applicants must have a good credit score with no current bankruptcies.
• Income and Credit Limit: While specific income thresholds aren’t publicly stated, the minimum credit limit is $6,000, indicating that applicants should have sufficient income to manage repayments.
• Spending Requirement to Waive Monthly Fee: The $35 monthly fee (totaling $420 annually) is waived if a cardholder spends at least $4,000 per statement period.
• Required Documents: Personal details, identification and financial documents (proof of income and expenses) are necessary for application.

More About Commonwealth Bank

Founded in 1911, Commonwealth Bank of Australia (CommBank) has grown into one of the largest banks in Australia. Originally a government-owned entity, it was fully privatized by 1996 and now operates globally in countries such as New Zealand, the United Kingdom, Asia, and the United States. With 48,900 employees and 800,000 shareholders, CommBank remains a significant player in Australia’s banking sector.

Who is this Card For?

The Ultimate Awards Credit Card is designed for frequent travelers, high spenders, and individuals who value rewards programs. This card best suits those who make international purchases, as it eliminates foreign transaction fees, leading to significant savings over time. If you often shop online from overseas retailers or travel internationally, this card can help you avoid the extra costs typically associated with foreign transactions.

For those who spend $4,000 or more per month, this card becomes even more appealing, as it waives the $35 monthly fee. This makes it ideal for business professionals, digital nomads, and individuals who use their credit card for everyday expenses.

If you frequently spend money on groceries, fuel, dining, and travel, you can take advantage of the CommBank Awards Program, earning up to 3 points per dollar and later redeeming them for cashback, flights, or merchandise.

Step by Step to Apply for the Card

To apply, follow these steps:

1. Check Eligibility – Ensure you meet the age, credit score, and residency criteria
2. Gather Documents – Prepare identification, income details, and financial commitments
3. Apply Online – To apply, download the CommBank app
4. In the CommBank App – Open the CommBank app and choose ‘Sign up to CommBank’
5. Complete the Application – Select your CommBank product, provide personal details and complete an ID check using a physical ID. Continue with your product application

Positives and Negatives of the Ultimate Awards Credit Card

Positives:

• No Foreign Transaction Fees, saving up to 3% on international purchases.
• Earn up to 3 CommBank Awards Points per $1 spent, with flexible redemption options.
• Comprehensive Travel Insurance for both cardholders and accompanying family members.
• Airport Lounge Access through Mastercard Travel Pass.
• Up to 44 days of interest-free purchases.

Negatives:

• $35 Monthly Fee, waived only when spending $4,000 per month.
• High Purchase Interest Rate of 20.99% p.a.
• Reduced Point Earnings after $10,000 spend per month (drops to 0.5 points per dollar).
• Additional $90 Annual Fee if opting for Qantas Points conversion.

How to Activate the Card?

To activate your CommBank card, use one of the following methods:

CommBank App: Log in, go to Cards, find your card, and tap Activate card.

NetBank: Log in, go to Settings > Card Activation, enter the last 4 digits of your card, set and confirm your PIN, request a NetCode, and enter it to activate.

Fees and Tariffs

• Monthly Fee: $35 (waived if $4,000 spent per month).
• Purchase Rate: 20.99% p.a.
• Interest-Free Days: Up to 44 days.
• Cash Advance Fee: 3% or $4 of the transaction amount (whichever is greater), 21.99% p.a. interest.
• Late Payment Fee: $20.

Customer Service

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If you need to speak with someone, you can chat with the bank via the CommBank app or call 13 2221 for general personal banking inquiries. If you’re overseas, reach them at +61 2 9999 3283.