CommBank has introduced the Ultimate Awards Card, by Mastercard, designed to favour travellers. It comes with added benefits, and users can accumulate awards points as they spend their money. Travellers can relax before a flight in one of the 1,000 airport lounges available at the Lounge-Key network. With the card, they can enjoy cashback with dealers in foreign countries. There is a $35 monthly fee charged for the card, which amounts to $420 in a year which is waived after spending a minimum of $2500 and opting for online statements.
The earn rate for the Ultimate Awards Card are higher compared to other CommBank credit cards. The card awards more points than any other eligible transactions on every $1 spent in foreign countries and purchases made in Australian supermarkets, petrol stations and department stores. People who travel often and shop in other countries can enjoy travel insurance and 0% transaction fees for foreign purchases which is much better than most cards whose transaction fees go up to 3%.
What are the eligibility requirements?
Locals and temporary residents (with legal rights to work in Australia) can apply for the card. To be eligible for this card, the applicant must be at least 18 years of age. Joint application is not allowed so an individual can only have one card. To be approved, one must have a clean credit score so it is better to check one’s credit score on Finder before applying. The applicant should not be bankrupt during the application. $500 is the minimum amount that a cardholder can transfer, but only from a non-CommBank credit card or a major store card.
The applicant is required to provide personal details, residential address, personal identification documents (e.g. passport), details of workplace, annual income, savings, investments, daily expenses, liabilities, etc. To transfer debts from other cards, the cardholder must provide the names of the issuer(s), card number(s), and the amount that is to be transferred.
What are the Benefits of the Ultimate Awards Card?
The CommBank Ultimate Awards Card has a number of benefits for the cardholder as outlined below:
Foreign transactions. There are no transaction fees when a cardholder shops in a foreign country, or in a foreign online store. The traveller is rewarded 3 points for every $1 spent on foreign transactions, whether in stores or online. Limit is $10,000.
Local transactions. The cardholder earns 2 points for every $1 spent at major Australian supermarkets, petrol stations, and 1 point for every $1 spent on any other eligible daily transactions up $10,000 in any statement period. These points are redeemable in-store at Myer and Flight Center or the cardholder can visit the Awards website to pick rewards such as electronics, gift cards, cashback and many more.
Travel insurance. Cardholders enjoy international travel insurance by activating the card before departure. The insurance covers overseas medical expenses, misplaced luggage and cards, baggage delays and other travel-related problems.
Airport luxury lounges. The card provides access to 1,000 airport lounges, thanks to the Lounge-Key membership. There are also exclusive offers for dining, spa and shopping before boarding a flight.
Waived fees. Monthly fees are waved for spending a minimum of $2500 in any given statement period.
Mobile wallet compatibility. The account can be linked with other platforms such as Apple, Samsung, and Google Pay to enable the cardholder to carry out the transactions via smartphone or other mobile devices. Garmin Pay and Fitbit Pay enables contactless payments through the fitness tracker.
Easy account management. Cardholders can use the NetBank or CommBank app to set transaction limits, bar foreign transactions and cash advances.
Top-notch security. CommBank provides 24/7 monitoring of the accounts, with fraud protection to identify any unusual activities. In case cardholders misplace the card, the Mastercard Global Service team is available to offer assistance around the clock.
Rates and fees
The purchase rate is 20.24% per year and the cash advance rate is 21.24% p.a. This requires good account management to make sure borrowed money is paid back within the 55 days interest-free period. Cardholders pay $35 per month or $420 per annum for the card. Monthly fees are waived when transactions exceed $2,500 per month. Transferring an existing balance to this card results in 5.99% interest for the first 5 months.