Commonwealth Bank Small Business Low Rate Credit Card

Information verified correct on July 26th, 2016

Cut credit card costs with no annual fee and low interest rates on both purchases and cash advances with the CommBank 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.

Product NameCommonwealth Bank Small Business Credit Card - Low Rate
Purchase rate (p.a.)14.55% p.a.
Annual fee$0 p.a.
Cash advance rate (p.a.)14.55% p.a.
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
Minimum Monthly Repayment2.5% or $75 (whichever is greater)
Card TypeMasterCard
Late Payment Fee$20
Foreign Currency Conversion Fee (MC)3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsNo
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsNo
Credit Rating Requirement
Credit rating requirement is provided only as a guide. Understanding your credit file helps you make more informed decisions in regards to your finances. Learn more about what this means here.
Good
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% or $75 (whichever is greater)
Late Payment Fee$20
Over Limit Fee$10
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
Foreign Currency Conversion Fee (MC)3% of transaction value
Gambling Transactions AllowedNo
Additional Cardholder Fee$0 p.a.
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
  • If you want to use the card overseas, you’ll be charged 3% of the transaction value each time you make a purchase in a foreign currency.
  • If you don’t pay your payment before the due date, you’ll be charged a $20 late payment fee.
  • If you use your card for ATM withdrawals, you’ll be charged 1.5% of cash advance amount in Australia and $4 or 1.5% of cash advance amount overseas.

Commonwealth Bank Small Business Low Rate Credit Card review

The Business Low Rate card provides a flexible source of short-term cash flow, which is suitable for small to medium businesses. Enjoy $0 annual fee for the life of the card and low ongoing interest rates on purchases and cash advances.

Benefits of the Commonwealth Bank Small Business Low Rate Credit Card

    • No annual fee. Save on credit cards with no annual fee for the life of the card.
  • Low interest rates. Apply for the Business Low Rate card to enjoy a low ongoing interest rate of 14.55% p.a. applied to purchases and cash advances.
  • 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.

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.
  • Credit limit. Your business can benefit from an unsecured credit limit of up to $50,000 based on your eligibility criteria.
  • Additional card. Apply for 1 additional cardholder with your Low Rate card for no extra charge.
  • Personalisation. Give your card a professional look by adding your business name.

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.

Eligibility criteria

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

Required documents

  • Your business name and address, as well as any trading name plus a valid ABN, will be needed.
  • Your personal income and liability details will also be required in the application.
  • 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.

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31 Responses to Commonwealth Bank Small Business Low Rate Credit Card

  1. Default Gravatar
    RT | April 27, 2016

    Hi,

    Does this card earn points at when purchasing at petrol stations and buying airline tickets.
    Thanks

    • Staff
      Anndy | May 3, 2016

      Hi RT,

      Thanks for your question.

      Unfortunately, the Commonwealth Bank Small Business Low Rate Credit Card does not offer any reward program. You will not be able to accumulate reward points with this card.

      Cheers,
      Anndy

  2. Default Gravatar
    Ping | August 27, 2015

    How do you define small business? as the secretary of the company, can I apply for the business credit card or it has to be the director?

    • Staff
      Sally | August 28, 2015

      Hi Ping,

      Thank you for your inquiry.

      Applicants for a business card should be any of the business owners, directors or partners and can submit all requirements including the required signatories who are authorised to handle the account. Applications can be made via online too, please refer to the link I’ve sent on your email with the full list of required documents and identifications.

      Please see this page for the list of considerations on choosing a business credit card.

      I hope this has helped.

      Cheers,

      Sally

  3. Default Gravatar
    Ping | August 27, 2015

    can I apply it on line?

    • Staff
      Sally | August 28, 2015

      Hi Ping,

      Yes, you can apply online.

      I’ve emailed you a link to the online application for your perusal.

      I hope this has helped.

      Thanks,

      Sally

  4. Default Gravatar
    AS | December 30, 2014

    Can ‘Not-for-profit organisations’ apply for this card? Thank you

    • Staff
      Elizabeth | December 31, 2014

      Hi AS,

      Thanks for your question.

      As long as the organisation is still a small business structure you’ll still be able to apply for the card.

      I hope this has helped.

      Thanks,

      Elizabeth

  5. 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.

  6. 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.

  7. 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.

  8. 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.

  9. 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.

  10. Default Gravatar
    Debbie | November 13, 2012

    Is there a fee for additional cardholders?

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