CommBank - Ultimate Awards credit card
Qantas Reward Points
CommBank offers the Ultimate Awards credit card which has a monthly fee of $35, which can be waived if $4,000 is spent (per statement period) and statements are chosen to be received online. It also has a purchase rate of 20.99% p.a.
This card earns Qantas Points at the rate of 1.2 points per dollar spent on up to $10,000 per statement period and 0.8 points for every dollar spent beyond this.
An annual fee of $420 and a purchase interest rate of 20.99% p.a.
Annual Fee
$420 per year
Cash Advance Rate
21.99% p.a.
Purchase Rate
20.99% p.a.
Rewards Rate One
1.2 point(s) per AUD$1 On eligible purchases
Details
Card Type
Mastercard
Minimum Repayment
2% or $25
per statement, whichever is greater
Interest Free Period
up to 44
days
Minimum Credit Limit
$6,000
Fees
Annual Fee
$420
per year
Late Payment Fee
$20
per statement
Cash Advance Fee
3% or $4
per transaction, whichever is greater
Additional Card Holder Fee
$0
Additional Card Holder Cap
up to 1
additional holders
Rates
Purchase Rate
20.99% p.a.
Cash Advance Rate
21.99% p.a.
Overseas Spending
Foreign Currency Conversion Fee
0%
per transaction
Overseas Cash Advance Fee
0%
per transaction
Eligibility
Minimum Age
18
years old
Rewards
Program
Qantas Frequent Flyer program
Types
Qantas Points, Cashback
Reward Rates
Rewards Rate One
1.2 point(s) per AUD$1
On eligible purchases
Rewards Rate Two
0.8 point(s) per AUD$1
On eligible purchases
Perks
Complimentary Travel Insurance
Yes
Airport Lounge Access
Yes
Who is the product designed for?
These customers are likely to have the following objectives, needs, financial situation and must meet the eligibility criteria for this product:
Objectives and Needs
- Require a revolving credit facility with a convenient way to make payments and access cash by using the card attached to the facility
- Ability to earn awards points when spending on their card
- Ability to pay no monthly fee
- Access to interest free days on purchases
- Access to different insurance options and extended warranty
- Does not want to incur international transaction fees
- Access to spend and security controls
Financial Situation
- meet CBA’s credit assessment criteria which includes demonstrating the capacity to service the credit facility without substantial hardship
- Choose a credit limit typically above $6,000
- will pay a higher interest rate
- will pay a higher monthly fee (if criteria is not met for the fee waiver)
Eligibility criteria
- be individuals aged 18 years or older
- have an Australian residential address
- meet CBA’s credit assessment criteria which includes demonstrating the capacity to service the credit facility without substantial hardship
Visit CommBank to view Target Market Determination Effective From: 2024-08-21.
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