CommBank 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 variable interest rate of 14.55% p.a., the Commonwealth Bank Corporate Low Rate credit card gives you a way to fund larger business expenses and manage cash flow.
It also offers additional cardholders, customisable spending limits for each card and detailed reports to help you analyse and forecast expenses.
Interest free period
|Product Name||CommBank Corporate Low Rate Credit Card|
|Purchase rate||14.55% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate||14.55% p.a.|
|Foreign currency conversion fee||2.5%|
|Available to temporary residents||No|
- Low interest rate of 14.55% p.a.
- Flexible payment options
- Access with CommBiz
- A $300 establishment fee applies
|Minimum monthly repayment||2.5% of the closing balance or $75, whichever is greater|
|Late payment fee||$25|
|Foreign currency conversion fee||2.5%|
|Cash advance fee||1.25%|
|Overseas cash advance fee||4%|
|Number of additional cardholders||9,999|
Amy Bradney-George has been writing about personal finance for more than 13 years – including over 600 articles as a senior writer for Finder. Her work has also appeared in publications including Money Magazine, The Sydney Morning Herald, Financy, ABC News Australia and Equity Magazine. Amy has a Bachelor of Arts in Journalism and Drama from Griffith University.
The annual fee for the CommBank Corporate Low Rate card is structured to suit the needs of medium and large businesses, with $40 p.a. per card for up to 49 cards, $32 per card for 50 to 499 cards and $24 per card for 500 or more cards. Note that there is an establishment fee of $300 when you open the account.
It also offers detailed reports and statement summaries through CommBiz, allowing you to track spending by department or view expenses for individual employee. This could help you set and manage budgets, as well as simplifying accounting tasks. You also have control over transaction and monthly spending limits for each card and complimentary unauthorised use insurance for the account.
How to applyYou can apply for the Commonwealth Bank Corporate Low Rate credit card by contacting CommBank's business banking team on 13 19 98. Get started now by checking that you meet the following eligibility criteria and have all the documents and details you need to fill in the application form.
- Business requirements. You must intend to use this account primarily for business spending.
- Age. You must be at least 18 years old to apply.
- Personal details. This includes your full name, contact details and a valid form of ID. These details need to be provided for all business owners and partners that are applying for the account. You also need to provide basic details for each additional cardholder.
- Business details. This includes your business name and address, as well as the ABN (Australian Business Number), ACN (Australian Company Number), ARBN (Australian Registered Body Number) or ARSN (Australian Registered Scheme Number).
- Financial details. This covers the financial details for your business, such as the annual turnover, profit and loss statements and contact details for your accountant. You may also be asked for some personal financial details, such as liabilities and assets, as part of the application.
- 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.
- 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.
- Mastercard features. As well as worldwide acceptance through the Mastercard network, this account gives you access to exclusive entertainment, dining, travel and shopping offers through Mastercard Priceless Cities, as well as the retail offers available on the Mastercard Australia website.
Rates & fees
- Establishment fee. A fee of $300 applies when you accept the bank's offer for this account. This fee also applies if you request a credit limit increase and the bank approves it.
- Annual fee. This account has annual fees of $40 p.a. per card for up to 49 cards, $32 per card for 50 to 499 cards and $24 per card for 500 or more cards.
- Interest rate. A variable interest rate of 14.55% p.a. applies for purchases and cash advances.
- Cash advance fee. ATM: $1.25; over-the-counter: $2.50. This applies per transaction.
- International transaction fee. A 2.5% charge is applied to any transactions made overseas or in a foreign currency will be charged.