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 a variable interest rate and up to 55 days interest-free on purchases when you pay your account balance in full by the due date on each statement. It also offers a range of security features and worldwide acceptance through the Mastercard network.
| Product Name | Commonwealth Bank Essentials Credit Card |
|---|---|
| Purchase rate (p.a.) | 9.90% p.a. |
| Annual fee | $60 p.a. |
| Interest Free Period The interest-free period is the maximum number of days during which interest is not charged on new purchases. This only applies if you pay your closing balance in full by the statement due date. | Up to 55 days on purchases |
| Cash advance rate (p.a.) | 9.90% p.a. |
| Min credit limit This is the lowest credit limit you can be granted. It is possible to request a higher credit limit but not a lower one than this figure. | $400 |
| Max credit limit This is the maximum credit limit available on this card and you can apply for increases after the account has been opened. This credit limit may not be issued to you immediately upon application. | $3,000 |
| Card Type | Mastercard |
| Foreign Currency Conversion Fee (MC) Charged when you make a transaction that is converted by Mastercard from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3% of transaction value |
| Complimentary Travel Insurance | No |
| Minimum Age | 18 years of age |
|---|---|
| Available To Temporary Residents | No |
| Annual fee | $60 p.a. |
|---|---|
| Minimum Monthly Repayment | 2% or $25, whichever is greater |
| Late Payment Fee | $20 |
| Foreign Currency Conversion Fee (MC) Charged when you make a transaction that is converted by Mastercard from Australian dollars to a foreign currency. You’ll also incur a currency conversion fee if you make a purchase or obtain a cash advance in Australian dollars while overseas or shopping online with a foreign merchant or financial institution. | 3% of transaction value |
| Cash Advance Fee | $2.50 or 2.00% of the transaction amount (whichever is greater) |
| Additional Cardholder Fee | $0 |
| Number of Additional Cardholders | 1 |
Pros
- Take advantage of a low variable interest rate of 9.9% p.a. on purchases.
- Get up to 55 interest-free days 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.
Features and benefits of the CommBank Essentials Credit Card
- 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. This card lets you keep track of payments and charges made with your card by turning on instant Transaction Notifications. You can also categorise your spending using the Spend Tracker feature available in the CommBank app.
- 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 and fees for the CommBank Essentials Credit Card
- 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.
- Additional cardholder fee. If you want to share your account with a partner or family member, you can request an extra cardholder for $0.
- Late payment fee. This card charges $20 for late payments.
- 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).
How to apply for the CommBank Essentials Credit Card
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. Before you get started, make sure you’re eligible to apply and have all the relevant documents and details on hand.
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.
Documents and details
- 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.
- Income details. 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.
- Spending and debts. This includes existing debts such as loans or credit card accounts, along with regular expenses such as rent, mortgage payments, utility bills and groceries.
With a competitive purchase rate, minimal account-keeping fees and low credit limits, the CommBank Essentials offers you a range of ways to keep your credit card spending in check. So if that’s what you’re looking for, make sure you compare it to other low-cost cards to help you find one that suits your need.
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I am a pensioner. Can I get this credit card?
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