The Commonwealth Bank Business Interest-Free Days credit card offers flexibility and convenience with up to 55 interest-free days.
The Commonwealth Bank Business Interest-Free Days credit card lets you manage your cash flow by giving you access to funds when you need them. The card account also offers instant transaction updates, making it easier to monitor and manage your business spending.
|Product Name||Commonwealth Bank Business Interest-Free Days Credit Card|
|Balance transfer rate (p.a.)||5.99% p.a. for 5 months|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (17.57% p.a.)|
|Purchase rate (p.a.)||17.57% p.a.|
|Annual fee||$60 p.a.|
|Interest Free Period|
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
|Up to 55 days on purchases|
|Cash advance rate (p.a.)||17.57% p.a.|
|Min credit limit|
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|Max credit limit|
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
|Foreign Currency Conversion Fee (MC)|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, 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||Yes - Conditions apply|
|Credit Rating Requirement||Good|
|Annual fee||$60 p.a.|
|Minimum Monthly Repayment||2.5% or $75 whichever is greater|
|Late Payment Fee||$20|
|Cash Advance Fee||Over-the-counter: $2.50 or 1.5% of cash advance amount, ATM: 1.5% of cash advance amount|
|Overseas Cash Advance Fee||$4.00 or 1.5% of the cash advance amount|
|Foreign Currency Conversion Fee|
Foreign currency conversion fees are charged when you make a transaction that is converted by a credit card network, such as MasterCard, Visa or American Express, 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.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$60|
- This card offers a credit limit of up to $50,000, which is subject to application criteria and approval.
- You can get coverage of up to $250,000 with the complimentary transit accident insurance.
- This card comes with a competitive interest rate of 17.57% p.a. on cash advance transactions, such as ATM withdrawals or payment for travellers cheques.
- Get a response within 60 seconds if you apply online.
- There is no rewards program, so you don't have the option of earning rewards points for your business purchases. Considering most business spending far exceeds personal credit card spending, you could be missing out on a considerable amount of rewards points.
- The additional cardholder fee of $60 is expensive considering other business cards offer additional cards for free.
Commonwealth Bank Business Interest-Free Days credit card review
The Commonwealth Bank Business Interest-Free Days credit card is designed for small business owners who want convenient access to finance and a way to manage their cash flow. With this card, you can enjoy an interest-free period of up to 55 days for your purchases, as long as you pay your account balance in full by the due date on each statement.
This card also offers unsecured credit limits of between $500 and $50,000, subject to approval and eligibility criteria. It has an annual fee of $60 p.a. and you can add additional cardholders for a fee of $60 per card.
Benefits of the Commonwealth Bank Business Interest-Free Days credit card
- Interest-free days. When you pay your closing balance in full by the due date each statement period, you can get up to 55 days interest-free on purchases.
- Complimentary insurance covers. This card also comes with complimentary transit accident insurance up to $250,000 for cardholders.
- Personalise your card. You can add your business name onto your card beneath the cardholder’s name, giving a level of professionalism to your small business.
- Compatible with MYOB and Xero. You can easily integrate your credit card transactions with online accounting software such as MYOB and Xero.
Features of the Commonwealth Bank Business Interest-Free Days credit card
- Annual fee. The Business Interest-Free Days credit card attracts an annual fee of $60.
- Additional cardholders. You have the option to add additional cardholders for your account, providing more flexibility for your business spending needs. A $60 annual fee applies for each additional cardholder.
- Interest rate. The card comes with an interest rate of 17.57% p.a. for purchases.
- Account management. You can manage your account online with CommBiz or NetBank. You’re able to request online statements, set up automated payments, order cards and change your daily withdrawal limits through these services.
- Personal liability. With personal liability, the primary cardholder will be responsible for all outstanding balances. When you choose to take personal responsibility for this business credit card account, you can apply online and with no need to provide business financials.
How to apply for the Commonwealth Bank Business Interest-Free Days credit card
If you think this is the right card for your business, you can apply for the card online. If you’re an existing CommBank customer, you can also apply in NetBank. Before applying, make sure you meet the eligibility requirements and have all the supporting documentation required for this card.
- You must be at least 18 years of age
- You must be an Australian or New Zealand citizen or permanent resident
- You must not be an undischarged bankrupt
- You must not be a full-time student
- You must be a business owner, director or partner with an Australian Business Number (ABN)
- Personal details including your name, address, contact information and employment details
- Identification documents which may include your driver’s licence and/or passport
- Business and employment details
- Financial details which includes information regarding your assets, debts and liabilities
After you have completed and submitted your online application, you should get a response within a few minutes. If you're approved, you card should arrive within 10 business days. Once it arrives, you can activate the card and start using it for your business spending.
The Commonwealth Bank Business Interest-Free Days credit card offers small business owners flexible access to additional funds and a competitive ongoing annual fee. Now that you know more about this card, you can compare it to other options and choose a credit card that suits your business' needs.Back to top