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 Name||Commonwealth 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 Amount||Up 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.
|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|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Credit Rating Requirement||Good|
|Annual fee||$0 p.a. annual fee for the first year ($29 p.a. thereafter)|
|Minimum Monthly Repayment||2% or $25, whichever is greater|
|Late Payment Fee||$20|
|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)|
|Foreign Currency Conversion Fee|
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.
|Gambling Transactions Allowed||Yes|
|Additional Cardholder Fee||$0|
|Number of Additional Cardholders||1|
- 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.
- 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 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.
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, 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 (university or TAFE) and be able to provide a valid Student identification.
- Transaction account. You must have an Everyday account with Student Options, or go to a branch and open one.
- 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.
- 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.
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.