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

Commonwealth Bank Credit Cards

Commonwealth Bank Low Fee Gold Credit Card

Updated 1 July 2020

The annual fee is waived the first year. Pay no international transaction fees for purchases you make overseas or online.

Purchase Rate (p.a)

19.74%

Balance Transfer (p.a)

5.99% for 5 months No BT fee. reverts to 21.24% p.a.

Annual Fee (p.a)

$0 first year. Then $89 p.a.

$0 over 5 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • No annual fee in the first year. Annual fee is waived in subsequent years if you spend $10,000 or more a year on purchases or cash advances in the previous year. Annual fee is $89
  • $0 Additional cardholder fee
  • Up to 55 days interest free on purchases
  • Pay no international transaction fees for purchases you make overseas or online
  • 5.99% p.a. on balance transfers for the first 5 months (reverts to cash advance rate)
  • 24/7 emergency assistance overseas if you lose your card with Mastercard Global Service
  • International travel insurance for you and for your spouse and up to 10 dependent children when travelling with you. You will need to activate before each trip
  • Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay

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

Creditcard.com.au review

Editor Review

Commonwealth Bank Low Fee Gold Credit Card

Roland Bleyer
Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. about this card.

The Commonwealth Bank Low Fee Gold Credit Card

With no annual fee for the first year, the Commonwealth Bank Low Fee Gold Credit Card allows cardholders to keep costs low over the longer term with no annual fee each year there is a $10,000 spend on the card. Providing a few gold perks, this card keeps it fairly simple, with access to overseas travel insurance, extended warranty and purchase security insurance included.

What we love...

The main attraction on the Commonwealth Bank Low Fee Gold Credit Card is its low annual fee. Well, the standard annual fee isn’t actually that low, but you can reduce it to $0 with your credit card spending. How does that work? Each year you spend $10,000 on the card, the following year your annual fee will be $0. To get you started, there is no annual fee for the first year.

You may also choose to add an additional cardholder to the account at no extra cost. This could be your partner, or maybe one of your kids. Of course, as the primary cardholder, you will be liable for their spending, but this can be a handy feature for families who want to keep credit card spending simple, with only one account.

As it’s a gold card, the Commonwealth Bank Low Fee Gold Credit Card has a few select extras on offer. In terms of retail cover, the card provides extended warranty on most purchases, extending the standard manufacturer’s warranty by up to a year. Purchase security insurance is also included, covering most lost, stolen or damaged purchases.

Offering value to frequent travellers, the card also has international travel insurance, providing cover for you, your spouse and your accompanying children for return trips from Australia, up to a set period. While certain conditions and restrictions apply (check the PDS), you simply need to activate the cover before you travel to gain the comprehensive level of cover on offer.

If you don’t activate your cover, you’ll only receive the card’s ‘base medical’ cover, which includes personal liability cover, and unlimited overseas emergency medical assistance and hospital expenses only.

What’s not so great...

Trading low fees for high interest, the Commonwealth Bank Low Fee Gold Credit Card is not a card you want to carry a balance on. The card has a relatively high rate of interest on purchases and cash advances, so it’s best to avoid cash advances and clear your balance by the due date each month to avoid interest accruing.

While it may offer several handy features, this card is not overloaded with extras. There are no rewards, no intro offers, and no exclusive extras such as airport lounge access. While it does allow for balance transfers, it’s not the best offer you’ll find. But, with 5.99% p.a. over five months, it could still help you save money if that’s what you’re looking to do.

Why should you choose this card?

If you want to save on annual fees, while enjoying a few nice features, the Commonwealth Bank Low Fee Gold Credit Card could be the card for you. As long as you clear your balance month-to-month and spend at least $10,000 each year, you could enjoy everything the card has to offer without paying out anything in annual fees or interest.

You can benefit from up to 55 days interest-free on purchases, alongside access to Priceless Cities offers and experiences. You can take control of your finances with the ability to instantly lock, block or limit your credit card, or by setting a Spending Cap. Want to learn how to budget? The card’s Spending Tracker & Insights could provide the info to make that easier.

Overall Rating

As a fairly basic gold card, the Commonwealth Bank Low Fee Gold Credit Card offers complimentary insurance covers, no annual fee for the first year, and the opportunity to pay $0 annual fee each year following a $10,000 yearly spend on the card.

User reviews

Commonwealth Bank Low Fee Gold Credit Card ( based on 4 Creditcard.com.au user reviews )

60% rating based on 4 reviews

Rates
Fees
Rewards
Customer Service
Value

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

Banks you can't balance transfer from Commonwealth Bank

Credit limits

Minimum credit limt $4,000

Maximum credit limit $50,000

Fees & repayments

Annual fee $89 p.a.

Additional card holder fee $0 p.a.

Foreign transaction fee 0%

Minimum repayment $25 or 2%

Annual fee the first year $0

Cash advance fee 2%

Late payment fee $20

Additional features

Complimentary insurance

International Travel Insurance Yes

Flight Inconvenience Insurance No

Transit Accident Insurance No

Smartphone Screen Insurance No

Purchase Protection Insurance Yes

Extended Warranty Insurance Yes

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 Gold Credit Card

With the Commonwealth Bank Low Fee Gold Credit Card, you can enjoy Gold card perks at an annual fee of $89. $0 annual fee in the first year and subsequent years when you spend $10,000. You don’t earn reward points with this card. As a cardholder, you can get access to local and international one-of-a-kind experiences, shopping, dining and hotel offers with MasterCard Priceless Cities. One free additional cardholder, up to 55 days interest free on purchases, secure online shopping, 24/7 fraud protection, and the convenience of Mastercard PayPass.

Key features

  • 5.99% p.a. on balance transfers for the first 5 months (reverts to cash advance rate)
  • No annual fee in the first year. Annual fee is waived in subsequent years if you spend $10,000 or more a year on purchases or cash advances in the previous year. Annual fee is $89
  • $0 Additional cardholder fee
  • Pay no international transaction fees for purchases you make overseas or online
  • Up to 55 days interest free on purchases
  • Get access to local and international one-of-a-kind experiences, shopping, dining and hotel offers with Mastercard Priceless Cities
  • 24/7 emergency assistance overseas if you lose your card with Mastercard Global Service
  • International travel insurance for you and for your spouse and up to 10 dependent children when travelling with you. You will need to activate before each trip

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

Roland B Bleyer

Roland B Bleyer founded Creditcard.com.au in 2005 and has extensive knowledge about credit cards. He personally answers all questions and write the editor reviews for each card here. Always keen to share his passion to educate consumers and help you select better suited credit cards.

Recently Asked Questions

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

10 questions (showing the latest 10 Q&As)

Ish

Ish

15 June 2020
Hi, The only option is to apply via Net bank. If I don't have a net bank account, how else can I apply for this Card?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    16 June 2020
    Hi Ish, I do not see any way to apply accept through Netbank. Therefore if you are keen. You should open a CBA bank account and setup netbanking. Then you can apply for the card. Otherwise you can look at other providers that do not require you to be a customer. Aka everyone else.
Kevin pratama

Kevin pratama

23 May 2020
Can you help me to apply credit card low fee gold credit card commbank ?
Samantha

Samantha

27 February 2020
I have just started full time work after 5 years of university. How long should I wait before I apply for this credit card?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    28 February 2020
    Hi Samantha, I suggest that 6 months is a good amount of time. Though 3 months could be enough. Make sure you shop around and find the best card for you. You don't need to be a bank customer to apply for a credit card.
Ronnie

Ronnie

22 January 2020
When using the CBA Low Fee Gold Credit Card for overseas transactions, what exchange rate is used? Where can I find this exchange rate?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    23 January 2020
    Hi Ronnie, its based on the Mastercard exchange rate - https://www.mastercard.us/en-us/consumers/get-support/convert-currency.html/. The foreign transaction fee is 3%. I believe CBA also load some extra amount of fat on this rate. When I used my card overseas last year. I did notice the rate seemed to be 3 cents higher than the official Mastercard rate. Its a good idea to do a transaction overseas. Noting the Mastercard exchange rate at that time. Then see what rate they are delivering. That can be your guide.
Grahame

Grahame

21 January 2020
Is domestic travel insurance e.g. cancellation provided by gold card/
Mr Youhorn Chea

Mr Youhorn Chea

20 January 2020
I lost my MasterCard. I want to cancel from today January 20th 2020.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    21 January 2020
    Hi Youhorn, please contact CBA directly. You can block the card in the Commbank App immediately and request a new one.
Larry Tam

Larry Tam

30 July 2019
It is about overseas travel insurance. I had made enquiry this afternoon at Westfield Eastgardens branch and are advised that I do not need to use this card to pay for any travel items, the cardholder and the spouse are covered while travelling overseas. But in this web page, it says travel insurance cover offered by provider when you pay for eligible travel on your card. Please clarify.
Tilana Yundi

Tilana Yundi

19 July 2019
Needed for my online account.
Tricia

Tricia

14 April 2019
Does the insurance cover my costs if i need to pull out in the last minute. In my case I have elderly parents and if either one falls ill i may not be able to do my trip.
rachel farla

rachel farla

23 June 2016
Hi as I am an existing Commonwealth customer do i qualify for no annual fee for the first year and with the complimentary travel insurance does that cover your dependents as well

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