Commonwealth Bank Platinum Card

Do you find yourself checking and checking on the points you have accumulated on your credit card to see whether you have enough for the reward you want? Or are you often tempted to spend more and more on your credit card just to build up your points so you feel like your credit card rewards program is worthwhile?

If you are interested in concentrating your spending onto one credit card to build rewards points, it doesn’t make sense for you to spend time following up on your rewards balance; and it certainly doesn’t make financial sense for you to spend and spend on your credit card to reach a reward points goal. Instead, you need to choose a platinum credit card which helps you earn points – and bonus points – at every opportunity so that before you know it you will be eligible for a wide range of discounts, vouchers or merchandise which fit into your lifestyle.

Compare the Rewards and Features of the Commonwealth Bank Platinum Card

When choosing a platinum credit card you have to make sure you balance the rewards with the interest rates and fees to ensure you are able to earn rewards which outstrip the cost of the charges such as annual fees, which are often higher than on a non-rewards credit card. To help you decide whether the Commonwealth Bank Platinum credit card is right for you, consider the following features:

• You can earn rewards points three times faster. Your Commonwealth Bank Platinum Card account is accessed by two different credit cards. One of those cards is an American Express card, and the other is a MasterCard. Your American Express platinum card from Commonwealth Bank will earn you 3 rewards points for every dollar you spend, allowing you to easily boost your points balance.
• You don’t miss out on points if American Express is not accepted. Due to higher merchant fees charged to businesses who accept American Express payments you will find there are some stores or retailers who won’t accept the card, or will charge you the surcharge, often around 3% of the transaction cost. Therefore, rather than miss out on platinum rewards points, you can use your Commonwealth Bank Platinum MasterCard instead, and still earn one point for every dollar you spend.
• Realise rewards sooner. Commonwealth Bank have made a change to their Awards range of cards to make it easier for you to achieve the rewards you really want. Coupled with triple points earning you can find yourself with enough points for a Panasonic Hi-Fi System in 3 months, when you would previously have had to spend on your card for 10 months to build up the same amount of points. This is based on an average spend of $6,000 a month, which can be achieved by using your card for all purchases and making use of the interest free days.
• Emergency travel insurance and comprehensive travel insurance included for free. Being covered for any eventuality when you travel is one less thing to worry about, one less thing to organise, not to mention free travel insurance means one less bill to pay before you jet off.
• Secure and insured shopping online and in person. Your platinum credit card not only rewards each purchase with rewards points, but also with exclusive platinum service and extras such as globaleshop by American Express which allows your card to be accepted by online stores in the US who don’t normally accept Australian payments or orders. Your purchases will also be protected for 90 days against loss, damage or theft and you can have the manufacturer’s warranty on most purchases extended too. You’ll also gain access to the American Express Premium Privileges and Selects discount and exclusive services, as well as the MasterCard Moments and Applause programs.
• Versatile cheque facilities. As a platinum card holder with the Commonwealth Bank you can access commission-free travellers’ cheques when you travel, as well as enjoy a cheque cashing facility through your credit card account.
• A 55 days interest free period. If you pay your balance down to zero before the end of each interest free period you are able to avoid the 19.74% interest rate charged on purchases. Interest free days do not apply to cash advances which are charged 20.74% interest. Also make sure to compare the annual fee of $280 to that of other platinum cards, whose annual fee can be as high as $500.
• A balance transfer deal of 5.99% p.a. for 5 months. If you are looking for a balance transfer offer, consider Commonwealth Bank who are offering you a low 5.99% on your balance to give you the chance to repay more of your principal amount during the transfer period, to help you become debt free, and start enjoying the best things about owning a platinum credit card.

To apply for the Commonwealth Bank Platinum credit card is as easy as completing an online application form. It takes just minutes to fill in your personal details and you can receive an immediate response on your application. If you’re already a Commonwealth Bank customer the process is even easier because the bank already has all of your details, all you have to do is register to upgrade your account.