Commonwealth Bank Low Fee Card – Rates and Fees

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Rates last updated August 21st, 2017

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

Commonwealth Bank’s Low Fee card offers affordable access to credit, with an annual fee of $0 in the first year and $29 for every subsequent year. This fee can be waived if you have spent 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.

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 $0 annual fee in the first year, which reverts to a low standard annual fee of $29. The reverted annual fee can be waived if the card has been used to make purchases and cash advances of at least $1,000 in the previous year.

This card also gives you an opportunity to save on interest costs for existing card debt, with an introductory balance transfer rate of 5.99% p.a. for the first 5 months. After this period, the cash advance rate of 21.24% p.a. (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 you 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 p.a. thereafter. The annual fee can be waived each following year if you spend at least $1,000 in the previous year on purchases and cash advances.
• Balance transfer. You 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 you pay your balance in full each month, you can receive up to 55 interest-free days on purchases.
• Mastercard perks. You 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 $0 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 $0.45 for every $100 owing at the time your 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 within 60 seconds 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 permanent resident, 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 suitable for your needs, but remember to compare it to a range of other options so you can make an informed decision before you apply.