Receive a low interest rate and up to 55 days interest-free on purchases.
In addition to offering a competitively low standard variable interest rate for purchases, you can take advantage of an introductory 5.99% p.a. on balance transfers for 5 months. At the end of the promotional period, any balance remaining from you transfer will be charged interest at the variable cash advance rate of 21.24% p.a.
The Commonwealth Bank Low Rate Gold Credit Card, which features a higher minimum credit limit and an included travel insurance, is an alternative to the Commonwealth Bank Low Rate credit card.
| Product Name | Commonwealth Bank Low Rate 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.) | 13.24% p.a. |
| Annual fee | $59 p.a. |
| 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. | $500 |
| Minimum Monthly Repayment | 2% or $25 whichever is greater |
| Card Type | Mastercard |
| 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 |
| Complimentary Travel Insurance | No |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | Yes - 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. | $500 |
| Annual Fee | $59 p.a. |
|---|---|
| Minimum Repayment | 2% or $25 whichever is greater |
| Late Payment Fee | $20 |
| Over Limit Fee | $0 |
| Cash Advance Fee | $2.50 or 2.00% of the transaction amount (whichever is greater) |
| Overseas Cash Advance Fee | $2.50 or 2.00% 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 Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $0 p.a. |
| Number of Additional Cardholders | 1 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- Receive a low interest rate of 13.24% p.a. on purchases.
- There is a $59 annual fee.
- Enjoy a promotional balance transfer rate of 5.99% p.a. for 5 months.
Cons
- This is a low rate card that provides no rewards program, included insurance or extra perks.
Commonwealth Bank Low Rate credit card review
This card is designed for customers who wish to keep their interest costs to a minimum while taking advantage of rewarding promotional offers. You can also request 1 additional cardholder at no extra cost.
If you have existing debt on a card from another Australian issuer, you can also request a transfer to this card and get a promotional balance transfer interest rate of 5.99% p.a. for a period of 5 months. After the promotional period, the rate reverts to the cash advance rate of 21.24% p.a.
Benefits of the Commonwealth Bank Low Rate credit card
- Balance transfer offer. Cardholders can consolidate debts without the cost of high interest with a low promotional balance transfer rate of 5.99% p.a. for a period of 5 months. This reverts to the cash advance rate of 21.24% p.a.
- Fraud protection. The Mastercard Zero Liability feature ensures that cardholders are protected from fraudulent transactions when using their credit cards online, over the telephone or in-store. This benefit is applicable to personal credit cards that are in good standing, and for cardholders that are in compliance with the terms and conditions outlined in the cardholder agreement on the Mastercard website. As other conditions apply, we always encourage to make sure to read the terms and conditions to understand what you're covered by. Customers are advised to alert the bank immediately once they become aware of any unauthorised transactions on their credit card account.
- Additional cardholder. Customers can request 1 additional cardholder at no extra cost.
- Contactless payments. Using Mastercard PayPass technology, customers can simply tap their card to make contactless payment at participating merchants, without needing a PIN for verification. These purchases are fraud protected by Mastercard and limited to $100 or less.
Features of the Commonwealth Bank Low Rate credit card
- Annual fee. The Commonwealth Bank Low Rate credit card attracts an annual fee of $59.
- Interest-free transactions for up to 55 days. Purchases made with this credit card will not incur any interest charges if balance is paid in full on or before the statement due date.
- Instant transaction updating. Your CommBank credit card purchases will show up immediately in NetBank and Telephone Banking under "Pending transactions". This means you won't have to wait for the information to appear on the next business day and can stay informed about the financial position of your credit card.
- 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.
- Emergency assistance overseas. As a Commonwealth Bank Low Rate credit cardholder, you will be eligible for assistance from Mastercard while travelling abroad on vacation or on business.
How to apply for the Commonwealth Bank Low Rate credit card
Applying for the Commonwealth Bank Low Rate credit card is simple and only takes a few minutes to complete. To be eligible, applicants must meet the following criteria:
Eligibility criteria
- Each applicant must be 18 years or over to apply.
- The additional cardholder should be at least 16 years of age.
Required documents
- Each applicant will be required to provide valid identification such as a passport or driver’s licence.
- The Bank may request additional documents to support the information supplied on the application.
The Commonwealth Bank Low Rate card is a basic credit card which gives customers a low purchase rate. It reduces the maintenance cost of the card while also providing benefits like promotional offers, fraud protection, a free additional card and emergency assistance overseas. As this isn't the only low rate card on the market, it's important to compare your options before you apply.
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What is the lowest annual income rate to eligible for the credit card? I am working as casual so am I eligible? Thanks.
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
When can I get 250 cash back. I have already spent $500 on my CC in mar2017?
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
Does this card comes with reward points ?
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
Hi.
Is buying electronic gadgets such as cameras are eligible in the offer.
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
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?
Can this card be used overseas?
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
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
Hi, I am currently holding Gold Awards CBA credit card, am I eligible to the promotion? Thanks.
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
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.
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
Can the $500 of eligible purchases required for the $250 cash back be multiple purchases or just one $500+ purchase?
Hi Ross,
Thanks for your question.
To be eligible for the $250 cash back offer, you need to spend $500 on eligible purchases, which could be a single or multiple purchases using your new card before 31 July 2016. For the purpose of earning the cash back, eligible purchases include BPAY transactions and payments to the ATO but excludes balance transfers and cash advances. Please note that other eligibility criteria apply.
Cheers,
Anndy
Can you please confirm wat is included in $500 on eligible purchases? Groceries purchased from Supermarkets including local etc Paying Opal and electricity bills?
Hi AA,
Thanks for your question.
Eligible purchases apply to any purchases that are not cash advances, balance transfers or gambling.
Therefore, groceries, electricity bills, BPAY transactions and ATO payments are considered as eligible purchases.
I hope this answers your question.
Cheers,
Ysa
Are there any lockout period for cancel the card? Like the ANZ, you cannot close the card in the first 12 months.
Hi Kimi,
Thanks for inquiring.
If you decide to close your credit card account, you may do so at any time, provided that no outstanding balance that remains on your card. After you have paid off your balance, you can call or visit any Commonwealth Bank branch and request for a card cancellation.
Hope this answers your question.
Cheers,
May