Best for Cashback: CommBank Ultimate Awards

What is Cashback Redemption?

Cashback redemption means using your credit card points to get money back or reduce your credit card balance.
For example, if you earn 2 points for every $1 spent and 20,000 points = $100 cashback:

Spend $10,000 → earn 20,000 points → get $100 cashback.

Knowing roughly how much you spend each month makes it easier to compare cards, because each card has different earning rates, annual fees and cashback values.

Best for Cashback: CommBank Ultimate Awards

Updated: 12 August 2026

Why CommBank Ultimate Awards Is Worth Considering

• $0 Annual Fee Potential: Spend $4,000 per statement period and the $35 monthly fee is waived. That means you can earn rewards and enjoy the card’s benefits without paying an annual fee — just from spending you already do.
• Strong earning rate: up to 3 points/$1, with 2 points/$1 on many everyday purchases.
• Good rewards value: the points needed for $100 cashback can be competitive with other rewards cards.
• ️ Extra travel benefits: lounge visits, travel insurance and no international transaction fees.

Overall: A good option if you spend enough to waive the fee and want strong rewards without a high annual fee.

If you want a card mainly for cashback, but still want some travel benefits, the CommBank Ultimate Awards is worth considering.

Cashback Example

Using the 2 points/$1 supermarket rate:

$100 Required 28,300 Points
Spend $14,150 → earn 28,300 points → $100 cashback*.

*Cashback redemption values can change. Check the current redemption value before applying.

Main Features

• $35/month fee — waived when you spend $4,000 per statement period
• Earn up to 3 Awards points/$1
• 2 points/$1 at major supermarkets, dining, petrol, department stores and utilities
• 3 points/$1 on international spending
• 1 point/$1 on other purchases
• No international transaction fees
• 2 complimentary airport lounge visits per year
• International travel insurance included
• Travel Booking access
• Awards points can be redeemed for cashback

️Travel Benefits

The current new-card offer can provide up to $900 in Travel Credits.

Spend $9,000 within the first 90 days → $450 Travel Credit.

Keep the card open for more than 12 months → another $450 Travel Credit.

The card also includes international travel insurance, but you need to spend at least $500 in one prepaid travel transaction and activate the insurance before travelling.

Bonus Points

The current offer also includes 60,000 CommBank Awards points when you spend $9,000 in the first 90 days.

Who Is It Good For?

I’d say this card makes the most sense if you:

• Spend around $4,000+ per month = no Annual Fee
• Spend a lot on supermarkets, dining or petrol
• Want cashback or free gift card + some travel benefits
• Don’t want to pay a $1,000+ annual fee for a premium travel card

Salary: CommBank does not publicly advertise a specific minimum annual salary for the Ultimate Awards. Your application is assessed based on your income, expenses, debts, credit history and ability to repay. The card has a $6,000 minimum credit limit.

️Reviewer Disclaimer

This article is based on user research and personal comparison, not official financial advice from CommBank. Card offers, fees, points earning rates, cashback redemption values and eligibility requirements can change. Always check CommBank’s official terms before applying.