CommBank Ultimate Awards Credit Card Review 2026
Updated June 2026 by Drew
The CommBank Ultimate Awards Credit Card is one of the better travel credit cards available to Australians — but it took a meaningful hit in October 2025 when CommBank removed most of its transfer partners. Velocity is now the only direct airline transfer option. If you’re still chasing KrisFlyer, the path is still there — it just runs through Velocity first. This 2026 review covers what changed, what still makes the card worth holding, and the honest answer to whether it’s worth $35 a month.
I’ve held this card for several years. The insurance has paid out — I got knocked out cold on the slopes at Saas Grund in Switzerland and the claim went through without drama. The no-FX-fee feature is the core reason I keep it. For anyone spending meaningful amounts overseas or buying from foreign merchants online, it’s still a strong card in 2026 despite the devaluation.
What changed in October 2025 — and what it means
This is the change that reshaped the card’s value. From 1 October 2025, CommBank gutted the Awards transfer partners. Gone are KrisFlyer, Asia Miles, Flying Blue, Emirates Skywards, Etihad Guest, United MileagePlus, and all hotel partners including IHG, Marriott, Accor and Wyndham. The Awards eShop and Flight Centre redemption options also closed.
What remains: Velocity Frequent Flyer is the only direct airline transfer partner. Qantas Points is still available but only as a direct-earn opt-in ($90/year extra) — you earn Qantas Points directly rather than converting Awards points.
The KrisFlyer path still exists — but it’s now a two-step transfer. CommBank Awards → Velocity (2:1), then Velocity → KrisFlyer (1.55:1). The effective rate is 3.1 CommBank Awards pts per KrisFlyer mile. You lose about 35% numerically in the conversion, but KrisFlyer still gives you access to the full Star Alliance network and Singapore Airlines Business and First — where the real value lies. More on this in the calculator below.
The card in 2026 — what it actually costs
The monthly fee is $35, waived if you spend $4,000 or more on eligible purchases in the statement period. At $4,000/month the card is effectively free. CommBank Yello Diamond members also receive a $10 monthly cashback on the card — check your Yello tier in the CommBank app to see what applies to you. I pay nothing for this card through my Yello Diamond benefits.
The current sign-up offer (as at June 2026) is 60,000 CommBank Awards points and $300 in Travel Credits when you spend $9,000 in the first 90 days on a new card. New applicants only — you cannot have held any CommBank Awards card in the last 24 months.
- ✓ Up to 44 interest-free days on purchases
- ✓ No international transaction fees on purchases
- ✓ 3 Awards pts per $1 overseas — best rate on the card
- ✓ 2 lounge passes per year via Mastercard Travel Pass app
- ✓ Travel insurance included — activate before travel, $500 spend required
- ✓ Travel insurance included — covers more days per trip than the World Debit (check PDS for current limit)
- ✓ $35/month fee waived at $4,000 monthly spend
- ✕ $10,000/month cap — earn rate drops to 0.5 pts above cap
- ✕ October 2025: Velocity now only direct airline transfer partner
- → KrisFlyer still accessible via Velocity at 1.55:1 — two-step transfer
How to switch to the Ultimate Awards card
If you’re an existing CommBank customer, you can switch directly from NetBank — follow the link from commbank.com.au, log in, accept the terms and your new card is on the way. Before you switch, move all your direct debits to another card — I moved mine to my Westpac card so nothing was missed during the transition. Once you switch, any prior fee waivers from a previous card don’t automatically carry over — check your Yello benefits in the CommBank app before you make the move.
How the earn rates work — OS vs Australian spend
The earn rate is tiered depending on where you spend. The overseas rate is the standout — 3 Awards points per $1 on any international transaction, whether you’re physically overseas or buying from a foreign merchant online from Australia.
| Spend type | Awards pts / $1 | Velocity equiv. | KrisFlyer equiv. |
|---|---|---|---|
| International transactions (overseas or foreign merchant online) | 3 pts | 1.5 pts | 0.97 miles |
| Supermarkets, petrol, dining, utilities (Australian) | 2 pts | 1.0 pt | 0.65 miles |
| All other Australian spend | 1 pt | 0.5 pts | 0.32 miles |
| Above $10,000 in a statement period | 0.5 pts | 0.25 pts | 0.16 miles |
Velocity conversion is at 2:1. KrisFlyer is a two-step transfer: Awards → Velocity (2:1) then Velocity → KrisFlyer (1.55:1), giving an effective rate of 3.1 Awards pts per KrisFlyer mile.
Estimate your points
Enter your typical monthly spend split by category to see your estimated annual Awards points, Velocity equivalent and KrisFlyer equivalent. Toggle to Qantas mode if you’ve opted in to direct Qantas earn ($90/year extra).
CommBank Ultimate Awards — Points Estimator
Estimates only. Velocity transfer at 2:1. KrisFlyer via Velocity at 1.55:1. $10,000/month cap applies. Qantas opt-in costs $90/year additional. Points values and transfer rates subject to change.
Airport lounge access — Mastercard Travel Pass app
Two complimentary lounge visits per year come with the card via the Mastercard Travel Pass app (powered by DragonPass), giving access to over 1,300 lounges worldwide. The two visits are shared between the cardholder and any accompanying guests — two total per calendar year, not two each.
Setup: download the Mastercard Travel Pass app, register your Ultimate Awards card, and a QR code is generated. At the lounge, show the QR code and your boarding pass — the lounge scans it and you’re in. Additional visits cost US$32, charged automatically to the card on file.
The Penang lounge I tried on one trip wasn’t worth the visit — small, crowded, limited food. But that’s a lounge quality issue not a card issue, and the better lounges I’ve used with the passes have been genuinely useful. Check our free Airport Lounge Finder before your trip to see what’s available at your departure airport and which passes work where.
Stack your passes across multiple Mastercard cards
Here’s something most reviews don’t cover: you can register multiple Mastercard cards simultaneously in the same Mastercard Travel Pass app. Each card brings its own annual pass allocation. I currently have two cards registered — the Ultimate Awards and the CommBank World Debit — giving me 4 complimentary passes per year in one app. I used the majority of them across my January 2026 trip.
Travel insurance — activate it and hit the $500 threshold
The card includes international travel insurance, but it doesn’t activate automatically. You need to spend at least $500 on prepaid travel costs using the card before you leave Australia — flights, accommodation, tours — and activate the policy in NetBank or the CommBank app before your trip. Basic overseas medical cover is automatic, but the comprehensive policy (which covers trip cancellation, luggage, delays and more) requires both the spend and the activation.
I’ve used it. The ski accident at Saas Grund was a genuine test of the policy and it paid out without significant friction. Having said that, always read the PDS before travelling — the excess can be high enough that smaller claims aren’t worth making. I’ve also had a situation where the excess made the CommBank policy impractical and ended up claiming through Amex instead. See our travel insurance missed connection article for the full story on how credit card insurance actually performs in practice.
One important difference between the two CommBank cards worth flagging: the credit card covers a longer maximum trip duration than the World Debit, which is capped at 21 days. The exact credit card limit is stated in the CommBank Credit Card Insurances PDS — check it before you travel. If you’re taking an extended holiday of 6 weeks or more, verify your cover end date carefully. An 8-week trip could leave you exposed for the final stretch regardless of which card you hold. You’d need to top up with a separate policy for the remainder. Worth knowing before you leave, not after you land.
Fraud protection — two real stories
The card’s fraud controls have earned their keep twice in my experience and are worth calling out specifically for travellers.
The first was in Argentina. CommBank flagged suspicious transactions on my card before I’d even noticed anything was wrong — they contacted me directly, confirmed the fraud and sorted it out. Travelling in a country where card skimming is common, having a bank that’s actively watching rather than waiting for you to call is genuinely reassuring.
The second was Julie’s purse being stolen in Covent Garden, London. The whole purse went — we knew immediately it wasn’t misplaced. Within minutes I had the card locked directly in the CommBank app. No call centre, no hold music, no waiting on hold at midnight from a London hotel. The card was frozen before anyone could use it, and fortunately it was the only credit card in her purse.
The honest caveat: when you cancel a stolen card, you lose the card number entirely. Every direct debit and recurring charge linked to that card needs to be updated to the new card number when it arrives. It’s a pain — set aside an hour to go through your subscriptions and direct debits when you get home. Worth keeping a note somewhere of what’s charged to each card so you’re not hunting through bank statements trying to remember what you’ve forgotten to update.
How it compares to the CommBank World Debit
These two cards look nearly identical — same black Mastercard, same yellow edge, same minimalist design. I mix them up occasionally. The distinction matters:
| Feature | Ultimate Awards (credit) | World Debit |
|---|---|---|
| Earns points | Yes — Awards or Qantas | No |
| Draws from | Credit — pay later | Your own money / offset account |
| Monthly fee | $35 (waived at $4k spend) | $10 (waived via Yello Diamond) |
| FX fees on purchases | None | None |
| Lounge passes | 2 per year (Mastercard Travel Pass app) | 2 per year (Mastercard Travel Pass app) |
| Travel insurance | Yes — $500 spend + activation required | Yes — activation only, no min spend |
| Max trip duration | Check current PDS — longer than World Debit | 21 days — gotcha for longer trips |
| Offset account benefit | No | Yes — links to CommBank offset |
I use the Ultimate Awards for Australian spend where Amex isn’t accepted, and always overseas where I want to earn points on every transaction. The World Debit comes out for ATMs overseas. See the full CommBank World Debit review for the detailed breakdown.
Alternatives worth considering
The October 2025 devaluation made the card less competitive for points maximisers. A few alternatives worth knowing:
- ANZ Frequent Flyer Black — earns Qantas Points directly at 1pt per $1, uncapped on most spend. Higher annual fee but strong sign-up bonus. Better if Qantas is your primary program.
- HSBC Star Alliance Credit Card — earns Star Alliance points redeemable across multiple airlines including Singapore Airlines. Worth comparing if KrisFlyer is your end goal.
- Amex Platinum Edge / Explorer — strong overseas earn via Membership Rewards, KrisFlyer transfers still available direct at 3:1. Worth comparing if you’re chasing KrisFlyer via a more direct route.
Before applying for any card, check your current financial position with our free Personal Balance Sheet and Budget Planner — particularly whether you can consistently hit the $4,000 monthly spend threshold to waive the fee. And for comparing what cards actually charge in FX fees on overseas purchases, our FX Rip-off Calculator shows the real cost in real time.
The verdict
For Australian frequent travellers who spend meaningful amounts overseas, the Ultimate Awards is still worth holding in 2026 — particularly if you can hit the $4,000 monthly threshold to waive the fee. The no-FX-fee feature, 3 pts per $1 overseas, lounge passes and travel insurance represent genuine value that most cards don’t match simultaneously.
The October 2025 devaluation hurts if you were using the card for transfer partner flexibility. Velocity-only is limiting. But the KrisFlyer path via Velocity still works for those with Singapore Airlines redemptions in mind, and Velocity itself is a solid program for Trans-Tasman and domestic Australian flights.
If you don’t travel overseas regularly or can’t consistently hit $4,000 per month, the maths is harder to justify. Run your numbers through the calculator above — the answer depends entirely on your actual spend.
Frequently Asked Questions
Two complimentary lounge visits per calendar year via the Mastercard Travel Pass app (powered by DragonPass), giving access to over 1,300 lounges worldwide. The two passes are shared between the cardholder and guests. Additional visits cost US$32 each. You can register multiple Mastercard cards in the same app — each card brings its own pass allocation. Our Airport Lounge Finder shows which lounges are accessible at your airport.
3 pts per $1 on international transactions, 2 pts per $1 on Australian supermarkets, petrol, dining and utilities, and 1 pt per $1 on all other Australian spend. All rates apply up to $10,000 total spend per statement period — after that the rate drops to 0.5 pts per $1 for the remainder of that period. Use the calculator above to estimate your annual earn based on your actual spend.
Not directly — but the path exists in two steps. Transfer CommBank Awards to Velocity at 2:1, then transfer Velocity to KrisFlyer at 1.55:1. The effective rate is 3.1 CommBank Awards pts per KrisFlyer mile. Minimum 5,000 Velocity points per KrisFlyer transfer. KrisFlyer miles expire in 3 years. As of October 2025, Velocity is the only remaining direct airline transfer partner for CommBank Awards.
Once your total eligible spend in a statement period reaches $10,000, the earn rate drops to 0.5 Awards pts per $1 on all spend for the remainder of that period — regardless of category. The cap resets each statement period. For high spenders, consider splitting spend across cards at the $10,000 mark to preserve the full earn rate.
Yes — the $35 monthly fee is waived if you spend $4,000 or more on eligible purchases in the statement period. At $4,000/month the card is effectively free. CommBank Yello Diamond members also receive a $10 monthly cashback on the card. Without any waiver the card costs $420 per year.
No international transaction fees on purchases overseas or from foreign merchants online. For a detailed comparison of what different cards actually charge in exchange rate spread — purchase and ATM — use our free FX Rip-off Calculator.
Spend at least $500 on prepaid travel costs using the card before you leave Australia, then activate the policy in NetBank or the CommBank app. Basic overseas medical cover is automatic without activation, but the comprehensive policy — covering trip cancellation, luggage, delays and more — requires both the spend and the activation step. The credit card covers a longer maximum trip duration than the CommBank World Debit (which is capped at 21 days) — check the current CommBank Credit Card Insurances PDS for the exact limit before you travel, as this can change. For extended holidays of 6 weeks or more, verify your cover end date carefully and top up with a separate policy if needed.
Velocity Frequent Flyer is now the only direct airline transfer partner for CommBank Awards points. All other partners — KrisFlyer, Asia Miles, Flying Blue, Emirates, Etihad, United, and all hotel programs — were removed on 1 October 2025. KrisFlyer is still accessible via a two-step transfer through Velocity at 1.55:1, but no longer available as a direct transfer.
Open the CommBank app, navigate to your card, and select Lock Card — it takes seconds and freezes the card immediately with no call required. If you confirm the card is stolen rather than misplaced, you can cancel it and order a replacement from the same screen. Note: cancelling the card means updating every direct debit and recurring charge linked to that card number when the replacement arrives — keep a list of what’s charged to each card so you’re not hunting through statements afterwards.
Eligible purchases include most everyday transactions charged to your card — retail purchases, overseas spend, supermarkets, petrol, dining and utilities. What doesn’t count: cash advances, refunds (which actually reduce your eligible spend total), and any transactions that are reversed or disputed. If you’re close to the $4,000 threshold at the end of a statement period, check your NetBank or CommBank app to confirm your running total — refunds can catch you out if you’ve returned an item and forgotten to account for it.
Yes — through Travel Booking in the CommBank app, you can use Awards points to pay for all or part of flights and hotels. You can also combine points with card payment if you don’t have enough points to cover the full cost. Note that the Awards eShop closed in October 2025, but Travel Booking remains available as a redemption option. Alternatively you can transfer points to Velocity for reward seat bookings on Virgin Australia and partner airlines.
The purchase interest rate is 20.99% p.a. — in line with most premium rewards cards but higher than the average standard rate. If you carry a balance month to month, the interest charges will quickly outweigh any points earned. This card is designed for people who pay their balance in full each statement period. You get up to 44 interest-free days on purchases if you pay your closing balance in full by the due date each month. The cash advance rate is 21.99% p.a.
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