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.

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.

Product NameCommonwealth Bank Student 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 ($29 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.
$400
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
Available To Temporary ResidentsYes - Conditions apply
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.
$400
Annual Fee$0 p.a. annual fee for the first year ($29 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
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 no annual fee for the first year.
  • Annual fee will be waived in subsequent years as long as you spend at least $1,000 using your card in the previous year (on purchases and cash advances only).
  • You can get up to 55 interest-free days on purchases.

Cons

  • It doesn't have a rewards program or any other perks.

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 an annual fee waiver every year if you spend of at least $1,000 on your card in the previous year (on purchases and cash advances only).
  • 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% 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.

How to apply for the Commonwealth Bank Student Credit Card

You can apply for the Commonwealth Bank Student credit card online and it should only take 15-20 minutes to complete the application. Before you do press apply, though, make sure you meet the eligibility requirements and have the necessary documents on hand.

Eligibility criteria and information you'll need to provide

  • Age. Applicants must be at least 18 years of age to apply.
  • Student details. You must be a current student at an approved educational institution to apply for this card.
  • Monthly after tax income. This card doesn't have a specific minimum income requirement. However, 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.
  • Current employer details. You must provide your employer’s address and phone number.
  • 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.
  • 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.

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 cardThe 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 has 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% 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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34 Responses

  1. 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

  2. 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

  3. 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

  4. 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

  5. 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

  6. 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

  7. 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

  8. 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

  9. 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.

  10. Default Gravatar
    HishamMarch 6, 2014

    What interest rate will apply if I pay my fee through low fee student credit card. Would it be 21.24% (Cash advance) or 19.74% (Purchase). Moreover if I pay my balance within the grace period of 55 days do I still need to pay any interest?

    • Staff
      JacobMarch 7, 2014Staff

      Hi, Hisham.

      Great question.

      Please contact the payee to find out how they’re going to treat the credit card transaction. Generally these types of transactions are considered purchases but you’ll have to double check to be sure. If the transaction is a purchase, then you will have up to 55 days to pay the balance during which you will not incur any interest. You will accrue interest after this period if you have not paid the purchase in full.

      You can find out more about what up to 55 days interest free means on this page.

      I hope this helps.

Credit Cards Comparison

Rates last updated July 22nd, 2017
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Visa
Receive up to 55 days interest-free on purchases and the ability to make contactless payments with Visa payWave technology.
13.24% p.a. 0% p.a. for 14 months $0 p.a. annual fee for the first year ($55 p.a. thereafter) Go to site More info
Virgin Australia Velocity Flyer Card - Exclusive Offer
Apply by 31 July 2017 to earn bonus Velocity Points for the first three months and a $129 Virgin Australia Gift Voucher each year.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ANZ Platinum Credit Card - Exclusive Offer
Receive a low introductory offer of 0% p.a. on purchases for 3 months and 0% p.a. on balance transfers for 12 months.
0% p.a. for 3 months (reverts to 19.74% p.a.) 0% p.a. for 12 months $0 p.a. annual fee for the first year ($87 p.a. thereafter) Go to site More info

* 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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