Commonwealth Bank Low Fee Gold 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. Ask Pauline a Question 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.

Currently, CommBank offers $300 cashback when you apply for a new Commonwealth Bank Low Fee Gold Credit Card by 31 October 2022 and spend $1,500 on purchases (excluding balance transfers and cash advances) within 90 days of card activation. The amount will be deposited to your account within 90 days after the spend criterion is reached and will appear on your statement as ‘CASHBACK $300’.

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.