Commonwealth Bank Business Interest-Free Days Credit Card

The Commonwealth Bank Business Interest-Free Days credit card is offering $0 annual fee in the first year when you apply for a new card by 31 January 2017, plus $250 cash back if you spend by 31 March 2017.

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. If you apply by 31 January 2017, you can take advantage of $0 annual fee for the first year and get $250 cash back (when you spend $500 on eligible purchases by 31 March 2017).

Product NameCommonwealth Bank Business Interest-Free Days Credit Card
Purchase rate (p.a.)17.57% p.a.
Offer end date31 January 2017
Annual fee$0 p.a. annual fee for the first year ($60 p.a. thereafter)
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.
$500
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.
$50,000
Minimum Monthly Repayment2.5% or $75 whichever is greater
Card TypeMasterCard
Late Payment Fee$20
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 InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
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.
$500
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.
$50,000
Annual Fee$0 p.a. annual fee for the first year ($60 p.a. thereafter)
Minimum Repayment2.5% or $75 whichever is greater
Late Payment Fee$20
Over Limit Fee$10
Cash Advance Fee1.5% of the cash advance amount
Overseas Cash Advance Fee$4 or 1.5% of the cash advance amount
Overseas Emergency Replacement$20
Overseas ATM Balance check$1.25
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
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$60 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • This card offers $0 annual fee for the first year if you apply by 31 January 2017. This reverts to a standard annual fee of $60.
  • Get $250 cash back if you apply between 1 November 2016 and 31 January 2017 and spend $500 on eligible purchases using your new card by 31 March 2017.
  • This card also offers credit limits of up to $50,000, 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 cash advance rate of 17.57% p.a. for cash advance transactions such as ATM withdrawals or payment for travellers cheques.
  • Get a response within 60 seconds if you apply online.

Cons

  • 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. There is an unsecured credit limit of up to $50,000 available, subject to approval and eligibility criteria.

Benefits of the Commonwealth Bank Business Interest-Free Days credit card

  • $250 cash back offer. New cardholders who apply by 31 January 2017 and spend $500 on eligible purchases using their new card by 31 March 2017 can take advantage of the $250 cash back offer.
  • 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.
  • No annual fee for the first year. New cardholders can enjoy an annual fee waiver for the first year if they apply by 31 January 2017. This reverts to the standard annual fee of $60 thereafter. Terms and conditions apply.
  • Complimentary insurance covers. This card also comes with complimentary transit accident insurance up to $250,000 for cardholders.

Features of the Commonwealth Bank Business Interest-Free Days credit card

  • Additional cardholder. You have the option of additional cardholder for your account, providing more flexibility for your business spending needs. A $60 annual fee applies for additional cardholders.
  • 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.
  • 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.
  • 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, then you can get the application process started by completing an online application. 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.

Eligibility requirements

  • 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)

Supporting documents

  • 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 for the card, you could receive it in as little as 10 days. You will then be able to activate it 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 so that you can choose a credit card that suits your business' needs.

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4 Responses to Commonwealth Bank Business Interest-Free Days Credit Card

  1. Default Gravatar
    Ryan | October 27, 2016

    When you check the CBA website it says nothing about the $250 cash back offer. Are you sure that the $250 cash back offer is still being offered? Why wouldn’t CBA promote this on their site?

    • Staff
      May | October 28, 2016

      Hi Ryan,

      Thank you for your comment.

      Although the cashback promotion was not mentioned on CBA’s page, but we can confirm that with the Commonwealth Bank Business Interest-Free Days credit card, you’ll be able to get the $250 cash back offer by meeting the following:

      1. You are a new customer and have not held any CBA business credit card before
      2. You apply for this card by 31 October 2016
      3. Once approved, you spend $500 on eligible purchases using your new Business Interest-Free Days credit card by 31 December 2016

      If you wish to apply to take advantage of the cash back offer, please review the criteria and click on the green ‘Go to site’ button above.

      Cheers,
      May

  2. Default Gravatar
    Richard | June 11, 2012

    Can this card be linked to a frequent flyers program?

    • Staff
      Jacob | August 1, 2012

      Hi Richard. The Commonwealth Bank Business Interest Free Days Credit Card doesn’t earn reward points, but rather gives cardholders access to discounts on certain products. These discounts are currently offered on some Commonwealth bank, Dell, Toll Priority and Cellarmasters products. Frequent flyer accounts can’t be linked to this card, although they can be linked to the Business Awards credit card. Thanks for your question.

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