Commonwealth Bank Student Credit Card – Rates and Fees
The CommBank Student credit card was discontinued in March 2018.
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 previous customers and for those who are interested. You can compare the current range of Commonwealth Bank credit cards below or offers for other student 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
Here are two other cards you could consider:
Commonwealth Bank Low Fee card. The CommBank Low Fee card is a basic option that comes with a low annual fee compared to other types of credit cards in the market.
Commonwealth Bank Low Rate card. The Low Rate Card offers up to 55 days interest-free on purchases and highly competitive interest rates, which you may find attractive if you regularly use your card for purchases and enjoy the flexibility of repaying your balance over time.
Commonwealth Bank also provides Low Rate and Low Fee credit cards. The Low Rate credit card comes with $59 annual fee and a lower purchase interest rate of 13.24% p.a. The Low Fee credit card comes with an annual fee of $29, which can be waived when cardholders spend at least $1,000 on the card in the previous year.
If you repay the balance in full every statement cycle, there will be no interest charges. Besides the interest cost, if any, there are minimum repayments of 2% or $25, whichever is greater of the closing balance every month. If the balance is overdue, a late payment fee of $20 will be charged. Other fees may apply for certain transactions, such as cash advances or overseas purchases. Refer to the credit card Product Disclosure Statement or contact CommBank for more details.
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