Commonwealth Bank Business Low Rate Credit Card
Manage your business spending with a 14.55% p.a. interest rate and a $0 annual fee.
The Commonwealth Bank Business Low Rate credit card offers the same competitive interest rate for purchases and cash advances, as well as no annual fee and no interest-free days.
Balance transfer rate
for 5 months
- Choice of Business Liability or Personal Liability account
- Unsecured credit limit of up to $50,000
- Ongoing $0 annual fee
- Charges a 3% of transaction value foreign transaction fee
- No interest-free period on purchases
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It also offers an introductory balance transfer rate of 5.99% p.a. for the first 5 months if you transfer debt from an existing account onto the new card. After the introductory period, any remaining balance transfer debt will attract the cash advance rate of 14.55% p.a.
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 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.
- 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 to make contactless payments with Apple Pay, Samsung Pay and Google Pay.
Rates & fees
- Interest rate. 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.
- Liability. This is a personal liability business credit card, which means that the person who applies for it is legally responsible for all account management. This legal structure is similar to most personal credit cards, as well as other business credit cards suited to sole traders and small business owners.
- Optional business name. Add your business name below the cardholder's name on your card for an added professional touch.
- 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.