Commonwealth Bank Corporate Low Rate Credit Card

Manage your cash flow and pay off business expenses over time with the Commonwealth Bank Corporate Low Rate Credit Card.

With a low interest rate of 14.55% p.a. (variable), the Commonwealth Bank Corporate Low Rate Credit Card makes it more affordable to fund larger business expenses while also managing cash flow.

This card also offers additional cardholders, customisable transaction limits and monthly spending limits for each card, complimentary transit accident insurance and detailed reports to analyse and forecast expenses.

Product NameCommonwealth Bank Corporate Low Rate Credit 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 Repayment2.5% or $75 (whichever is greater)
Card TypeMastercard
Late Payment Fee$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
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
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 Repayment2.5% or $75 (whichever is greater)
Late Payment Fee$25
Over Limit Fee$25
Cash Advance FeeATM: $1.25, Over-the-counter: $2.50
Overseas Cash Advance Fee$4
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 AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Number of Additional Cardholdersunlimited
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Control card limits and features. Set individual limits for each cardholder to manage your business expenses.

Cons

  • No rewards program or points means that you could be missing out on a lot of rewards points for your business spending.

Commonwealth Bank Corporate Low Rate Credit Card review

The Commonwealth Bank Corporate Low Rate Credit Card is designed for medium-sized businesses that want to maximise cash flow while also having the flexibility to pay off expenses over time at an affordable rate. As well as having a competitive interest rate for purchases and cash advances, this card helps minimise expenses by letting you choose transaction limits and monthly spending limits. With additional cardholder options, this means you can also use the account to easily manage employee spending.

The Commonwealth Bank Corporate Low Rate Mastercard also offers global acceptance, a variety of payment options and protection against unauthorised card use. Plus, you can easily track and manage all the features through the CommBiz online banking service.

Benefits of the Commonwealth Bank Corporate Low Rate Credit Card

  • Flexible payments. Choose to pay the full amount off the card or a minimum amount each month based on your business needs.
  • Control card limits and features. The Commonwealth Bank Corporate Low Rate Card lets you set individual limits for each cardholder.
  • Transit accident insurance. This card includes complimentary transit accident insurance up to $250,000 for cardholders (terms and conditions apply).
  • Unauthorised card use insurance. Your finances are protected by complimentary unauthorised card use insurance worth up to $150,000 a year.
  • Customisable card designs. You can choose to add your corporate logo or artwork to the card for a more personalised option (fee applies).
  • CommBiz access. This dedicated online business banking service lets you order new cards, change PINs and cardholder limits, cancel or reissue cards, make payments 24/7 and more without the need for any additional software.

Features of the Commonwealth Bank Corporate Low Rate Credit Card

  • Annual fee. This account has annual fees of $40 per card for up to 49 credit cards, $32 per card for 50 to 499 cards and $24 per card for 500 or more cards.
  • Establishment fee. There is a $300 establishment fee when you accept the bank’s offer for this card and if CommBank approves any request you make for a credit limit increase.
  • Interest rate. A variable interest rate of 14.55% p.a. for purchases and cash advances applies.
  • Replacement card fee. A fee of $20 is charged if you or another cardholder lose a card, have it stolen or need a replacement card for any other reason.
  • Overlimit charge. There’s a $25 charge for cards that go over their credit limit.
  • Cash advance fees. The charges for cash advance transactions range from ATM: $1.25, Over-the-counter: $2.50 to $4, with CommBank ATM cash advances the most affordable and overseas cash withdrawals the most expensive options.
  • International transaction fee. A 2.5% charge is applied to any transactions made overseas or in a foreign currency will be charged.
  • Mastercard acceptance. This card lets you make payments to more than 36 million merchants worldwide, wherever Mastercard is accepted.

How to apply for the Commonwealth Bank Corporate Low Rate Credit Card

You can easily apply for the Commonwealth Bank Corporate Low Rate Credit Card online. Before you apply for the card, though, make sure you've met the eligibility requirements and have the necessary documents on hand:

Eligibility criteria

    • Age. All cardholders must be at least 18 years of age.
    • Bankruptcy status. You can only apply for this card if you don't have undischarged bankruptcy in your financial history and have not assigned your estate or made any other arrangements with your creditors.

Required documents

  • Identity. You must provide documentation that verifies your identity and the identity of any other beneficiaries (where relevant). This could include your Australian Business Number, Proprietary Limited details, trustee documentation and other official business documentation, as well as your personal driver's licence or passport.
  • Proof of business security. You'll need to provide evidence of the value of any 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.

The Commonwealth Bank Corporate Low Rate Credit Card is designed to make it easier and more affordable to manage business expenses on a day-to-day basis. With a low purchase rate, customisable features, access to analytics and streamlined card management options, this credit card could be worth considering and comparing against other business options when you want both control and flexibility for your business expenses. However, as it’s not the only corporate card on the market, it’s important to compare your options before applying.

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2 Responses

  1. Default Gravatar
    jafarJuly 29, 2016

    I applied for credit card how long does takes to i get

    • Staff
      AnndyJuly 29, 2016Staff

      Hi Jafar,

      Thanks for your comment.

      After approval, you will receive your Commonwealth Bank Corporate Low Rate Credit Card within the next 5-7 business days via mail.

      Cheers,
      Anndy

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