Commonwealth Bank Business Low Rate Credit Card

Last updated: Dec 18, 2020

Manage your business spending with 0% p.a. on purchases for the first 15 months and a $0 annual fee.

If you apply for the Commonwealth Bank Business Low Rate credit card by 25 February 2021 and get approved, you can take advantage of 0% p.a. on purchases for the first 15 months. At the end of the introductory offer, a 14.55% p.a. interest rate applies for purchases and cash advances. This card also offers no annual fee.

5.99% p.a.

Balance transfer rate

for 5 months

0% p.a.

Purchase rate

for the first 15 months (reverts to 14.55% p.a.)

$0 p.a.

Annual fee

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Details

Product Name	Commonwealth Bank Business Low Rate Credit Card
Balance transfer rate	5.99% p.a. for 5 months
Balance transfer revert rate	Cash Advance Rate (14.55% p.a.)
Purchase rate	0% p.a. for 15 months, reverts to 14.55% p.a.
Annual fee	$0
Cash advance rate	14.55% p.a.
Min credit limit	$500
Max credit limit	$50,000
Card type	Mastercard
Foreign currency conversion fee	3%

Available to temporary residents	No
Joint application	No

Pros

Choice of Business Liability or Personal Liability account
Unsecured credit limit of up to $50,000
Ongoing $0 annual fee
0% interest on purchases for 15 months.

Cons

Charges a 3% foreign transaction fee
No interest-free period on purchases

Annual fee	$0
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	$0
Number of additional cardholders	1

Expert review

Review by

Amy Bradney-George

amy.bradney-george@finder.com

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.

Expert review

The CommBank Business Low Rate card offers a range of features suited to small business owners. This includes integration with MYOB and Xero accounting software and a $0 p.a. additional cardholder fee if you want to share the account with a colleague or employee.

The 0% purchase rate offer on this card gives you a way to save on interest charges when you're making business purchases in the first 15 months. After that, the 14.55% p.a. interest rate applies.

While this variable rate is competitive and applies for purchases and cash advances, take note that this card doesn’t offer you any interest-free days on purchases. This means your transactions will start collecting interest from the date they are made – so it’s worth thinking about whether this structure will suit your cash flow situation.

How to apply

You can apply for the CommBank Business Low Rate credit card online by filling out a secure application form. Get started by making sure you meet the following eligibility criteria and have all the documents and details you need to apply.

Eligibility criteria

Residency. You must be legally allowed to work in Australia. If you are on a visa, you will need to 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.

Required documents

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. This covers 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), recent tax assessment notices or other official documentation that verifies your business details.
Personal financial details. This includes your personal income and employment status, as well as assets such as savings and investments. You also need to share details of any debts, loans or other liabilities, along with your regular spending on essentials such as rent, mortgage payments and bills.
Balance transfer details. If you want to take advantage of the introductory balance transfer rate on this card, you will need to share details of the debt you want to move over to the new account. This includes the total value of the debt, the account name, account number and the institution's BSB. Note that you can only transfer debt from Australian cards not issued by CommBank.

Card benefits

0% purchase rate offer. This card offers 0% p.a. on purchases for 15 months when you apply by 25 February 2021 and get approved. At the end of the introductory period, the card's 14.55% p.a. variable rate applies to all purchases. Note that you'll still need to meet your monthly repayment requirements during the introductory period.
$0 annual fee. While many business credit cards charge you a yearly account fee, this card offers no annual fee for the life of the card.

Free additional cardholder. You can take advantage of the $0 p.a. additional cardholder fee if you want to share this account with an employee or business associate.
Complimentary unauthorised transaction insurance. If you add an additional cardholder, you'll get automatic cover against any unauthorised transactions they make.
Complimentary transit accident insurance. Use this card to book for an overseas trip before leaving Australia and you'll get cover for accidental injury or death that occurs when you're travelling as a passenger on a licensed plane, tourist bus, train, ferry or other eligible mode of transport.
Account management tools. Keep track of spending and other account details online via either CommBiz or NetBank. You can also integrate this card with MYOB or Xero accounting software to save time on importing your transactions.
Mastercard benefits. Impress clients and employees with exclusive dining, entertainment and retail offers through the Mastercard Priceless Cities program. You can also get emergency assistance at any time through Mastercard Global Services.
Optional business name. Add your business name below the cardholder's name on your card for an added professional touch.
Contactless and mobile payments. You can use this card to tap-and-pay at the checkout. You can also use your eligible smartphone or wearable device to make contactless payments with Apple Pay, Samsung Pay and Google Pay.

Rates & fees

Interest rate. Outside of any promotions, this card's 14.55% p.a. interest rate applies to purchases and cash advances, which could make it easier to keep track of interest charges and your balance.
Balance transfers. The CommBank Business Low Rate offers an introductory 5.99% p.a. interest rate on balance transfers for the first 5 months. You can request a minimum balance transfer of $500 from an Australian credit or store card that is not issued by CommBank.

- Credit limit. This card has a minimum credit limit of $500 and maximum limit of $50,000. Note that individual credit limits are subject to approval based on CommBank's credit lending criteria.

Foreign transaction fee. A fee of 3% per transaction applies when you use this card overseas or online with a business that processes the payment overseas.

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31 Comments

RT
April 27, 2016

Hi,

Does this card earn points at when purchasing at petrol stations and buying airline tickets.
Thanks

finder Customer Care

Dee
May 3, 2016

Hi RT,

Thanks for your question.

Unfortunately, the Commonwealth Bank Small Business Low Rate Credit Card does not offer any reward program. You will not be able to accumulate reward points with this card.

Cheers,
Anndy

Ping
August 27, 2015

How do you define small business? as the secretary of the company, can I apply for the business credit card or it has to be the director?

finder Customer Care

Sally
August 28, 2015

Hi Ping,

Thank you for your inquiry.

Applicants for a business card should be any of the business owners, directors or partners and can submit all requirements including the required signatories who are authorised to handle the account. Applications can be made via online too, please refer to the link I’ve sent on your email with the full list of required documents and identifications.

Please see this page for the list of considerations on choosing a business credit card.

I hope this has helped.

Cheers,

Sally

Ping
August 27, 2015

can I apply it on line?

finder Customer Care

Sally
August 28, 2015

Hi Ping,

Yes, you can apply online.

I’ve emailed you a link to the online application for your perusal.

I hope this has helped.

Thanks,

Sally

AS
December 30, 2014

Can ‘Not-for-profit organisations’ apply for this card? Thank you

finder Customer Care

Elizabeth
December 31, 2014

Hi AS,

Thanks for your question.

As long as the organisation is still a small business structure you’ll still be able to apply for the card.

I hope this has helped.

Thanks,

Elizabeth

Rose
July 14, 2014

We have a company which controls our smsf. In our smsf we own a property which we need to buy things for occasionally. Currently we use our personal card to do this but this gets messy remembering to pay ourselves back. We just need a card which has no annual fee as we would pay out full amount each month on due date! The card would be in company name. Can we do this with this card? Thank you .

finder Customer Care

Shirley
July 15, 2014

Hi Rose,

Thanks for your question.

No this card is not available as part of your SMSF. Please Susan’s response above.

Cheers,
Shirley

Susan
August 7, 2014

I am a financial planner and I would like to refer to Roses question re her SMSF
no you can not get a business credit card as that is seen as a related party if she is a member.
That is against the SIS Act
What she could do is set up savings account and get her smsf to pay to that account and pay out only specifically for smsf.
Hope that helps.

Krystle
January 14, 2014

Re: Commonwealth Bank Small Business Credit Card – Low Rate. Do I have to have a “Business” to apply for this product? I can’t see this requirement in the Terms and Conditions.

finder Customer Care

Jacob
January 15, 2014

Hi, Krystie.

Thanks for your question.

This product is available to businesses only. If you’re looking to apply for a credit card for personal use, please have a look at our best credit card comparison page to start.

I hope this helps.

John
June 6, 2013

Hello,

I currently own a small pet shop and am currently banking with NAB, my business has only been running since September last year. I am looking for a credit card so I can purchase stock monthly and not use accounts with suppliers.
My current bank is asking for last 2 years financials even though my business has only been running since September.
I have my eftpos facilities via NAB but would be will to switch to a bank who will look after me.
Regards
John

finder Customer Care

Jacob
June 6, 2013

Hi John. In the online application for this card, you’re allowed to enter months as an option for the length of time your business has been operating. Please check the review page for information about the other application requirements. If you’re unhappy with the services offered to you by your lender, you can look else where for your banking needs – and hopefully we can provide some information to make it easier – but best to speak to your accountant or a contact at your lender about business banking. Thanks for the question.

Allan
May 14, 2013

1) Can I nominate the maximum level of credit, i.e. say $3,000.00?
2) How is the interest calculated, e.g. for $1,000.00 credit at 14.55% for 7 days?
Would it be $1,000 x 14.55% x 7/365?

finder Customer Care

Jacob
May 15, 2013

Hi Allan. Thanks for writing in to us with this question. This page answers the question about how credit card interest is calculated. You can elect a credit limit when you apply for the card; however, the final say will rest with the lender. If they don’t approve the requested limit, they will assign one based on what they think you can service. Jacob.

Daniel
May 8, 2013

Hi,

Does this card no have any interest free days on the purchases?

finder Customer Care

Jacob
May 8, 2013

Hi Daniel. Thanks for your question. This card does not currently have any interest free days when you make a purchase. Jacob.

Debbie
November 13, 2012

Is there a fee for additional cardholders?

finder Customer Care

Jacob
November 14, 2012

Hi Debbie. You’re eligible for one additional card holder at no extra fee. Please check the fees and repayments tab on the bottom table of the Commonwealth Bank Business Low Rate Credit Card page. Cheers.

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