The CommBank Ultimate Awards Credit Card remains a solid pick for frequent travelers and overseas spenders in Australia, offering no international transaction fees and strong points earn potential. However, with major changes hitting the CommBank Awards program from October 1, 2025—including the removal of most transfer partners and redemption options—it’s worth reassessing if it fits your strategy. In this updated 2025 review, I’ll cover the latest benefits, fees, earning rates, and how to maximize value amid the devaluations.
If you’re juggling multiple cards like this one, tools like Points Maximiser can help track and optimize your points—more on that below.
In this post:
Hero Benefits of the CommBank Ultimate Awards Credit Card
The card’s standout features are still its no-fee international spending and complimentary travel insurance. For every $10,000 spent overseas or on international sites, you save about $300 in fees—perfect for holidays or online shopping. With travel rebounding in 2025, these perks add up fast. Plus, you get two complimentary airport lounge passes per year via Mastercard Travel Pass, covering over 1,300 lounges worldwide. Having been knocked out cold on the slopes of Saas Grund the insurance worked well for me.
Major Changes October 2025
CommBank is overhauling its Awards program, and it’s a big devaluation for points hackers. From October 1, 2025:
- Transfer Partners Gutted: You’ll lose the ability to transfer Awards points to most airline and hotel partners, including KrisFlyer (Singapore Airlines), Asia Miles (Cathay), Flying Blue (Air France/KLM), Emirates Skywards, Etihad Guest, United MileagePlus, and all hotels like IHG, Wyndham, Accor, and Marriott. Only Velocity Frequent Flyer remains for transfers. Qantas transfers are also ending, but you can still opt-in to earn Qantas Points directly (for an extra $90 annual fee).
- Redemptions Removed: No more redeeming points at Flight Centre for flights or packages, and the Awards eShop closes entirely.
- Impact on Value: This limits flexibility, especially for international redemptions. If you’re chasing Qantas or premium flights, consider switching to direct-earn cards before the cutoff.
Act fast if you have points—transfer them out before October to avoid being stuck with Velocity-only options.
How to get the Ultimate Awards Credit Card for Free?
No annual fee here; it’s a $35 monthly fee waived if you spend $4,000 per statement period (up from $2,500 in prior years). Opt for paperless statements to avoid extras. New customers can snag up to 100,000 bonus Awards points (or 70,000 Qantas if opted-in) by spending $3,000+ for four consecutive periods. Existing customers switching lose any prior fee waivers (e.g., from Wealth Package).
How do I switch to the Ultimate Awards Credit Card?
You can follow the link from the Commbank.com.au which will allow you to login to NetBank, accept the term and conditions and switch to the new card.
Before making the switch set up all your charges to another credit card. I set up all my direct debits to my Westpac Altitude Black so I would not miss a payment.
Pros of the Commonwealth Bank Ultimate Awards Credit Card
- No international transaction fees on purchases (save 3% on forex).
- Earn up to 3 Awards points (or 1.2 Qantas if opted-in) per $1 on international spend.
- Complimentary international travel insurance (activate with $500+ prepaid travel spend).
- Two free lounge passes annually via Mastercard Travel Pass.
- Apple Pay, Google Pay, and lock/block features for security.
- Bonus partners for extra points (e.g., 10+ at eShop stores, though eShop closes Oct 2025).
Cons of the Commonwealth Bank Ultimate Awards Credit Card
- $35 monthly fee if under $4,000 spend—tough for low spenders.
- Points cap: Drops to 0.5 Awards (0.2 Qantas) per $1 after $10,000 monthly.
- Major devaluation Oct 2025: Limited transfers (Velocity only), no Flight Centre/eShop. Lose fee-free benefits from home loans/wealth packages upon switch.
- Lounge access via Travel Pass is $USD32/visit after complimentary passes—mixed value (my Penang experience wasn’t worth it).
- High interest rates (20.99% p.a. purchases)
Should I switch to the Ultimate Awards Credit Card?
It depends on your situation but if you don’t have a fee free card, spend a lot in a foreign currency and can manage your spending, then the Awards Credit Card is worth considering. As mentioned you need to ensure your $4,000 each month.
Earning Rates and Points
The card earns CommBank Awards points by default, convertible to partners (until Oct devaluation). Opt-in for direct Qantas earn ($90/year fee). Here’s a 2025 comparison:
| Category | Awards Points (per $1, up to $10k) | Qantas Points (Opt-In, per $1, up to $10k) | After $10k (per $1) |
|---|---|---|---|
| International Spend | 3 | 1.2 | 0.5 Awards / 0.2 Qantas |
| Supermarkets, Petrol, Dining, Utilities | 2 | 0.8 | 0.5 / 0.2 |
| Other Purchases | 1 | 0.4 | 0.5 / 0.2 |
Points don’t expire (Awards) or with activity every 18 months (Qantas). Based on my spend, it’s about 0.8-1.2 Qantas equivalent vs. Amex’s 1.2—but manage caps.
As I never use my Amex while travelling and many shops decline it for large transactions I am OK with the slightly lower points.
Unlike Amex the points drop quickly once you spend over $10,000. You do need to manage your spend accordingly.
What are the other Alternatives
St George Amplify Signature: Uncapped earn, strong KrisFlyer transfers (until potential changes), but 3% forex fees. Great for domestic spend and bonuses. Read our full review.
For No Forex Fees: Consider Wise or Revolut. You need to use your own money but can be topped up with payid.
Direct Qantas Earn: Amex Qantas Ultimate (1.25 points/$1, $450 fee, strong bonuses).
Velocity Focus: Virgin Money Velocity High Flyer (up to 1 point/$1, bonuses).
Fee-Free Debit: UBank or ING for no-points travel spend.
With devaluations, consider churning to cards with better transfers like Amex Membership Rewards.
How is it different to the World Debit Mastercard card
The CommBank World Debit Mastercard and the Ultimate Credit Card are nearly identical in features and appearance. They are both in landscape rather than portrait, don’t have any embossing, have a unique raised dot to make it easy to insert into chip devices and a yellow centre. In my wallet they look almost identical, which can be a problem.
The World Debit includes fee free international transactions, two Mastercard Airport Experiences lounge access passes and the same travel insurance. However the World Debit Card costs $10 per month with limited opportunity for a fee waiver. I plan to close this card as the only added benefit is lounge access.
Maximize Your Points with Points Maximiser
Tracking points across cards like the Ultimate Awards just got easier with Points Maximiser (pointsmaximiser.com.au)—my go-to app for aggregating Qantas, Velocity, and CommBank Awards balances in one place. It uses AI to spot expiries, suggest deals, and set goals (e.g., “How many points for Sydney to Zurich Business?”).
Key features:
- Track Everything: See all points (including CommBank Awards) with conversion rates—vital post-Oct devaluation.
- AI Advisor: Get personalized strategies, like transferring to Velocity before changes hit.
- Card Finder: Scan for bonuses for all the major banks and Amex
- Goals & Estimator: Set trip targets, estimate points needed, and get pro tips.
- Deals Feed: AI-powered alerts for earning/spending, even for non-enrolled programs.
- My Map: Fun tracker for visited countries, with wishlists and sharing.
Sign up free at Points Maximiser and link your programs—it’s beta but already helps avoid points waste.
Should I Switch to the Ultimate Awards Credit Card?
With the October 2025 changes, it’s still worth it if you spend $4,000+ monthly, travel internationally, and redeem via Velocity or direct Qantas. The no-fee forex and insurance are winners, but the devaluation hurts flexibility—transfer out soon if needed. I switched despite losing perks, but in 2025, I’d pair it with Amex for better rates. If you’re new, grab the 100k bonus before evaluating.
What do you think—sticking with CommBank or churning? Share below!
Update: How Much Money Will I Save On Foreign Exchange Fees
You should save three percent on every foreign exchange transactions. This can either be when travelling overseas or for online purchases.
The example below shows a $9 saving on a $300 bag. One trap is many websites are not clear on the currency. This example was an AU website billing in USD.
The other neat feature of the card is on the statement which shows how much you saved in foreign exchange fees.
Thanks for the information, I just got my ultimate award card, on your opinion is it worth to subscribe on Qantas points for less points (0.8 for every dollar) or just collect the normal award points (up to 3points for every dollar) to spend at Flight centre?
Thank you
Hi Maykon, It really depends on where you want to go. Business Class International awards points are rare as hens teeth, while domestic is pretty good. The advantage of flight centre is you can use for accomodation rather than just flights. I personally keep pouring into points and never redeem for coupons. Hope that helps
Hi. Just wondering can you withdraw cash from your ultimate credit card? Thanks