Commonwealth Bank's new 'Diamond' American Express card is billed as a step up in rewards and service from platinum cards, and aimed at those who put over $60,000 per year on their plastic. But how does it fare against other cards marketed at the big spenders?

The Commonwealth Bank Diamond Awards card is best for the seriously big spenders ($200,000+ annually) who enjoy having a range of flight options. A key point of difference that lifts it above the Commonwealth Bank Platinum card is the ability to link your account directly to any of the Qantas, Velocity or Air New Zealand Airpoints programs as well as redeem your points with other airlines using Flight Centre travel vouchers.

You earn 1.25 points per dollar on the MasterCard and 3 points per dollar on the American Express - a small increase of 0.25 on the MasterCard but no change on the Amex compared to the Platinum card. This is then attributed to the airline rewards program of your choice at a rate of 2 Commonwealth rewards points per 1 airline rewards point.

How much you have to spend to earn a free flight

Looking at one-way domestic flights from Sydney to Melbourne three months from now, we found you need 11,000 Qantas points (for a fare including taxes), which translates to a spend of $7,333 using American Express and $17,600 using MasterCard.

Using Velocity, you'd need to spend $6,533 on the Amex or $15,680 on the MasterCard.

You also have to factor in the not so inconsequential $425 annual fee.

Fee aside, whilst not the top card in the market, it definitely sits in the top 5 when it comes to earning flight rewards.

Earning limits

There's an $800,000 cap on purchases - a fantasy land for most of us! For the high-rollers out there, it's worth noting that although this limit is higher than the Platinum card, most other premium cards are uncapped.

Balance transfer special offers

For those looking to transfer an existing credit card balance to the Commonwealth Bank Diamond Awards card, there is a decent 5.99% for five months promotional balance transfer rate on this card. Be aware that if you don't pay off the balance within the five month period it will revert back to the markedly higher cash advance rate of 21.74%.

An interest rate of 20.74% is applied to all purchases, though you do get 55 days interest free on them too.

Other card benefits

As you'd expect when you're paying such a hefty annual fee, the card is choc full of extras. First off, you can use your points to redeem for anything you like (within limits - no unicorns!) using their concierge service.

The card also comes with extended warranty, purchase protection, international travel insurance and interstate inconvenience insurance. You also get access to a range of exclusive offers and discounts through the American Express Premium Privileges and MasterCard World Privilege Access programs.

The costs of using it overseas

About to jet off? The Commonwealth Bank Diamond Awards charges a foreign exchange margin of 2.95%, which is about average compared to the rest of the market.

How it compares to other cards

Commonwealth Bank may have said it's for those spending above $60,000 a year, but based on the findings of Mozo's credit card rewards revealer, it really comes into its own if you're putting over $200,000 a year on the card.

Whilst well down the list in the $60,000 range, we found that once the bar is raised to $200,000 annual spend, the Commonwealth Bank Diamond Awards card becomes one of the top cards for earning flight rewards, beaten only by Westpac Singapore Airlines Platinum and very narrowly by the Westpac Altitude Platinum.

However, the variety of available flight rewards options, the multitude of perks and extras available and the not-to-be-underestimated bonus of being able to say you've got Australia's only 'Diamond' card, make this card worth taking a look at if you've got the cash to make the most of it!

Who it's issued by

The card is issued by Commonwealth Bank.