Commonwealth Bank Small Business Credit Card – Interest Free Days
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The Commonwealth Bank small Business Interest Free Days Credit Card offers businesses interest free days on their purchases with a credit limit of $50,000 for personal liability. Considering some business cards have annual fees in the hundreds of dollars, $60 coupled with a purchase interest rate of only 0% p.a. for 5 months (reverts to 17.57% p.a.) will mean real savings for your business.
| Product Name | Commonwealth Bank Small Business Credit Card – Interest Free Days | |
|---|---|---|
| Interest Rate on Purchases | 0% p.a. for 5 months (reverts to 17.57% p.a.) | |
| Annual Fee | $60 p.a. | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 17.57% p.a. | |
| Max Credit Limit | $100,000 | |
| Minimum Monthly Repayment | 2.5% | |
| Credit Card Type | MasterCard | |
| Late Payment Fee | $20 | |
| Complimentary Travel Insurance | No | |
| Available to Temporary Residents | No | |
| Joint Application | No |
Features of the Business Interest Free Days Credit Card:
- A purchase rate of just 0% p.a. for 5 months (reverts to 17.57% p.a.)
- Transit accident insurance of up to $250,000
- Maximum credit limit of up to $100,000 unsecured, subject to lending criteria.
- Access to NetBank and Commbiz.
- Successful applicants are given discounts on a range of business supplies through the Rewarding Business Program.
- Monthly minimum repayments of 2.5% of the balance owed or $75, whichever is greater.
- 24/7 customer assistance.
Transit accident insurance:
Transit accident insurance is provided by Zurich and is only available when the cost of a trip has been charged to a cardholder’s Commonwealth Bank Business Credit Card or to a user’s travel management account before the trip has commenced.
The cover provides accidental death and injury insurance for cardholders who sustain an injury on a trip while riding as a passenger in a vehicle or on public transport.
Rewarding business program:
The Commonwealth Bank rewarding business program gives cardholders access to a range of corporate benefits offering discounts on your essential business purchases.
Partner rewards include:
- Commonwealth Bank offers gift cards for major retailers.
- Discounts on electronics from leading brands like Dell.
- Freight and toll discounts.
- Discounts on Australian wine from Cellarmasters.
How to apply:
Successful applicants will receive their card within two weeks of the application being received. Applications where the cardholder will be personally liable for card spending will have their application fast-tracked.
The application should take between 10 and 20 minutes and can be done easily and securely online. Click the enquire now button to be redirected to a secure online Commonwealth Bank application page.
Pros
- Up to 55 days interest free.
This card would be good for:
This card could be ideal for small and medium businesses with the flexibility of an extended credit limit and choice of liability to suit their business needs.
Read the Commonwealth Bank Small Business Credit Card - Interest Free Days terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | No | |
| Credit Rating Requirement | Good | |
| Max Credit Limit | $100,000 |
| Annual Fee | $60 p.a. | |
|---|---|---|
| Minimum Repayment | 2.5% | |
| 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 | 2.5% | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $60 | |
| Number of Additional Cardholders | 1 |
Pros
- This card has a high credit limit of $100000.
- An annual fee of $60 for what this card offers is a steal.
- A cash advance rate of 17.57% put this business card in an exclusive category of cards that have a cash advance rate of interest below 20%.
Cons
- There is no rewards program, so you don't have the option of earning rewards points for purchases. This can set you back a lot considering most business spending far exceeds personal credit card spending.
- An additional cardholder fee of $60 is expensive considering most cards offer supplementary cards for free.
Read the Commonwealth Bank Small Business Credit Card - Interest Free Days terms and conditions.
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Can this card be linked to a frequent flyers program?
Hi Richard. The Commonwealth Bank Business Interest Free Days Credit Card doesn’t earn reward points, but rather gives cardholders access to discounts on certain products. These discounts are currently offered on some Commonwealth bank, Dell, Toll Priority and Cellarmasters products. Frequent flyer accounts can’t be linked to this card, although they can be linked to the Business Awards credit card. Thanks for your question.