Commonwealth Bank Low Rate Card – Details and Application

Enjoy $0 annual fee for the first year and receive $250 cash back when you meet the application and spend requirements. Also receive a low rate on purchases, up to 55 interest-free days on purchases and essential credit card features.

In addition to offering a competitive standard variable interest rate for purchases, cardholders who apply by 31 January 2017 and are approved can take advantage of a $0 annual fee for the first year and $250 cash back (when they spend at least $500 by 31 March 2017).

The Commonwealth Bank Low Rate Gold Credit Card, which features a higher minimum credit limit and international travel insurance, is an alternative to the Commonwealth Bank Low Rate credit card.

Product NameCommonwealth 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 AmountUp to remaining credit limit
Purchase rate (p.a.)13.24% p.a.
Offer end date31 January 2017
Annual fee$0 p.a. annual fee for the first year ($59 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.
$500
Minimum Monthly Repayment2% or $25 whichever is greater
Card TypeMasterCard
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 InsuranceNo
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes - 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$0 p.a. annual fee for the first year ($59 p.a. thereafter)
Minimum Repayment2% 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 AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$0 p.a.
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes

Pros

  • Receive $250 cash back if you apply by 31 January 2017 and spend $500 on eligible purchases by 31 March 2017.
  • Customers who apply by 31 January 2017 are eligible to pay no annual fee for the first year ($59 thereafter).
  • Enjoy a promotional balance transfer rate of 5.99% p.a. for 5 months.
  • Receive a low interest rate of 13.24% p.a. on purchases.

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. The card has no annual fee for the first year if you apply by 31 January 2017 and reverts to a low ongoing annual fee of $59 p.a. You can also request 1 additional cardholder at no extra cost.

Low Rate cardholders can also 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

  • Cashback offer. Receive $250 cash back when you apply, get approved by 31 January 2017 and spend at least $500 by 31 March 2017.
  • No annual fee for the first year. Take advantage of the $0 annual fee for the first year offer if you apply by 31 January 2017. Terms and conditions apply.
  • Balance transfer offer. Cardholders can consolidate debts without the cost of high interest with a low promotional balance transfer 5.99% p.a. for a period of 5 months.
  • 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 get 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. Enjoy $0 annual fee for the first year offer if you apply by 31 January 2017. After this promotion has ended, an annual fee of $59 will apply.
  • 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, though, it's important to compare your options before you apply.

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131 Responses to Commonwealth Bank Low Rate Card – Details and Application

  1. Default Gravatar
    Tara | November 22, 2016

    Hi.

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

    • Staff
      Harold | November 22, 2016

      Hello Tara,

      Unforrunately, buying electronic gadgets suchs 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

  2. 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?

    • Staff
      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

  3. Default Gravatar
    | October 16, 2016

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

    • Staff
      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

  4. 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.

    • Staff
      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

  5. Default Gravatar
    Ross | June 29, 2016

    Can the $500 of eligible purchases required for the $250 cash back be multiple purchases or just one $500+ purchase?

    • Staff
      Anndy | June 29, 2016

      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

  6. Default Gravatar
    AA | May 27, 2016

    Can you please confirm wat is included in $500 on eligible purchases? Groceries purchased from Supermarkets including local etc Paying Opal and electricity bills?

    • Staff
      Ysa | May 30, 2016

      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

  7. Default Gravatar
    Kimi | April 15, 2016

    Are there any lockout period for cancel the card? Like the ANZ, you cannot close the card in the first 12 months.

    • Staff
      May | April 15, 2016

      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

  8. Default Gravatar
    | April 2, 2016

    Hi. I currently work on a casual basis with several different employers regularly plus receive child support and single parent payments.
    Would I be eligible to apply for this card please?

    • Staff
      Ally | April 4, 2016

      Hi Carla,

      Thanks for your inquiry.

      Kindly note that finder.com.au is an online comparison service that does not represent any credit card issuer such as Commonwealth Bank.

      Although they have not specified a required minimum income level for this card, you might still be requested to provide supporting documents for income which can include your bank statement from a different financial institution (not CommBank) for the last 3 months showing your regular income flow, a certificate of employment, two payslips/ income statements within the last 60 days, your most recent tax return, PAYG payment summary or Notice of Assessment.

      That said, it would be best to contact the Commonwealth Bank team directly through the contact details sent to your email for the best advise on your eligibility and available options.

      I hope this has helped.

      Cheers,
      Ally

  9. Default Gravatar
    Remos | February 16, 2016

    Hi
    To get the $150 cash back offer from Commbank low rate credit card , what are the eligible purchases types ?
    And if I bought for example an appliance which cost over than $500 would this be eligible for the cash back offer ?
    Thanks

    • Staff
      Jonathan | February 16, 2016

      Hi Remos, thanks for your inquiry!

      Eligible transactions exclude balance transfers and cash advances (including transactions treated by the Bank as a cash advance). Since your appliance would be purchasing a good this would be eligible for the cash back offer, providing the merchant accepts credit card payment.

      Cheers,

      Jonathan

  10. Staff
    Sally | December 4, 2015

    Hi Stuart,

    Thanks for your question.

    There is no maximum limit for the Commonwealth Bank Low Rate Card. Instead, the credit limit that you’ll be approved for will be based on the information you provide in your application, your credit history and your ability to repay your credit card.

    You may wish to contact Commonwealth Bank directly to confirm your likelihood of receiving approval for a credit limit of $15,000 before applying.

    You can contact CBA on 13 2221.

    I hope this has helped.

    Cheers,

    Sally

Credit Cards Comparison

Rates last updated December 6th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info
NAB Low Rate Credit Card
The NAB Low Rate Card offers 0% p.a. on purchases and balance transfers for 15 months. This card also comes with a low annual fee.
0% p.a. for 15 months (reverts to 13.99% p.a.) 0% p.a. for 15 months with a one off 3% balance transfer fee $59 p.a. Go to site More info
HSBC Platinum Qantas Credit Card
Receive 60,000 bonus Qantas Points on eligible spend within 3 months. Enjoy access to premium benefits and complimentary insurance.
19.99% p.a. $199 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards finder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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