Cut credit card costs with no annual fee and low interest rates on 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 CommBank Business credit card with low competitive interest rates for greater payment flexibility. Receive a competitive variable interest rate of 14.55% p.a. for both purchases and cash advances, allowing you to keep your inventory stocked, even during slow times.
| 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. | $500 |
| 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. | $50,000 |
| Card Type | Mastercard |
| Late Payment Fee | $20 |
| 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 |
| Available To Temporary Residents | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | No |
| Credit Rating Requirement Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here. | Good |
| 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. | $500 |
| 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. | $50,000 |
| Annual Fee | $0 p.a. |
|---|---|
| Late Payment Fee | $20 |
| Over Limit Fee | $0 |
| 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 1.50% of cash advance amount, whichever is greater |
| Overseas Emergency Replacement | $20 |
| Overseas ATM Balance check | $1.25 |
| 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 |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $0 p.a. |
| Number of Additional Cardholders | 1 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- 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.
- Cardholders have the option of securing the credit card or keeping it unsecured. If the card is secured against the business, there is a credit limit increase of up to $50,000.
- Save money with a $0 annual fee.
Cons
- 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 $0Â 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
- No annual fee. Save on credit card fees 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. applied to purchases and cash advances.
- Transit Accident Insurance. While on a trip, you are covered by up to $250,000 in the event of injury or death while riding in a plane, bus, ferry or train. This insurance can also cover an eligible spouse/ dependent children travelling with you, but only applies if the cost of the trip was paid for using the Commonwealth Bank Business Low Rate credit card.
- 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.
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 card. You can apply for 1Â additional cardholder with your Low Rate credit card.
- Personalisation. Give your credit card a professional look by adding your business name beneath the cardholder's name.
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.
Eligibility criteria
- 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.
Required documents
- 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.
A reliable line of credit can help grow your business. 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.
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Hi,
Does this card earn points at when purchasing at petrol stations and buying airline tickets.
Thanks
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
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?
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
can I apply it on line?
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
Can ‘Not-for-profit organisations’ apply for this card? Thank you
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
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 .
Hi Rose,
Thanks for your question.
No this card is not available as part of your SMSF. Please Susan’s response above.
Cheers,
Shirley
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.
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.
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.
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
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.
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?
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.
Hi,
Does this card no have any interest free days on the purchases?
Hi Daniel. Thanks for your question. This card does not currently have any interest free days when you make a purchase. Jacob.
Is there a fee for additional cardholders?
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.