Manage your business, travel and procurement spending simply and effectively with a dedicated corporate charge card from the Commonwealth Bank.
The Commonwealth Bank Corporate Charge Card has a range of features to help streamline the management of expenses across your business, including customisable limits for each cardholder, automatic payments and complimentary insurance options.
As a charge card, you won’t have to pay interest on the balance, with payments made from a nominated account each month. This service means you get the convenience of having one account for all your business expenses, without the added cost of interest charges from a corporate credit card.
| Product Name | Commonwealth Bank Corporate Charge Card |
|---|---|
| Purchase rate (p.a.) | 14.55% p.a. |
| Annual fee | $40 p.a. |
| Cash advance rate (p.a.) | 14.55% p.a. |
| Minimum Monthly Repayment | Full balance |
| Card Type | Mastercard |
| 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. | 2.5% of transaction value |
| Complimentary Travel Insurance | No |
| 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 |
| Annual Fee | $40 p.a. |
|---|---|
| Minimum Repayment | Full balance |
| Cash Advance Fee | $1.25 |
| Overseas Cash Advance Fee | $4 or 1.25%, 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. | 2.5% of transaction value |
| Gambling Transactions Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- Customised control for different cardholders.
- Set daily spending limits and monthly credit limits to minimise costs.
- CommBiz access. Lets you manage your business account and make payments online 24/7, order new cards or PINs, change card limits.
Cons
- No rewards program is provided which could mean missing out on a considerable amount of rewards points.
Commonwealth Bank Corporate Charge Card review
The Commonwealth Bank Corporate Charge Card is designed for large organisations that want an easy way to manage employee spending without the added cost of interest. This Mastercard charge card offers you an unlimited number of cardholders and customisable daily and monthly spending limits for each individual, without the interest costs associated with corporate credit cards.
It also gives you access to a range of electronic reporting and management tools through the CommBiz online banking service. These detailed reports let you easily forecast and analyse your business expenses without the need for extra software, which can help you improve your business processes and save time and money.
Benefits of the Commonwealth Bank Corporate Charge Card
- Easy account management. This card lets you set up automatic payments that will be taken out of a nominated account each month.
- No interest charges. As a charge card, there is no interest rate for the account.
- Customisable card features. Set different daily spending limits and monthly credit limits for each cardholder so that your employees have access to the money they need for business expenses.
- CommBiz access. Make payments online 24/7, order new cards or PINs, change card limits, cancel or reissue a card and get access to a range of analytics and expenditure forecast tools with this online banking service.
- Individual card management. All cardholders can manage their PIN or view statements online with NetBank, which means both managers and individual employees can keep track of their charges.
- Complimentary insurance. The Commonwealth Bank Corporate Charge Card comes with complimentary transit accident insurance for up to $250,000 for cardholders and complimentary unauthorised use insurance up to $150,000 per year. (Terms and conditions apply.)
- Worldwide acceptance. This card can be used at more than 36 million merchants worldwide, wherever Mastercard is accepted.
Features of the Commonwealth Bank Corporate Charge Card
- Annual fee. This card charges annual fees of $40 per cardholder for 1-49 cards, $32 each for 50-499 cards and $24 per card for more than 500 cardholders.
- Establishment fee. A $300 charge is applicable when you accept the card or if you request and are approved for a credit limit increase.
- Cash advance charges. The cost of cash advances start from $1.25 for a Commonwealth Bank ATM cash advance and go up to for overseas cash advances.
- International transaction fee. A 2.5% fee is applied for any purchases made overseas or in an international currency.
- Non-Commonwealth Bank ATM balance enquiry fee. Any balance enquiries made outside the Commonwealth Bank ATM network will attract a $1.25 fee.
- Personalised card design. Put your corporate logo or artwork on the card for a more customised design (fee applies).
How to apply for a Commonwealth Bank Corporate Charge Card
It’s easy to apply for the Commonwealth Bank Corporate Charge Card online. Get started by reading through the following eligibility criteria for this product to make sure it is a suitable option for your business:
Eligibility criteria
- Age. All cardholders must be at least 18 years of age.
Required documents
- Identity. You will need to provide documentation that verifies your identity and the identity of any other beneficiaries (where relevant), such as your Australian Business Number, Proprietary Limited details, trustee documentation and other official business documentation, as well as your personal drivers licence or passport.
- Proof of business security. You must show valuation of property or goods being used as security for this credit facility, including profit and loss account details and balance sheets for a requested period of time.
- Bankruptcy status. You can only apply for this card if you are not an undischarged bankrupt and have not assigned your estate or made any other arrangements with your creditors.
The Commonwealth Bank Corporate Charge Card offers a wide range of features that make it easy and affordable to manage business expenses and keep track of individual spending, without the interest charges associated with corporate credit cards. Although this card offers convenience, it’s not the only corporate charge card on the market. Make sure to compare it with a few other options before applying.
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