CommBank Ultimate vs ANZ Rewards in 2026
Renan Filho · Founder & Tech Builder
Quick answer: For 2026, the CommBank Ultimate vs ANZ Rewards showdown hinges on your spending habits and whether you value uncapped points or premium travel perks. With the RBA holding rates at 3.35% and the ASX 200 volatile on iron ore exports, every dollar counts. This review digs into fees, earn rates, and real Australian benefits to pick a clear winner.
Key data for Australia (2026-08-08)
| Aspect | Detail | Source |
|---|---|---|
| Local index | ASX 200 | Australian Securities Exchange (ASX) |
| Currency | Australian dollar (A$) | A$ |
| Reference rate | 3.35% (2026) | Reserve Bank of Australia (RBA) |
| Regulator | ASIC (Australian Securities and Investments Commission) | Oficial |
CommBank Ultimate: The Everyday Earner
Compared to Westpac Altitude's tiered earn rates, CommBank is more straightforward. Westpac gives 1.5 points per dollar on most spend but 3 points on selected retailers. CommBank's flat rate beats that for mixed spending. However, ANZ Rewards charges only A$99 annually and earns 1 point per A$1, but points are worth less—about 0.5 cents each versus Qantas Points' 1 cent. For a A$10,000 annual spend, CommBank nets you 25,000 points (worth A$250), while ANZ gives 10,000 points (worth A$50). The fee difference doesn't close that gap unless you rarely use the card. ASIC's comparison tools show this clearly, so check your own spend before choosing.
ANZ Rewards: The Budget Traveller's Pick
the ANZ card's real downside is the points redemption cap. You can only redeem up to 1 million points per year, which is fine for most. But the points expire after three years, unlike CommBank's which don't expire. That's a trap for infrequent users. Also, the international transaction fee is 3%, while CommBank charges 3.5% but offers a A$200 travel credit that offsets it. If you're a frequent flyer, ANZ's partnership with Singapore Airlines KrisFlyer lets you transfer points at a 2:1 ratio, which is decent. For a A$2,000 overseas trip, you'd pay A$60 in fees, but the points earned could cover a domestic flight. It's a trade-off, but for most Australians, the low fee wins if you don't churn big spend.
Ranking: The 5 Best Financial Products in Australia (2026)
the ranking also considers superannuation products. For investing, Vanguard's Super Savings Account offers low fees at 0.15% and solid returns, but it's not a credit card. The ASX 200 has been flat due to iron ore price drops, so cashback cards like CommBank's are more reliable. Managed funds from Australian Ethical are good for ESG investors but charge higher fees. The key is to match the product to your spending pattern. A A$10,000 super investment growing at 7% over 30 years reaches A$76,000, but that's a long-term play. For daily use, the CommBank Ultimate is the clear winner if you spend over A$2,000 monthly. Otherwise, ANZ Rewards is the smarter pick.
Side-by-Side: CommBank Ultimate vs ANZ Rewards
the RBA's 3.35% cash rate means credit card interest is still high, so always pay in full. ASIC's MoneySmart site warns about late fees. Both cards have a 55-day interest-free period. The ANZ card's insurance is more comprehensive, covering rental cars and trip cancellations, while CommBank's is basic. For frequent flyers, CommBank's Qantas Points transfer to Qantas at 1:1, but ANZ's points transfer to KrisFlyer at 2:1, which is less generous. The CommBank Ultimate also has a A$200 travel credit that can be used on Qantas flights, which effectively reduces the fee to A$199. That's a strong argument. But if you never travel, the credit is useless. So, assess your lifestyle. For most middle-class Australians, the CommBank Ultimate is the better long-term card, despite the higher upfront cost.
Tax and Super: The Hidden Factor
Franking credits on dividends from ASX 200 stocks can be refunded to you if your tax rate is below 30%. This is a unique Australian advantage. If you hold shares in BHP or Rio Tinto, you get a credit for the tax the company paid. This can offset your card's annual fee. For example, if you receive A$1,000 in fully franked dividends, you get a A$428 credit. That could cover a CommBank Ultimate fee. But that requires investing, which is separate from card rewards. The best approach is to use a low-fee card like ANZ Rewards if you're not a big spender, and invest the saved A$300 into an ETF like Vanguard's VAS. Over time, that A$300 a year grows. So, don't let a card fee eat your returns.
Practical example in Australia
A$10,000 in a super fund with 7% returns over 30 years grows to ~A$76,000
Risks and cautions
Volatilidade do mercado, mudanças na política monetária de Reserve Bank of Australia (RBA) e fatores geopolíticos globais são os principais pontos de atenção para investidores em Australia.
| Aspecto | CommBank Ultimate | ANZ Rewards |
|---|---|---|
| Annual Fee | A$399 | A$99 |
| Earn Rate | 2.5 points per A$1 | 1 point per A$1 |
| Travel Credit | A$200 annually | None |
| Lounge Access | Yes (with spend threshold) | No |
| Points Expiry | No expiry | 3 years |
| Best for | High spenders (A$2,000+/month) | Low spenders (under A$1,000/month) |
Frequently asked questions
Which card has a lower annual fee?
ANZ Rewards at A$99, versus CommBank Ultimate's A$399. But the fee difference is worth it if you spend over A$2,000 monthly.
Can I earn Qantas Points on both cards?
No. Only CommBank Ultimate earns Qantas Points. ANZ Rewards earns its own points, which can transfer to KrisFlyer but not Qantas.
Is the CommBank Ultimate worth the fee?
Yes, if you spend A$2,000+ monthly, because the A$200 travel credit and uncapped points cover the fee. Otherwise, no.
Does ANZ Rewards have any hidden costs?
Yes, a 3% international transaction fee and points that expire after 3 years. Read the terms carefully.
What's the best card for frequent flyers?
CommBank Ultimate, because of Qantas Points and lounge access. ANZ is only better for budget travellers who rarely fly.
Sources and authority
This guide is part of the MoneyApp financial education ecosystem. For tax questions in Brazil, see Agente Tributário.
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MoneyApp · Financial education in Australia · Consult ASIC (Australian Securities and Investments Commission) for official guidance.