Is CommBank Yello Worth It? An Insider Does the Sums (2026)
Is CommBank Yello worth it? The short answer
Yes, if you travel overseas or will actually use the travel and dining credits. From 1 January 2027 the CommBank Ultimate costs $420 a year, and CommBank Yello points are worth just 0.35c each as cash. The card pays its way through the perks, not the points.
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- The perks are worth $958 a year if you use them all: travel insurance $438 (one trip for two), travel credit $300, dining credit $120 and two lounge visits $100.
- Overseas spending is where it shines: 2 points per $1 at every tier, and no 3% foreign transaction fee (see what your cards really charge with my FX Rip-off Calculator).
Points earned back on every $100 you spend, at cash value
| Yello tier | Spent in Australia | Spent overseas* |
|---|---|---|
| Diamond | 52c | 70c |
| Gold | 35c | 70c |
| Plus | 26c | 70c |
| Yello | 17c | 70c |
*Overseas you also avoid the ~3% foreign transaction fee many cards charge: another $3 per $100 spent.
Why a 30-year CommBank man did the sums
I worked at CommBank for over 30 years, including running NetBank when internet banking was new and I was the bank’s pin-up boy for it. I’ve been a fanboy ever since. But the 29 September 2026 changes made me ask a question I’d never asked before: is it still worth holding a CommBank card at all?
I no longer chase Qantas points. Overseas redemptions are poor with Qantas next to Singapore Airlines. So for me the card has to earn its keep on other things: interest-free days, cash flow, budget tracking in one app, and the link to my offset account.
Then Annie asked whether she should just get a cash-back card instead. So I did the maths, for her and for me.
I’m keeping mine, but not for the points. (For the card’s full feature list, see my CommBank Ultimate review.)
What changed with CommBank Yello in 2026
CommBank closed its Awards program on 29 September 2026 and moved every card onto Yello points. Your earn rate now depends on your whole banking relationship, not the card you hold (CommBank Yello FAQs).
| Date | Change |
|---|---|
| 1 Jan 2027 | Fee waivers end. The Ultimate costs $35 a month ($420/yr) and the Smart $19 a month ($228/yr), whatever you spend (CommBank card updates) |
| 1 Oct 2026 | Yello points go live. Awards points convert 1:1. Transfers: Velocity 2.5:1 ($99/yr), Qantas 3:1 ($149/yr, Ultimate only), Qatar Avios 2.5:1 (no fee) (CommBank Yello) |
| 29 Sep 2026 | Ultimate Awards renamed Ultimate. Extended warranty and purchase protection removed. Travel insurance moves to XCover (CommBank card updates) |
CommBank Yello tiers and eligibility: how many points do you earn?
Your points now depend on your Yello status, not your card. A Smart card and an Ultimate earn exactly the same; what changes your earn rate is how much banking you do with CommBank.
Diamond earns 1.5 points per $1 in Australia, three times the base tier. Overseas spend earns 2 points per $1 at every tier (CommBank Yello FAQs).
| Yello tier | How you qualify | Points per $1 in Australia | Points per $1 overseas | Home-loan bonus a year |
|---|---|---|---|---|
| Diamond | 15+ transactions a month, plus a $250k balance for 15 days or $1M+ in CommBank home loans | 1.5 | 2.0 | 20,000 pts |
| Gold | 15+ transactions a month, plus a $50k balance or a home loan under $1M | 1.0 | 2.0 | 10,000 pts |
| Plus | Per CommBank’s tier rules | 0.75 | 2.0 | — |
| Yello | Transaction account + 5 transactions a month | 0.5 | 2.0 | — |
BPAY, cash advances and ATO payments earn nothing. The older Diamond Awards card earns just 1 point per $1, even at Diamond.
Points from outside the card. Diamond pays 2,200 points (about $8 cash) in any month you trade on CommSec (CommBank offer terms); mine arrived on 8 October after a share sale, and I’m still waiting on the points from a second one. The annual home-loan bonus is 20,000 points, about $70 in cash (payment date TBC).
A second door to Diamond: Commonwealth Private. Private clients get Diamond automatically, without the monthly tests. My letter says it runs to 1 April 2027 or a later date CommBank sets, as long as you stay a Private client, live in Australia and stay opted in.
My take: keep the home loan whole and park cash in the offset. The Diamond test counts your most recent funded home-loan amount. Paying the loan down or refinancing could drop you below $1M. Money in the offset saves the same interest and keeps the loan, and your tier, intact.
What are CommBank Yello points worth?
As cash, 0.35c each: 5,720 points = $20, so 1,000 points is $3.50. That’s the value I use throughout. Travel Booking looks better at 0.6c on paper, and Avios only wins in business class.
| How you redeem | Rate | Fee | Value of 1,000 points |
|---|---|---|---|
| Cash into your account | 5,720 pts = $20 | None | $3.50 |
| Myer gift card | 12,500 pts = $50 | None | $4.00 |
| Everyday Rewards | 3 Yello : 2 Everyday | None | ~$3.30 |
| Travel Booking (Hopper) | $6 off per 1,000 pts | None | $6.00 on paper |
| Qatar Avios | 2.5 : 1 | None | ~$4–6 in economy; $12–20 in business |
| Velocity | 2.5 : 1 | $99/yr | ~$4–8 |
| Qantas | 3 : 1 | $149/yr, Ultimate only | ~$5 |
Rates from CommBank Yello, the app and CommBank’s transfer partner terms. Airline values are my estimates of what each airline point typically buys, not quotes. Points expire after two years with no activity, and gift cards are capped at $5,000 per 24 months (Yello T&Cs).
Is CommBank Travel Booking (Hopper) good value?
Not on my test. The same room, same night, was $46 cheaper and refundable booked direct with IHG; CommBank Travel Booking was non-refundable. Even with Hopper’s bonus points, it’s a wash.
| Where I booked | Price for the night | Cancellation | Points earned |
|---|---|---|---|
| IHG direct, member rate | $216 + 10% service charge | Free before 1 Jan 2027 | IHG points |
| CommBank Travel Booking (Hopper) | $262 all-in, or 43,557 Yello points | Non-refundable | 20 Yello pts per $1 until Sep 2027 (~$18 as cash) |
| Qantas Hotels | $271 | Free before 1 Jan 2027 | 7 Qantas pts per $1 |
How to get full value. Let the $25-a-month travel credit build up for a year, then put the $300 and your points towards one bigger booking. Each credit expires 12 months after it lands, so book before the oldest lapses, and check the price against booking direct first.
Swipe or scroll sideways to compare all three →
CommBank Ultimate benefits: what are they really worth?
CommBank says up to $1,200 a year. Used in full, I make it $958 with one insured trip, or $520 without (CommBank Ultimate card).
| Perk | How it works | What I count a year |
|---|---|---|
| Travel insurance | $500+ of prepaid travel on the card, then activate before you go | $438 per trip for two (next section) |
| Travel credit | $25 a month, spent only on CommBank Travel Booking; each credit expires 12 months after it lands | $300 ($25 × 12) |
| Dining credit | $10 a month off a meal booked through EatClub’s Dine In Deals | $120 ($10 × 12) |
| 2 lounge visits | Mastercard Travel Pass (DragonPass), for you or a guest travelling with you. See which lounges you can use in the Lounge Finder | $100 ($50 × 2) |
| Total | $958, or $520 with no trip |
I count nothing for the DashPass membership, the $10 DoorDash credit (orders over $50) or the cracked-screen cover. The real extra is fee-free overseas spending: $3 saved per $100 against a typical card, counted in the maths below.
Don’t skip the two credits. Together they’re worth $420 a year, exactly the fee, but only if you spend them. Close the card and any unused credit is lost.
Is the CommBank card’s travel insurance any good?
Yes. It’s comparable to a mid-range retail policy, and for frequent travellers it’s where the fee washes its face. Since 29 September 2026 it’s provided by XCover and underwritten by Allied World, with the same limits as the old Cover-More cover (CommBank included travel insurance, PDS).
| Benefit | Ultimate card: you + family | Cover-More Basic: $368 | Cover-More Comprehensive: $438 |
|---|---|---|---|
| How limits apply | Per family, per trip | Per person | Per person |
| Overseas medical | Unlimited | Unlimited | Unlimited |
| Cancellation | Unlimited | The amount you choose | The amount you choose |
| Luggage | $30,000 ($15,000 cardholder only) | $5,000 | $15,000 |
| Delayed luggage | $1,000 | $600 | $1,100 |
| Travel delay | $1,300 | None | $2,000 |
| Resumption of journey | $10,000 | None | $3,000 |
| Rental car excess | $2,250 | None | $5,000 |
| Accidental death | $50,000 cardholder, $25,000 spouse | None | $25,000 |
| COVID cancellation before you go | Limited; none on cruises | None | Up to $5,000 |
| How you get it | $500+ of prepaid travel on the card in one transaction, then activate in the app | Buy it | Buy it |
| Existing conditions | Approved list, or a health assessment | Approved list, or pay to add | Approved list, or pay to add |
Cover-More prices are my quote for two, 1–31 January 2027, Europe and Singapore (Cover-More).
I value the card cover at $438 a trip, the price of the Comprehensive policy it most resembles. With four overseas trips a year, an annual Comprehensive policy for two would cost me $1,719: about four times the fee.
The caveats:
- No activation, no cover. Each trip needs $500+ of prepaid travel on the card in one transaction, then activation in the CommBank app before you leave. Points or Travel Booking credits count towards the $500.
- Travellers 80 and over need a paid upgrade.
- COVID cover is limited, with none on cruises.
CommBank Ultimate fees: when does $420 a year pay for itself?
The two credits cover the fee on their own; one insured trip puts you $538 ahead before you earn a point. Points alone would need $80,000 of Australian spend a year at Diamond to cover it. The table adds points, the overseas fee you avoid and the perks ($958 with one trip, $520 with none).
| Spend profile (Diamond) | Spend a year | Points at 0.35c | Overseas fees saved | Perks used | Net after the $420 fee |
|---|---|---|---|---|---|
| Overseas only (my pattern: Amex at home) | $15k overseas | $105 | $450 | $958 | +$1,093 |
| Domestic only | $24k at home | $126 | $0 | $520 (no trip) | +$226 |
| Some travel | $40k home + $15k overseas | $315 | $450 | $958 | +$1,303 |
| Heavy traveller | $60k home + $30k overseas | $525 | $900 | $958 | +$1,963 |
Perks include the $300 travel credit, the $120 dining credit and $100 of lounge visits, plus $438 of travel insurance when there’s an overseas trip.
Run your own numbers. Enter your spend, tier and the perks you’d really use. It works for other banks’ cards too.
Is my credit card worth it?
Points at cash value, plus the perks you’d actually use, minus the fee. Pick the CommBank Ultimate, or enter any other card.
$0
Estimates only, using your inputs and CommBank’s published rates as at October 2026. The CommBank fee is $35 a month from 1 January 2027. Not financial advice. From Points Brotherhood.
Can you fly business class on Yello points?
In theory, through Qatar Avios; in practice it’s a long slog. A return Qsuite trip to Europe for two costs about 360,000 Avios (90,000 each way, per person), which is 900,000 Yello points at 2.5:1.
| Saving over | Points needed a year | Diamond spend in Australia | Or spend overseas |
|---|---|---|---|
| 4 years | 225,000 | $150,000 a year | $112,500 a year |
| 2 years | 450,000 | $300,000 a year | $225,000 a year |
As cash, the same points are $3,150. Add Qatar’s taxes and booking fees, the hunt for two seats both ways, and four years of devaluation risk: not a risk worth taking. If you do go for it, search Qatar award seats with Seats.aero before you transfer a single point.
CommBank Yello vs Amex: which earns more on Australian spend?
At home, Amex returns almost double CommBank Diamond as cash, slightly more as Qatar Avios, and only Amex reaches Singapore Airlines. (Fees are left out, as each card’s credits roughly cancel them; so is overseas spend, where Amex charges 3%.)
| Per $100 spent in Australia | CommBank Ultimate (Diamond) | Amex Explorer |
|---|---|---|
| Points earned | 150 Yello points | ~200 Membership Rewards points (government payments earn 1 per $1) |
| As cash | 52c (5,720 points = $20) | ~$1.00 as a statement credit (0.5c a point) |
| As KrisFlyer miles | Not available | ~66 (3:1) |
| As Qatar Avios | 60 (2.5:1) | ~66 (3:1) |
Amex rates are from my own Membership Rewards account: the pay-with-points rate and the transfer rates shown there.
So: Amex for everyday spending in Australia; CommBank overseas and anywhere that doesn’t take Amex.
Should you keep or downgrade your CommBank card?
Keep the Ultimate if you travel overseas or will use both credits; downgrade if you won’t. Interest-free days, cash flow and app budgeting come with any CommBank card, including the low-fee ones.
| You are | Keep the Ultimate? | Why |
|---|---|---|
| Me: Diamond, Amex at home, CommBank overseas | Keep | Four insured trips plus the credits are worth about $2,300 against a $420 fee |
| Anyone travelling overseas once or more a year | Keep | Insurance and fee-free spending beat the fee at any tier |
| Domestic only, and you’ll use both credits | Keep, just | The credits alone cover the fee; points and lounges are the margin |
| Domestic only, and the credits would go unused | Downgrade | Points alone don’t come close to $420 |
| Not a CommBank customer, like Annie (Westpac) | Run the same test on your own card | Points at cash value, plus the perks you’d use, minus the fee |
Tips for travellers with a CommBank card
- Don’t use the credit card at ATMs. Overseas cash withdrawals count as cash advances: a fee, plus interest from day one, and no points. I carry a Wise card for cash and for holding local currency. It’s also my backup if the CommBank card is blocked. See how the fees actually compare.
- Always pay in the local currency. If a terminal offers to charge you in Australian dollars, say no; the exchange rate is set by the merchant, not Mastercard.
- Sort your phone data before you land. An eSIM is usually far cheaper than roaming: see the best eSIMs for Australians.
- Compare cards on your own spend. Card Monkey runs the numbers on Australian cards, and my full CommBank Ultimate review covers the card’s other features.
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CommBank Yello FAQ
Is CommBank Yello worth it?
Yes, if you already bank with CommBank: it’s free, and points arrive from banking you’d do anyway. Paying $420 a year for the Ultimate card is worth it only if you travel overseas or use its travel and dining credits.
Is CommBank Yello free?
Yes. There’s no fee to join; you just need an eligible CommBank transaction account and enough monthly transactions. The fees come elsewhere: the Ultimate card is $420 a year from January 2027, and transfers to Qantas ($149 a year) and Velocity ($99 a year) carry their own fees.
What are the CommBank Yello tiers and who is eligible?
There are four tiers: Yello, Plus, Gold and Diamond. Base Yello needs a transaction account and 5 transactions a month. Diamond needs 15 transactions a month plus a $250k balance or $1M+ in CommBank home loans; Commonwealth Private clients get Diamond automatically.
What are CommBank Yello points worth?
About 0.35c each as cash: 5,720 points buys $20 paid into your account. Gift cards return around 0.4c, CommBank Travel Booking 0.6c on paper, and Qatar Avios more only if you redeem for business class.
How much are 1,000 CommBank points worth?
$3.50 as cash, $4 as a Myer gift card, or $6 off a CommBank Travel Booking. Transferred to Qatar Avios, 1,000 points becomes 400 Avios.
What can I do with CommBank Yello points?
Take cash into your account, buy digital gift cards, pay at Myer, book flights and hotels through CommBank Travel Booking, or transfer to Qatar Avios, Velocity, Qantas (Ultimate only) or Everyday Rewards.
How do I redeem my CommBank rewards points?
Open the CommBank app, tap CBA Yello, then Ways to redeem. Cash takes up to 31 days to arrive, with a $20 minimum. You need to be eligible for Yello when you redeem, so redeem before you close your account.
Sources
- CommBank Yello and Yello FAQs
- CommBank Yello terms and conditions
- CommBank Yello transfer partner terms
- CommBank Yello product offer terms
- CommBank Ultimate credit card
- CommBank credit card updates
- CommBank included travel insurance and Card Insurances PDS (XCover, from 29 Sep 2026)
- Cover-More travel insurance: PDS effective 15 October 2025, and my quotes from 24 October 2026
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