Commonwealth Bank Low Fee Card – Rates and Fees

Information verified correct on September 23rd, 2016

Enjoy up to 55 interest-free days on purchases, a balance transfer offer and $0 annual fee for the first year and every year after when you meet the spend requirement.

Commonwealth Bank’s Low Fee card is a no-frills credit card which provides an affordable option for customers. The annual cost for the first year is $0 and for every subsequent year it is $29. This fee can be further waived when customers spend at least $1,000 on their card in the previous year.

This card comes with a balance transfer rate of 5.99% p.a. for 5 months. It also gives 55 interest-free days on purchases which can keep the overall costs low.

Product NameCommonwealth Bank Low Fee credit card
Balance transfer rate (p.a.)5.99% p.a. for 5 months
Balance Transfer Revert Rate
The interest rate after the balance transfer ends.
Cash Advance Rate (21.24% p.a.)
Balance Transfer Limit100% of available credit limit
Purchase rate (p.a.)19.74% p.a.
Offer end date31 October 2016
Annual fee$0 p.a. annual fee for the first year ($29 p.a. thereafter)
Interest Free Period
The interest-free period on purchases is the period or number of days you do not have to pay interest on your card purchases. You will be charged interest either from the day you make a purchase or from the statement date, unless you pay the closing balance in full by the due date (or within the interest-free period) on your statement.
Up to 55 days on purchases
Cash advance rate (p.a.)21.24% p.a.
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
Minimum Monthly Repayment2% or $25 whichever is greater
Card TypeMasterCard
Late Payment Fee$20
Foreign Currency Conversion Fee (MC)3% of transaction value
Complimentary Travel InsuranceNo
Available To Temporary ResidentsYes - Conditions apply
Joint ApplicationNo
Minimum Age18 years of age
Available to Temporary ResidentsYes - Conditions apply
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
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$0 p.a. annual fee for the first year ($29 p.a. thereafter)
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$10
Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Overseas Emergency Replacement$20
Overseas ATM Balance check$1.25
Overseas ATM Withdrawal Fee$2.50 or 2.00% of the transaction amount (whichever is greater)
Foreign Currency Conversion Fee (MC)3% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
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
  • Get $0 annual fee for the first year, reverting to $29 every year thereafter. CommBank will continue to waive your annual fee providing that you spend $1,000 or more in the previous year.
  • This card comes with a balance transfer offer of 5.99% p.a. for 5 months.
Cons
  • Being a low cost, no frills card, the Commonwealth Bank Low Fee credit card has none of the bells and whistles that come with many other cards.

Commonwealth Bank Low Fee Card review

The Commonwealth Bank Low Fee card is a no-frills option for potential cardholders. Although the card lacks premium perks such as complimentary insurance or a frequent flyer rewards program, cardholders can benefit from a low annual fee of $0 for the first year.

Benefits of using a Commonwealth Bank Low Fee Card

Low fee cards are customised to help cardholders reduce the costs of credit cards. They are much more affordable than their counterparts in the premium category. Some of the benefits of this card are:

  • Low fees. This card has a low fees structure which should reduce the annual maintenance costs of the card. The annual fee is $0 for the first year and $29 thereafter. The reverted annual fee can be waived if the card has been used to make purchases of $1,000 in the previous year.
  • MasterCard perks. Cardholders can gain access to a wide range of entertainment experiences through Priceless Cities and MasterCard Privileges program. They offer discounts and exclusive offers for travel, dining and retail purchases.
  • Fraud protection. MasterCard Zero Liability protects you against fraud and any other unauthorised transactions.

Features of Commonwealth Bank Low Fee Card

Some of the key features of this card include:

  • Annual fee. The card offers an annual fee of $0 for the first year and $29 thereafter which can be waived off if at least $1,000 of purchases are made on the card in the previous year.
  • Balance transfer. Cardholders can transfer balance to this card and get a balance transfer rate of 5.99% p.a. for the first 5 months. After the promotional period, the balance transfer rate reverts to 21.24% p.a.
  • Interest rate. Interest rate on purchases is 19.74% p.a. and on cash advances it is 21.24% p.a.
  • Interest-free days. If customers pay their balance in full each month, they can receive up to 55 interest-free days on purchases.
  • Temporary residents. This card is also available to temporary residents.
  • Additional cardholder fee. Extra card can be obtained on the same account without any additional cardholder fee.
  • Optional add-on insurance. This card also allows cardholders to purchase add-on insurance for the card. This is called CreditCard Plus which pays a benefit if you become involuntarily employed, temporarily or permanently disabled and if you are terminally ill or pass away.
    This insurance will pay 20% of credit card balance or 10 times the minimum amount due, each month if you become involuntarily unemployed or temporarily disabled. It will also pay off credit card balance up to $25,000 in case the cardholder is permanently disabled, terminally ill or has passed away. Additionally, up to $25,000 lump sum amount will be paid in a single payment to you or your estate. This insurance has extra charges of $0.55 for every $100 owing at the time the monthly statement is generated.

How to apply for Commonwealth Bank Low Fee Card

If this card meets your requirement, you can proceed with the online application. It will securely redirect you to Commonwealth Bank’s site where you need to fill your information details. You can get a response in less than 60 seconds from Commonwealth Bank about the outcome of your application.

Eligibility criteria

  • Age. Applicant must be at least 18 years of age.
  • Resident. The applicant must be an Australian citizen or granted eligible visa (457, Permanent Resident, temporary business visa).
  • Credit history. Applicant must not be an undischarged bankrupt.
  • Identity proof. Driver licence, passport or other identity proof documents are required.
  • Financial detail. Applicants must provide their employment details including payslips, length of employment and job title.

The Commonwealth Bank Low Fee Card can keep your card expenses to a minimum, with $0 annual fee and 55 interest-free days on purchases. If you are after a low fee credit card then this product may be well suited towards your needs.

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76 Responses to Commonwealth Bank Low Fee Card – Rates and Fees

  1. Default Gravatar
    Kinky | August 15, 2016

    I am interested in a credit card please

    • Staff
      May | August 15, 2016

      Hi Kinky,

      Thank you for your comment.

      When choosing a credit card, it’s always noteworthy to consider the purpose of the credit card and to factor in how you will use it and how these fit into your financial circumstance.

      Whilst we can’t recommend a specific card for you, our comparison tables on this page allow you to filter and sort the cards based on your interests – whether you’re looking to compare the rewards card, annual fee or purchase rate and more.

      I hope this is helpful.

      Cheers,
      May

  2. Default Gravatar
    Sam | October 13, 2015

    Hi I am international student I applied for credit card but it was declined and the reason was that my financial condition is not good but it’s not true I earn 2600 monthly I have pay slips be I have saving as well so please answer

    • Staff
      Jonathan | October 13, 2015

      Hi Sam, thanks for your inquiry!

      To apply for this card you must be an Australian citizen or granted eligible visa (457, Permanent Resident, temporary business visa).

      Cheers,

      Jonathan

    • Default Gravatar
      | October 13, 2015

      No credit cards are for students as well my friends have credit card

    • Staff
      Jonathan | October 13, 2015

      Hi Sam, thanks for your response.

      That is correct. Certain banks/ lenders allow students to apply for credit cards if they have at least 6 months remaining on their student visa and are earning an income.

      Cheers,

      Jonathan

  3. Default Gravatar
    rhiannon | May 5, 2015

    Can a single parent on the pension apply for this card?

    • Staff
      Jonathan | May 5, 2015

      Hi Rhiannon, thanks for your inquiry!

      Commonwealth Bank does not specify a minimum income requirement for this card. Instead they require an ID verification, income, expense, asset and employment details. If you have any further inquiries in regards to the application process it would be ideal to contact CBA directly to best discuss your options and eligibility.

      Cheers,

      Jonathan

  4. Default Gravatar
    Lucy | March 13, 2015

    Hi I’ve applied for my credit card and i am now waiting for a letter in the mail to come to say if I’ve been approved with my credit card or declined how long does this usually take as i applied for it almost a week ago so i have been waiting 5 business days

    • Staff
      Jonathan | March 16, 2015

      Hi Lucy, thanks for your inquiry!

      Applications with Commonwealth Bank can take within 10 working days.

      Cheers,

      Jonathan

  5. Default Gravatar
    Sue | January 20, 2015

    Currently I have a mortgage and personal loan with the CBA and a
    credit card which the annual fee increasing to $59 I sometimes use my card for groceries but repay before end of month would this be a better card for me?

    • Staff
      Jonathan | January 21, 2015

      Hi Sue,

      Thanks for your inquiry!

      Please note that finder.com.au is an online comparison service, we are only licensed to provide general advice regarding the products we display.

      Depending on an individual’s needs, no annual fee credit cards which combine interest free periods on purchases can be an ideal option. No annual fee credit cards are best-suited to those people who reserve the use of their credit card for emergencies, or who make regular purchases on them but always completely clear their balance each month. This is because it is often the case that the interest rate on purchases with no annual fee credit cards is on the higher side, thus any savings on the annual fee will be quickly negated by higher interest charges if the balance is not cleared in full each month. For more information regarding No Annual Fee Credit Cards please see this page.

      I hope this helps!

      Cheers,

      Jonathan

  6. Default Gravatar
    | August 29, 2014

    I am a pensioner with a annual income of approximately $20,000 , would I qualify for a 10,000 limit credit card. I have no debt and own my own home and car.

    • Staff
      Shirley | September 1, 2014

      Hi Vereonica,

      Thanks for your question.

      Unfortunately we can’t comment on what your credit limit could be. Commbank will assess you against their lending criteria and advise on a suitable credit limit in your application.

      I’d recommend getting in touch with Commbank to discuss your options about this.

      Cheers,
      Shirley

  7. Default Gravatar
    adam | June 22, 2014

    Hi I’ve noticed that I can see, there is nothing mentioned about earnings or employment conditions/salary, can you please tell me what the conditions are thank you.

    • Staff
      Shirley | June 23, 2014

      Hi Adam,

      Thanks for your question.

      While there is no minimum income requirement for this card, you’ll need to be able to show in your application that you can make your repayment commitments. Commonwealth Bank will look at your credit history, and will take into account your capacity to make repayments.

      Cheers,
      Shirley

  8. Default Gravatar
    Amy | May 14, 2014

    It says no joint applications can you get an additional cardholder? And if so is there a fee?

    • Staff
      Shirley | May 15, 2014

      Hi Amy,

      Thanks for your question.

      Yes, you can have up to one additional cardholder for free for the Low Fee card.

      Cheers,
      Shirley

  9. Default Gravatar
    Doris | May 14, 2014

    Hi I’m just not clear on the 0% for 10 months. Is that from the time of getting the card of from time of purchase for the life of the card.
    EG: If I buy something straight after getting the card I can pay it off slowly and pay no interest for the first 10 months.
    What happens in 12 months time. If I then make a large purchase have I got 10months or only 55 days to pay it off before incurring the high 19% interest charge.
    Hope you can clarify Thanks
    Doris

    • Staff
      Shirley | May 14, 2014

      Hi Doris,

      Thanks for your question.

      Generally the offer starts from the time of receiving the card and applies to eligible purchases made within that period. After the 10 months has passed, all outstanding balance from that period will revert to either the purchase rate, or cash advance rate. In this case, its the purchase rate. This page will be able to provide you with more information.

      In the situation you’ve provided. In 12 months time and you’ve made a large purchase, then the interest free days apply (assuming that you’ve paid back your balance in full by the statement period) before it starts to gain interest.

      Cheers,
      Shirley

  10. Default Gravatar
    Jeanette | May 2, 2014

    Please clarify the amount of expenditure required yearly to maintain the no fee card, your fine print mentions $10,000, however $1,000 is mentioned in Jacobs response to Abs question October 19th 2013?
    Cheers
    Jeanette

    • Staff
      Shirley | May 7, 2014

      Hi Jeanette,

      Thanks for your question and pointing this out to us.

      To confirm, the annual fee card is waived When you spend $1,000 or more per year on purchases and cash advances. I’ve fixed up the copy to reflect this.

      Thank you again for flagging this to us and we apologise for any inconvenience this has caused.

      Cheers,
      Shirley

    • Default Gravatar
      Tam | June 25, 2014

      Hi,

      Just regarding the 10,000 vs 1,000. It has been corrected under the Extra Benefits heading but is still showing the incorrect 10,000 under the Save on fees and interest with the CBA etc.

      Thanks

    • Staff
      Shirley | June 27, 2014

      Hi Tam,

      Thank you so much for pointing this out to us.

      We’ve updated the copy to reflect this – again, thank you for flagging this to us and we apologise for any inconvenience this may have caused.

      Cheers,
      Shirley

Credit Cards Comparison

Rates last updated September 23rd, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
Virgin Australia Velocity Flyer Card - Balance Transfer Offer
Enjoy a 0% p.a. balance transfer offer for 18 months and also earn 2 bonus Velocity Points in the first 3 months on everyday spend.
20.74% p.a. 0% p.a. for 18 months $64 p.a. annual fee for the first year ($129 p.a. thereafter) Go to site More info
ME Bank frank Credit Card
Enjoy a low and consistent interest rate on purchases and cash advances, combined with no annual fee.
11.99% p.a. $0 p.a. Go to site More info
St.George Vertigo Visa
Introductory offer of 0% p.a. for 18 months on balance transfers and 1% p.a. for 12 months on purchases, plus a low annual fee.
1% p.a. for 12 months (reverts to 13.24% p.a.) 0% p.a. for 18 months $55 p.a. Go to site More info
HSBC Platinum Credit Card
Receive a full annual fee refund and save $149 if you meet the $6,000 spend requirement. Enjoy a balance transfer offer and platinum card benefits such as complimentary insurances and concierge services.
19.99% p.a. 0% p.a. for 15 months $149 p.a. Go to site More info

* The credit card offers compared on this page are chosen from a range of credit cards CreditCardFinder.com.au has access to track details from and is not representative of all the products available in the market. Products are displayed in no particular order or ranking. The use of terms 'Best' and 'Top' are not product ratings and are subject to our disclaimer. You should consider seeking independent financial advice and consider your own personal financial circumstances when comparing cards.

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