Commonwealth Bank Low Fee Card – Details and Application
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Save on fees and interest with the Commonwealth Bank Low Fee Credit Card
If you’re looking for a card that helps you save on fees and interest, the Commonwealth Low Fee credit card could be a convenient and affordable option.
You’ll enjoy all the benefits of a Commonwealth Bank credit card, with no annual fee in the first year if hold a qualifying Commonwealth Bank account or loan when you apply. The annual fee is also waived in each subsequent year if you spend $1,000 or more than in the previous year. And you could also save on interest, with up to 55-days interest free on purchases, and 5.99% p.a. for 5 months on balance transfers.
Features of the Commonwealth Bank Low Fee Credit Card
Here’s what you need to know about the Commonwealth Bank Low Fee Credit Card:
| Product Name | Commonwealth Bank Low Fee Credit Card | |
|---|---|---|
| Balance Transfer Rate | 5.99% p.a. for 5 months | |
| Interest Rate on Purchases | 0% p.a. for 5 months (reverts to 19.74% p.a.) | |
| Offer end date | 30 June 2013 | |
| Annual Fee | $24 p.a. ($0 for qualifying customers) | |
| Interest Free Period | up to 55 days | |
| Interest Rate on Cash Advances | 21.24% p.a. | |
| Minimum Credit Limit
This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure.
|
$500 | |
| Minimum Monthly Repayment | 2% | |
| Credit Card Type | MasterCard | |
| Late Payment Fee | $20 | |
| Complimentary Travel Insurance | No | |
| Available to Temporary Residents | Yes | |
| Joint Application | No |
Extra benefits
- Preferential pricing for existing customers. Pay no annual fee if you have another Commonwealth Bank account or loan when you apply and have spent $1000 or more on purchases and cash advances than in the previous year.
- Emergency assistance overseas. Get help when you need it while travelling overseas.
- Contactless payments. Tap and go for purchases up to $100, with MasterCard PayPassTM.
- Extra security. Feel safe with a chip on every card and a 100% money-back guarantee on fraudulent transactions (provided that you have complied with the credit card conditions of use).
- MasterCard® Priceless. Enjoy exclusive access to a unique collection of experiences especially for MasterCard cardholders.
- Worldwide acceptance. Use your Commonwealth Bank MasterCard at over 34 million locations worldwide.
How to Apply
If you are ready to apply for the Commonwealth Bank Low Fee credit card click on the ‘apply now’ button below to be taken to a secure page. You will then need to fill in your details and provide financial information to the bank. If you simply want to find out more about this card, use the button below.
Read the Commonwealth Bank Low Fee Credit Card terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | Yes - Conditions apply | |
| Credit Rating Requirement | Good | |
| Min Credit Limit This is the lowest credit card limit that you can request. It is possible to apply for a higher credit card limit but not a lower one than this figure. | $500 |
| Annual Fee | $24 p.a. ($0 for qualifying customers) | |
|---|---|---|
| Minimum Repayment | 2% | |
| Late Payment Fee | $20 | |
| Over Limit Fee | $10 | |
| Overseas Cash Advance Fee | $1.50 | |
| Overseas Emergency Replacement | $20 | |
| Overseas ATM Withdrawal | $4 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Pros
- There is a annual fee of $0 for qualifying customers. Generally a low $24 per year.
- The annual fee is waived every year that you spend over $1,000 for the life of the card.
Cons
- Being a low cost, no frills card, the Low Fee Credit Card has none of the bells and whistles that come standard with many other cards.
- It doesn't come with an in-built rewards program and you only have access to the benefits that come with the Mastercard Applause rewards program. So, it's harder for you to earn rewards for all your shopping.
Read the Commonwealth Bank Low Fee Credit Card terms and conditions.
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Can 457 visa holders apply for this credit card? (Temporary Business visa)
I am a full-time student and not working at the moment. I have the CBA Low Fee Mastercard with a credit limit of $1000.00. I make my regular monthly repayments, but have found myself going over the $1000.00 limit. Is it possible or not to have my credit limit increased given my current financial circumstances?
Hi,
Thanks for the question. To increase your credit limit you will have to show proof of income. Banks are generally all too happy to provide an increase in credit but you will have to satisfy the criteria that you will be able to continue to service your debt. You credit history will be taken into account but your best bet is to have a chat with someone in the credit cards department to explain your situation. Cheers.
Jeremy
Can you link an account to from a building society to pay the balance at the end of the month
Hi,
Thanks for the question. You are unable to link other financial institutions account into CBA card as they are unable to access another institutions system. Cheers
Jeremy
can i apply by post please?
Hi Peter,
The best way to apply for this card is online. It’s simple and will only take 10 – 20 mins. Cheers.
Jeremy
Hi ,
I make 16,000.00 a year. What do you predict my maximum limit will be?
Hi Ellie. A credit limit is assigned based on the information you provide the lender during application. We’re in no position to make a call about this. Thanks for your question.
Hi this is probably a really stupid question however i am a uni student after a small amount of cash ($200) which i would be able to repay within 2- 3 weeks. I note the 55 day interest free would work well for me here as i could pay it back before interest would apply. is this correct? Also, If i didn’t use the card again would i just be charged $24.00 each year for having and no additional cost upon that if i am not using it as such?
Hi Meg. Thanks for the question. Remember, in order to be eligible for interest free days the card must be used for the purchase, and your card balance must be paid in full. If the card has a balance of $0 and remains unused, the annual fee is the only cost incurred.
I currently have an Awards card (Visa) which has an annual fee of $59 plus additional cardholder fee $15 – would we be better off to change to this Low Fee Credit Card? What does my existing card do that this new card doesnt? (except for not sling me outrageous fees)
Hi Kerrie. Thanks for your question. It depends on the type of CBA Awards card you have. The Commonwealth Bank Low Fee Credit Card is a entry level card that has a low annual fee of just $24 ($0 for qualifying customers). Basically this card can sit with you for a number of years, and if you don’t use it, it’s not going to cost the earth to keep. You may want to consider a comparison of no annual fee credit cards if you’re worried about fees and charges.
“•Standard interest rates of 1% p.a. for 5 months (reverts to 19.99% p.a.) on purchases And 21.49% p.a. on cash advances”
I do not understand the wording used here,
Is this 1% interest rate starting when the card is approved, and permanently moving to 19.99% after 5 months,
Or it is a 1% interest rate lasting 5 months from the purchase date, then jumping to 19.99% on remaining unpaid debt, and reverting to 1% once card is at zero? (this is how it translates to me, but I am very sceptical.)
What I’m getting at in different words- After I have owned this card for say 6 months, assuming its fully paid with no debt, if I make a purchase will interest be at 1% for 5 months after purchase, or will it have been permanently ‘reverted’ to 19.99% after having the card for 5 months?
Hi John. To clarify: when you apply for the card and it’s activated, you will get 5 months where no interest will be charged on purchases made with your card. After this 5 month period, the interest charged on purchases, and any amount you have not paid off from the interest free promotion, will be charged at the standard purchase rate of interest, currently 19.99%. Hope this helps.
I have always been with CBA and have been faithfully paying my credit card interest for years. I wish to consolidate my CBA card balance of $15,000 with my wife’s NAB card of around $13,000 into one low rate for twelve months. In addition, I require a further $4,000 added to the $28,000 to advance my repayment strategy. Please advise me what you can offer compared to say, ANZ’s current offer. Kind regards, Grant.
Hi Grant, we are not a provider, we just list all the deals in one place so consumers can easily compare. For information on transferring a balance from a wife’s credit card refer to our article on the topic. Thanks for your question.
what rate of interest is applied to the bal of transfers after 5 months?/is it the cash rate or purchase rate??
Hi Larry. Thanks for your question. At the end of the balance transfer period, the balance transfer rate of interest will revert to the standard purchase rate of interest. Cheers.
what is the minimum income required for primary card holder, if there is one?
HI Cate. Thanks for your question. This card does not have a definite minimum income requirement; rather the lender will assess your financial situation and assign a credit limit based on how much credit they think you will be able to service. Cheers.
In have an existing CBA master card with a 40 k month limit that I use in my business, can i apply and transfer interest free for the promoted time say 20k to allow me to consolidate some debts due to the down turn in work….?
Hi Greg. Thanks for your question. Balance transfers at the promotional rate of interest are only available if the balance is coming from a non-CBA related credit card. Cheers.
I have had a few bills all come in at once I was wondering if this card would be a good option for me… I want to be able to pay everything off, and then make my repayments back to the card within the 55 day interest free period. I then want to cancel the card to stop the further temptation of spending money I don’t have…
What are the pros and cons of doing this?
I’ve never had a credit card before and this is all pretty new to me, any advice would be amazing :)
Hi Claire. If you do intend to pay the entire balance back within the 55 day interest free period, you will not incur any additional interest charges. Keep in mind that the annual fee is charged to the first statement and will accrue the purchase rate of interest if not paid off in the first month. Also there is no charge for closing the account if you’ve paid the balance in full. Cash advances do not attract interest free days. Thanks for your question.
i would like to know if this card does flyby points. thank you
Hi Diani. Thanks for your question. The Commonwealth Bank Low Fee Card does not offer a rewards program for customers. If you are interested in the flybuys rewards program, they are partnered with NAB. You can earn flybuys points with the NAB flybuys Rewards Card. Cheers.
Hi,
How do you decide if the card attracts an annual fee or not? It says on the card description that sometimes an annual fee is charged, sometimes not.
cheers,
Stuart.
Hi Stuart. The annual fee is waived if you spend $1,000 or more in a year on purchases and cash advances. Thanks.
What fee is charged for overseas purchases on Low Fee Credit Card. Already a CBA client
Hi Val. If you make a purchase: the foreign conversion fee (CCF) and the purchase rate of interest.
If you withdraw cash, it’s the FCF, cash advance fee, local ATM fee, international ATM fee and cash advance rate of interest. Thanks.
I don’t have a CBA account or loan, nor any credit card. If I opened a CBA credit card, what type of account would I need to be eligible for $0 first year Annual Fee? ($0 for qualifying customers)
Hi Narelle. Thanks for your question. To be eligible for the reduced annual fee, you will need to hold a Commonwealth Bank personal loan, transaction account or home loan. I have sent information about the qualifying accounts to your email. Jacob.
Could you please explain this a bit more?
“Being a low cost, no frills card, the Low Fee Credit Card has none of the bells and whistles that come standard with many other cards.”
Regards,
Saba
Hi Saba. Thanks for your question. This basically means that this card does not have any of the high end features, like complimentary international travel insurance, that come with cards that have a high annual fee. This card has a low rate and a low annual fee, and in return it lacks features that other cards have. Let me know if this explains things a little better. Jacob.