CommBank Low Rate Card
Enjoy a 0% p.a. interest rate on purchases for the first 15 months with the CommBank Low Rate card.
Apply and get approved for a new CommBank Low Rate credit card by 30 September 2021 and you'll get a 0% p.a. interest rate for purchases you make in the first 15 months. After that, the card's current, variable interest rate of 13.24% p.a. applies to your purchases.
|Product Name||CommBank Low Rate Credit Card|
|Balance transfer rate||5.99% p.a. for 5 months|
|Balance transfer revert rate||Cash Advance Rate (21.24% p.a.)|
|Purchase rate||0% p.a. for 15 months, reverts to 13.24% p.a.|
|Interest-free period||Up to 55 days on purchases|
|Cash advance rate||21.24% p.a.|
|Min credit limit||$500|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- 0% p.a. interest rate for 15 months on purchases
- Balance transfer offer of 5.99% p.a. for 5 months
- Access to Priceless Cities offers and experiences
- International transaction fee of 3% applies
|Minimum monthly repayment||2% of the closing balance or $25, whichever is greater|
|Late payment fee||$20|
|Foreign currency conversion fee||3%|
|Cash advance fee||3% or $3, whichever is greater|
|Overseas cash advance fee||$3 or 3% of transaction value, whichever is greater|
|Additional cardholder fee||$0|
|Number of additional cardholders||1|
How to apply
You can apply for the CommBank Low Rate credit card online. Before you get started, check if you meet the eligibility criteria and that you have the necessary information to complete the application.
- Age. You must be at least 18 years old to apply.
- Residency and work status. You must have the right to work in Australia.
- Eligible balance transfer debt. If you plan to transfer a balance, it must be from a non-Commonwealth Bank account.
- Credit history. You'll need to have a good credit history with no current bankruptcies. You can get your credit score and copy of your comprehensive credit report for free through Finder.
- Personal information. This includes your full name, date of birth, residential address, contact information, marital status and number of financial dependents.
- Proof of identification. You'll be asked to verify your identity with your Australian drivers licence, passport or Medicare card.
- Income and employment. Confirm your current employment and annual income, plus provide recent payslips.
- Finances. This includes any assets such as savings or investments and any liabilities including existing debts or loans.
- Visa. If you're a temporary resident, you'll need to provide your visa details.
- Balance transfer information. If you are transferring a balance, you will need to provide the amount as well as the account numbers from which you are requesting the transfer.
- 0% purchase rate offer. This card offers 0% p.a. on purchases for the first 15 months when you apply by 30 September 2021 and get approved. At the end of the introductory period, the card's 13.24% p.a. variable purchase rate will apply to purchases. Note that you'll still need to pay at least the minimum amount on each statement during the 0% p.a. introductory period.
- Low standard purchase rate. This card charges a variable interest rate of 13.24% p.a. on purchases.
- Lock, block and limit your account. If your card is lost or stolen, you can place a temporary lock on the account to protect your finances. You can also lock your card from making transactions such as international payments or ATM cash advances to avoid extra card costs. To keep your spending in check, you can set limit spend per transaction and spending caps on your account.
- Mobile wallets. You can link your account with Apple Pay, Samsung Pay or Google Pay to use your smartphone to tap and pay. You can also use Fitbit Pay or Garmin Pay to make contactless payments with your fitness tracker.
- Emergency assistance overseas. If your card is lost, damaged or stolen, you can take advantage of 24/7 emergency overseas assistance with Mastercard Global Service.
Rates & fees
- Annual fee. This card charges a $59 annual fee.
- Interest-free days. If you pay your balance in full by the statement due date, you can take advantage of up to 55 interest-free days on purchases. Interest-free days won't apply if you're paying off a balance transfer debt.
- Cash advances. If you use your card for cash advances, such as ATM withdrawals, you'll attract the 21.24% p.a. interest rate and be charged the cash advance fee of 2% or $25, whichever is greater.
- International transaction fees. If you use this card to spend overseas or shop online with an international merchant, you'll be charged a 3% foreign transaction fee.
- Credit limit. You can request a credit limit as low as $500.
Sally McMullen is a creative content producer at Finder. Sally has written about credit cards for almost 5 years, authoring almost 900 articles on Finder alone. She has also been published in Yahoo Finance, Dynamic Business, Financy and Mamamia, as well as Music Feeds and Rolling Stone. Sally has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.
It does feature a balance transfer option, however, if you want to repay an existing debt, you might want to consider a 0% balance transfer offer to completely avoid paying interest for the promotional period.