Commonwealth Bank Student Credit Card – Rates and Fees

Students enjoy up to 55 interest-free days on purchases and no annual fee with a CommBank Student credit card.

No longer offered in the market

The Commonwealth Bank Student credit card is no longer available for new applications. However, we've kept the information online for the benefit of existing customers and for those who are interested. You can compare the current range of Commonwealth Bank credit cards here.

The Commonwealth Bank Student credit card offers multiple benefits for students who want to free up their cash flow and cut card costs. You can keep costs to a minimum with up to 55 interest-free days on purchases and a low annual fee that's waived in the first year. The card also boasts a 24/7 emergency assistance via Global Service, 1 free additional cardholder and Mastercard PayPass contactless technology.

Commonwealth Bank Student Credit Card review

The Commonwealth Bank Student credit card could help you manage your cash flow and keep credit card costs to a minimum when you're studying. As well as no annual fee for the first year, the card offers up to 55 interest-free days on purchases if you pay your balance in full by the statement due date. This no-frills card is a cost-effective option for applicants who want to keep their card costs to a minimum, build their credit history and manage their finances while they're still studying.

Perks of using a Commonwealth Bank Student Credit Card

  • Annual fee waiver. The card has a $0 annual fee for the first year after which the standard annual fee of $29 p.a. will apply. Receive a yearly annual fee waiver when you spend at least $1,000 on your card in the previous year (on purchases and cash advances). Otherwise, present your Student identification in-branch following the charge and request a refund.
  • Up to 55 interest-free days. If you pay back the balance in full by the due date on each statement, you can benefit from up to 55 days interest-free on purchases.
  • Monitor your account on-the-go. For most transactions you make, your account balance is updated automatically in NetBank, so you’ll know exactly how much your outstanding balance is.
  • Exclusive Mastercard offers. As this card is a Mastercard, you can take advantage of dining perks, entertainment discounts and shopping offers from Priceless Cities and Mastercard Privileges.
  • Contactless payments. Thanks to Mastercard PayPass, you can use your card to tap and go without swiping your card or entering your PIN for purchases up to $100.
  • Fraud protection. A 24-hour fraud protection system is in place to alert cardholders of suspicious transactions. Mastercard Zero Liability also gives peace of mind by providing free protection against unauthorised transactions.
  • Low balance transfer offer. If you have a debt that's attracting high interest, you can take advantage of a low balance transfer rate of 5.99% p.a. for the first 5 months. This reverts to the cash advance interest rate of 21.24% p.a. (variable).

Features of the Commonwealth Bank Student Credit Card

  • Free additional card. You can request an additional cardholder free of charge.
  • Interest rate. This card has a variable interest rate of 19.74% p.a. for purchases.
  • Cash advances. If you use your card for ATM withdrawals or other cash advances, you'll accrue interest at the cash advance rate of 21.24% p.a. (variable)
  • Minimum repayment. You'll need to make minimum repayments of at least 2% or $25, whichever is greater by the due date on each statement. Otherwise you'll incur a late payment fee of $20.
  • Minimum credit limit. Your credit limit will be determined by the bank when they assess your income and credit history, but the card has a minimum credit limit of $400.
  • Manage spending. You can control your security and spending by instantly locking international payments, blocking ATM cash advances and placing limits on your spending through the CommBank app or NetBank.

As the name suggests, the Commonwealth Bank Student credit card is designed to offer students an affordable credit option. Although the card doesn’t come with extra perks such as a rewards program or complimentary insurances, it does offer low costs by the way of interest-free days and the $29 annual fee. Cardholders can also enjoy convenient spending with PayPass and peace of mind with fraud protection. As this isn’t the only low fee or student card on the market, it's a good idea to compare several options before applying.

Frequently asked questions about the Commonwealth Bank Student Credit Card

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36 Responses

  1. Default Gravatar
    RicardoNovember 29, 2017

    Hi, I’m a international student and I’m working part-time for the last two moths. Can I apply for the student credit card or I need to wait longer time before applying?

    • Staff
      JoanneNovember 29, 2017Staff

      Hi Ricardo,

      Thanks for reaching out.
      You may want to visit this page. That page will list the banks that may be available to temporary residents in Australia. The requirements would also consider the type of visa you are holding and may also look into the number of months or years you have been employed.

      The requirements will be outlined per individual cards. To get more information, you may want to call the bank of your choice to discuss your circumstances directly.

      Cheers,
      Joanne

  2. Default Gravatar
    SyedAugust 17, 2016

    How long does it take to get the credit card once the application is approved? As in how many days?

    • Staff
      ChesterAugust 17, 2016Staff

      Hello Sayed

      Thanks for your question.

      You can apply for the Commonwealth Bank Student credit card online. It takes 15-20 minutes to complete the application. Before you do, please make sure you meet the eligibility requirements and have all the necessary information on hand.

      1. Student details. You must be a current student at an approved educational institution to apply for this card.

      2. Monthly after tax income. You must provide your monthly income details in order for your application to be assessed. If approved, this information will help determine the credit limit.

      2. Current employer details. You must provide the employer’s address and phone number.

      3. Identification. You will be required to provide valid identification during different stages of the application process. Valid forms of ID include your driver’s licence or passport.

      4. Financial commitment details. You must disclose any commitments you have with regards to debt repayments or any other financial obligations, such as rent or loan repayments.

      Hope this helps.

      Cheers!
      Chester

  3. Default Gravatar
    WillDecember 12, 2015

    If I have a limit of $3000 for example and I only spend $1000 and then I pay that bill on time (or before it needs to be paid) will I have no interest charged to that $1000?

    • Staff
      ArraDecember 14, 2015Staff

      Hi Will,

      Thanks for your inquiry.

      Yes, that is correct. You will only start to incur interest in the event that you fail to settle the minimum repayment due on or before the due date each month.

      I hope this has helped.

      Cheers,
      Arra

  4. Default Gravatar
    RubyNovember 18, 2015

    Hi I am looking for student loan around 20000$ . I have no job at the moment but can I get the loan and deferred my payment till study finish by 2 years?

    • Staff
      JonathanNovember 20, 2015Staff

      Hi Ruby, thanks for your inquiry!

      The interest rates for this credit card are 21.24% p.a. for cash advances and 19.74% p.a. for purchases. You may like to consider 0% purchase credit cards which can provide up to 15 months interest free on purchases.

      Cheers,

      Jonathan

  5. Default Gravatar
    aliceFebruary 18, 2015

    Hello. i’m a full-time student and i get money from my parents, almost $3400 per month. no job. and i submitted my application and declined, i don’t know what is wrong with me.

    • Staff
      JonathanFebruary 18, 2015Staff

      Hi Alice, thanks for your inquiry!

      Applications have a number of variables/ requirements, as such there may be a number of reasons playing into why an application was declined. Please see this page for more information on why applications may be declined, and this page on how to get your application approved.

      Cheers,

      Jonathan

  6. Default Gravatar
    JadeJanuary 15, 2015

    Hey I am currently on centrelink benefits, can I apply for a credit card?

    • Staff
      JonathanJanuary 16, 2015Staff

      Hi Jade,

      Thanks for your question!

      Application requirements for credit cards such as income can vary depending on the lender and type of credit card, for more information about receiving a line of credit when you are receiving centrelink benefits and which lenders accept Centrelink benefits as a form of income please see this page.

      I hope this helps!

      Cheers,

      Jonathan

  7. Default Gravatar
    AshiDecember 17, 2014

    I need information about law student credit card details please. Thanks

    • Staff
      ElizabethDecember 17, 2014Staff

      Hi Ashi,

      Thanks for your question.

      There generally aren’t cards that are specifically designed for law students, but you can compare a range of student credit cards on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    AlisonOctober 11, 2014

    Hello I’m just wondering how much my monthly income would need to be to be able to get a limit of at least $1000? I’m an unemployed student on centrelink benefits.

    • Staff
      ElizabethOctober 13, 2014Staff

      Hi Allison,

      Thanks for your question.

      Commonwealth Bank looks at a variety of things in order to determine your credit limit. This includes any other credit cards you currently have, your credit history, as well as your employment situation and income. There’s no guarantee as to what credit limit you’ll be approved for, but one option you have is getting in contact with Commonwealth Bank and having a chat to them about your situation before you apply.

      Hope this has helped.

      Thanks,

      Elizabeth

  9. Default Gravatar
    LucasMay 29, 2014

    how much do i have to pay back to the bank every month ? and how much do i need to pay back if i spent over 400 dollars in one month?

    • Staff
      ShirleyMay 30, 2014Staff

      Hi Lucas,

      Thanks for your question.

      Please refer to the ‘minimum monthly repayment’ figure in the table above. You can then calculate what the minimum repayments are for each statement period, depending on what your balance is.

      Cheers,
      Shirley

  10. Default Gravatar
    caitlynMarch 24, 2014

    Do you have to be in full time study, and does that include TAFE courses? Also can you apply on Centrelink?

    • Staff
      JacobMarch 25, 2014Staff

      Hi, Caitlyn.

      Thanks for your question. You have to provide your student number to be eligible for this card. If you don’t they’ll probably offer you for their low rate credit card. You can apply for this product if you receive Centrelink payments. The important thing is that you meet the minimum application requirements set out at the bottom of the card’s review page.

      I hope this helps.

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