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Commonwealth Bank Low Fee Credit Card
Commonwealth Bank Low Fee Credit Card

Commonwealth Bank Credit Cards

Commonwealth Bank Low Fee Credit Card

Updated 21 July 2022

Receive $200 cashback when you apply for a new Commonwealth Bank Low Fee Credit Card by 31 October 2022 and spend $1,000 on purchases within 90 days of card activation. Plus, the low annual fee of $29 is waived in the first year and each year you spend $1,000 or more in the previous year. This card also offers 5.99% p.a. on balance transfers for 5 months, up to 55 days interest free on purchases, and additional cardholder at no extra cost.

Purchase Rate (p.a)

19.74%

Balance Transfer (p.a)

5.99% for 5 months No balance transfer fee.
Reverts to 21.24% p.a.

Annual Fee (p.a)

$0 first year. Then $29 p.a.

$0 over 5 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • Receive $200 cashback when you apply for a new card by 31 October 2022 and spend $1,000 on purchases within 90 days of card activation
  • Low annual fee of $29 and is waived first year and each year when you spend $1,000 or more in the previous year
  • 5.99% p.a. on balance transfers for 5 months (reverts to cash advance rate)
  • Up to 55 days interest free on purchases
  • Additional cardholder at no extra cost
  • Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay

  • High purchase rate of 19.74% p.a.
  • No points to earn

Creditcard.com.au review

Editor Review

Commonwealth Bank Low Fee Credit Card

Pauline Hatch
Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. about this card.

The Commonwealth Bank Low Fee Credit Card

With a low standard annual fee, the Commonwealth Bank Low Fee Credit Card is designed for cardholders who want to pay minimal annual fees in return for a fairly basic card. The card keeps it simple with very few features on offer, but it does have no annual fee for the first year, with subsequent annual fees waived for cardholders who spend at least $1,000 within the previous year.

What we love...

With the Commonwealth Bank Low Fee Credit Card, the focus is most definitely on annual fees. As you would expect from a card with ‘low fee’ in its name, this card offers a low standard annual fee. It also has no annual fee to pay in the first year, and for each year you spend at least $1,000 on the card, the following year’s annual fee will be waived.

To add more spice to this low rate card, CommBank presents $200 cashback when you apply for a new card by 31 October 2022 and spend $1,000 on purchases (excluding balance transfers and cash advances) within 90 days of card activation. Cashback will be deposited to your account within 90 days when the spend criterion is met and will appear on your statement as ‘CASHBACK $100’.

If you want to add an additional cardholder to your account – perhaps your partner or one of your kids – you can do so at no extra cost. This can help you to keep costs at a minimum, while still enjoying access to credit. As long as you spend at least $1,000 on the card each year, and avoid interest and other fees, you could keep the card in your wallet for free.

One way you can avoid interest – and you will want to avoid interest on this card given its high purchase rate – is to use the interest free feature. This gives you up to 55 days interest free on purchases. Take note, the number of interest free days available will depend on when the purchase is made, and how far through the statement cycle it is.

As with most low fee cards, the Commonwealth Bank Low Fee Credit Card offers only a basic set of features. These provide you with access to Priceless Cities offers and experiences, and to some handy tools for budgeting and tracking your spending. This can help you keep more control over your spending, which should make it easier to pay off your balance month-to-month.

What’s not so great...

With credit cards, there are often trade-offs. With rewards comes a high annual fee. With a low annual fee comes high interest. This is the case with the Commonwealth Bank Low Fee Credit Card. It has a high rate of interest on purchases and cash advances, so if you really want to make the most of its low annual fee, you’ll have to clear your balance before interest starts accruing.

As we’ve mentioned, this card is not big on features. It doesn’t provide a rewards program, it doesn’t offer fancy extras, and it hasn’t got any enticing introductory offers. So, if that’s what you’re looking for, you’ll need to look elsewhere. Be aware though, for those features, you may end up paying a much higher annual fee.

Why should you choose this card?

If you want to keep annual fees low, the Commonwealth Bank Low Fee Credit Card could be a great choice. If you only use your card to access credit – and then pay off what you owe before interest starts accruing – then this card could help you to save on annual fees, while providing you with the basics.

These basics offer control over your card, with the ability to instantly lock, block or limit your card through the CommBank app or NetBank. You can set a Spending Cap to limit your spending, and work on your budget using the card’s Spending Tracker & Insights.

Of course, you also have Mastercard Global Service at your fingertips, providing 24/7 emergency overseas assistance if you lose your card. Meanwhile, Mastercard Zero Liability offers free protection against fraud and other unauthorised transactions, and 24-hour fraud protection designed to detect any abnormal transaction spending habits.

Overall Rating

A no frills card that can help keep costs low – as long as you don’t carry a balance – the Commonwealth Bank Low Fee Credit Card offers a low standard annual fee, with no annual fee in the first year, and a waived annual fee as long as you spend $1,000 on the card in the preceding year.

User reviews

Commonwealth Bank Low Fee Credit Card ( based on 42 Creditcard.com.au user reviews )

72% rating based on 42 reviews

Rates
Fees
Rewards
Customer Service
Value
64%

Jasmine Fernandez

28 January 2013

I have a bunch of other accounts with commonwealth so I thought Id stick with them for my credit card too. I used to have lots of credit cards about ten years ago but I kept overspending and spent too much on them so I cut them all up. I wanted a card again for emergencies and didn't want to pay too much. This card has low annual fee and thats what I wanted.

Recommends this card

Rates and fees

Interest rates



Purchase rate 19.74% p.a.

Cash advance rate 21.24% p.a.

Interest free period on purchases up to 55 days

Balance transfer

Balance transfer rate 5.99% p.a. for 5 months

Balance transfer revert rate 21.24% p.a.

Balance transfer from personal loan No

Balance transfer fee No fee

Balance transfer limit 100% of approved credit limit

Brands you can't balance transfer from Commonwealth Bank

Credit limits

Minimum credit limit $500

Maximum credit limit N/A

Fees & repayments

Annual fee $29 p.a.

Additional cardholder fee $0 p.a.

Foreign transaction fee 3%

Minimum repayment $25 or 2% (whichever is greater)

Annual fee the first year $0

Cash advance fee Consumer: $3 or 3%, whichever is greater; Commercial: 1.5%

Late payment fee $20

Additional features

Complimentary insurance

International Travel Insurance No

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance No

Extended Warranty Insurance No

Rental Vehicle Excess In Australia Insurance No

Extras

Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay

Overview

Commonwealth Bank Low Fee Credit Card

While Commonwealth Bank Low Fee Credit Card is the name of the card, with a high purchase rate of 19.74% p.a. you have to question whether this card is really suitable for you. There are a great amount of no annual fee offers available in market. Make sure you compare your options before selecting the right card for you. Pay $0 annual fee for the first year, thereafter only $29 per year in annual fee. Or if you are a qualifying Commonwealth Bank customer spending $1,000 per year on the card, the annual fee will be waived. Cardholders can also enjoy secure internet shopping, up to 55 days interest free on purchases, one free additional cardholder, and special offers from Mastercard Applause.

Key features

  • Receive $200 cashback when you apply for a new card by 31 October 2022 and spend $1,000 on purchases within 90 days of card activation
  • Low annual fee of $29 and is waived first year and each year when you spend $1,000 or more in the previous year
  • 5.99% p.a. on balance transfers for 5 months (reverts to cash advance rate)
  • Up to 55 days interest free on purchases
  • Additional cardholder at no extra cost
  • Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay

Minimum criteria to apply for this card

  • Be over 18 years old

  • Good Credit and have not applied for multiple credit cards recently

  • Resident or citizen of Australia. Temporary residents are eligible.

  • You have your personal details ready to complete the online application

Pauline

Pauline is a personal finance expert at CreditCard.com.au, with 8 years in money, budgeting and property reporting under her belt. Pauline is passionate about seeing Aussies win by making their money – and their credit cards – work smarter, harder and bigger

Recently Asked Questions

Something you need to know about this card? Ask a our credit card expert a question.

23 questions (showing the latest 10 Q&As)

Shauna

Shauna

15 June 2022
Hi, I am wanting a credit card primarily for medicines and emergencies. I am on a DSP so obviously I don't have a high income. What would be your best credit card to use please?
    Pauline - CreditCard.com.au

    Pauline

    16 June 2022
    Hi Shauna, thanks for getting in touch. We’ve gone through some of the smaller providers requirements for income in this piece around low income credit cards. You can click through to each card to read our review and compare it with other cards on the market. Hope this helps
Cher Townend

Cher Townend

13 February 2021
Hi Roland, I'm interested in the 15 months interest free period. Want to use to buy a car, does this mean I dont pay any interest or card fees for 15months and start paying if I still have a balance. Thanks
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    15 February 2021
    Hi Cher, Yes, as long as you're making the monthly minimum repayment (with CBA it's usually the greater of 2% of the outstanding balance or $25) for those 15 months, you won't be charged any interest on purchases. After those 15 months if there is any remaining unpaid balance, it will be charged interest at variable purchase rate (currently 19.74% p.a.).
san

san

22 January 2021
with the promotional offer going on commonwealth bank low fee credit card i am sort of confused about 0% p.a on purchase for 15 months and another statement upto 55 days interest free. Could you please explain me what those things are ?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    25 January 2021
    Hi San, the up to 55 days interest free is only relevant post the 0% for 15 month promotion. Basically you get 0% on purchases for the first 15 months from card activation.

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