Commonwealth Bank Business Interest-Free Days credit card
Manage your business spending and cash flow with up to 55 days interest-free on purchases and the option of additional cardholders.
The Commonwealth Bank Business Interest-Free Days Credit Card has a $60 annual fee per cardholder and can be integrated with MYOB, Xero or QuickBooks accounting software.
Balance transfer rate
for 5 months
Interest free period
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|Product Name||Commonwealth Bank Business Interest-Free Days Credit Card|
|Balance transfer rate||5.99% p.a. for 5 months|
|Balance transfer revert rate||Cash Advance Rate (17.57% p.a.)|
|Purchase rate||17.57% p.a.|
|Interest-free period||55 days|
|Cash advance rate||17.57% p.a.|
|Min credit limit||$500|
|Max credit limit||$50,000|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- 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.
|Minimum monthly repayment||2.5% of the closing balance or $75, whichever is greater|
|Late payment fee||$20|
|Foreign currency conversion fee||3%|
|Cash advance fee||1.5% or $2.50, whichever is greater|
|Overseas cash advance fee||1.5% or $4, whichever is greater|
|Additional cardholder fee||$60|
|Number of additional cardholders||1|
Amy Bradney-George is the acting editor for credit cards and has more than 13 years’ experience writing about personal finance. She has bylines in publications including The Sydney Morning Herald, ABC News and The Equity Magazine. A passionate writer, she’s also acting editor for Finder X and senior writer for Finder Green. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University, and when she’s not writing she spends her time as an actress.
How to apply
If you want to get this card for your business, you can apply online by filling out a secure application form. Get started by checking that you meet the following eligibility requirements and have all the details and documents you need to apply.
- Residency. You must be legally allowed to work in Australia. If you are on a visa, you should provide details of that visa and proof that you can work in Australia.
- Business status. As this is a personal liability card, you can only apply for it if you are the owner of the business and plan to use it for business spending.
- Bankruptcy status. You must not currently be bankrupt.
- Age. You must be at least 18 years of age.
- Personal details. This includes your full name, date of birth, email address, residential address, marital status, number of dependents and contact number. You will also be asked for a valid form of ID, such as your driver's license number or passport.
- Business details. You need to share details of your business, including your Australian Business Number (ABN), business name, financial details and your accountant's contact information. You may also be asked to provide Business Activity Statements (BAS), your last tax assessment notice or other official documentation that verifies your business details.
- 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. Note that interest-free days do not apply when you carry a balance, including from a balance transfer.
- Balance transfer offer. Get 5.99% p.a. on balance transfers for 5 months when you move an existing balance across to this account. At the end of the introductory period, any remaining debt from the balance transfer will attract the card's cash advance rate of 17.57% p.a.
- Complimentary transit accident insurance. Get peace of mind with complimentary transit accident insurance when you use this card to pay for your overseas trip before leaving Australia.
- Complimentary unauthorised transaction insurance. This card offers cover against unauthorised transactions made by any additional cardholders you add to the account.
- Sync with accounting software. Send transaction details straight to your accounting software platform by setting up an automatic feed with MYOB, Xero or QuickBooks. This can save you time on manual data entry and means you won't have to give your business banking account details to anyone involved in your bookkeeping because they can view key details through your accounting software instead.
- Mobile payment compatibility. You can use your eligible smartphone or wearable device to make contactless payments when you add this card to your Apple Pay, Samsung Pay or Google Pay account.
Rates & fees
- Annual fee. The Business Interest-Free Days credit card attracts an annual fee of $60, which is competitive when compared to other business credit cards.
- Additional cardholders. If you want to share this account with employees, a $60 annual fee applies for each additional card.
- Purchase rate. This card charges an interest rate of 17.57% p.a. for purchases, which is higher than some other business credit card options.
- Account management. You can request online statements, set up automated payments, order cards and change your daily withdrawal limits through CommBiz or NetBank.
- 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.