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Platinum Awards Credit Card

Features and Benefits

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Eligibility

To hold this product, customers will need to satisfy certain eligibility criteria, including that customers must:

  • be individuals aged 18 years or older;
  • have an Australian residential address; and are either:
  • An Australian citizen; or
  • An Australian permanent resident (permanent visa sub class holder); or
  • A New Zealand citizen; or
  • An eligible non-resident visa holder
  • meet CommBank’s credit assessment criteria which includes demonstrating the capacity to service the credit facility.

 

Customer objectives, financial situation and needs

This product is targeted at customers with the likely objectives and needs of wanting a revolving credit facility with:

  • a convenient way to make payments by using the card attached to the facility;
  • the ability to accrue awards points when they spend using the card; and
  • the option of accessing a broad range of features (at a higher interest rate on purchases when compared to CommBank’s other credit card products)

The financial situation of the target market for this product are those that meet CommBank’s credit assessment criteria.

Customers that are likely to fall outside the Target Market

Customers who are outside the Target Market of this product are customers whose financial situation is to carry a substantial balance over a prolonged period of time (unless a promotional rate and/or grace period applies).

 

Key Features

  • Customers can access funds in a revolving credit facility by using a credit card anywhere Mastercard is accepted to:
  • make card-present payments, including point of sale;
  • make card-not-present payments, including over the phone, online or via mail;
  • make digital wallet payments, including point of sale and online (if available by the Merchant);
  • set up a recurring payment arrangement;
  • receive cash advances.
  • Higher interest rate on purchases when compared to CommBank’s other credit card products.
  • Access to up to 55 days interest free on purchases.
  • Customer can accrue awards points when they spend using their credit card (which can be redeemed for cash back into the account, goods, services, travel, and gift cards from various award partners).
  • Customers can access certain features, including:
  • Accrue awards points on eligible transactions;
  • The minimum credit limit and annual fee is higher than Awards, but lower than Diamond Awards;
  • Access to international travel insurance, upon activation;
  • Extended warranty on eligible purchases; and
  • Purchase security insurance available for eligible lost, stolen or damaged purchases.

The Awards product is also available to customers in the following card types: Awards, Diamond Awards and Ultimate Awards – each of which offer differing features, credit limits, and costs depending on the card type selected, including but not limited to:

  • Awards:
  • Accrue awards points on eligible transactions; and
  • The lowest minimum credit limit and lowest annual fee out of these cards.

  • Diamond Awards:
  • Higher annual fee and level of awards points on eligible transactions than Awards and Platinum Awards;
  • The highest minimum credit limit out of these cards;
  • Access to international travel insurance, upon activation;
  • Extended warranty on eligible purchases; and
  • Purchase security insurance available for eligible lost, stolen or damaged purchases.

  • Ultimate Awards:
  • Highest level of awards points out of these cards on eligible transactions;
  • The minimum credit limit is higher than Awards, but lower than Diamond Awards;
  • Higher annualised fee, with the ability to pay no fee if spend criteria is met and customer receives electronic statements;
  • Access to international travel insurance, upon activation;
  • Extended warranty on eligible purchases;
  • Purchase security insurance available for eligible lost, stolen or damaged purchases; and
  • No international transaction fees.


The Diamond and Ultimate card options have a higher annualised fee when compared to CommBank’s other credit card products. For the Ultimate card option the fee is waived if spend criteria is met.

For more details on the Platinum Awards Credit Card click here

 

How does my customer apply for a Platinum Awards Credit Card?

For a new home loan customer, select Platinum Awards on the Home Loan On-Boarding Application (002 829).

The target market for this product will be found within the product’s Target Market Determination, available here.