Commonwealth Bank Low Fee Card – Rates and Fees

Enjoy up to 55 interest-free days on purchases, a balance transfer offer and $0 annual fee for the first year and every year after when you meet the spending requirement.

Commonwealth Bank’s Low Fee card is a no-frills credit card which provides an affordable option for customers. The annual fee for the first year is $0, and for every subsequent year it is $29. This fee can be waived if you spend at least $1,000 on the card in the previous year.

In addition to a low annual fee, this card offers up to 55 interest-free days on purchases when you pay your balance in full by the due date on your statement. It also offers a balance transfer rate of 5.99% p.a. for 5 months.

Product NameCommonwealth Bank Low Fee 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 (21.24% p.a.)
Balance Transfer Limit100% of available credit limit
Purchase rate (p.a.)19.74% p.a.
Annual fee$0 p.a. annual fee for the first year ($29 p.a. thereafter)
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.24% 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
Minimum Monthly Repayment2% or $25 whichever is greater
Card TypeMasterCard
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
Complimentary Travel InsuranceNo
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
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
Annual Fee$0 p.a. annual fee for the first year ($29 p.a. thereafter)
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$0
Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Emergency Replacement$20
Overseas ATM Balance check$1.25
Overseas ATM Withdrawal Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
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 AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Get $0 annual fee for the first year, reverting to $29 every year thereafter. CommBank will continue to waive your annual fee providing that you spend $1,000 or more in the previous year.
  • This card comes with a balance transfer offer of 5.99% p.a. for 5 months.

Cons

  • Being a low cost, no frills card, the Commonwealth Bank Low Fee credit card has none of the bells and whistles that come with many other cards.

Commonwealth Bank Low Fee Card review

The Commonwealth Bank Low Fee Credit Card is a no-frills option that offers savings in the form of a $0 annual fee in the first year, which reverts to a low standard annual fee of .

This card also gives you an opportunity to save on interest costs for existing card debt, with an introductory balance transfer rate of for the first months. After this time, the cash advance rate of (variable) applies to any balance remaining from the transfer.

Benefits of using a Commonwealth Bank Low Fee Card

Low fee cards are designed to help cardholders reduce the costs of using a credit card. Some of the benefits of this card are:

  • Low annual fee. The annual fee is $0 for the first year and $29 thereafter. The annual fee can be waived if the card has been used to make purchases worth $1,000 in the previous year.
  • Balance transfer. Cardholders can transfer balances from other Australian credit cards or store cards to this card and get a balance transfer rate of 5.99% p.a. for the first 5 months. After the promotional period, the balance transfer rate reverts to the standard variable cash advance rate of 21.24% p.a.
  • Interest-free days. If customers pay their balance in full each month, they can receive up to 55 interest-free days on purchases.
  • Mastercard perks. Cardholders can gain access to a wide range of shopping, dining and entertainment experiences through the Mastercard Priceless Cities program.
  • Fraud protection. CommBank offers 24-hour fraud protection that's designed to detect abnormal transactions or spending patterns. It also allows you to lock your credit card temporarily through the CommBank app or in NetBank. In addition to these features and services, Mastercard Zero Liability protects you against fraudulent transactions.

Features of Commonwealth Bank Low Fee Card

Some of the key features of this card include:

  • Purchase rate. The standard variable interest rate on purchases is 19.74% p.a.
  • Cash advance rate. The standard variable interest rate for cash advances is 21.24% p.a.
  • Temporary residents. This card is also available to temporary residents. Note that all applications are subject to CommBank's lending criteria and approval.
  • Additional cardholder. You can request a supplementary card for a partner or family member with a annual fee for the additional card. Note that your request will be subject to approval, and you will still be responsible for keeping the account in good standing.
  • Optional add-on insurance. This card also allows you to purchase add-on insurance for the card. This is called CreditCard Plus, which pays a benefit if you become involuntarily unemployed, temporarily or permanently disabled or if you are terminally ill or pass away. This insurance can pay 20% of the credit card balance or 10 times the minimum amount due, each month if you become involuntarily unemployed or temporarily disabled. In the event the cardholder is permanently disabled, terminally ill or has passed away, the insurance could pay off the credit card balance up to $25,000. Additionally, up to $25,000 lump sum amount will be paid in a single payment to you or your estate for terminal illness, permanent disablement and death. This insurance costs $0.55 for every $100 owing at the time the monthly statement is generated.

How to apply for Commonwealth Bank Low Fee Card

If this card meets your needs, you can apply online and get a response in 60 of completing and submitting the secure application form. Before you do that, make sure you meet the eligibility requirements and have all your relevant details on hand.

Eligibility criteria

  • Age. You must be at least 18 years of age.
  • Resident. You must be an Australian citizen or hold an eligible visa (457, Permanent Resident, temporary business visa).
  • Credit history. You must not be an undischarged bankrupt.

Required documents

  • Identity proof. Driver's licence, passport or other identity proof documents are required.
  • Employment details. You may be asked for a range of employment details including payslips, length of employment and job title.
  • Financial details. This includes information on any existing debts. You may be asked to provide statements for your accounts, as well as details on ongoing household expenses such as rent, utilities and grocery spending.

The Commonwealth Bank Low Fee Card could help you keep your card expenses to a minimum, with a low ongoing annual fee and the option of an annual fee waiver if you spend at least $1,000 on purchases in the previous year. If you are after a low fee credit card then this product may be suited for your needs, but remember to compare it to a range of other options so you can make an informed decision before you apply.

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76 Responses to Commonwealth Bank Low Fee Card – Rates and Fees

  1. Default Gravatar
    Kinky | August 15, 2016

    I am interested in a credit card please

    • Staff
      May | August 15, 2016

      Hi Kinky,

      Thank you for your comment.

      When choosing a credit card, it’s always noteworthy to consider the purpose of the credit card and to factor in how you will use it and how these fit into your financial circumstance.

      Whilst we can’t recommend a specific card for you, our comparison tables on this page allow you to filter and sort the cards based on your interests – whether you’re looking to compare the rewards card, annual fee or purchase rate and more.

      I hope this is helpful.

      Cheers,
      May

  2. Default Gravatar
    Sam | October 13, 2015

    Hi I am international student I applied for credit card but it was declined and the reason was that my financial condition is not good but it’s not true I earn 2600 monthly I have pay slips be I have saving as well so please answer

    • Staff
      Jonathan | October 13, 2015

      Hi Sam, thanks for your inquiry!

      To apply for this card you must be an Australian citizen or granted eligible visa (457, Permanent Resident, temporary business visa).

      Cheers,

      Jonathan

    • Default Gravatar
      | October 13, 2015

      No credit cards are for students as well my friends have credit card

    • Staff
      Jonathan | October 13, 2015

      Hi Sam, thanks for your response.

      That is correct. Certain banks/ lenders allow students to apply for credit cards if they have at least 6 months remaining on their student visa and are earning an income.

      Cheers,

      Jonathan

  3. Default Gravatar
    rhiannon | May 5, 2015

    Can a single parent on the pension apply for this card?

    • Staff
      Jonathan | May 5, 2015

      Hi Rhiannon, thanks for your inquiry!

      Commonwealth Bank does not specify a minimum income requirement for this card. Instead they require an ID verification, income, expense, asset and employment details. If you have any further inquiries in regards to the application process it would be ideal to contact CBA directly to best discuss your options and eligibility.

      Cheers,

      Jonathan

  4. Default Gravatar
    Lucy | March 13, 2015

    Hi I’ve applied for my credit card and i am now waiting for a letter in the mail to come to say if I’ve been approved with my credit card or declined how long does this usually take as i applied for it almost a week ago so i have been waiting 5 business days

    • Staff
      Jonathan | March 16, 2015

      Hi Lucy, thanks for your inquiry!

      Applications with Commonwealth Bank can take within 10 working days.

      Cheers,

      Jonathan

  5. Default Gravatar
    Sue | January 20, 2015

    Currently I have a mortgage and personal loan with the CBA and a
    credit card which the annual fee increasing to $59 I sometimes use my card for groceries but repay before end of month would this be a better card for me?

    • Staff
      Jonathan | January 21, 2015

      Hi Sue,

      Thanks for your inquiry!

      Please note that finder.com.au is an online comparison service, we are only licensed to provide general advice regarding the products we display.

      Depending on an individual’s needs, no annual fee credit cards which combine interest free periods on purchases can be an ideal option. No annual fee credit cards are best-suited to those people who reserve the use of their credit card for emergencies, or who make regular purchases on them but always completely clear their balance each month. This is because it is often the case that the interest rate on purchases with no annual fee credit cards is on the higher side, thus any savings on the annual fee will be quickly negated by higher interest charges if the balance is not cleared in full each month. For more information regarding No Annual Fee Credit Cards please see this page.

      I hope this helps!

      Cheers,

      Jonathan

  6. Default Gravatar
    | August 29, 2014

    I am a pensioner with a annual income of approximately $20,000 , would I qualify for a 10,000 limit credit card. I have no debt and own my own home and car.

    • Staff
      Shirley | September 1, 2014

      Hi Vereonica,

      Thanks for your question.

      Unfortunately we can’t comment on what your credit limit could be. Commbank will assess you against their lending criteria and advise on a suitable credit limit in your application.

      I’d recommend getting in touch with Commbank to discuss your options about this.

      Cheers,
      Shirley

  7. Default Gravatar
    adam | June 22, 2014

    Hi I’ve noticed that I can see, there is nothing mentioned about earnings or employment conditions/salary, can you please tell me what the conditions are thank you.

    • Staff
      Shirley | June 23, 2014

      Hi Adam,

      Thanks for your question.

      While there is no minimum income requirement for this card, you’ll need to be able to show in your application that you can make your repayment commitments. Commonwealth Bank will look at your credit history, and will take into account your capacity to make repayments.

      Cheers,
      Shirley

  8. Default Gravatar
    Amy | May 14, 2014

    It says no joint applications can you get an additional cardholder? And if so is there a fee?

    • Staff
      Shirley | May 15, 2014

      Hi Amy,

      Thanks for your question.

      Yes, you can have up to one additional cardholder for free for the Low Fee card.

      Cheers,
      Shirley

  9. Default Gravatar
    Doris | May 14, 2014

    Hi I’m just not clear on the 0% for 10 months. Is that from the time of getting the card of from time of purchase for the life of the card.
    EG: If I buy something straight after getting the card I can pay it off slowly and pay no interest for the first 10 months.
    What happens in 12 months time. If I then make a large purchase have I got 10months or only 55 days to pay it off before incurring the high 19% interest charge.
    Hope you can clarify Thanks
    Doris

    • Staff
      Shirley | May 14, 2014

      Hi Doris,

      Thanks for your question.

      Generally the offer starts from the time of receiving the card and applies to eligible purchases made within that period. After the 10 months has passed, all outstanding balance from that period will revert to either the purchase rate, or cash advance rate. In this case, its the purchase rate. This page will be able to provide you with more information.

      In the situation you’ve provided. In 12 months time and you’ve made a large purchase, then the interest free days apply (assuming that you’ve paid back your balance in full by the statement period) before it starts to gain interest.

      Cheers,
      Shirley

  10. Default Gravatar
    Jeanette | May 2, 2014

    Please clarify the amount of expenditure required yearly to maintain the no fee card, your fine print mentions $10,000, however $1,000 is mentioned in Jacobs response to Abs question October 19th 2013?
    Cheers
    Jeanette

    • Staff
      Shirley | May 7, 2014

      Hi Jeanette,

      Thanks for your question and pointing this out to us.

      To confirm, the annual fee card is waived When you spend $1,000 or more per year on purchases and cash advances. I’ve fixed up the copy to reflect this.

      Thank you again for flagging this to us and we apologise for any inconvenience this has caused.

      Cheers,
      Shirley

    • Default Gravatar
      Tam | June 25, 2014

      Hi,

      Just regarding the 10,000 vs 1,000. It has been corrected under the Extra Benefits heading but is still showing the incorrect 10,000 under the Save on fees and interest with the CBA etc.

      Thanks

    • Staff
      Shirley | June 27, 2014

      Hi Tam,

      Thank you so much for pointing this out to us.

      We’ve updated the copy to reflect this – again, thank you for flagging this to us and we apologise for any inconvenience this may have caused.

      Cheers,
      Shirley

Credit Cards Comparison

Rates last updated December 11th, 2016
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Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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