A lot of platinum cards offer a unique benefit - something that helps to set them apart from their competitors. The Citibank Emirates Citi Platinum offers a complimentary chauffeur driven ride per year. The American Express Business Accelerator sends you statements that meet ATO requirements for GST reporting. These aren't big, expensive gimmicks but they might tip the balance if you're considering a few different cards.
The Commonwealth Platinum doesn't have any such features, which is a shame because it's a good card. It just lacks that small ...something. That requisite x-factor of platinum cards that help fulfil their role as a status symbol. It's a bit like the ABC comedy program The Hollowmen: great on paper, but not-quite-right in execution.
For some people, the absence of an intangible pizzazz will not be enough to deter them from an otherwise great card. But for others, particularly those who want a status symbol, the Commonwealth Platinum just won't appeal. You just couldn't boast about it in the same way you could about the free flights offered on the American Express Platinum.
The card has some nice features. It offers 55 days interest fee, international travel insurance, a concierge service, purchase security insurance and extended warranty protection. It also comes with interstate flight inconvenience insurance (which protects you if you lose your luggage or if your flight is delayed) and a guaranteed pricing scheme (which will refund the difference of any purchases you make if you find them advertised cheaper within 21 days).
You also get membership into Commonwealth Awards. Like the Awards and Gold Awards cards, the Platinum Awards comes with two cards - a MasterCard and an American Express (at no extra cost, linked to the same account). You'll earn one point per dollar spent on the MasterCard and three points per dollar spent on the Amex (up from 2 points on the Gold and 1.5 points on the standard Awards). For an additional $10 per year, you can transfer your points in Qantas Frequent Flyer or Velocity, which is probably worth it.
The annual fee is $280 (or $250 for qualifying customers) which is reasonable for this range of features. The interest rate (20.49%) and cash rate (21.49%) are also on par with competing platinum cards.
Overall, the Commonwealth Bank Platinum Awards has a lower interest rate and annual fee than other platinum cards but doesn't compromise on features. Like a lot of platinum credit cards, it may appeal to travellers simply for the included international travel insurance and concierge service.
