CommBank Smart Awards Review — Is it worth it?

Introduction

The Commonwealth Bank Smart Awards Credit Card is a financial product designed to cater to the everyday expenses of Australian consumers, offering several benefits that make it a strong contender in the no-fee, everyday category. As of 2026, this card provides a no annual fee structure, an appealing rewards program, no foreign transaction fees, and travel-related perks. This review delves into whether the Smart Awards card holds tangible value for prospective users. (last verified: 2026-07-24)

Top Picks

Card/Product	Key Feature	Rate/Fee	Verdict
CommBank Smart Awards Credit Card	Earn up to 1.5 points per $1 spent at major supermarkets, department stores, petrol stations, dining, and utilities	$0 annual fee	A practical choice for fee-conscious consumers

Pros and Cons

Pros

No Annual Fee: Unlike many credit cards with hidden or recurring annual fees, the CommBank Smart Awards card allows users to benefit from its features without the burden of an annual cost [1].
Rewards Program: The card earns up to 1.5 Awards points per dollar spent at major retailers, providing a decent rewards scheme for day-to-day expenses [5].
No Foreign Transaction Fees: This feature can lead to considerable savings for those who frequently shop online internationally or travel abroad [2].
Travel Insurance: Automatically included when travel-related expenses over $500 are prepaid and the insurance is activated before departure, adding value for frequent travellers [2].

Cons

Limited High Points Rate: The most advantageous points rate (1.5 points per dollar) is only applicable to the first $5,000 spent each statement period. Beyond this cap, the rate drops to 0.5 points per dollar, reducing its attractiveness for high spenders [5].
Potential Qantas Points Fee: If you choose to earn Qantas Points instead, a $90 annual fee is required, which negates the card’s no-fee offer [3].
Offer Expiry: Prospective cardholders should verify the ongoing status of promotional offers, such as potential welcome bonuses that may not be available [7].

Frequently Asked Questions

1. How does the CommBank Smart Awards Credit Card’s rewards system work?

The card offers up to 1.5 Awards points per dollar spent at major Australian supermarkets, department stores, petrol stations, dining, and utilities, for the first $5,000 in spend per statement period. After reaching the threshold, the points accrual rate decreases to 0.5 points per dollar [4][5].

2. Can I earn Qantas Points with the CommBank Smart Awards Credit Card?

Yes, you can opt to earn Qantas Points instead of Awards points. However, this choice incurs an annual fee of $90, and you’ll earn 0.6 Qantas Points per dollar spent on eligible purchases. This may suit frequent flyers well, but be aware of the additional fee [3].

3. Does the card include any travel insurance?

Yes, the card provides international travel insurance, which becomes active once you spend at least $500 on prepaid travel expenses and activate the insurance before your trip [2].

4. Are there any foreign transaction fees on this card?

No, the CommBank Smart Awards Credit Card does not charge foreign transaction fees, making it a cost-effective choice for international purchases and travel [1][2].

5. What is the card’s interest rate?

The purchase rate for the CommBank Smart Awards Credit Card is 20.99% per annum, with up to 44 days interest-free on purchases. This is important for cardholders to consider if they anticipate carrying a balance [1].

6. Is there a welcome bonus for new cardholders?

Historically, the card has offered welcome bonuses, such as earning additional points when spending certain amounts over a period. However, as offers are subject to change, it is essential to check the current benefits available [7].

Overall, the CommBank Smart Awards Credit Card presents an appealing no-fee option for consumers who manage their spending within the rewarding categories and intend to take advantage of the included travel insurance and no foreign transaction fees. However, those looking for maximum rewards value should consider the spending cap and potential fees for earning Qantas Points.