Commonwealth Bank Essentials Credit Card

Last updated: Dec 18, 2020

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.

It also offers a range of security features and worldwide acceptance through the Mastercard network.

9.9% p.a.

Purchase rate

$60 p.a.

Annual fee

55 days

Interest free period

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Details

Product Name	Commonwealth Bank Essentials Credit Card
Purchase rate	9.9% p.a.
Annual fee	$60
Interest-free period	55 days
Cash advance rate	9.9% p.a.
Min credit limit	$400
Max credit limit	$3,000
Card type	Mastercard
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	No

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 repayment	2% of the closing balance or $25 , whichever is greater
Late payment fee	$20
Foreign currency conversion fee	3%
Additional cardholder fee	$0
Number of additional cardholders	1

Expert review

Review by

Amy Bradney-George

amy.bradney-george@finder.com

Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.

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.

As well as conservative credit limit options, this card's 9.9% p.a. variable rate is the lowest purchase rate that CommBank offers. It's also very competitive among other low rate credit cards. But unlike many other cards, the CommBank Essentials charges a monthly account-keeping fee rather than an annual fee. The cost is $2 per month if you choose online statements and set up automatic payments from a CommBank transaction account (using AutoPay), which works out to $24 per year. Otherwise, the fee is $5 per month ($60 per year).

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.

Bankrupt status. You can't apply for this card if you are currently an undischarged bankrupt. You can get your credit score and copy of your comprehensive credit report for free through Finder.

Required documents

Personal details. This includes your full name, date of birth, residential address, email address and contact number. You'll also need to provide a valid form of ID, such as your driver's licence or passport.
Employment details. You need to provide your current employment circumstances and salary, as well as contact details for your employer or accountant. You also need to include recent payslips, bank statements or other documents to verify your income.
Financial details. This includes any other forms of income you receive, along with assets such as savings. You also need to provide details of existing debts such as loans or credit card accounts, along with regular expenses such as rent, mortgage payments, utility bills and groceries.
Visa information. If you are not an Australian permanent resident or citizen, you will need to provide details about your visa.

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.

Spending control features. You can instantly lock, block or limit transactions through the CommBank app or NetBank and have the option of instant transaction notifications. You can also look at how much you spend in key categories (such as dining and entertainment) using the Spend Tracker feature available in the CommBank app.
Mobile payments. You can add the CommBank Essentials to your Apple Pay, Google Pay or Samsung Pay account to make contactless payments straight from your mobile phone or other compatible device. You can also use your fitness tracker to make contactless payments with Fitbit Pay and Garmin Pay.
Security features. This card offers 24/7 fraud monitoring, secure online shopping through NetCode, Mastercard Zero Liability for unauthorised transactions and the ability to lock, block or set up customised spending limits through the CommBank app or NetBank.

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.

Additional cardholder fee. If you want to share your account with a partner or family member, you can request an extra cardholder for $0.
International transaction fee. A fee of 3% is applied for transactions made in a foreign currency or for transactions made in Australian dollars when the payment is processed overseas (such as when you're overseas or shopping online with an international retailer).

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4 Comments

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?

finder Customer Care

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

bob
May 31, 2018

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

finder Customer Care

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

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Commonwealth Bank Essentials Credit Card