Status: checked against official sources; automated independent review
Part of ANZ Rewards hub · Velocity Frequent Flyer hub
GUIDE
CommBank Awards vs ANZ Rewards: key differences
CommBank Awards and ANZ Rewards are Australian consumer credit card rewards brands. CommBank lists its current rewards cards as the Smart and Ultimate cards, which earn CommBank Yello points, and refers to activated Awards card types (standard, gold, platinum and diamond) in its sign-up offer exclusions [5]; ANZ Rewards is the programme behind ANZ Rewards Platinum and ANZ Rewards Black, which carry total annual fees of $149 and $375 [7] [8].
Facts checked: 18 October 2026
Key takeaways
- ANZ Rewards Platinum and ANZ Rewards Black charge total annual fees of $149 and $375, each including a $55 Rewards Program Service Fee, against minimum credit limits of $6,000 and $15,000. [7] [8]
- CommBank's rewards cards, Smart and Ultimate, earn CommBank Yello points and charge $19 and $35 a month, with a spend-based waiver that is removed from the first statement issued on or after 1 January 2027. [5]
- ANZ Reward Points can be redeemed for gift cards, cashback and partner points, including Velocity Frequent Flyer, KrisFlyer, Air New Zealand Koru, Asia Miles, Everyday Rewards and World360 Rewards, subject to minimum redemption thresholds. [7] [8]
- Both banks' sign-up offers exclude people who held a comparable card in the previous 24 months: ANZ excludes ANZ Rewards and ANZ Frequent Flyer cardholders, and CommBank excludes activated Awards, Smart and Ultimate cards. [5] [7]
How do the two programmes earn points?
ANZ describes ANZ Rewards Black as offering the highest ANZ Reward Points earn rate of any ANZ credit card, and ANZ Rewards Platinum as carrying an uncapped ANZ Reward Points earn rate. [7] [8] On and from 28 October 2026, ANZ is introducing a cap on the total spend on eligible purchases that can earn ANZ Reward Points. [7] [8] Certain transactions are not eligible to earn Reward Points, as set out in the ANZ Rewards programme terms. [7]
On the CommBank side, the Smart and Ultimate cards earn unlimited CommBank Yello points for cardholders who are eligible for CommBank Yello, which includes holding an eligible transaction account. [5] Cardholders can earn up to 21.5 points per $1 through Travel Booking, provided by Hopper, until 30 September 2027, depending on CommBank Yello tier. [5] Between 1 October 2026 and 30 September 2027, that earn rate is 20 points per $1 on hotel or car bookings and 10 points per $1 on flight bookings made through Travel Booking, applied instead of the standard earn rates during the promotional period. [5]
What fees do the cards charge?
| Card | Rewards programme | Fee | Minimum credit limit |
|---|---|---|---|
| ANZ Rewards Platinum | ANZ Rewards | $149 total annual fee: $94 annual fee plus $55 Rewards Program Service Fee [7] [8] | $6,000 [7] [8] |
| ANZ Rewards Black | ANZ Rewards | $375 total annual fee: $320 annual fee plus $55 Rewards Program Service Fee [7] [8] | $15,000 [7] [8] |
| CommBank Smart | CommBank Yello | $19 monthly, waived when at least $2,000 is spent in the statement period [5] | $2,000 [5] |
| CommBank Ultimate | CommBank Yello | $35 monthly, waived when at least $4,000 is spent in the statement period [5] | $6,000 [5] |
From the first CommBank statement issued on or after 1 January 2027, the spend-based waivers are removed and the $19 and $35 monthly fees apply. [5] ANZ's fee figures are current at the time of publication, are subject to change and apply to new customers only. [7] [8]
Additional cardholders on ANZ Rewards Platinum and ANZ Rewards Black attract a $10 annual Additional Cardholder Fee plus a $55 annual Rewards Program Services Fee each. [7] [8] CommBank's Smart and Ultimate cards carry no additional cardholder fee, and both offer an interest-free period of up to 44 days on purchases. [5] The Ultimate card also has 0% international transaction fees on purchases made overseas or online. [5]
Where can points be transferred or redeemed?
ANZ Reward Points can be redeemed for gift cards, cashback and partner points. [8] The partner programmes ANZ lists are Velocity Frequent Flyer, KrisFlyer, Air New Zealand Koru, Asia Miles, Everyday Rewards and World360 Rewards. [7] [8] Minimum redemption thresholds apply, the account holder must be a member of the applicable partner programme, and membership details must be entered online at the time of redemption. [7] [8] Velocity Points are generally allocated within five business days, and once ANZ Reward Points have been redeemed for Velocity Points they are governed by the Velocity Frequent Flyer terms and cannot be reversed. [8] For how these partners fit together with other Australian programmes, see Australian card points transfer partners.
CommBank Yello points are earned and redeemed through eligible shopping, travel and other CommBank Yello offers. [5] Within Travel Booking, cardholders can redeem points for all or part of a booking. [5]
Who is eligible for bonus points?
ANZ Rewards Platinum currently carries a choice of two offers: up to 125,000 extra ANZ Reward Points plus $50 back, made up of 85,000 points and $50 after spending $3,500 on eligible purchases within three months of approval, and a further 40,000 points for keeping the card for more than 15 months from activation; or up to 80,000 bonus Velocity Points plus $50 back, made up of 60,000 and 20,000 points on the same spend-and-retention pattern. [8] The Velocity version requires auto-redemption to Velocity to be switched on within three months of approval and kept on until the bonus points are made available. [8]
The CommBank Smart offer pays up to 60,000 CommBank Yello points: 30,000 for spending $4,500 in the first 90 days and another 30,000 after keeping the account open for more than 12 months, with CommBank Yello eligibility needed within 90 days of activation and at the 12-month anniversary. [5] The Ultimate offer pays up to 100,000 CommBank Yello points and up to $600 in travel credits, starting with 50,000 points and $300 in travel credits for $9,000 of spend in the first 90 days, then another 50,000 points and up to $300 in travel credits each year. [5] Both ANZ and CommBank limit these offers to one per customer or applicant, and ANZ's offers cannot be combined with other offers or packages or used when transferring from an existing ANZ credit card. [5] [7] [8]
Limits and exclusions
- Existing-cardholder exclusions. ANZ applicants are not eligible for initial bonus points if they currently hold or have held an ANZ Rewards or ANZ Frequent Flyer credit card in the last 24 months. [7] [8] CommBank's Smart and Ultimate offers are not available to customers who hold or have held an activated Awards card type (standard, gold, platinum or diamond) or a Smart or Ultimate card in the previous 24 months as a primary cardholder, or who switch from another card type. [5]
- Spend that does not count. ANZ excludes items such as fees, cash advances, cash equivalent transactions, balance transfers, card insurance premiums, gambling or gaming transactions and reversed or refunded transactions from eligible purchases for its offers. [7] CommBank does not count cash advances or refunds as eligible spend. [5]
- Changes already announced. ANZ introduces the cap on points-earning spend and increases its cash advance fee on 28 October 2026, with complimentary insurance changes following on 9 December 2026 and 24 March 2027. [7] [8] CommBank removes its monthly fee waivers from the first statement issued on or after 1 January 2027. [5]
- Bonus points can be withheld. ANZ will not credit bonus ANZ Reward Points, or the $50 credit, if the card is cancelled, suspended or transferred, or the cardholder has breached the ANZ Credit Card Conditions of Use or the ANZ Rewards terms. [7] [8] CommBank will not pay uncredited points if the card account is closed, switched to another card or in default before the points are credited. [5]
- Travel credits are conditional. CommBank travel credits are issued only for statement periods in which the card fee was charged, except where the fee was waived by meeting the minimum spend, expire one year after being credited and are forfeited if the cardholder no longer holds an eligible CommBank card. [5]
Frequently asked questions
Which cards earn ANZ Rewards Points?
ANZ Rewards Platinum and ANZ Rewards Black, with minimum credit limits of $6,000 and $15,000 and total annual fees of $149 and $375. [7] [8] ANZ Frequent Flyer cards earn Qantas Points instead and are a separate product line. [7]
Can ANZ Rewards Points be transferred to airline programmes?
Yes. ANZ lists Velocity Frequent Flyer, KrisFlyer, Air New Zealand Koru and Asia Miles among its partner programmes, alongside Everyday Rewards and World360 Rewards. [7] [8] Minimum redemption thresholds apply and you must be a member of the partner programme. [7]
Do CommBank Awards cardholders qualify for the current CommBank points offers?
No. The Smart and Ultimate sign-up offers exclude customers who hold or have held any activated Awards card type — standard, gold, platinum or diamond — in the previous 24 months as a primary cardholder. [5]
When does the ANZ Rewards points cap start?
On and from 28 October 2026, ANZ caps the total spend on eligible purchases that can earn ANZ Reward Points. [7] [8]
What monthly fee do CommBank's rewards cards charge?
Smart is $19 a month and Ultimate is $35 a month, each waived when you meet the card's statement-period spend threshold until the waiver is removed from the first statement issued on or after 1 January 2027. [5]
Sources
Sources checked on 18 October 2026. Other programmes, including ANZ Frequent Flyer, Qantas Frequent Flyer, Velocity Frequent Flyer and the airline and hotel schemes those points feed into, are not covered here; this comparison is limited to published Australian consumer card terms.
- CommBank credit cards: card range, fees and current offers, checked 18 October 2026
- ANZ credit cards: card range, annual fees and offer terms, checked 18 October 2026
- ANZ Rewards credit cards: earning, redemption partners and bonus offers, checked 18 October 2026