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Commonwealth Bank Low Rate Card

Sally McMullen
Sally McMullen

Save with a low purchase interest rate, a competitive annual fee and up to 55 interest-free days with the Commonwealth Bank Low Rate card.

This card charges a low purchase interest rate of 13.24% p.a. and a $59 annual fee. You can also repay existing debt with an introductory 5.99% p.a. on balance transfers for 5 months. You can also keep your spending in check with a low minimum credit limit and the option to set spending caps.

5.99% p.a.

Balance transfer rate

for 5 months

13.24% p.a.

Purchase rate

$59 p.a.

Annual fee

55 days

Interest free period

Details

Pros

  • Low interest rate of 13.24% p.a. on purchases
  • Competitive $59 annual fee

Cons

  • Balance transfer reverts to 21.24% p.a. after the introductory period.

Expert review

Sally McMullen

Review by

Sally McMullen is Finder's credit cards and frequent flyer editor by day and a music maven by night. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone.

Expert review

This card has a low standard purchase interest rate compared to some other cards. 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.

How to apply

You can apply for the Commonwealth Bank 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.

Eligibility criteria

  • Residency. This card is available to permanent and temporary residents, so long as you're legally allowed to work in Australia.
  • Age. You must be at least 18 years old to apply.

Card benefits

  • Low annual fee. This card charges a $59 annual fee.
  • Security and spending control. You can instantly put a lock on international payments, block ATM cash advances and limit your spending using the CommBank app or NetBank Internet banking service.

Rates & fees

  • 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. 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 $3 or 3% of transaction value, whichever is greater.

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145 Comments

  1. Default Gravatar
    J
    August 23, 2019

    How long must you be employed to qualify?

    Reply
    • AvatarStaff
      Jeni
      August 24, 2019

      Hi J Kang,

      Thank you for getting in touch with Finder.

      It did not indicate the length of required employment, however if you’ve just started a new full-time job, you need to provide proof of at least 12 months income of your previous employment.

      I hope this helps.

      Thank you and have a wonderful day!

      Cheers,
      Jeni

      Reply
  2. Default Gravatar
    Roger
    January 29, 2018

    What are eligible purchases?

    Reply
    • Default Gravatar
      Joel
      February 7, 2018

      Hi Roger,

      Thanks for leaving a question on finder.

      Eligible purchases are generally defined as everyday purchases which involve the exchange of a good or service for a payment. Transactions that do not qualify as eligible purchases generally include balance transfers, cash advances and any purchase that is reversed or refunded

      I hope it helps.

      Cheers,
      Joel

      Reply
  3. Default Gravatar
    Hammad
    December 12, 2017

    I just want to know, on commonwealth low rate credit card there is an offer of 300 cash back after spending 1000 within 90 days. So my question is if i buy electronic device like laptop mobile phone the offer is still there or it is on some particular type of shopping

    Reply
    • AvatarStaff
      Harold
      December 13, 2017

      Hi Hammad,

      Thank you for your inquiry.

      You can get the cashback offer if you can meet the eligible purchases include BPAY transactions and payments to the ATO but excludes balance transfers and cash advances.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
  4. Default Gravatar
    Shali
    June 24, 2017

    What is the lowest annual income rate to eligible for the credit card? I am working as casual so am I eligible? Thanks.

    Reply
    • Default Gravatar
      Jonathan
      June 24, 2017

      Hi Shali!

      There is no specific annual income and employment type in their application form or in the website. However, most card issuers are looking at $15,000 or better (link to this page).

      You can contact your card issuer for this matter.

      Hope this helps.

      Cheers,
      Jonathan

      Reply
  5. Default Gravatar
    sapna
    April 19, 2017

    When can I get 250 cash back. I have already spent $500 on my CC in mar2017?

    Reply
    • AvatarStaff
      Harold
      April 20, 2017

      Hi Sapna,

      Thank you for your inquiry.

      Commonwealth Bank no longer offer the said promotion last July 2016. In order to receive the $250 cash back offer, your application for the Commonwealth Bank Low Rate Card should be in by 31-October-2016 and is approved and you’ll be able to spend at least $500 on eligible purchases by 31-December-2016

      I hope this information has helped.

      Cheers,
      Harold

      Reply
  6. Default Gravatar
    Darren
    February 20, 2017

    Does this card comes with reward points ?

    Reply
    • AvatarStaff
      Dee
      February 20, 2017

      Hi Darren,

      Thanks for your question.

      The Commonwealth Bank Low Rare Card does not come with a rewards program.

      If you are looking for a rewards credit card, you can compare your options here.

      Cheers,
      Anndy

      Reply
  7. Default Gravatar
    Tara
    November 22, 2016

    Hi.

    Is buying electronic gadgets such as cameras are eligible in the offer.

    Reply
    • AvatarStaff
      Harold
      November 22, 2016

      Hello Tara,

      Unfortunately, buying electronic gadgets such as camera is will not consider as eligible for this offer.
      For your other options you may consider this article based on your personal requirements.

      I hope this information has helped.

      Cheers,
      Harold

      Reply
  8. Default Gravatar
    Dasar
    November 1, 2016

    Hello.
    I have a Commonwealth low fee credit card. Their site says that anyone holding low rate credit card in past 12 months will not be eligible for this offer. Will I be eligible for this offer since I’ve got a low fee credit card and not low rate credit card?

    Reply
    • Default Gravatar
      susan
      January 13, 2017

      Can this card be used overseas?

      Reply
    • AvatarStaff
      Jason
      January 13, 2017

      Hi Susan,

      Thank you for your enquiry.

      You may use the Commonwealth Bank Low Rate Card with any ATM or retailers that displays the MasterCard logo overseas. You may check out the corresponding fees of this card above when used overseas.

      Kind regards,
      Jason

      Reply
    • AvatarStaff
      Jason
      November 1, 2016

      Hi Dasar.

      Thank you for your inquiry.

      These promotional offers are only available to new Commonwealth Bank customers.
      You may not be eligible for this offer since you already have a Commonwealth low fee credit card.

      Please check out this link for a comparison of other credit cards with cashback offers and with low or no annual fee.

      I hope this helps.

      Cheers,
      Jason

      Reply
  9. Default Gravatar
    Chloe
    October 16, 2016

    Hi, I am currently holding Gold Awards CBA credit card, am I eligible to the promotion? Thanks.

    Reply
    • AvatarStaff
      Ysa
      October 24, 2016

      Hi Chloe,

      Thanks for your question.

      Unfortunately, the $0 annual fee and $250 back promotions are only available to new Commonwealth Bank customers.
      Since you are currently holding a CBA Gold Awards credit card, you may not be eligible for this offer.

      Should you wish to check for other credit cards with the same features, please refer to our comparison guides on credit cards with cashback offers and annual fee waiver.

      I hope this helps.

      Cheers,
      Ysa

      Reply
  10. Default Gravatar
    Mark
    October 12, 2016

    Hi there.
    With regard to the $250 rebate on the Commbank Mastercard, did they have a similar promotion where applications had to be in by the 31st of July 2016?
    Thanks in advance.

    Reply
    • AvatarStaff
      Jason
      October 13, 2016

      Hi Mark. Thank you for visiting Finder.com.au.

      I’m afraid that the Commonwealth Bank no longer offer that promotion last July 2016. At the moment, in order to receive the $250 cash back offer, your application for the Commonwealth Bank Low Rate Card should be in by 31 October 2016 and is approved and you’ll be able to spend at least $500 on eligible purchases by 31 December 2016

      You can also check out this link for a comparison of cashback reward cards from several credit card providers.

      I hope this helps.

      Cheers,
      Jason

      Reply
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