Products

Credit Card Features and Benefits

Overview

The Commonwealth Bank offers a range of credit cards with different features, interest rates and fees to meet the needs of our customers.

All new and migrated credit card accounts are issued with a MasterCard. Our Awards credit cards include a complementary Awards American Express credit card issued on the account, in addition to the MasterCard. New customers can enjoy all the benefits of two cards with the simplicity of one account, one credit limit and balance, one statement and the same interest rates. What's more, they will still only pay one annual fee.

Types

The following types of credit cards are available:

Awards card family

Standard Awards
Gold Awards
Platinum Awards (Not available as part of a Package)
Diamond Awards (Not available as part of a Package)

Low Fee family

Low Fee (Not available as part of the Package)
Low Fee Gold (Available as part of a Package from 1 January 2010)

Low Rate family

Low Rate (standard)
Low Rate Gold (Not available as part of a package)

Business Cards family

Business Awards
Business Gold Awards
Business Platinum Awards

Features

Up to 55 days interest-free on purchases

Cardholders who make a purchase on the first date of their new statement will have the full 55 days' interest free period on that purchase, provided they have paid off their previous month's balance in full.

That is, credit charges will not accrue on purchases if the closing balance on the monthly statement is paid in full by the due date (ie, within 25 days of the statement date).

If the balance of the account is not paid in full by the due date, interest will be calculated in line with the Credit Card Conditions of Use.

Exclusions

Cash Advances are not 'purchases' and therefore accrue interest immediately.

Minimum Payment

If a statement shows a closing balance of less than $25, the minimum monthly payment is the closing balance. Otherwise the minimum monthly payment is the greatest of:

The excess of the closing balance over the credit limit on your card account,
2% of the closing balance, and
$25

Credit Card Complimentary Insurance

Overview

Six different types of insurance cover are provided on a complimentary basis to eligible card holders. These types of insurance provide cover for incidents relating to travel or shopping, which are:

International Travel Insurance
Transit Accident Insurance (for international travel only)
Interstate Flight Inconvenience Insurance
Purchase Security Insurance
Extended Warranty Insurance
Guaranteed Pricing Scheme

Diamond, Platinum (both business and personal) and Gold (both business and personal) cardholders become eligible for Complimentary Insurance entitlements regardless of whether payment is made on the Awards American Express card, Visa card or the MasterCard.

Note: For any enquiries or claims the cardholder should be referred to Zurich Assist on 1800 285 189 (8.00am to 5.00pm, Sydney time).

Complimentary Travel Insurance

Refer to the following table for types of travel insurance available to credit card holders.

Type	Applicable Cards	Policy Cover
Transit Accident Insurance (for international travel only)	Diamond Platinum (both business and personal)	This cover provides certain accidental death and injury cover for cardholders who sustain an injury while riding as a passenger in (not as a pilot, driver or crew member) or boarding or alighting a plane, bus, train or ferry.
International Travel Insurance	Diamond Platinum (both business and personal) Gold (both business and personal)	This insurance covers cardholders whilst overseas during the period of insurance when they have a return overseas travel ticket of no more than 21 days duration for business Gold and business Platinum cardholders, 3 months for personal Gold and 12 months for personal Diamond and Platinum cardholders. This policy covers medical & hospital expenses, loss or damage to items, Unexpected cancellation of travel arrangements, travel delays etc.
Interstate Flight Inconvenience Insurance	Diamond Platinum (business and personal)	This policy covers flight delays, luggage delays, loss of or damage to items etc. It covers cardholders provided they charge the entire cost of their return interstate flight to their eligible credit card account.

Purchase Security Insurance

Applies to all Diamond, Platinum (both business and personal) and Gold (both business and personal) credit cards.
This cover provides 90 consecutive days of free insurance against loss, theft or damage over a wide range of new business /personal goods purchased anywhere in the world, provided the purchase is charged to the eligible cardholder’s credit card account or the goods are directly purchased by redeeming Commonwealth Awards points.

Extended Warranty Insurance

Applies to all Diamond, Platinum (both business and personal) and Gold (both business and personal) credit cards.
The purpose of this cover is to extend the manufacturer’s expressed Australian warranty on business items/personal goods purchased, provided the purchase is charged to the cardholder’s eligible credit card account or is purchased by redeeming Commonwealth Awards points directly for the business items/personal goods.

Guaranteed Pricing Scheme

Applies to Diamond, Platinum (both business and (personal) and Gold (both business and personal) credit card accounts only.
The scheme guarantees the cardholder, gets the best price if, within 21 days of the purchase, they advise Zurich that they have, subsequent to their purchase, received a printed catalogue showing the same good for a lower price from a store within 25 kilometres of the store where the good was purchased, and the price difference is greater than AU$75.

Further information regarding Commonwealth Bank Credit Cards is available at http://www.commbank.com.au/personal/credit-cards

Credit Card Comparison Table

Credit Card Complimentary Insurance and Guaranteed Pricing Cover