Commonwealth Bank Low Rate Card
Save with a low purchase interest rate, a competitive annual fee and up to 55 interest-free days with the Commonwealth Bank Low Rate card.
This card charges a low purchase interest rate of 13.24% p.a. and a $59 annual fee. You can also repay existing debt with an introductory 5.99% p.a. on balance transfers for 5 months. You can also keep your spending in check with a low minimum credit limit and the option to set spending caps.
Balance transfer rate
for 5 months
Interest free period
- Low interest rate of 13.24% p.a. on purchases
- Competitive $59 annual fee
- Balance transfer reverts to 21.24% p.a. after the introductory period.
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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.
- Residency. This card is available to permanent and temporary residents, so long as you're legally allowed to work in Australia.
- Age. You must be at least 18 years old to apply.
- Credit history. You'll need to have a good credit history with no current bankruptcies.
- 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.
- Low annual fee. This card charges a $59 annual fee.
- 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
- 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. 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 $3 or 3% of transaction value, 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.