CommBank Essentials Credit Card
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.
|Product Name||CommBank Essentials Credit Card|
|Purchase rate||9.9% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate||9.9% p.a.|
|Min credit limit||$400|
|Max credit limit||$3,000|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- 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.
- 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.
|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|
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.
- 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.
- 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.
- 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).
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.