CommBank Business Low Rate Credit Card
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 30 June 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.
Balance transfer rate
for 5 months
for the first 15 months (reverts to 14.55% p.a.)
|Product Name||CommBank 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.|
|Cash advance rate||14.55% p.a.|
|Min credit limit||$500|
|Max credit limit||$50,000|
|Foreign currency conversion fee||3%|
|Available to temporary residents||No|
- 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.
- Charges a 3% foreign transaction fee
- No interest-free period on purchases
|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|
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.
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.
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.
- 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.
- 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.
- 0% purchase rate offer. This card offers 0% p.a. on purchases for 15 months when you apply by 30 June 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.