CommBank Low Rate Card

Last updated: Jan 21, 2021

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 June 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.

This card also offers up to 55 interest-free days on purchases. The $59 annual fee is competitive and you can 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

0% p.a.

Purchase rate

for the first 15 months (reverts to 13.24% p.a.)

$59 p.a.

Annual fee

55 days

Interest free period

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Details

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.
Annual fee	$59
Interest-free period	55 days
Cash advance rate	21.24% p.a.
Min credit limit	$500
Card type	Mastercard
Foreign currency conversion fee	3%

Available to temporary residents	Yes - Conditions apply
Joint application	No

Pros

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

Cons

International transaction fee of 3% applies

Annual fee	$59
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

Expert review

Review by

Sally McMullen

sally.mcmullen@finder.com.au

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.

Expert review

The CommBank Low Rate Card could be a good credit card for those looking to minimise the risk of high interest charges, offering 0% p.a. on purchases for the first 15 months. After that, you can also get up to 55 days interest-free on purchases, with a 13.24% p.a. variable interest rate if you do carry a balance. It also has a low minimum credit limit of $500.

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.

If you like the sound of this card but would prefer a higher credit limit and more features, you could also consider the CommBank Low Rate Gold credit card. If you’re focused on low cost options, the CommBank Neo could also be of interest.

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.

Eligibility criteria

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.

Required documents

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.

Card benefits

0% purchase rate offer. This card offers 0% p.a. on purchases for the first 15 months when you apply by 30 June 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.

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145 Comments

J
August 23, 2019

How long must you be employed to qualify?

finder Customer Care

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

Roger
January 29, 2018

What are eligible purchases?

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

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

finder Customer Care

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

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.

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. To learn more, you can read more about the credit card minimum income requirements for application.

You can contact your card issuer for this matter.

Hope this helps.

Cheers,
Jonathan

sapna
April 19, 2017

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

finder Customer Care

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

Darren
February 20, 2017

Does this card comes with reward points ?

finder Customer Care

Dee
February 20, 2017

Hi Darren,

Thanks for your question.

I’m afraid the Commonwealth Bank Low Rare Card does not come with a rewards program.

Since you’re asking about rewards, you may find our rewards credit cards page interesting.

Open that link and on that page, there are rewards credit cards listed on our comparison table. Compare them based on various details. You can also select the “More info” link to read our review for that card. Once you’re done, select the “Go to site” button to be redirected safely to your chosen credit card issuer’s website.

I recommend that you check the details of the credit card you’re interested in, its eligibility criteria as well as the Product Disclosure Statements/Terms and Conditions before you apply.

Also if you can, contact first the issuing bank and discuss your options and chances of approval before you send anything final for your application. Just apply for one credit card at a time and ensure your eligibility before submitting your final application. This way you can avoid credit enquiries on your file.

I hope this helps. Should you have further questions, please don’t hesitate to reach us out again.

Have a wonderful day!

Cheers,
Anndy

Tara
November 22, 2016

Hi.

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

finder Customer Care

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

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?

susan
January 13, 2017

Can this card be used overseas?

finder Customer Care

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

finder Customer Care

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

Chloe
October 16, 2016

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

finder Customer Care

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

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.

finder Customer Care

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

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