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Commonwealth Bank Low Rate Credit Card
Commonwealth Bank Low Rate Credit Card

Commonwealth Bank Credit Cards

Commonwealth Bank Low Rate Credit Card

Updated 12 July 2022

Save on interest costs with 0% p.a. interest on purchases for 18 months & $100 cashback, when you apply by 31 October 2022 and spend $1,000 on eligible purchases within 90 days of card activation. Plus 5.99% p.a. on balance transfer rate for 5 months. Reverts to a low purchase interest rate of 13.24% p.a. This card also comes with an affordable annual fee of $59, up to 55 days interest free on purchases, and a $0 additional cardholder fee.

Purchase Rate (p.a)

0% p.a.

for 18 months. Reverts to 13.24% p.a.

Balance Transfer (p.a)

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

Annual Fee (p.a)

$59

$0 over 5 months

My transfer amount

Balance transfer from:

My annual fee

My interest rate

Pros and cons

  • 0% p.a. interest on purchases for 18 months + $100 cashback. Apply by 31 October 2022, and spend $1,000 on eligible purchases within 90 days of card activation.
  • 5.99% p.a. on balance transfer rate for 5 months (reverts to cash advance rate)
  • Low purchase rate of 13.24% p.a.
  • Up to 55 days interest free on purchases
  • $59 annual fee
  • Free additional card holder
  • 24-hour fraud protection
  • Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.

  • There are lower balance transfer offers around
  • You won’t earn Awards points
  • No complimentary international travel insurance

Creditcard.com.au review

Editor Review

Commonwealth Bank Low Rate 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 Rate Credit Card

The Commonwealth Bank Low Rate Credit Card is a simple card with a lot to offer. While it may keep features somewhat basic, this is a card that can help cardholders save on interest with its low purchase rate, with tools on-hand to make staying in control of finances that much easier.

What we love...

The main drawcard on the Commonwealth Bank Low Rate Credit Card is its low rate on purchases. While it may not be the lowest purchase rate on the block, it could help you to save on interest if you tend to carry a balance. This should let you pay down what you owe, to clear your balance faster.

As a fairly basic credit card, you wouldn’t expect the Commonwealth Bank Low Rate Credit Card to have a high annual fee. Happily, in this, the card doesn’t disappoint. It may not have the low fee offered on Commonwealth Bank’s Low Fee Credit Card, but its annual fee is affordable. It also has a $0 additional cardholder fee, so you can add an additional cardholder for no extra cost.

A great bonus is that you get 0% p.a. interest on purchases for 18 months and $100 cashback when you apply by 31 October 2022 and spend $1,000 on eligible purchases within 90 days of card activation.

What’s not so great...

While it may be dubbed a ‘low rate’ card, the Commonwealth Bank Low Rate Credit Card does not offer CommBank’s lowest purchase rate. This honour goes to the Commonwealth Bank Essentials Credit Card. Weigh up what’s important to you and compare the two options. If a lower purchase rate is the most important feature for you, the Essentials card may be a better option.

It’s also worth pointing out that although the Commonwealth Bank Low Rate Credit Card has a balance transfer offer, its balance transfer rate is not that low, and its balance transfer period is not that long. However, paying 5.99% p.a. over five months may work for you, especially if you take into account its lack of balance transfer fee. Take note, any transferred balance left unpaid after five months will revert to the card’s much higher cash advance rate.

Why should you choose this card?

With its low purchase rate, this card could work well for cardholders who tend to carry a balance. Carried balances attract interest, so if you keep a balance on any credit card, choosing a card with a low interest rate could help you save more on interest, to then pay back more of what you owe.

With several tools available, the Commonwealth Bank Low Rate Credit Card can also assist cardholders in keeping better control over their finances. CommBank’s Lock, Block, Limit feature lets you instantly lock, block or limit your card through the CommBank app or NetBank. You can also set a Spending Cap, and work on your budget with Spending Tracker & Insights.

Other features on offer include up to 55 days interest free on purchases, and access to Priceless Cities offers and experiences. As for card security, Mastercard Zero Liability provides 24-hour fraud protection, while Mastercard Global Service is on-hand 24/7 should you lose your card and need emergency assistance overseas.

Overall Rating

As a simple low rate card, the Commonwealth Bank Low Rate Credit Card provides a low purchase rate, an affordable annual fee, 0% purchases, $100 cashback, and tools to make it easier to keep on top of your spending.

User reviews

Commonwealth Bank Low Rate Credit Card ( based on 35 Creditcard.com.au user reviews )

78% rating based on 35 reviews

Rates
Fees
Rewards
Customer Service
Value
52%

Creditcard.com.au Visitor

28 January 2013

I've had this card for a number of years and also hold several accounts with CommBank. Customer service has always been great and if your card is used suspiciously they always call. Low Interest rates on purchases has allowed me to pay off any debts on the card with less urgency (when necessary). Cash Advances are a big no no on credit cards as most people should know and this one is no different. Expect to pay dearly if do. Overall, a great everyday card to be hard without the hassle of rewards and other similar gimmicks.

Recommends this card
57%

Jason Reid

28 January 2013

Commbank has a good offer on this one for purchases just now 5 months 0%. I signed up just for that offer. Seems good in the long term too low interest rates, maybe annual a bit high for a low rate card though.

Recommends this card

Rates and fees

Interest rates



Purchase rate 13.24% p.a.

Introductory purchase rate 0% p.a. for 18 months

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 $59 p.a.

Additional cardholder fee $0 p.a.

Foreign transaction fee 3%

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

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.

Priceless® Cities offers and experiences

Overview

Commonwealth Bank Low Rate Credit Card

With a great ongoing purchase rate of 13.24% p.a., the Commonwealth Bank Low Rate Credit Card is the ideal choice for saving money on interest. You can also enjoy a competitive annual fee of $59, to help you cut down on costs. As a cardholder, you can also enjoy the convenience of Mastercard PayPass, up to 55 days interest free on purchases, secure internet shopping, one free additional cardholder, and access to special offers with Mastercard Applause.

Key features

  • 0% p.a. interest on purchases for 18 months + $100 cashback. Apply by 31 October 2022 and spend $1,000 on eligible purchases within 90 days of card activation.
  • 5.99% p.a. on balance transfer rate for 5 months (reverts to cash advance rate)
  • Low purchase rate of 13.24% p.a.
  • Up to 55 days interest free on purchases
  • $59 annual fee
  • Free additional card holder
  • Priceless® Cities offers and experiences
  • Mastercard PayPass
  • 24-hour fraud protection
  • 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

  • Legally have the right to work in Australia

  • 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.

65 questions (showing the latest 10 Q&As)

Ian

Ian

2 June 2022
What are eligible purchases
    Pauline - CreditCard.com.au

    Pauline

    3 June 2022
    Hi Ian, eligible purchases are your daily transactions like paying for your groceries, doctor’s fees, and car’s petrol to name a few. I checked CommBank’s terms however there’s no specific list of what’s considered eligible. It does state though that interest, bank fees, balance transfers, and cash-related transactions are not considered eligible. Hope that answers your question.
Hossein

Hossein

2 April 2022
What is the maximum amount ?
    Pauline - CreditCard.com.au

    Pauline

    4 April 2022
    Hi Hossein, the maximum credit limit is actually set and approved by the card issuer based on many factors CBA holds close to their chest. As this is an entry lever, low rate card the credit limit won’t be super high. Higher credit limits are often found on Black credit cards and gold and platinum credit cards.
Carol Lenaz

Carol Lenaz

21 October 2021
I want 5000 dollars can I open a balance transfer card
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    22 October 2021
    Hi Carol, a balance transfer is used to consolidate outstanding debts. So if you have a balance of $5,000 you can use a balance transfer to pay a low or 0% interest rate on your debt. Spending on a balance transfer credit card is not generally done. Let us know if we can help any further!
amanpreet kaur

amanpreet kaur

13 August 2021
i applied for commonwealth credit card two times but got always refusal as im working on abn.
Ma Elineil Suico

Ma Elineil Suico

11 April 2021
Hi, I am after a credit card and was confused because the credit card is a 0% interest p.a purchase rate but also says 55 days interest free. 55 days isn't 12 months. Could you explain further thanks
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    13 April 2021
    Hi Ma, the 55 interest-free days is the standard period and applies to the card after the 12 month promotional period.

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