Low fee and low rate through to platinum and diamond and rewards, Commonwealth Bank Credit Cards are for all Australians
Whether you want either a budget or a premium credit card product — they’re the only lender to offer a diamond credit card and university students can benefit from a low fee credit card too — compare Commonwealth Bank credit cards.
Comparison of Commonwealth Bank Credit Cards
Rates last updated July 2nd, 2015
Types of credit cards from the Commonwealth Bank
Commonwealth Bank offers credit cards from low rate to premium. The range of Commonwealth Bank credit cards includes:
Low fee credit cards
Low fee credit cards are all about cutting back on charges. A low or no annual fee is the main hallmark of a low fee credit card. If you hold a qualifying Commonwealth Bank account, the annual fee is waived altogether.
Low rate credit cards
The Commonwealth Bank Low Rate Credit Cards give you a low ongoing purchase rate of interest. There’s a standard low rate card and a gold low rate credit card. The gold low rate credit card comes with a few extra perks, like complimentary insurance.
- Award credit cards
These cards are linked to the Commonwealth Bank Awards Program. The higher tiered cards reward you with more points per dollar spent with an American Express and a MasterCard are issued. The American Express card has a higher earn rate than the MasterCard card, so you can earn more points where American Express is accepted.
Student credit cards
The Commonwealth Bank Low Fee Student credit card is designed for students. It includes the popular features of up to 55 days of interest-free days and no annual fee. This makes it a suitable companion for the student lifestyle.
Small Business credit cards
CommBank offers flexible choices for Small businesses credit card options, offering low rate with no annual fee, awards cards to interest free days cards. Furthermore, do not require business financials upon application, making the application process more streamline.
The benefits of banking with the Commonwealth Bank
Commonwealth Bank credit cards come with the following benefits:
Commonwealth Bank Awards Program
Earn Awards points when you use your CommBank Awards credit card for daily transactions. Over 1,000 items with the CommBank Awards Program to choose from to reward your everyday spending on this card.
Reduced annual fee
If you have a qualifying Commonwealth Bank account, like a home loan, savings account or transaction account, you’re eligible to receive a reduced annual fee when you apply for a Commonwealth Bank credit card. You can view the regular annual fee and the reduced annual fee in the product tables in our Commonwealth Bank Credit Card review and application pages.
Online banking — Netbank
Netbank is an online banking tool for Commonwealth Bank customers. Netbank makes managing your Commonwealth Bank credit card account easy. You can also apply for other Commonwealth Bank products and services through Netbank, view recent purchases with your credit card and make payments to accounts in Australia and overseas.
Commonwealth Bank credit cards are issued in partnership with MasterCard. Commonwealth Bank credit card holders get access to a number of MasterCard benefits, including:
- MasterCard PayPass For transactions under $100, just touch your Commonwealth Bank MasterCard against a contactless terminal and your transaction will be completed in a matter of seconds. There’s no need to enter your PIN.
- MasterCard fraud guarantee If you’re account is compromised while you’re using the MasterCard payment networks (shopping over the counter or online), MasterCard offer a money back guarantee under the MasterCard Zero Liability Guarantee.
- Global acceptance MasterCard credit cards are accepted in millions of locations all over the world. Use your card to shop online, make purchases over the counter and withdraw cash from ATMs everywhere MasterCard is accepted.
How to apply for Commonwealth Bank credit cards
If you want to apply for a Commonwealth Bank credit card, the standard credit card application requirements need to be met — the higher the tier of product (Diamond and Platinum are higher tier cards than low rate and low fee credit cards), the greater the minimum income requirement. You’ll also need to have a good credit rating and meet the residency and age requirements. You can find this information listed on our Commonwealth Bank credit card review and application pages. If you do meet the minimum eligibility requirements, Commonwealth Bank needs to form a picture about your financial situation before they can make a decision about whether to grant you a credit card, and if so, the size of the credit limit. You will need to provide the following information about yourself to support your application.
Information needed for a Commonwealth Bank credit card application
- Personal information. Commonwealth Bank needs to know your name, current residential address and your contact information, like your email.
- Details about your income. You need to provide as much detail about your income and the money you have coming in. Details of income generating assets like property and shares also need to be provided, as does information about any savings.
- Expenses and liabilities. Do you have any other credit cards, if so, what are their limits? Information about any debt, ongoing expenses like child support, mortgage repayments, or anything that is considered an expense, like your weekly food budget, will also need to be provided to the Commonwealth Bank.
- Other credit cards. If you want to transfer a balance to a Commonwealth Bank credit card from your existing non-Commonwealth Bank credit card(s), store card(s) or charge card(s), you will need to provide the card number, the amount you want to transfer and the name of the issuing financial institution.
What happens next when applying for a CBA credit card?
After applying for a CBA credit card, you will be kept informed as to the progress at each successive stage, hence the necessity for providing accurate contact details. If the bank requires any more information from you, you will be informed of this within five days. If the decision is that you are eligible for a Commonwealth Bank credit card, you will need to undergo an identity check, which is the law of the land, although this is not necessary if you are already a customer of Commonwealth Bank. Commonwealth Bank will send you a letter requiring this proof of identification. This can be fulfilled by having certain documents copied, then verified by an independent person of a specified background. These can then be mailed back to the bank. Alternatively, you can take these documents into a branch of the Commonwealth Bank so a bank representative can check them. After all the information has been fully verified, you will receive your Commonwealth Bank credit card within ten working days. You can then activate your new CBA credit card over the phone.
Frequently Asked Questions
We’ve provided answers to some of the most common questions we get about Commonwealth Bank credit cards below. If you can’t find an answer to your question on this page, get in touch with us by leaving a question using the form at the bottom of the page.
How much can I balance transfer to a Commonwealth Bank credit card?
You can balance transfer up to 95% of your available credit limit.
Do my Commonwealth Bank Awards points expire?
Commonwealth Bank Awards do not expire
How do I earn Commonwealth Bank Awards points?
If you have a Commonwealth Bank Awards credit card, you earn Commonwealth Bank Awards Points when you make an eligible purchase. Eligible purchases are your everyday type of transaction, purchases like buying your groceries or filling your car up with petrol earn points. Points are not awarded for cash transactions. These types of transaction include cash advances, paying government fees and charges, credit card fees and charges and business expenses. Check the Commonwealth Bank Awards terms and conditions for a full list of transactions that are ineligible to earn Commonwealth Bank Awards Points.
What can I redeem my Commonwealth Bank Awards Points for?
If you have a Commonwealth Bank Awards credit card, you can redeem your Commonwealth Bank Awards points for a range of flight and non-flight rewards. There’s a wide range of rewards you can choose from. You can view the redemption options online through the Commonwealth Bank Awards website or by downloading the Commonwealth Bank Awards brochure, also available through the website.
What happens after I apply for a Commonwealth Bank Credit Card?
After applying for a Commonwealth Bank credit card, you should have a response within minutes from the bank letting you know about the status of your credit card application. Your application can be approved, declined or conditionally approved. If the bank needs any more information from you to support your application, you will be notified about the next steps on the email you provided during the application. Usually, by providing information like your drivers licence number or passport number during the application, the Commonwealth Bank is able to verify your identity online; however, if you were not able to provide this information, you may be required to submit an identity verification form in writing to the bank. This document can then be mailed back to the bank. Alternatively, you can take these documents into a branch of the Commonwealth Bank. After all the information has been fully verified, you will receive your Commonwealth Bank credit card within ten working days. You will then need to activate your new CBA credit card over the phone before it can be used.
How do I transfer a balance to a Commonwealth Bank credit card?
If you want to take advantage of a Commonwealth Bank balance transfer offer, you can elect to transfer a balance when you apply for the credit card online. There’s a section within the application that asks you if you want to carry out a balance transfer, click ‘yes’. You will then be prompted to enter the name of the financial institution you want to transfer a balance from, the card number of the accounts and the amount you want to transfer from each account. Commonwealth Bank allow you to transfer a balance from a number of different credit card, store card and charge cards. The total amount must not be more than 90% of your credit limit on your new Commonwealth Bank credit card.
What’s the minimum repayment on my Commonwealth Bank credit card?
If you’re carrying a balance on your Commonwealth Bank credit card, you need to pay back a certain amount each month to avoid the late payment fee. This is the minimum monthly repayment, a small percentage of your balance. You can find information about the minimum monthly repayment listed on our Commonwealth Bank credit card review and application pages.
How do I close my Commonwealth Bank credit card account?
If you would like to cancel your Commonwealth Bank credit card and close your account, you need to make sure that you have paid back the balance in full. If you’re not carrying a balance on your Commonwealth Bank credit card, you can cancel your card anytime without charge by giving a Commonwealth Bank representative a call or by visiting a Commonwealth Bank branch.