Commonwealth Bank Low Fee Card

Last updated: Jan 21, 2021

Get a 0% interest rate on purchases for the first 15 months with a new Commonwealth Bank Low Fee credit card.

Apply and get approved for a new Commonwealth Bank Low Fee card by 25 February 2021 and you'll get a 0% p.a. introductory rate on purchases for the first 15 months (reverts to the 19.74% p.a. variable purchase rate).

This card also offers a $0 annual fee for the first year (reverts to $29 p.a. thereafter) and up to 55 interest-free days on purchases.

5.99% p.a.

Balance transfer rate

for 5 months

0% p.a.

Purchase rate

for the first 15 months (reverts to 19.74% p.a.)

$0 p.a.

Annual fee

for the first year ($29 p.a. thereafter)

55 days

Interest free period

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Details

Product Name	Commonwealth Bank Low Fee Credit Card
Balance transfer rate	5.99% p.a. for 5 months
Balance transfer revert rate	Cash Advance Rate (21.24% p.a.)
Purchase rate	0% p.a. for 15 months, reverts to 19.74% p.a.
Annual fee	$0 annual fee for the first year ($29 p.a. thereafter)
Interest-free period	55 days
Cash advance rate	21.24% p.a.
Min credit limit	$500
Card type	Mastercard
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

This card comes with a purchase rate offer of 0% p.a. for the first 15 months.
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.
Enjoy up to 55 days interest-free on purchases.

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.

Annual fee	$0 annual fee for the first year ($29 p.a. thereafter)
Minimum monthly repayment	2% of the closing balance or $25 , whichever is greater
Late payment fee	$20
Foreign currency conversion fee	3%
Cash advance fee	3% or $3 , whichever is greater
Overseas cash advance fee	$3 or 3% of transaction value, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	1

Expert review

Review by

Sally McMullen

sally.mcmullen@finder.com.au

Sally McMullen is a creative content producer at Finder. Sally has written about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. She has also been published in Yahoo Finance, Dynamic Business, Financy and Mamamia, as well as Music Feeds and Rolling Stone. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.

Expert review

The Commonwealth Bank Low Fee Card has a $29 p.a. annual fee that is waived if you spend at least $1,000 on purchases and cash advances in the previous year. Its 0% purchase rate offer also gives you a way to save on interest charges in the first 15 months before a higher variable purchase rate applies.

You can also take advantage of interest-free days on purchases, but you'll need to make sure you pay the total amount owing by the due date listed on your statement. You can learn more about how this works in Finder's guide to interest-free days to decide if this will work for you.

How to apply

You can apply for the Commonwealth Bank Low Fee credit card online in around 30 minutes. Check if you meet the eligibility requirements and have the necessary information before you get started:

Eligibility criteria

Residency. This card is available to permanent and temporary residents, so long as you're legally allowed to work in Australia. Note that temporary residents with working holiday visas are not eligible to apply.
Credit history. You must have a good credit history with no current bankruptcies. You can get your credit score and copy of your comprehensive credit report for free through Finder.

Age. You must be at least 18 years old.

Required documents

Personal information. This includes your full name, date of birth, residency, marital status and number of financial dependents.
Proof of identification. Including your driver's licence, passport, birth certificate or Medicare card.
Income and employment. Confirm your current employment, annual income and provide recent payslips.
Finances. This includes any assets including savings and investments as well as liabilities such as existing loans or debts.
Visa details. If you're not a permanent Australian resident, you'll need to provide your visa details.

Card benefits

0% on purchases for 15 months. If you apply for this card by 25 February 2021 and get approved, you'll pay 0% p.a. interest on your purchases for the first 15 months. At the end of the introductory period, the card's 19.74% p.a. variable purchase rate applies. Also keep in mind that you'll still need to meet your repayment requirements during the 0% p.a. interest period.
Low annual fee. The annual fee is $0 for the first year and $29 p.a. thereafter. The annual fee is waived in subsequent years if you spend at least $1,000 in the previous year on purchases and cash advances.

Additional cardholder. You can request a supplementary card for a partner or family member at no additional cost. Your request will be subject to approval and you will be responsible for keeping the account in good standing.
Mastercard perks. You can access a wide range of shopping, dining and entertainment discounts and experiences through the Mastercard Priceless Cities program.
Security. Your card is monitored by 24-hour fraud protection that detects abnormal transactions or spending patterns. If your card is lost or stolen, you can temporarily lock your card through the CommBank app or NetBank. If your card is used for fraudulent transactions, you're protected by Mastercard Zero Liability.
Mobile wallets. You can link your card with Apple Pay, Samsung Pay and Google Pay to use your smartphone or wearable to tap and pay. You can also use your fitness tracker to make contactless payments with Fitbit Pay and Garmin Pay.

Rates & fees

Purchase rate. Outside of any promotions, the variable interest rate on purchases is 19.74% p.a.
Cash advance rate. If you use the card for cash advances, such as ATM withdrawals, you'll be charged the 21.24% p.a. variable interest rate.

Interest-free days. If you pay your balance in full each month, you can receive up to 55 interest-free days on purchases. This doesn't apply if you're paying off a balance transfer debt.
International transaction fee. If you use this card to spend overseas or shop online with an international merchant, you'll be charged the 3% foreign transaction fee.
Balance transfer. You can move debts 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 interest rate reverts to the variable cash advance rate of 21.24% p.a.

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Commonwealth Bank Low Fee Card