How to Never Pay a Cent with the Commonwealth Bank Low Fee
Each individual credit card has it’s advantages and drawbacks. One card will offer a rewards program and travel insurance with a high interest rate and annual fee while another will offer the opposite.
Key features of the Commonwealth Bank Low Fee Credit card include:
- 55 days interest free on purchases.
- A $24 ($0 for qualifying customers) annual fee – this is easily waivered to $0 if you spend $1,000 or more on your Low Fee MasterCard each year.
- 20.24% p.a. on purchases and 21.74% p.a. on cash advances.
- 5.99% p.a. for 5 months on balance transfers.
Who is this card ideal for?
The Commonwealth Low Fee MasterCard is ideal for those who make purchases on their credit card they can pay off quickly, quick enough to avoid paying interest.
More specifically, it’s ideal for those who plan to spend less than $12,000 on their card per year – after this threshold has been breached, it would be wiser to consider a rewards credit card instead.
Therefore, if you pay all your balances in full, don’ use your credit card for cash advances and spend at least $1000 on your card per year, you’ll be paying the best figure possible: $0.
The side-features of the card include a free Complimentary Card Holder, Secure Shopping Guarantee, and option Card Repayment Cover.
The Pros of Commonwealth Bank Low Fee
- A low cost credit card which offers the opportunity to cost $0 in interest and fees forever.
- Low maintenance if you’re not interested in rewards.
- It’s with Commonwealth Bank who are one of Australia’s most reputable, trusted and quality financial lenders.
The Cons of Commonwealth Bank Low Fee
- No rewards program, and limited benefits. A no frills card.
Where can I access the CBA product page for the CBA Low Fee Card?
Click here to be redirected to the official Commonwealth Bank Low Fee MasterCard page for terms & conditions and a secure online application form.
Read the official terms and conditions
| Minimum Income | Minimum Age | 18 years of age | |
| Residency | Permanent Australian Resident | Credit Rating Requirement | Good |
| Min Credit Limit | $500 | Max Credit Limit |
| Annual Fee | $24 | Balance Transfer Fee | |
| Minimum Repayment | 2% | Interest Charged From | Purchase Date |
| Late Payment Fee | $20 | Over Limit Fee | $10 |
| Overseas Emergency Replacement | $20 | Overseas ATM Balance check | $1.25 |
| Overseas ATM Withdrawal | $4 | Foreign Currency Conversion Fee |
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