CommBank Low Rate Card

Save with 0% p.a. on purchases for the first 18 months and get $100 cashback with the CommBank Low Rate card.

Apply and get approved for a new CommBank Low Rate credit card by 31 October 2022 and you'll get $100 cashback when you spend $1,000 in the first 90 days. You'll also be able to save on interest with a 0% p.a. interest rate for purchases you make in the first 18 months. After that, the card's current, variable interest rate of 13.24% p.a. applies.

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.

No reviews yet. Write a review

Sally McMullen

Last Updated Jan 21, 2021

5.99% p.a.

Balance transfer rate

for 5 months

0% p.a.

Purchase rate

for the first 18 months (reverts to 13.24% p.a.)

$59 p.a.

Annual fee

55 days

Interest free period

We’re reader-supported and may be paid when you visit links to partner sites. We don’t compare all products in the market, but we’re working on it!

Details

Product Name	CommBank Low Rate Credit Card
Balance transfer rate p.a.	5.99% for 5 months
Balance transfer revert rate	Cash Advance Rate (21.24% p.a.)
Purchase rate p.a.	0% for 18 months, reverts to 13.24%
Annual fee	$59
Interest-free period	Up to 55 days on purchases
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 18 months on purchases
$100 cashback
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

Bonus points	N/A

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

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 18 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 $100 cashback offer which means you can enjoy some extra value when you first get the card.

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 18 months when you apply by 31 October 2022 and get approved. At the end of the introductory period, the card's 13.24% p.a. variable purchase rate will apply. Note that you'll still need to pay at least the minimum amount on each statement during the 0% p.a. introductory period.
$100 cashback. This card offers you $100 cashback when you apply by 31 October 2022, get approved and then spend $1,000 on eligible purchases in the first 90 days. Eligible purchases cover most everyday spending but exclude cash advances, balance transfers and account fees.

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.

Ask an expert

To ask a question simply log in via your email or create an account.

Click here to cancel reply.

Display Name

Your Email (will not be published)

Your Question

Finder only provides general advice and factual information, so consider your own circumstances, or seek advice before you decide to act on our content. By submitting a question, you're accepting our Terms of Use, Disclaimer & Privacy Policy and Privacy & Cookies Policy.

Ask a question

145 Comments

J
August 23, 2019

How long must you be employed to qualify?

Reply
- 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
  
  Reply
Roger
January 29, 2018

What are eligible purchases?

Reply
- 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
  
  Reply
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

Reply
- 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
  
  Reply
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.

Reply
- 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
  
  Reply
Sapna
April 19, 2017

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

Reply
- 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
  
  Reply

Card Types

Cards from

Credit Cards Tips

Balance Transfer Calculator

CommBank Low Rate Card