Cut credit card costs with no annual fee and competitive interest rates for both purchases and cash advances with the CommBank Business Low Rate credit card.
The CommBank Business Low Rate credit card provides the perks and convenience of a business card with competitive interest rates and fees. Designed to suit small businesses, you can request additional cardholders for this card and easily integrate your accounting software with your credit card transactions.
|Product Name||Commonwealth Bank Business Low Rate Credit Card|
|Balance transfer rate (p.a.)||5.99% p.a. for 5 months|
|Balance Transfer Revert Rate|
The interest rate after the balance transfer ends.
|Cash Advance Rate (14.55% p.a.)|
|Purchase rate (p.a.)||14.55% p.a.|
|Annual fee||$0 p.a.|
|Cash advance rate (p.a.)||14.55% 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.
|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.
|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|
|Minimum Age||18 years of age|
|Available To Temporary Residents||No|
|Credit Rating Requirement||Good|
|Annual fee||$0 p.a.|
|Late Payment Fee||$20|
|Cash Advance Fee||Over-the-counter: $2.50 or 1.5% of cash advance amount, ATM: 1.5% of cash advance amount|
|Overseas Cash Advance Fee||$4.00 or 1.5% of the cash advance amount (whichever is greater)|
|Foreign Currency Conversion Fee|
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.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$0|
- You can choose whether you make the card a Business Liability or Personal Liability account. This means you can choose how you delegate spending liability for the card.
- Unsecured credit limit of up to $50,000.
- Save money with a $0 annual fee.
- If you want to use the card overseas, you’ll be charged 3% of the transaction value each time you make a purchase in a foreign currency.
- There is a $20 late payment fee if you don’t make your payment before the statement due date.
- This card has no interest-free period on purchases, unlike most credit cards.
Commonwealth Bank Business Low Rate Credit Card review
The CommBank Business Low Rate card provides a flexible source of short-term cash flow and is suitable for small-to-medium businesses. Enjoy a $0 annual fee for the life of the card and low ongoing interest rates on purchases and cash advances.
Benefits of the Commonwealth Bank Business Low Rate Credit Card
- annual fee. Save on credit card costs with no annual fee for the life of the card.
- Low interest rates. Apply for the Business Low Rate card to enjoy a low ongoing variable interest rate of 14.55% p.a. for purchases and cash advances.
- Transit accident insurance. If you activate your insurance via NetBank or the CommBank app, you can access up to $250,000 in transit accident insurance.
- Personalisation. Give your credit card a professional look by adding your business name beneath the cardholder's name.
Features of the Commonwealth Bank Business Low Rate Credit Card
- Interest rates. This card has a variable interest rate of 14.55% p.a. for purchases and cash advances.
- Credit limit. Your business can benefit from an unsecured credit limit of up to $50,000 based on your eligibility criteria.
- Additional cards. There is $0 annual fee for any additional cardholders you add to your account.
- Liability. By taking personal responsibility for your business credit card account, you can apply online and receive your CommBank card in as little as 10 days (if your application is approved). Personal liability for credit cards is often chosen by business owners who are responsible for all of the account transactions. For larger businesses, you may want to consider applying for a card with business liability, which means the business entity holds full responsibility for the credit card.
How to apply for the Commonwealth Bank Business Low Rate Credit Card
You can apply for this credit card online. You will be asked to supply the following information to ensure that you and your business are eligible for this card.
- All applicants must either be a business owner, director or partner.
- Only permanent residents and citizens of Australia can apply for this business credit card.
If you meet the eligibility requirements, you will also need to have the following documentation ready to complete your application.
- Your business name and address, as well as any trading name plus a valid Australian Business Number (ABN).
- Your personal income and liability details will also be required in the application.
- You must have at least two forms of valid ID. This can include a passport, driver’s license or ID, Australian birth certificate or marriage license.
Now that you know more about the Commonwealth Bank Business Low Rate credit card, you can compare it with other options to find the choice that fits your business' needs.Back to top