The Commonwealth Bank Low Rate Gold offers a low ongoing interest rate on purchases with gold-level benefits, including international travel insurance.
The CommBank Low Rate Gold credit card is packed with features and benefits that can make managing your finances easier. Enjoy a competitive low interest rate on purchases and receive up to 55 interest-free days on purchases when you pay the full closing balance by the due date. This card gives you access to other perks as well, such as included insurance covers and an introductory balance transfer offer, with a standard annual fee of $89.
| Product Name | Commonwealth Bank Low Rate Gold 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 Amount | Up to remaining credit limit |
| Purchase rate (p.a.) | 13.24% p.a. |
| Offer end date | 31 August 2017 |
| Annual fee | $89 p.a. |
| 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. | $4,000 |
| Minimum Monthly Repayment | 2% or $25 whichever is greater |
| Card Type | Mastercard |
| 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 Insurance | Yes |
| Available To Temporary Residents | Yes - Conditions apply |
| Joint Application | No |
| Minimum Age | 18 years of age |
|---|---|
| Available to Temporary Residents | Yes - 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. | $4,000 |
| Annual Fee | $89 p.a. |
|---|---|
| Minimum Repayment | 2% 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 Allowed | Yes |
| Gambling Transactions Interest Rate | Cash Advance Rate |
| Additional Cardholder Fee | $0 p.a. |
| Number of Additional Cardholders | 1 |
| BPAY | Yes |
| Cheque | Yes |
| Direct Debit | Yes |
| Australia Post | Yes |
| Phone Banking | Yes |
| Internet Banking Transfers | Yes |
| In Branch | Yes |
| Yes |
Pros
- This card offers included travel insurance.
- Receive purchase insurance on eligible items bought with the card.
- Get up to 55 interest-free days on purchases when you pay your previous balance in full.
- This card has a competitive standard purchase rate of 13.24% p.a.
Cons
- No rewards program is offered which is usually a standard feature of Gold tier credit cards.
- A charge applies when you use your card to make a cash equivalent purchase such as a gambling transaction or payment for travellers cheques.
Commonwealth Bank Low Rate Gold credit card review
You can use the Commonwealth Bank Low Rate Gold credit card to save on credit card interest costs while also taking advantage of some competitive gold perks. The card comes with a purchase rate of 13.24% p.a., but you can take advantage of up to 55 interest-free days on purchases if you pay your balance in full each month. This card also comes with included travel insurance, purchase security insurance and extended warranty insurance.
Benefits of the Commonwealth Bank Low Rate Gold credit card
- Purchase rate. The standard variable interest rate on purchases is 13.24% p.a.
- Cashback offer. Receive $200 cashback when you apply by 31 August 2017 and spend $750 on eligible purchases before 31 October 2017.
- Cash advance rate. The standard variable cash advance rate is 21.24% p.a.
- Balance transfer rate. New customers can take advantage of a promotional balance transfer rate of 5.99% p.a. for the first 5 months. After this introductory rate has ended, the balance transfer rate will revert to the cash advance rate of 21.24% p.a.
- Included insurances. Eligible cardholders can also take advantage of included international travel insurance. Cardholders need to activate the included travel insurance via NetBank or by calling CommBank before travelling to be eligible for full travel insurance cover. The travel insurance policy offers coverage for medical emergencies, lost/stolen/damaged luggage, expenses arising from unexpected delays and much more. This covers the cardholder, and his or her eligible spouse and dependent children so long as they also meet the eligibility requirements. You also get an extended warranty insurance and purchase protection insurance for eligible items bought with this card. Refer to the CommBank Credit Card Insurances booklet available on the CommBank website for full details.
- Security. This credit card includes a 24-hour anti-fraud service which monitors unusual spending and transactions. When shopping online, you are also protected with NetCode.
- Lock, block and limit. This unique benefit allows you to set your own terms for how the credit card is used. By accessing the CommBank app or NetBank, you can lock international payments, block ATM cash advances and set a limit for your spending.
- Travel Money Card fee waiver. If you present your CommBank Low Rate Gold credit card when purchasing a Travel Money Card you won't have to pay an issue fee. This card enables you to travel around the world, holding up to 13 currencies and making purchases without paying fees.
Features of the Commonwealth Bank Low Rate Gold credit card
- Annual fee. The Commonwealth Bank Low Rate Gold credit card charges an annual fee of $89.
- $0 additional card. You can apply for 1 supplementary card for a family member or partner at no extra cost.
- Acceptance. This credit card can be used worldwide in more than 210 countries and over 2 million ATMs, wherever Mastercard is accepted.
Comparison of Commonwealth Bank credit cards
How to apply for the Commonwealth Bank Low Rate Gold credit card
Applying for this credit card online is easy and usually takes less than 15 minutes. Before you apply, make sure you meet the following minimum eligibility requirements.
Eligibility criteria
- You must be at least 18 years of age to apply for a credit card.
- This credit card offer is available to permanent residents of Australia as well as temporary residents. If you are an immigrant with a visa, you will need to meet other terms and conditions.
You’ll also be asked to provide information and documentation, so make sure to have the following handy.
Required documents
- Identification such as your driver’s licence or passport
- Your full name, date of birth, residential address, email address, contact number and employment details
- Have the details of your monthly earnings nearby as well as all of the debts you are responsible for
The Commonwealth Bank Low Rate Gold credit card offers a competitive ongoing variable interest rate for purchases plus a wide range of benefits and promotional offers. As this isn’t the only low rate card on the market, make sure you compare a range of other options to find one that suits your spending style and needs.
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How do i get 55days interest free if the balance is paid in full each month?
Hi Ian,
Thank you for your inquiry.
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.
I hope this information has helped.
Cheers,
Harold
Hi. i applied for this low rate gold credit card on 12.8.2016.and da application is done.can you tell me in how many days i receive my gold credit card. Thanks
Hi Hassan,
Thanks for your question.
After your credit card application has been approved, you will typically receive your Commonwealth Bank credit card within 10 working days. You can then activate it via NetBank, in a branch or by calling 13 22 21.
Cheers,
Anndy
Does the card cover pre-existing medical condition such as a Cardiac Condition?
Hi Edna,
Thanks for your question.
As stated in the Commonwealth Bank Credit Card Insurances PDS, a history of cardiovascular disease, and it is a pre-existing medical condition, cover for these conditions is excluded. For your reference, I have sent to your email the link of the PDS.
Cheers,
May
Hey team, great work here.
just wondering is there any real benefit in accepting an offer to upgrade to gold low rate apart from i can see travel insurance? is it really worth the bigger fee charged? if yes please help me understand what the benefits are on paying the extra fee.
thank you
Hi Bill, thanks for your inquiry!
The main differences between the Gold Low Rate and Low Rate credit card are the following benefits included with the Gold Low Rate: complimentary travel insurance and free travel money card. Learn about the benefits of this complimentary insurance policy in this guide.
Cheers,
Jonathan
I wish to obtain details of the changes to the banks complimentary travel insurance. I put in the address as shown but no new information came up. Can you give me the correct web address please?
Thanks
Hi Gerard, thanks for your inquiry!
Please refer to the attachment I have sent to your email address for the latest PDF version of the Commonwealth Bank’s complimentary travel insurance policy.
Cheers,
Jonathan
I am a former customer of Commonwealth Bank and I believe I had a good credit rating. If I were to apply for a Gold low rate Mastercard, would the fact that I am a former customer be an advantage when the Bank considers my application ?
Hi Peteratbarry, thanks for your inquiry!
Existing customers of banks can receive certain benefits such as shorter application processes, discounted annual fees and special interest rates. Please refer to the following page for an existing customer credit cards comparison for CBA.
Cheers,
Jonathan
Re Credit Card with Free Travel Insurance
Who are the Underwriters please and where can I
read about the details of the Travel Insurance?
Regards,
Gill
Hi Gill,
Thanks for your question.
Allianz are the underwriters of this insurance and you can read further details about it on Commonwealth Bank’s website. I’ve emailed you a link to the relevant page.
Thanks,
Elizabeth
Can I up grade my Low Rate Master Card to an Awards card?
Hi, Rob.
You can close your old account and apply for an Awards card as a new customer through the applications links provided on our site, or you can contact the Commonwealth Bank directly to see if they can offer you a deal as an existing customer.
Thanks for your question.
Hi
“Interest Rate on Purchases 0% p.a. for 12 months (reverts to 12.99% p.a.) ”
whats its really mean ?
Hi Aj.
Currently, if you make a purchase on this card during the first 12 months after you activated the account, you will not get charged any interest. At the end of the 12 month purchase rate promotional period, any unpaid balance from purchases made during the first 12 months will be charged at the ongoing standard variable rate for purchases. After the 12 months purchase rate promotional period, any purchases made with the card will be charged at the ongoing variable rate for purchases.
I hope this helps.
I already have a Low Rate MasterCard with the Commonwealth Bank. Can you lease tell me how it can be linked to our frequent flyer (velocity) card.
Thank you.
Sandy.
Hi Sandy.
Thanks for your question.
If you have a credit card that rewards you with Commonwealth Bank Awards Points, you can transfer these points over the Velocity frequent flyer program though your online banking facility. You can have a look at the transfer rate on this page.
I hope this helps.