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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 26 November 2019

Enjoy 5% cashback on eligible purchases, up to $100 per month, for the first three months with a new Low Rate credit card. Apply by 30 April 2020.

T&Cs apply. Offer ends 30 April 2020

Purchase Rate (p.a)

13.24%

Balance Transfer (p.a)

5.99% for 5 months No BT 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

  • Low purchase rate of 13.24% p.a.
  • Free additional card holder
  • 5.99% p.a. on balance transfer rate for 5 months (reverts to cash advance rate)
  • Up to 55 days interest free on purchases
  • $59 annual fee
  • 5% cashback on eligible purchases, up to $100 per month, for the first three months
  • Eligible with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay, and Garmin Pay.

  • There are lower balance transfer offers around

Creditcard.com.au review

Editor Review

Commonwealth Bank Low Rate 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 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.

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, 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 )

80% rating based on 35 reviews

Rates
Fees
Rewards
Customer Service
Value
70%

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
76%

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.

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 $500

Maximum credit limit $50,000

Fees & repayments

Annual fee $59 p.a.

Additional card holder fee $0 p.a.

Foreign transaction fee 3%

Minimum repayment $25 or 2%

Cash advance fee 2%

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.

5% cashback on eligible purchases, up to $100 per month, for the first three months

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

  • Low purchase rate of 13.24% p.a.
  • Free additional card holder
  • 5.99% p.a. on balance transfer rate for 5 months (reverts to cash advance rate)
  • Up to 55 days interest free on purchases
  • $59 annual fee
  • Mastercard PayPass
  • 5% cashback on eligible purchases, up to $100 per month, for the first three months
  • 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

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.

56 questions (showing the latest 10 Q&As)

Pete

Pete

31 August 2019
I think my Low Rate Mastercard has been put on hold (unavailable) but have not been informed. Is it possible to know this before Monday?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    2 September 2019
    Hi Pete, you would need to reach out to Commbank credit card customer service. If you had the Commbank App you should have been able to check there. CBA have some good customer service. So give them a call if you ever have a query.
Shay

Shay

10 January 2019
Hi, can I have a credit card balance transfer for my wife's credit cards. How much will this cost and perks pls.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    10 January 2019
    Hi Shay, a balance transfer needs to be between the same legal person. Therefore you cannot balance transfer your wife's credit card debt to a balance transfer offer that you would apply for. Another option could be to get a low rate personal loan to pay off the debt. Then subject to credit approval, you could to transfer this personal loan debt to a Citi credit card (they accept loans as balance transfer) e.g. Citi Rewards Platinum. My suggestion would be to wait at least 6 months from applying for the personal loan. To then applying for the balance transfer credit card.
Andrea Gray

Andrea Gray

3 January 2018
I am a homemaker with a great credit history but my partner provides our main income of 56000 a year. We have a side business called inkwooddesigns.com.au which provides extra income but we have only been running for a few months. Our other income is the family tax benefit. Am I elegible to get a credit card on my own?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    4 January 2018
    Hi Andrea, you need to meet the minimum income requirements to apply for a credit card. With your business just in start up mode its unlikely this income will be enough. What I would do is wait until you have completed some tax returns for the business and you have enough income to apply.
Heena

Heena

18 December 2017
Hello Team, One of my friends have got an offer to get low rate credit card for free. Is there any such offer for cba empoyees. Kindly confirm.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    18 December 2017
    Hi Heena, I have never heard of such an offer though CBA do provide individual offers from time to time. This is not a standard offer that would be available to everyone.
Maria Idle

Maria Idle

14 November 2017
Do you have to be working to apply ?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    15 November 2017
    Hi Maria, you need to meet the minimum income requirements to apply for a credit card. Therefore if you are not working, you would need to be earning income from other sources. I would suggest that you wait a few month post being back in employment before applying for a new credit card.
Shrek511@bigpond.com

Shrek511@bigpond.com

19 October 2017
When will I reicievemycard
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    19 October 2017
    Hi Shrek, it typically takes 5-10 business days to process a credit card application. The time it takes Commbank will vary based on a range of factors. Though you can get your card faster as well.
Zack

Zack

16 October 2017
I am currently on 309 partner provisional visa. My visa status says I am a provisional resident. However I have a full time job with 40k annual salary on an ABN contract job. Can I apply for a credit card as a provisional resident?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    17 October 2017
    Hi Zack, I think you should still be able to get a card with the big four banks, inc Commonwealth Bank (CBA). Though approval will depend on a range of factors outside of your status. Banks typically want to see much higher income to approve. I suggest you go into a branch and speak to someone on how they can assist. Let me know how you go.
John

John

16 August 2017
minimum income required?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    16 August 2017
    Hi John, there is no set minimum income but as a guide you will need to earn at least 15k a year to apply and have good credit.
Melva Faerber

Melva Faerber

21 April 2017
I am n aged pensioner73 I would like to consolidate my other two credit cards to my CommBank card.is this feasible what would I have to pay per month and would I be acceptable I owe about 5600$ or should I apply for personal loan
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    26 April 2017
    Hi Melva, a balance transfer is typically only available at the time of application. Therefore you would not be able to balance transfer to your current card. A low rate personal loan could definitely be an option if it saves you interest.
Leeann Wilson

Leeann Wilson

25 March 2017
Hi i'm on a dissabilty pension and i was wondering if i can be approved for a credit card. Thank You.
wayne

wayne

2 March 2017
I already have a com bank credit card at a higher rate how do I get it transferred to the lower rate.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    3 March 2017
    Hi Wayne, this should be possible but you will need to CBA in branch or customer service. Another option (if CBA don't want to do it) is to balance transfer your current CBA debt to 0% and get a card with another bank that has low interest. Some examples that could work are the Westpac Low Rate and St George Vertigo offers.
Penny Lear

Penny Lear

25 February 2017
I have a Comminwedlth savings account & quite some weeks ago cancelled my card due to it being lost. I ordered another one but still have not received it yet. However I got an email asking why I haven't activated my new card yet. It's cos I don't have it.
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    27 February 2017
    Hi Penny, I would get in touch with CBA customer service ASAP. It sounds like the card might have been 'lost in the mail'. 13 2221
Penny Lear

Penny Lear

25 February 2017
How do I apply for a credit card?
Craig Clarke

Craig Clarke

15 February 2017
i have low rate mastercard do you think comm bank will match one of the other banks balance transfer from 5.99 to 0% for 12 months
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    15 February 2017
    Hi Craig, CBA is a basically a non-balance transfer type bank. I do not think you would be able to get them to do a 0% balance transfer but it doesn't hurt to ask. Outside of that you can look at new 0% balance transfer card to move the debt. Check out our 0% balance transfer section.
Patrick O'Driscoll

Patrick O'Driscoll

9 January 2017
As I'm close to purchasing $500 with my new low rate card, and if I can pay it off in full before the promotional period ends, do I still qualify for the $250 rebate?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    10 January 2017
    Hi Patrick, I believe you just need to make the $500 minimum in purchases, you don't need to pay it off to qualify.
Patrick O'Driscoll

Patrick O'Driscoll

6 January 2017
I am a new low interest card holder. What are examples of the $500 "eligible purchases" required to receive the $250 rebate offer up to end March this year please?
    Roland B Bleyer - CreditCard.com.au Founder

    Roland

    9 January 2017
    Hi Patrick, eligible purchases are groceries, petrol, plane tickets, hotels, dining out etc

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