finder.com.au
Home
Money
Credit Card Finder
Commonwealth Bank Credit Cards

Commonwealth Bank Essentials Credit Card

Amy Bradney-George
Amy Bradney-George
Last updated:  

Manage your credit card spending and account costs with a low credit limit and a variable interest rate of 9.9% p.a.

The CommBank Essentials credit card offers a range of low-cost features, including the variable interest rate and an annual fee of up to $60, which is charged monthly.

9.9% p.a.

Purchase rate

$60 p.a.

Annual fee

55 days

Interest free period

Details

Product NameCommonwealth Bank Essentials Credit Card
Balance Transfer Revert RateCash Advance Rate (9.9% p.a.)
Purchase Rate9.9% p.a.
Annual Fee$60
Interest Free Period55 days
Cash Advance Rate9.9% p.a.
Minimum Credit Limit$400
Maximum Credit Limit$3,000
Card TypeMastercard
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Complimentary Travel InsuranceNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Joint ApplicationNo

Pros

  • Take advantage of a low variable interest rate of 9.9% p.a. on purchases.
  • Get up to 55 days interest-free on purchases.
  • Request an additional cardholder at no extra cost.

Cons

  • This card does not have a balance transfer feature.
  • This is a basic card that offers none of the perks like travel insurance or a rewards program.
Annual Fee$60
Minimum Monthly Repayment2% of the closing balance or $25, whichever is greater
Late Payment Fee$20
Foreign Currency Conversion Fee (Visa/Mastercard)3% of transaction value
Additional Cardholder Fee$0
Number of Additional Cardholders1

Expert review

Amy Bradney-George

Review by

Amy is an editor and writer at finder.com.au with more than 10 years experience covering credit cards, personal finance and various lifestyle topics. When she’s not sharing her knowledge on money matters, Amy spends her time as an actress.

Expert review

The Commonwealth Bank Essentials comes with a mix of low-cost and convenient account tools that can help you keep credit card spending in check. It has a minimum credit limit of $400 – which is one of the lowest on the market – and a maximum available limit capped at $3,000. While the limit you get is subject to lending criteria and approval, this range is designed to help you stay in control of your spending.

How to apply

You can apply for the CommBank Essentials online by filling out a secure application form. Before you get started, make sure you're eligible to apply and have all the relevant documents and details on hand.

Eligibility criteria

  • Residency and work status. You must have the right to work in Australia.
  • Age. You must be at least 18 years old to apply.

Card benefits

  • Competitive interest rate. This card offers a variable interest rate of 9.9% p.a. on purchases.
  • Up to 55 days interest-free. If you pay off your balance in full by the due date on each statement, you can get up to 55 days interest-free on your purchases.

Rates & fees

  • Monthly account-keeping fee. This card charges a monthly fee of $2 when you choose online statements and set up automatic payments from a CommBank transaction account using credit card AutoPay. Otherwise, a monthly fee of $5 is charged.
  • Cash advances. This card blocks most cash advance transactions. The only exception is when the transaction is not sent to CommBank for authorisation. When that happens, the 9.9% p.a. variable interest rate is charged from the date the transaction is made until you have paid it off.

Ask an expert

To ask a question simply log in via your email or Facebook or create an account.

You are about to post a question on finder.com.au:

  • Do not enter personal information (eg. surname, phone number, bank details) as your question will be made public
  • finder.com.au is a financial comparison and information service, not a bank or product provider
  • We cannot provide you with personal advice or recommendations
  • Your answer might already be waiting – check previous questions below to see if yours has already been asked

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

4 Comments

  1. Default Gravatar
    graham
    June 26, 2019

    I went through all the requirements for an application and when it came to my expenses I put in the amount and it came up with whole numbers only and it wouldn’t let me go to the next section, what do I do?

    Reply
    • AvatarStaff
      Jeni
      June 27, 2019

      Hi Graham,

      Thank you for getting in touch with Finder.

      You may put your expenses on an estimate amount if that would help. If you need further assistance on this matter, kindly contact Commbank directly so they may walk you through on your online application.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  2. Default Gravatar
    bob
    May 31, 2018

    I am a pensioner. Can I get this credit card?

    Reply
    • AvatarStaff
      Jeni
      May 31, 2018

      Hi Bob,

      Thank you for getting in touch with finder.

      You can apply for the CommBank Essentials online in around 30 minutes and could get a response within 60 seconds of submitting the completed application form.

      Eligibility requirement:
      – Are you at least 18 years old? You must be at least 18 years of age to apply for a credit card.
      – What is your Australian residency and work status? You must have the right to work in Australia.
      – Are you an undischarged bankrupt? You can’t apply for this card if you are currently an undischarged bankrupt.

      Please note that you’ll need to provide your current employment circumstances and salary, as well as any other forms of income you receive or assets such as savings. You also need to provide contact details for your employer or accountant, as well as recent payslips, bank statements or other documents to verify your income like your pension.

      I hope this helps.

      Have a great day!

      Cheers,
      Jeni

      Reply
Ask a question
Go to site