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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 12 July 2022

Get $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 within 90 days of card activation. Save with $0 international transaction fees, 5.99% p.a. on balance transfers for the first 5 months, and up to 55 days interest-free on purchases. Plus, no annual fee in the first year, currently $89, and will be waived in the subsequent years if you meet the annual spend requirement.

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 $89 p.a.

$0 over 5 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • Pay no annual fee in the first year and will be 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
  • Enjoy $300 cashback when you apply for a new card by 31 October 2022 and spend $1,500 on purchases within 90 days of card activation
  • $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.
  • High cash advance interest rate of 21.24% p.a.
  • No points earn

Creditcard.com.au review

Editor Review

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. 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.

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

Brands you can't balance transfer from Commonwealth Bank

Credit limits

Minimum credit limit $4,000

Maximum credit limit N/A

Fees & repayments

Annual fee $89 p.a.

Additional cardholder fee $0 p.a.

Foreign transaction fee 0%

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 Yes

Flight Inconvenience Insurance Yes

Transit Accident Insurance Yes

Smartphone Screen Insurance No

Purchase Protection Insurance Yes

Extended Warranty Insurance Yes

Rental Vehicle Excess In Australia Insurance Yes

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

  • 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
  • Enjoy $300 cashback when you apply for a new card by 31 October 2022 and spend $1,500 on purchases within 90 days of card activation
  • 5.99% p.a. on balance transfers for the first 5 months (reverts to cash advance rate)
  • $0 Additional cardholder fee
  • Up to 55 days interest free on purchases
  • Pay no international transaction fees for purchases you make overseas or online
  • 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
  • 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.

21 questions (showing the latest 10 Q&As)

Adam Ryan

Adam Ryan

4 July 2022
We recently went overseas and used the credit card to pay for a few things and have been charged a transaction fee for numerous purchases. Five different transaction fees in total ranging in price.
    Pauline - CreditCard.com.au

    Pauline

    6 July 2022
    Hi Adam, I suggest reaching out to CommBank as soon as possible at 13 2221 about the charges.

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