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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 6 April 2021

Enjoy 0% p.a. interest on purchases for 15 months. Reverts to a low purchase interest rate of 13.24% p.a.

T&Cs apply. Offer ends 30 June 2021

Purchase Rate (p.a)

0% p.a.

for 15 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 15 months. Apply by 30 June 2021.
  • 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
  • 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.

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.

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 15 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

Banks 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 card holder fee $0 p.a.

Foreign transaction fee 3%

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

Cash advance fee $3 or 3% (whichever is greater)

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.

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 15 months. Apply by 30 June 2021.
  • 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
  • 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.

61 questions (showing the latest 10 Q&As)

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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