Commonwealth Bank is axing CommBank Awards, its standalone credit card rewards program, and folding it into a refreshed CommBank Yello loyalty scheme. From 1 October 2026, Awards credit cards will earn Yello Points instead of Awards Points, as CommBank replaces its two separate rewards programs with a single bank-wide points scheme.
The change will mean that CommBank customers can be rewarded for the banking they do every day, not just on their credit card spending. You’ll be able to earn Yello Points across more of the banking relationship, including on debit and credit cards, home loans, insurance, travel and third-party offers.
CommBank Yello will offer a small number of points transfer partners, including Qantas and Velocity Frequent Flyer. Both existed under the previous Awards scheme, although Qantas was a paid points transfer option. CommBank Yello will also add new transfer partners including Qatar Airways Privilege Club, Everyday Rewards and Myer.
This is all a bigger claim than it might first appear, and it caps off a rough 12 months for CommBank Awards cardholders. In July 2025, CommBank completely gutted their Awards program by removing nearly every airline transfer partner, including KrisFlyer, Asia Miles, and Flying Blue. The only direct points transfer option CommBank left was Velocity, which doesn’t offer much flexibility for a flexible rewards program.
That change took effect on 1 October 2025, with little notice for affected cardholders. One year later, CommBank has finished the job, retiring Awards altogether in favour of a bigger, points-based Yello.
What's Changing With CommBank Yello
Right now, CommBank Yello is a customer recognition program offering cashback and discounts for CommBank customers. Customers sit in one of four tiers (Yello, Yello Plus, Gold, and Diamond) based on how many eligible transactions they make per month and the balance they hold.
The refreshed Yello replaces cashback and discounts with a single points currency called Yello Points. Eligible customers will earn points not just on credit and debit card spending, but across their whole banking relationship with CommBank. This includes home loans, savings accounts, insurance and personal loans.
CommBank Yello Points Redemption Partners
As well as offering fewer transfer partners than the same time last year, CommBank is also devaluing points transfer rates. Currently, you can transfer Awards Points to Velocity Points at a 2:1 rate, but this drops to 2.5:1 from October. For Qantas, the rate is devalued from 2.5:1 to 3:1.
At the same time, CommBank will increase points transfer fees for some partners in the Yello program. The current annual fee to opt-in to Qantas Points is $90, but from October 1 this will jump to $149 - an increase of 65%. There is currently no fee for Velocity Points transfers, but CommBank will introduce a $99 annual fee here.
Initial CommBank Yello redemption partners:
- Qantas Frequent Flyer (3:1, $149 annual fee, must hold eligible credit card)
- Velocity Frequent Flyer (2.5:1 with $99 annual fee)
- Qatar Airways Privilege Club (2.5:1)
- Myer (2:1)
- Everyday Rewards (1.5:1)
CommBank Yello Credit Card Earn Rates
Unfortunately, CommBank plans to tie credit card earn rates to Yello tier, instead of the type of credit card. This means that both the Smart and Ultimate credit cards will offer the same points earning, a good incentive to avoid CommBank's more premium cards.
CommBank Yello credit card earn rates:
- Yello: 0.5 Yello Points per $1
- Yello Plus: 0.75 Yello Points per $1
- Gold: 1.0 Yello Points per $1
- Diamond: 1.5 Yello Points per $1
As a base Yello member, the effective earn rate on credit card spending is 0.17 Qantas Points or 0.2 Velocity Points per $1 spent. It's also awful for top-tier Yello Diamond members (qualifications include $250,000 savings balance or home loans of $1M+), where the effective earn rate is 0.5 Qantas Points or 0.6 Velocity Points per $1 spent. These are easily some of the worst effective credit card earn rates in Australia, but a possible reflection of what’s to come from other banks.
CommBank To Launch A New Premium Charge Card
Alongside the Yello changes, CommBank has flagged that a new premium charge card is in the works.
“This new card will have higher points-earning capability and will feature no international transaction fees and travel insurance benefits. Cardholders will also have access to airport lounges and concierge support designed to elevate their travel experience,” says CommBank Group Executive Retail Banking Services, Angus Sullivan.
Further information about the new premium card is expected to be shared in coming months. But we do know that CommBank is “exploring the use of Discover’s global payment network” for the new card.
It might seem strange to use the Discover network, being a typically US-focused company with almost zero brand presence or card issuance in Australia. But by dodging Visa and Mastercard, CommBank is presumably looking to offer a regulatory middle finger to the RBA before its aggressive new payment crackdown drops on 1 October 2026.
Summing Up
CommBank is retiring Awards, its standalone credit card rewards program, and folding it into a bank-wide CommBank Yello points scheme from 1 October 2026. Awards cardholders will earn Yello Points instead of Awards Points, joining a program that now spans credit cards, home loans, savings accounts and insurance.
While there will me more transfer partners, Yello is still a long way off the enormous number of airline partners previously offered by Awards. Plus, the CommBank Yello fees and transfer rates will get worse.
