Commonwealth Bank Student Credit Card – Rates & Fees

Information verified correct on September 27th, 2016

Students can enjoy up to 55 interest-free days on purchases and no annual fee with a new CommBank Student credit card.

The Commonwealth Bank Student credit card brings multiple benefits for students. You can keep costs to a minimum with up to 55 interest-free days on purchases and a low annual fee that’s waived if you spend $1,000 in the previous year. The card also boasts 24/7 emergency assistance via Global Services, one free additional cardholder and MasterCard PayPass contactless technology.

Product NameCommonwealth Bank Student 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.)
Purchase rate (p.a.)19.74% p.a.
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.
$400
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.
$400
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% of the transaction amount (whichever is greater)
Overseas Cash Advance Fee$2.50 or 2% of the transaction amount (whichever is greater)
Overseas Emergency Replacement$20
Foreign Currency Conversion Fee (MC)3% of transaction value
Gambling Transactions AllowedYes
Gambling Transactions Interest RateCash Advance Rate
Additional Cardholder Fee$0 p.a.
BPAYYes
ChequeYes
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes
MailYes
Pros
  • Pay no annual fee for the first year. Your annual fee will be waived in subsequent years as long as you spend at least $1,000 using your Student Card in the previous year (on purchases and cash advances only).
  • You can get up to 55 interest-free days on purchases
Cons
  • It doesn't have a rewards program or any other perks.

Commonwealth Bank Student Credit Card Review

This card is suited to students who are interested in keeping their credit card costs to a minimum. It has a low standard annual fee of $29 and up to 55 interest-free days on purchases. This student card offers basic credit features without extra perks such as a rewards program or complimentary insurance, making it an ideal option for students looking for their first credit card.

Benefits of using a Commonwealth Bank Student Credit Card

  • Instant updates. For most transactions you make, your account balance is updated automatically in NetBank, so you’ll know exactly how much your outstanding balance is.
  • Access to unique offers. Because this card is a MasterCard, you get access to dining, entertainment and shopping offers from Priceless Cities and MasterCard Privileges.
  • Contactless payments. Simply Tap and Go for purchases under $100.
  • Fraud protection. A 24-hour fraud protection system is in place to alert cardholders of suspicious transactions. The MasterCard Zero Liability also gives peace of mind by providing free protection against unauthorised transactions.

Features of the Commonwealth Bank Student Credit Card

  • No annual fee. This card offers no annual fee for the first year and no annual fee for full-time, approved students. You can continue to have the annual fee waived if you spend at least $1,000 using your student credit card in the previous year. If you are a student and you spend less than $1,000 in the previous year, you can also present your student identification in a CommBank branch following charging of the annual fee to request a refund.
  • Free additional card. You can get an additional cardholder free of charge.
  • Up to 55 interest-free days. If you pay back the balance in full every statement period, you can benefit from up to 55 days interest-free on purchases.
  • 24/7 Assistance. If you need immediate assistance to report fraud or a lost card, you can be confident that the support line is open to help you.

I’ve finished studying. What are my credit card options?

  • Commonwealth Bank Low Fee cardThe CommBank Low Fee card is a basic option that comes with a low annual fee compared to other types of credit cards in the market.
  • Commonwealth Bank Low Rate card. The Low Rate Card has up to 55 days interest-free on purchases and highly competitive interest rates, which you may find attractive if you regularly use your card for purchases and enjoy the flexibility of repaying your balance over time.

How to apply for the Commonwealth Bank Student Credit Card

You can apply for the Commonwealth Bank Student credit card online. It takes 15-20 minutes to complete the application. But before you do that, make sure you meet the eligibility requirements and have all the necessary information on hand.

Eligibility criteria

  • Student details. You must be a current student at an approved educational institution to apply for this card.
  • Monthly after tax income. You must provide your monthly income details in order for your application to be assessed. If approved, this information will help determine the credit limit.
  • Current employer details. You must provide the employer’s address and phone number.
  • Identification. You will be required to provide valid identification during different stages of the application process. Valid forms of ID include your driver’s licence or passport.
  • Financial commitment details. You must disclose any commitments you have with regards to debt repayments or any other financial obligations, such as rent or loan repayments.

As the name suggests, the Commonwealth Bank Student credit card is designed to offer students an affordable credit option. Although the card doesn’t come with extra perks such as a rewards program or complimentary insurances, it does offer low costs by the way of interest-free days and the $29 annual fee. Cardholders can also enjoy convenient spending with PayPass and peace of mind with fraud protection. As this isn’t the only low fee or student card on the market, it’s a good idea to compare several options before applying.

Frequently asked questions

I am not a student, but I like the features and costs of this card. What are the alternatives for this card?

Commonwealth Bank also provides Low Rate and Low Fee credit cards. The Low Rate credit card comes with $59 annual fee and a lower purchase interest rate of 13.49% p.a. The Low Fee credit card comes with an annual fee of $29, which can be waived when cardholders spend at least $1,000 on the card in the previous year.

What is the credit limit on this card?

The credit limit on the card will depend on the financial capability of the cardholder. This is decided on a case-by-case basis. The minimum credit limit is $400 on this card.

Are there any other costs attached to this card?

If you repay the balance in full every statement cycle, there will be no interest charges. Besides the interest cost, if any, there are minimum repayments of 2% of the closing balance every month. If the balance is overdue, late payment fee of $20 will be charged. Other fees may apply for certain transactions, such as cash advances or overseas purchases. For a full list of potential fees and charges, refer to CommBank’s Standard Fees and Charges brochure (available on its website).

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34 Responses to Commonwealth Bank Student Credit Card – Rates & Fees

  1. Default Gravatar
    Syed | August 17, 2016

    How long does it take to get the credit card once the application is approved? As in how many days?

    • Staff
      Chester | August 17, 2016

      Hello Sayed

      Thanks for your question.

      You can apply for the Commonwealth Bank Student credit card online. It takes 15-20 minutes to complete the application. Before you do, please make sure you meet the eligibility requirements and have all the necessary information on hand.

      1. Student details. You must be a current student at an approved educational institution to apply for this card.

      2. Monthly after tax income. You must provide your monthly income details in order for your application to be assessed. If approved, this information will help determine the credit limit.

      2. Current employer details. You must provide the employer’s address and phone number.

      3. Identification. You will be required to provide valid identification during different stages of the application process. Valid forms of ID include your driver’s licence or passport.

      4. Financial commitment details. You must disclose any commitments you have with regards to debt repayments or any other financial obligations, such as rent or loan repayments.

      Hope this helps.

      Cheers!
      Chester

  2. Default Gravatar
    Will | December 12, 2015

    If I have a limit of $3000 for example and I only spend $1000 and then I pay that bill on time (or before it needs to be paid) will I have no interest charged to that $1000?

    • Staff
      Arra | December 14, 2015

      Hi Will,

      Thanks for your inquiry.

      Yes, that is correct. You will only start to incur interest in the event that you fail to settle the minimum repayment due on or before the due date each month.

      I hope this has helped.

      Cheers,
      Arra

  3. Default Gravatar
    Ruby | November 18, 2015

    Hi I am looking for student loan around 20000$ . I have no job at the moment but can I get the loan and deferred my payment till study finish by 2 years?

    • Staff
      Jonathan | November 20, 2015

      Hi Ruby, thanks for your inquiry!

      The interest rates for this credit card are 21.24% p.a. for cash advances and 19.74% p.a. for purchases. You may like to consider 0% purchase credit cards which can provide up to 15 months interest free on purchases.

      Cheers,

      Jonathan

  4. Default Gravatar
    alice | February 18, 2015

    Hello. i’m a full-time student and i get money from my parents, almost $3400 per month. no job. and i submitted my application and declined, i don’t know what is wrong with me.

    • Staff
      Jonathan | February 18, 2015

      Hi Alice, thanks for your inquiry!

      Applications have a number of variables/ requirements, as such there may be a number of reasons playing into why an application was declined. Please see this page for more information on why applications may be declined, and this page on how to get your application approved.

      Cheers,

      Jonathan

  5. Default Gravatar
    Jade | January 15, 2015

    Hey I am currently on centrelink benefits, can I apply for a credit card?

    • Staff
      Jonathan | January 16, 2015

      Hi Jade,

      Thanks for your question!

      Application requirements for credit cards such as income can vary depending on the lender and type of credit card, for more information about receiving a line of credit when you are receiving centrelink benefits and which lenders accept Centrelink benefits as a form of income please see this page.

      I hope this helps!

      Cheers,

      Jonathan

  6. Default Gravatar
    Ashi | December 17, 2014

    I need information about law student credit card details please. Thanks

    • Staff
      Elizabeth | December 17, 2014

      Hi Ashi,

      Thanks for your question.

      There generally aren’t cards that are specifically designed for law students, but you can compare a range of student credit cards on this page.

      I hope this has helped.

      Thanks,

      Elizabeth

  7. Default Gravatar
    Alison | October 11, 2014

    Hello I’m just wondering how much my monthly income would need to be to be able to get a limit of at least $1000? I’m an unemployed student on centrelink benefits.

    • Staff
      Elizabeth | October 13, 2014

      Hi Allison,

      Thanks for your question.

      Commonwealth Bank looks at a variety of things in order to determine your credit limit. This includes any other credit cards you currently have, your credit history, as well as your employment situation and income. There’s no guarantee as to what credit limit you’ll be approved for, but one option you have is getting in contact with Commonwealth Bank and having a chat to them about your situation before you apply.

      Hope this has helped.

      Thanks,

      Elizabeth

  8. Default Gravatar
    Lucas | May 29, 2014

    how much do i have to pay back to the bank every month ? and how much do i need to pay back if i spent over 400 dollars in one month?

    • Staff
      Shirley | May 30, 2014

      Hi Lucas,

      Thanks for your question.

      Please refer to the ‘minimum monthly repayment’ figure in the table above. You can then calculate what the minimum repayments are for each statement period, depending on what your balance is.

      Cheers,
      Shirley

  9. Default Gravatar
    caitlyn | March 24, 2014

    Do you have to be in full time study, and does that include TAFE courses? Also can you apply on Centrelink?

    • Staff
      Jacob | March 25, 2014

      Hi, Caitlyn.

      Thanks for your question. You have to provide your student number to be eligible for this card. If you don’t they’ll probably offer you for their low rate credit card. You can apply for this product if you receive Centrelink payments. The important thing is that you meet the minimum application requirements set out at the bottom of the card’s review page.

      I hope this helps.

  10. Default Gravatar
    Hisham | March 6, 2014

    What interest rate will apply if I pay my fee through low fee student credit card. Would it be 21.24% (Cash advance) or 19.74% (Purchase). Moreover if I pay my balance within the grace period of 55 days do I still need to pay any interest?

    • Staff
      Jacob | March 7, 2014

      Hi, Hisham.

      Great question.

      Please contact the payee to find out how they’re going to treat the credit card transaction. Generally these types of transactions are considered purchases but you’ll have to double check to be sure. If the transaction is a purchase, then you will have up to 55 days to pay the balance during which you will not incur any interest. You will accrue interest after this period if you have not paid the purchase in full.

      You can find out more about what up to 55 days interest free means on this page.

      I hope this helps.

Credit Cards Comparison

Rates last updated September 27th, 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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