Commonwealth Bank Credit Cards with No Annual Fee
In reality, the Commonwealth Bank no annual fee credit card only becomes a no annual fee credit card when the customer spends at least $1,000 annually on their card. Failing this, there will be an annual fee of $24 ($0 for qualifying customers), which is still considered low by comparison with some other credit cards.
The Commonwealth Bank Low Fee MasterCard, as it is officially called, does not have a rewards program to encourage spending, which many will find a refreshing approach. Provided you spend at least a $1,000 in the year and you pay off your balance in full every month – meaning you benefit from the 55 interest-free days facility – you will be carrying a fee-free and interest-free credit card.
These are the features of the Commonwealth Bank Low Fee no annual fee credit card so you can assess whether it is the right card for you:
- 5.99% p.a. for 5 months on balance transfers
- 20.24% p.a. on purchases and 21.74% p.a. on cash advances
- Up to 55 days interest-free
- $24 ($0 for qualifying customers) annual fee.
- Can be used in over 24 million locations worldwide
- Online security guarantee
- Free additional cardholder
Read the official terms and conditions
The Commonwealth Bank Low Fee MasterCard also has “student options”, so this is a suitable card for a student application.
About no annual fee credit cards:
There is enough competition within the credit card industry at the moment that a no annual fee credit card does not mean you necessarily have to make sacrifices with the other features of the card. There are many cards that offer attractive features right across the board. This is great for the consumer as it gives them the choice they need to make the right application.
Featured No Annual Fee Credit Cards:
Some people will have no interest in a no annual fee credit card. These are the people who will be looking at Gold and Platinum cards because they offer the higher credit limits and extra perks that better suit their lifestyle. Besides, anyone earning upwards of $50,000 is hardly going to quibble over a $144 ($114 for qualifying customers) annual fee for their credit card.
The majority of us, however, need to keep a fairly close eye on our finances, and $50 or $60 here or there can make a difference in the long term. An annual fee is especially unpopular when we don’t really want to carry a credit card, but we do so because we need a back-up source of funding. For anyone who rarely uses their credit card, an annual fee will seem like money down the drain. The only potential problem is that the regular APR on these cards ranges for 16% to 20%, which is in the higher bracket. You will need to assess whether saving on the annual fee is worth the higher price you may have to pay in interest should you not manage to keep a clear balance throughout the year.
Whether you choose the Commonwealth Bank no annual fee credit card or some other, make sure you do some comparisons first. In a recent survey, only 6% of Australians said they bothered to check out a credit card comparison site before making a credit card application. Around 50% only applied to their own bank. There are some excellent deals out there, and you may not have to compromise on very much to avoid paying an annual fee.
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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