Commonwealth Bank Low Fee Gold Credit Card – Review and Application

The Commonwealth Bank Low Fee Gold Credit Card features included travel insurance, interest-free days and extended warranty insurance.

Enjoy a $0 annual fee for the first year and in each following year if you spend $10,000 or more in the previous year. This credit card offers an interest rate of 19.74% p.a. on purchases.

With the CommBank Low Fee Gold, you can also benefit from included travel insurance, purchase protection insurance and extended warranty insurance.

Product NameCommonwealth Bank Low Fee Gold 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.)
Maximum Balance Transfer AmountUp to remaining credit limit
Purchase rate (p.a.)19.74% p.a.
Annual fee$0 p.a. annual fee for the first year ($89 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.
$4,000
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 InsuranceYes
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.
$4,000
Annual Fee$0 p.a. annual fee for the first year ($89 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% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2% 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 transaction value, 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

  • Pay $0 annual fee for the first year, reverting to $89 p.a. thereafter. Continue to have the annual fee waived for subsequent years if you spend $10,000 or more in the previous year.
  • Get coverage from extended warranty insurance, purchase insurance and included travel insurance for trips of up to 3 months.

Cons

  • There is no rewards program linked to this card, which is usually a standard feature included with Gold tier credit cards.

Commonwealth Bank Low Fee Gold Credit Card review

You can use the Commonwealth Bank Low Fee Gold credit card for your purchases and take advantage of the Mastercard PayPass feature, using the Tap & Go function for convenient purchases under $100. The credit card comes with a $4,000 minimum credit limit and you can avoid interest charges on your purchases with up to 55 days interest-free period. Please note that interest-free days only apply if you pay your balance in full by the due date on each statement.

This credit card has included travel insurance and will waive the annual fee if you spend $10,000 on the card in the previous year. You can also apply for optional Credit Card Plus insurance to protect your repayments if you can't make them due to unemployment or disablement.

Benefits of the Commonwealth Bank Low Fee Gold credit card

  • Annual fee. Currently, Commonwealth Bank charges an annual fee of $89 with the Low Fee Gold credit card. However, you could qualify for an annual fee waiver in each subsequent year if you spend more than $10,000 on the card in the previous year.
  • Security. This card allows you to have greater control over your account security. You can set limits on your transactions, lock international payments, block cash advances on ATMs and manage your transactions. Your security preferences can be set on NetBank or through the CommBank app. There is also transaction location mapping, which allows you to instantly identify the location of a transaction.
  • Interest-free purchases. If you pay your balance in full by the due date on each statement, you can take advantage of an interest-free period of up to 55 days for purchases. The usual purchase rate is 19.74% p.a.
  • Included travel insurance. Commonwealth Bank Low Fee Gold credit card holders are eligible for included travel insurance. When you meet the eligibility requirements, you get coverage for you, your partner and dependents travelling with you. Simply activate your cover before you travel and refer to the CommBank Credit Card Insurance booklet available on the CommBank website for full terms and conditions.
  • Other insurance cover. This card offers extended warranty insurance and purchase security insurance for eligible items you buy with your card. Note that not all purchases are covered and the full terms and conditions are outlined in the the CommBank Credit Card Insurance booklet.

Features of the Commonwealth Bank Low Fee Gold credit card

  • Global service. You have access to 24-hour emergency service support from anywhere in the world if your credit card gets lost.
  • Access to entertainment experiences. Take advantage of entertainment experiences that are exclusive to Mastercard holders through the Mastercard Privileges and Priceless Cities.

How to apply for the Commonwealth Bank Low Fee Gold Credit Card

You can apply for the Commonwealth Bank Low Fee credit card online so long as you meet the criteria.

Eligibility criteria

  • You must be 18 years or older to apply for any Commonwealth Bank credit card. The second part of the application will require an electronic ID check.
  • You can apply for the credit card even if you are a temporary resident. Check out the conditions that apply with this eligibility.

Required documents

  • The bank will need your employment details. Some of the details you are required to fill out include your employment type, employment status, job category and job type.
  • The bank will want to know your income, assets, liabilities, and NetBank details if available.

Frequently asked questions

CommBank waives your annual fee for the first year, then continue to waive your annual fee each subsequent year as long as you spend at least $10,000 on your Low Fee Gold credit card (on purchases and cash advances only).

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30 Responses

  1. Default Gravatar
    CarolynFebruary 4, 2017

    Hi, does this card accrue reward points? If not, can you recommend a low annual fee card that does?

    • Staff
      MayFebruary 5, 2017Staff

      Hi Carolyn,

      Thanks for your question.

      Unfortunately, this Commonwealth Bank Low Fee Gold Credit Card does not let you earn rewards points when you spend. The no annual fee credit cards that have rewards programs are listed on this page.

      Hope this helps.

      Cheers,
      May

  2. Default Gravatar
    CHARLIEJanuary 4, 2017

    yes looking for a credit card that i can use for every day spending plus send money over seas

    • Staff
      AnndyJanuary 4, 2017Staff

      Hi Charlie,

      Thanks for reaching out.

      Most credit cards that we feature on our pages can be use for everyday spending and sending money overseas. However, please note that when you use a credit card for money transfer, some providers will charge you a higher fee.

      Also, please check our comprehensive credit card guide to help you identify the type of credit card that is suitable for your needs.

      Cheers,
      Anndy

  3. Default Gravatar
    KathyDecember 1, 2015

    I have a Commonwealth Bank Gold credit card. I will be renting a car Interstate (within Australia). Is the rental car “excess” covered? If not…is it covered if I upgrade to Platinum?

    • Staff
      JonathanDecember 1, 2015Staff

      Hi Kathy, thanks for your inquiry!

      Unfortunately the insurance policy from Commonwealth Bank only provides Interstate Flight Inconvenience Insurance for interstate cover. You can compare domestic insurance cover policies on this page.

      Cheers,

      Jonathan

  4. Default Gravatar
    emmaSeptember 17, 2015

    We have paid the airfare yesterday for a trip in November. If we apply the Commonwealth Gold credit card now, will the complimentary travel insurance cover the trip that was already paid? We have not made bookings on hotels yet.

    • Staff
      JonathanSeptember 17, 2015Staff

      Hi Emma, thanks for your inquiry!

      You will be covered under this travel insurance policy provided you have a Gold, Platinum or Diamond card. Please refer to our Commonwealth Bank complimentary insurance guide for more information on how to apply for the full cover and what features are included in this policy.

      Cheers,

      Jonathan

  5. Default Gravatar
    MickJuly 26, 2015

    How do I apply for a card?

    • Staff
      JonathanJuly 27, 2015Staff

      Hi Mick, thanks for your inquiry!

      You can compare credit cards on this page. When you have found a card that suits your preferences, click the ‘Go to Site’ button and you will be redirected to the respective bank’s web-form to apply for the card.

      Cheers,

      Jonathan

  6. Default Gravatar
    MARKJuly 2, 2015

    How do I upgrade my Visa card to gold, what is applicable fee and how soon can I use it for purchases?

    • Staff
      SallyJuly 2, 2015Staff

      Hi Mark,

      Thanks for your comment.

      You will need to either contact CommBank over the phone or complete a request form and submit it at a Commonwealth Bank branch to upgrade your card.

      If your upgrade request is approved, they will send you a letter of offer and your card within 10 working days. Once the card is activated, your old credit card account will be closed and you should be able to use the new card immediately.

      Any direct debits and regular payments will not be automatically transferred over to your new card, you will need to do this.

      I’ve emailed you a link you the relevant CommBank page for your perusal.

      I hope this has helped.

      Thanks,

      Sally

  7. Default Gravatar
    kenMay 24, 2015

    Where can I find out what I can buy with my Award points? Ie how many points are needed to buy which products. I am a CBA customer, but don’t have an Awards credit card.

    • Staff
      ElizabethMay 25, 2015Staff

      Hi Ken,

      Thanks for your question.

      If you have an Awards points balance, you’ll be able to see this in Netbank and see what is available for you to redeem, or also via your CommBank app. You can find out what rewards are available for redemption on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    JamesMarch 3, 2015

    What rewards system does this card have? What value is each reward and how would they be redeemed?

    • Staff
      JonathanMarch 3, 2015Staff

      Hi James, thanks for your inquiry!

      For more information on Commonwealth Bank Rewards please see this page.

      Cheers,

      Jonathan

  9. Default Gravatar
    DilsieApril 30, 2014

    Is my husband covered for a trip to Bali if the trip is paid for with my card, I am not going.
    Thank you
    Dilsie

    • Staff
      ShirleyMay 1, 2014Staff

      Hi Dilsie,

      Thanks for your question.

      Your spouse and dependent children are only covered if they travel with you on the entire journey and share the same itinerary with you.

      Cheers,
      Shirley

    • Default Gravatar
      DilsieMay 1, 2014

      Thank you for your prompt reply, I will purchase travel insurance for him

  10. Default Gravatar
    VanessaFebruary 8, 2014

    Can you tell me the ‘eligibility criteria’ for complimentary travel insurance please?

    • Staff
      MarcFebruary 10, 2014Staff

      HI Vanessa,
      thanks for the question.

      According to CBA you must:
      “-Spend $1,000 or more on prepaid travel costs listed below by redeeming your CommBank Award points and/or using your active, eligible CommBank Gold, Platinum or Diamond credit card; and
      -Have return overseas travel tickets.”

      This is in addition to any restrictions of age and pre-existing medical conditions found in the policy document.

      I hope this helps,
      Marc.

Credit Cards Comparison

Rates last updated September 24th, 2017
Name Product Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee Product Description
NAB Premium Card - Exclusive Offer
19.74% p.a.
0% p.a. for 24 months
$90 p.a.
Until 1 October 2017, exclusive to finder.com.au, enjoy a no BT fee, balance transfer offer with platinum privileges, including travel insurance.
St.George Vertigo Visa
13.24% p.a.
0% p.a. for 18 months with 2% balance transfer fee
$55 p.a.
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
20.74% p.a.
0% p.a. for 18 months
$129 p.a.
Earn 3 bonus Velocity Points per $1 for the first 3 months, a first year annual fee refund and a yearly $129 Virgin Australia Gift Voucher.
St.George Vertigo Platinum
12.74% p.a.
0% p.a. for 24 months with 2% balance transfer fee
$99 p.a.
Offers complimentary travel insurance, complimentary purchase insurance and access to a 24/7 personal concierge service.

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* 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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