Choosing a premium credit card is a decision that requires attention to detail, and the CommBank Ultimate Awards Card is no exception. While it delivers high-value benefits and strong rewards, it's important to evaluate whether its structure aligns with your financial profile. For example, to get the most out of this card — including fee waivers and bonus points — a higher monthly spend is required, which may not suit all budgets. Additionally, point earnings taper off after exceeding $10,000 in spending per cycle, which can affect users who consistently spend large amounts.
Understanding these trade-offs is essential before committing. Beyond the rewards and bonuses, you'll want to consider factors like the annual Qantas Points opt-in fee, high interest rates on unpaid balances, and the limited eligibility for sign-up bonuses. These elements don’t necessarily detract from the card’s value — but they do highlight the importance of using it strategically. Make sure to read the terms closely and assess how you plan to use the card day-to-day to ensure it truly supports your financial goals.
Additional Benefits Worth Highlighting
- Unlimited Annual Points: Even though points earning slows down after spending $10,000 per billing cycle, you can still accumulate unlimited points annually — ideal for high spenders.
- Travel Booking Perks with Cashback: CommBank Yello users can get up to 10% of booking amounts back as travel credits when you use the Travel Booking feature in the CommBank app.
- Exclusive Experiences with Mastercard Priceless: Get access to unique cultural, culinary, and entertainment experiences via the Mastercard Priceless.com platform — exclusive for cardholders.
- Unlimited Annual Points: Even though points earning slows down after spending $10,000 per billing cycle, you can still accumulate unlimited points annually — ideal for high spenders. There’s no cap on the total number of points you can earn in a year, making this card especially beneficial for those with consistent, high-volume expenses.
- Travel Booking Perks with Cashback: CommBank Yello users can get up to 10% of booking amounts back as travel credits when using the Travel Booking feature.
Important Limitations to Be Aware Of
- Reduced Point Earnings Beyond $10,000: After spending $10,000 in a billing cycle, your points earning rate drops to 0.5 Awards points or 0.2 Qantas Points per dollar, which affects return for big spenders.
- High Interest Rates on Purchases: With purchase rates at 20.99% p.a. and 21.99% p.a. for cash advances, the card may not suit users who carry balances or make minimum payments regularly.
- $90 Fee to Earn Qantas Points: While earning Qantas Points is an option, it comes at a $90 annual fee, which may reduce value for users who don’t often redeem airline rewards.
- High Spending Requirement to Avoid Monthly Fee: You must spend $4,000 monthly to waive the $35 fee — a significant threshold that may not suit moderate spenders.
Step-by-Step Guide to Apply for the Ultimate Awards Card
- Go to the Official CommBank Website: Visit commbank.com.au and navigate to the credit cards section.
- Select the Ultimate Awards Card: Use the comparison tool or find the “Ultimate Awards Credit Card” directly from the list.
- Click on “Apply Now”: Begin your application by entering your personal and financial details, and choose whether you want to earn Awards or Qantas Points.
- Submit Your Application Online: Review the conditions and submit your form. If approved, you’ll receive an instant digital card via the CommBank app.
- Receive Your Physical Card: Your physical card will be mailed. Activate it and set your PIN using the app.
The CommBank Ultimate Awards Credit Card can be a powerful financial tool — but like any premium card, its true value depends on how you use it. To unlock its full potential, focus on maximizing points by aligning your everyday spending with bonus categories, taking advantage of cashback offers, and meeting the $4,000 monthly spend to waive fees. Leveraging the Qantas Points program or Awards store can turn your regular purchases into meaningful rewards like flights, upgrades, or high-end products.
Additionally, avoid carrying a balance to steer clear of high interest charges and always activate included benefits like travel insurance and lounge access before use. This isn’t just a credit card — it’s a lifestyle tool for savvy users who value efficiency and reward. Click the button below to visit CommBank’s official website and take your next step toward applying with confidence.
