- 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.
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ANZ Low Rate - $0 Annual Fee First Year
0% on balance transfer for 22 months
*1.5% balance transfer fee, $58 annual fee 2nd year onwards
Commonwealth Bank Credit Cards
Commonwealth Bank Low Rate Credit Card
Updated 2 January 2020
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
Pros and cons
- 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. 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.
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
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 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.
Ask a question56 questions (showing the latest 10 Q&As)
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?
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.
Hi, can I have a credit card balance transfer for my wife's credit cards. How much will this cost and perks pls.
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.
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?
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.
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.
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.
Do you have to be working to apply ?
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.
When will I reicievemycard
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.
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?
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.
minimum income required?
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.
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
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.
Hi i'm on a dissabilty pension and i was wondering if i can be approved for a credit card. Thank You.
Hi Leeann, a Disability Pension is considered eligible income with CBA. Therefore if you meet all the minimum requirements then you can apply. You can do this directly on the CBA site - https://www.commbank.com.au/personal/credit-cards/low-rate.html
I already have a com bank credit card at a higher rate how do I get it transferred to the lower rate.
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.
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.
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
How do I apply for a credit card?
Hi Penny, you can apply directly on the CBA website or through Netbank if you are a customer - https://www.commbank.com.au/personal/credit-cards/low-rate.html
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
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.
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?
Hi Patrick, I believe you just need to make the $500 minimum in purchases, you don't need to pay it off to qualify.
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?
Hi Patrick, eligible purchases are groceries, petrol, plane tickets, hotels, dining out etc
Creditcard.com.au Visitor
28 January 2013I'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 cardJason Reid
28 January 2013Commbank 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