Commonwealth Bank Low Rate Credit Card

Roland Bleyer

Credit Card Expert with over 15 years card experience and the founder of Creditcard.com.au. Ask Roland a Question 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 15 months when you apply by 30 June 2021.

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 and tools to make it easier to keep on top of your spending.