Commonwealth Bank Small Business Low Rate Credit Card

Posted April 3rd, 2012 and last modified September 15th, 2014
Commonwealth Bank Small Business Credit Card - Low Rate Find out more Go to site
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  • Clicking Go to site will take you to your Online Application on the bank's website. You do not need to be an existing customer of this bank to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • Once approved, you will typically receive your credit card within 1-2 weeks
Click here to start your application >>
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Rates last updated October 25th, 2014

The same competitive interest rate on purchases and cash advances makes the CommBank Low Rate credit card a way to keep your small business flowing.

Small business owners can reap the rewards of the Commonwealth Bank Small Business Low Rate credit card. A competitive 14.55% p.a. interest rate on both purchases and cash advances allow you to keep your inventory stocked and your employees paid, even during those slow times.

If you prefer to rack up points to help offset business travel expenses, Commonwealth Bank offers a business awards credit card package. With two cards linked to one account, you can earn 1.000 point for every dollar spent on your MasterCard, and 1.500 points for purchases made with your American Express. Use those points to make your business trips more cost-effective.

Product NameCommonwealth Bank Small Business Credit Card - Low Rate
Interest Rate on Purchases14.55% p.a.
Annual Fee$0 p.a.
Interest Free Period
on Purchases
The Interest free period on purchases is the period or number of days you don't have to pay interest on your card purchases. This would usually start from the first day of your credit card statement and not when the purchase is made.
up to 55 days
Interest Rate on Cash Advances14.55% p.a.
Maximum Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Minimum Monthly Repayment2.5%
Card TypeMasterCard
Late Payment Fee$20
Foreign Currency Conversion Fee (MC)2.5% of transaction value
Complimentary Travel InsuranceNo
Available to Temporary ResidentsNo
Joint ApplicationNo

Commonwealth Bank Small Business Low Rate Credit Card Review

Complimentary insurances

  • Transit Accident Insurance.

    While on a trip, you are covered by up to $250,000 in the event of injury or death while riding in a plane, bus, ferry or train. This insurance only applies if the cost of the trip was paid for using the Commonwealth Bank Small Business Low Rate credit card.

  • Liability.

    Depending on how your business is structured, you can choose between business liability or personal liability for your credit card account. Personal may be an option for the small business owner who is responsible for all of the accounts transactions, while business liability might be better for larger companies that hold the business entity at full responsibility for the credit card.

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Features of the Commonwealth Bank Small Business Low Rate Credit Card

  • Interest rate for purchases.

    The money withdrawn as a cash advance will be subject to the same 14.55% p.a. as your purchases will be.

  • Annual fee.

    There is no yearly charge for using the CommBank Bank Small Business Low Rate credit card.

  • Credit limit.

    Your business can benefit from an unsecured credit limit of up to $50,000 based on your eligibility criteria.

  • Additional card.

    You are allowed 1 extra cardholder with your Low Rate card.

  • Personalisation.

    Give your card a professional look by adding your business name.

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How to apply for the Commonwealth Bank Small Business Low Rate Credit Card

You will be asked to supply the following information to ensure that you and your business are eligible for this card:

  • Position.

    All applicants must either be a business owner, director or partner.

  • Residency.

    Only permanent residents and citizens of Australia will be accepted for this business credit card.

If you meet the eligibility requirements, continue ahead with the application having the following documentation ready:

  • Business details.

    Your business name and address as well as any trading name plus a valid ABN will be needed.

  • Income.

    Your personal income and liability details will also be required in the application.

  • Identification.

    You must have at least two forms of valid ID. They can include a passport, driver’s license or ID, Australian birth certificate or marriage license.

You need to have a reliable line of credit to help grow your business. Compare this with other credit card offers geared towards small business needs to see if their options can better serve your business.

Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating RequirementGood
Max Credit Limit
This credit limit may not be issued to you immediately on application. This is the maximum credit limit for this card which must be applied for or offered to you after you are approved and have already opened the account.
$50,000
Annual Fee$0 p.a.
Minimum Repayment2.5%
Late Payment Fee$20
Over Limit Fee$0
Cash Advance Fee1.5% of Cash Advance amount
Overseas Cash Advance Fee$4 or 1.5% of cash advance amount
Overseas Emergency Replacement$20
Overseas ATM Balance check$1.25
Overseas ATM Withdrawal Fee$4
Foreign Currency Conversion Fee (MC)2.5% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0
Number of Additional Cardholders1
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • You can choose whether you make the card Personal, Business Liability, or Personal Liability, which essentially means you can choose who you and if and to whom you will delegate spending liability.
  • Cardholders have the option of securing the credit card or keeping it unsecured. If the card is secured against the business there is a credit limit increase of an additional $50,000.
  • There is a $0 annual fee.
Cons
  • There are 55 interest free days with this credit card.
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23 Responses to Commonwealth Bank Small Business Low Rate Credit Card

  1. Default Gravatar
    Rose | July 14, 2014

    We have a company which controls our smsf. In our smsf we own a property which we need to buy things for occasionally. Currently we use our personal card to do this but this gets messy remembering to pay ourselves back. We just need a card which has no annual fee as we would pay out full amount each month on due date! The card would be in company name. Can we do this with this card? Thank you .

    • Staff
      Shirley | July 15, 2014

      Hi Rose,

      Thanks for your question.

      No this card is not available as part of your SMSF. Please Susan’s response above.

      Cheers,
      Shirley

    • Default Gravatar
      Susan | August 7, 2014

      I am a financial planner and I would like to refer to Roses question re her SMSF
      no you can not get a business credit card as that is seen as a related party if she is a member.
      That is against the SIS Act
      What she could do is set up savings account and get her smsf to pay to that account and pay out only specifically for smsf.
      Hope that helps.

  2. Default Gravatar
    Krystle | January 14, 2014

    Re: Commonwealth Bank Small Business Credit Card – Low Rate. Do I have to have a “Business” to apply for this product? I can’t see this requirement in the Terms and Conditions.

  3. Default Gravatar
    John | June 6, 2013

    Hello,

    I currently own a small pet shop and am currently banking with NAB, my business has only been running since September last year. I am looking for a credit card so I can purchase stock monthly and not use accounts with suppliers.
    My current bank is asking for last 2 years financials even though my business has only been running since September.
    I have my eftpos facilities via NAB but would be will to switch to a bank who will look after me.
    Regards
    John

    • Staff
      Jacob | June 6, 2013

      Hi John. In the online application for this card, you’re allowed to enter months as an option for the length of time your business has been operating. Please check the review page for information about the other application requirements. If you’re unhappy with the services offered to you by your lender, you can look else where for your banking needs – and hopefully we can provide some information to make it easier – but best to speak to your accountant or a contact at your lender about business banking. Thanks for the question.

  4. Default Gravatar
    Allan | May 14, 2013

    1) Can I nominate the maximum level of credit, i.e. say $3,000.00?
    2) How is the interest calculated, e.g. for $1,000.00 credit at 14.55% for 7 days?
    Would it be $1,000 x 14.55% x 7/365?

    • Staff
      Jacob | May 15, 2013

      Hi Allan. Thanks for writing in to us with this question. This page answers the question about how credit card interest is calculated. You can elect a credit limit when you apply for the card; however, the final say will rest with the lender. If they don’t approve the requested limit, they will assign one based on what they think you can service. Jacob.

  5. Default Gravatar
    Daniel | May 8, 2013

    Hi,

    Does this card no have any interest free days on the purchases?

    • Staff
      Jacob | May 8, 2013

      Hi Daniel. Thanks for your question. This card does not currently have any interest free days when you make a purchase. Jacob.

  6. Default Gravatar
    Debbie | November 13, 2012

    Is there a fee for additional cardholders?

  7. Default Gravatar
    Nick | November 7, 2012

    I run a small plumbing business. Can I require 2 cards so I can separate my business expenses form private.

    • Staff
      Jacob | November 8, 2012

      Hi Nick. Thanks for your question. Please refer to the business credit card comparison page, these cards allow you to issue additional cardholders and have separate entries for each card’s spend – just be sure to look at the T&C’s first. Cheers.

  8. Default Gravatar
    Tennille | November 7, 2012

    Hi, im a single parent, who is just staring up her own business, i have no debts nor bad credit rating, would i be eligible for any type of card to help boost my career?

    • Default Gravatar
      Adrian | November 7, 2012

      Hi Tennillle,
      To apply online, you will need:
      Your business details including a valid ABN
      Your personal income, expense, asset and liability details
      To be an Australian citizen or permanent resident

      Your online application will then be fed through CBA’s vetting process.

      Thanks for your question.

  9. Default Gravatar
    Sally | September 7, 2012

    What is the % charged for foreign currency transfers. I need to know all hidden charges relating to overseas travel as this is what I am using the card for

    • Default Gravatar
      Adrian | September 7, 2012

      Hi Sally,
      Here are Commonwealth Bank’s standard international transaction fees:
      - Transactions converted by MasterCard® or Visa: 3.00%
      - Transactions converted by American Express® : 2.00%
      - Transactions overseas but in Australian dollars: 2.00%
      I hope this helps

  10. Default Gravatar
    Parker | August 10, 2012

    What is the maximum cap on the annual percentage rate for this Mastercard credit card?

    • Staff
      Jacob | August 10, 2012

      Hi J. Please refer to the product table for information on the cash advance and purchase rates of interest. Commonwealth Bank reserve the right to increase the interest rates on their cards in to the future. Thanks for your question.

  11. Default Gravatar
    brad | April 15, 2012

    I currently have card with $8000 owing. i work approximately 24 hrs per month and receive disability support pension.Could i transfer my balance to this account

    • Staff
      Jeremy | April 27, 2012

      Hi,

      Thanks for the question. If you are eligible for the card you should have no problems transferring an existing balance taking advantage of a low rate of interest through a balance transfer. Cheers.

      Jeremy

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