CommBank Yello Points: What They're Really Worth (and the Smartest Way to Use Them)
On 1 October 2026 CommBank turned millions of Awards points into Yello points. We ran the numbers on every way to use them — and one option quietly beats the rest.
If you bank with CommBank, you woke up on 1 October 2026 to a new points currency. The CommBank Awards program closed on 29 September, every Awards point converted 1:1 into a CommBank Yello point, and more than 9 million eligible customers can now earn points across their everyday banking — not just their credit card.
That's the good news. The less-advertised news is that the airline transfer rates got worse and the fees went up. So the question everyone is typing into Google — "how much are Yello points worth?" — deserves a straight answer. Here it is, with the maths shown.
Yello points at a glance
- 0.60cBest fixed value per point — CommBank Travel Booking
- 0.35cTaking cash: 2,860 points = $10
- 2 yearsPoints expire after two years with no earn or redeem activity
Source: CommBank Yello FAQs and program changes page, October 2026.
What changed on 1 October 2026
CommBank Yello used to be a cashback-and-offers program sitting beside a separate credit card rewards program, CommBank Awards. From 1 October they're one thing: a points program you earn from your transaction account, credit and debit cards, home loan, savings and insurance, with your earn rate set by your Yello tier.
Your old Awards points weren't lost. They converted 1:1 into Yello points automatically and should appear in the CommBank app and NetBank by 7 October 2026. If you had opted in to Qantas Frequent Flyer through your card, your remaining Awards points were sent to Qantas on 29 September instead, and CommBank says it will refund the unused part of that year's opt-in fee.
How you earn Yello points: the four tiers
Your tier is reassessed every month based on the previous month's activity. Higher tiers earn more points per dollar on CommBank's Smart and Ultimate credit cards.
| Tier | What you need (previous month) | Credit card points per $1 (domestic) |
|---|---|---|
| Yello | Eligible transaction account + 5 eligible transactions | 0.5 |
| Plus | 15+ transactions + $500 balance on 15+ days (balance test waived under 26) | 0.75 |
| Gold | 15+ transactions + $50k on 15+ days, or a CommBank home loan under $1m | 1.0 |
| Diamond | 15+ transactions + $250k on 15+ days, or home loans of $1m or more | 1.5 |
What one Yello point is worth, redemption by redemption
Every number below is the dollar value you get divided by the points it costs. The first four are fixed and guaranteed. The airline lines are different: they depend on how well you then use the airline points, so we've valued them at Point Hacks' 2026 averages — and before the annual transfer fee.
| Option | Cents per Yello point |
|---|---|
| CommBank Travel Booking (flights, hotels, cars) (16,667 points = $100 off a booking) | 0.60c |
| JB Hi-Fi gift card (12,500 points = $50 gift card) | 0.40c |
| Cash (2,860 points = $10) | 0.35c |
| Everyday Rewards (3,000 Yello = 2,000 Everyday Rewards points = $10 off a shop) | 0.33c |
| Velocity (valued at 1.7c a point) (2,500 Yello = 1,000 Velocity Points · *before a reported $99 yearly fee) | ≈0.68c* |
| Qantas (valued at 1.6c a point) (3,000 Yello = 1,000 Qantas Points · *before the $149 yearly fee) | ≈0.53c* |
So what is a Yello point worth?
For most people, between 0.33 and 0.6 cents. If you just want the most dollars with zero effort, CommBank's own Travel Booking is the standout: 16,667 points takes $100 off a flight, hotel or car booking, which works out at 0.6 cents a point — almost double what cash gives you.
Cash (0.35c) and gift cards (0.40c on a JB Hi-Fi card) are simple, but you're leaving value behind. And converting to Everyday Rewards is the weakest option on the menu at 0.33c — handy if you want to top up a supermarket shop, but you'd get more by taking cash.
Is transferring Yello points to Qantas or Velocity still worth it?
Only for people who fly with points — and even then, run the numbers. Qantas transfers now cost 3,000 Yello points per 1,000 Qantas Points (it was 2.5:1 under Awards), and the yearly opt-in fee has risen from $90 to $149. Only Ultimate cards and legacy Awards cards can opt in.
Here's the uncomfortable maths. Even if you value every Qantas Point at the 1.6-cent average, a Yello point transferred to Qantas is worth about 0.53 cents — less than the 0.6 cents Travel Booking gives you for free. Add the $149 fee and the Qantas transfer only makes sense if you regularly redeem for premium cabins, where a Qantas Point can be worth well above average.
Velocity is closer. At 2,500 Yello points per 1,000 Velocity Points, and valuing Velocity at 1.7 cents, a transferred Yello point is worth about 0.68 cents — 0.08 cents more than Travel Booking. Against a reported $99 yearly fee, you'd need to transfer roughly 124,000 Yello points a year just to come out ahead. Check the current fee and any introductory offer in the Yello hub before you opt in.
Awards vs Yello: what changed for frequent flyers
| CommBank Awards (before) | CommBank Yello (from 1 Oct 2026) | |
|---|---|---|
| Qantas transfer rate | 2.5 points = 1 Qantas Point | 3 points = 1 Qantas Point |
| Qantas yearly opt-in fee | $90 | $149 |
| Velocity transfer rate | 2 points = 1 Velocity Point | 2.5 points = 1 Velocity Point |
| Velocity yearly fee | None | $99 (reported) |
The 60-second Yello decision
- Check your balance — Open the CommBank app. Converted Awards points should show by 7 October 2026.
- Booking travel anyway? — Use Travel Booking: 0.6c a point, no fee, no transfer.
- Flying premium often? — Only then consider a Qantas or Velocity transfer — and price in the yearly fee first.
- Otherwise — Gift cards (0.40c) beat cash (0.35c), which beats Everyday Rewards (0.33c).
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Get early access →Frequently asked questions
How much is 1 CommBank Yello point worth?
Between about 0.33 and 0.6 cents depending on how you redeem. Travel Booking gives the best fixed value (16,667 points = $100 off, or 0.6c), a JB Hi-Fi gift card gives 0.40c, cash gives 0.35c (2,860 points = $10) and Everyday Rewards gives 0.33c.
What happened to my CommBank Awards points?
The Awards program closed on 29 September 2026. Points converted 1:1 into Yello points and should appear in the app and NetBank by 7 October 2026. If you were opted in to Qantas Frequent Flyer, your remaining Awards points were transferred to Qantas on 29 September.
How do I convert Yello points to Velocity?
From 1 October 2026, 2,500 Yello points convert to 1,000 Velocity Points through the Yello hub in the CommBank app. A yearly fee has been reported at $99 — check the current fee and any introductory offer before opting in.
Can I still transfer CommBank points to Qantas?
Yes, at 3,000 Yello points per 1,000 Qantas Points, with a $149 yearly opt-in fee. Only Ultimate cards (and legacy Awards cards) can opt in.
Do CommBank Yello points expire?
Yes — after two years of inactivity, meaning two years in which you don't earn or redeem any Yello points.
Are Yello points worse than Awards points?
For airline transfers, yes: Qantas went from 2.5:1 to 3:1 with a higher fee, and Velocity from 2:1 to 2.5:1. The upside is you can now earn points from everyday banking, savings, home loans and insurance, not just credit card spend.
What can I get with 10,000 Yello points?
About $35 in cash (at 2,860 points per $10), or $60 off a CommBank Travel Booking (at 16,667 points per $100). Gift cards come in set amounts — a $50 JB Hi-Fi card costs 12,500 points.
Know what every point you own is worth
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