Commonwealth Bank Low Fee Card

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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).

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 NameCommonwealth Bank Low Fee Credit Card
Balance transfer rate5.99% p.a. for 5 months
Balance transfer revert rateCash Advance Rate (21.24% p.a.)
Purchase rate0% 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 period55 days
Cash advance rate21.24% p.a.
Min credit limit$500
Card typeMastercard
Foreign currency conversion fee3%
Available to temporary residentsYes - Conditions apply
Joint applicationNo

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 repayment2% of the closing balance or $25 , whichever is greater
Late payment fee$20
Foreign currency conversion fee3%
Cash advance fee3% 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 cardholders1

Expert review

Sally McMullen

Review by


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.

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.

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.

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.
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