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.
|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|
|Minimum Age||18 years of age|
|Available To Temporary Residents||Yes - Conditions apply|
|Credit Rating Requirement||Good|
|Annual fee||$59 p.a.|
|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)|
|Overseas ATM Withdrawal Fee||$2.50 or 2.00% of the transaction amount up to a maximum of $150|
|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|
- 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.
- 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:
- Applicant must be 18 years or over to apply.
- Must be legally allowed to work in Australia.
- Not be currently bankrupt.
- Each applicant will be required to provide valid identification such as a passport or driver’s licence.
- You will be asked to prove how much you earn (e.g. payslips) and how much you owe.
- 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.Back to top