CommBank Kills Awards Credit Cards, Launching Bank-Wide Yello Points Program
CommBank's new points scheme has higher fees & worse airline transfer rates
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.
New CommBank Yello Points Redemption Partners
CommBank has confirmed several redemption partners for the October launch, with more to be added over time:
- Qantas Frequent Flyer (3:1 with $149 annual participation fee)
- Velocity Frequent Flyer (2.5:1)
- Qatar Airways Privilege Club (2.5:1)
- Myer (2:1)
- Everyday Rewards (1.5:1)
As well as offering fewer transfer partners than the same time last year, CommBank is also quietly 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.
CommBank will also increase fees by 65% for those customers wanting to transfer Yello Points to Qantas Points. The current annual participation fee is $90, but from October this jumps to $149.
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.
