Commonwealth Bank Low Rate Card
Enjoy a $200 cashback offer and a competitive annual fee on the Commonwealth Bank Low Rate card.
Apply and get approved for a new Commonwealth Bank Low Rate credit card by 28 October 2020 and you can collect $200 cash back on your account when you spend $1,000 on eligible purchases before 31 January 2021.
Balance transfer rate
for 5 months
Interest free period
We’re committed to our readers and editorial independence. We don’t compare all products in the market and may receive compensation when we refer you to our partners, but this does not influence our opinions or reviews. Learn more about Finder .
|Product Name||Commonwealth Bank 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||13.24% p.a.|
|Interest-free period||55 days|
|Cash advance rate||21.24% p.a.|
|Min credit limit||$500|
|Foreign currency conversion fee||3%|
|Available to temporary residents||Yes - Conditions apply|
- $200 cashback
- Low interest rate of 13.24% p.a. on purchases
- Competitive $59 annual fee
- Balance transfer offer of 5.99% p.a. for 5 months is not as competitive as many others
- International transaction fee of 3% applies
|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|
Sally McMullen is a creative content producer at Finder, co-hosts our Pocket Money podcast and wrote about credit cards for almost five years. Her byline can be spotted on Yahoo Finance, Dynamic Business, Financy and Mamamia as well as Music Feeds and Rolling Stone. She has a Bachelor of Communication and Media Studies majoring in Journalism (Hons) from the University of Wollongong.
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.
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.
- Age. You must be at least 18 years old to apply.
- Residency. This card is available to permanent and temporary residents, so long as you're legally allowed 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.
- 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.
- $200 cashback. Receive $200 back to your account when you apply, are approved by 28 October 2020 and spend $1,000 on eligible purchases using your new Commonwealth Bank Low Rate card before 31 January 2021.
- Low purchase rate. This card charges a standard interest rate of 13.24% p.a. on purchases.
- 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. If your card is lost, damaged or stolen, you can take advantage of 24/7 emergency overseas assistance with Mastercard Global Service.
- 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.
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.
- Foreign 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.