Commonwealth Bank Low Rate Card – Details and Application

Information verified correct on May 27th, 2016
Commonwealth Bank Low Rate Credit Card Find out more Go to site

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  • Clicking Go to site will take you to your Online Application on the bank's website. You do not need to be an existing customer of this bank to apply.
  • Your application will typically take you no more than 10-15 minutes to complete
  • Once approved, you will typically receive your credit card within 1-2 weeks
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Enjoy $250 cashback when you apply by 30 June 2016 and meet the spend criteria. Receive a low rate of 13.49% p.a. on purchases, up to 55 interest-free days and the essential features you need on a credit card.

The Commonwealth Bank Low Rate credit card offers many interesting features and benefits. One of which is the 55 interest-free days on purchases.

In addition, approved cardholders are offered a minimum credit limit of $500 and have to option to use the card for cash advances.

The Commonwealth Bank Gold Low Rate credit card, which features a higher minimum credit limit and complimentary insurances, is an alternative to the Commonwealth Bank Low Rate credit card.

Product NameCommonwealth Bank Low Rate 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.)13.49% p.a.
Offer end date30 June 2016
Annual fee$59 p.a.
Interest Free Period
The interest-free period on purchases is the period or number of days you dont 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$59 p.a.
Minimum Repayment2% or $25 whichever is greater
Late Payment Fee$20
Over Limit Fee$0
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
Overseas ATM Balance check$1.25
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
  • $250 cash back offer if you apply by 30 June 2016 and spend $500 on eligible purchases by 31 July 2016
  • This card comes with a competitive annual fee of $59 p.a.
  • Receive a low interest rate on purchases of 13.49% p.a.
Cons
  • This is a low rate card that has no perks and extras.

Commonwealth Bank Low Rate Credit Card review

This card is customised for users who wish to keep their overall cost to a minimum. The card is an attractive no-frills card which has a low annual fee and provides one additional card at no extra cost. However, the low costs come at the price of limited extra features, including the lack of a rewards program or complimentary insurance.

Low Rate cardholders also enjoy a balance transfer interest rate of 5.99% p.a. for a period of 5 months on the balance transferred, after the promotional period the rate reverts to the cash advance rate of 21.24% p.a.

For eligible customers, the Gold Low Rate credit card is another credit card option with similar benefits, and the same competitive interest rate of 13.49% p.a.

Benefits of the Commonwealth Bank Low Rate credit card

  • $250 cash back offer. Take advantage of the cash back offer if applied by 30 June 2016 and spend at least $500 on eligible purchases before 31 July 2016. The $250 cash back will be credited to your account within 60 days after your eligible spend.
  • Fraud protection. The MasterCard® Zero Liability feature ensures that cardholders are protected from fraudulent transactions done using their credit cards online, over the telephone or in-store. This benefit is applicable to personal credit cards that are in good standing, and for cardholders that are in compliance with the terms and conditions outlined in the cardholder agreement on the MasterCard website. As other conditions apply, we always encourage to make sure to read the terms and conditions to understand what you’re covered by. Customers are advised to alert the Bank immediately once they become aware of unauthorised transactions on their credit card account.
  • Additional cardholder. Customers can get an additional card at no extra fees.
  • Contactless payment. Using Mastercard PayPass technology, customers can simply tap their card to make contactless payment at participating merchants. These purchases are fraud protected by MasterCard and limited to $100 or less.

Features of the Commonwealth Bank Low Rate credit card

  • Competitive interest rate. The interest rate on the Commonwealth Bank Low Rate credit card is 13.49% p.a. on purchases, and 21.24% p.a. on cash advances.
  • Interest-free transactions for up to 55 days. Purchases made with this credit card will not incur any interest charges, once they are cleared in full, on or before the statement due date each month.
  • Contactless payment option with MasterCard® PayPass.™ This Low Rate credit card allows the cardholder to use their credit card without needing to swipe it. The process involves a simple tap of the card to complete payment for in-store transactions valued at $100 or less at participating merchants.
  • Instant transaction updating. With the exception of manual authorisations and some contactless transactions, card purchases are updated immediately. This allows the cardholder to always be informed about the financial position of their credit card.
  • Security and spending control. Using the CommBank app available on the Apple and Google Play stores, cardholders will be able to limit in-store and online international charges, restrict cash advances at the ATM, and limit their overall spending.
  • Emergency assistance overseas. As a Commonwealth Low Rate cardholder, customers become eligible for assistance from MasterCard while travelling abroad on vacation or on business.
  • Annual feeThe annual fee for the Low Rate credit card is $59.
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Commonwealth Bank Low Rate and Low Rate Gold credit cards: Interview with Lynn Hamblet

Click here for video transcript

Jeremy: Hi, I’m Jeremy Cabral, from Finder.com.au, and we’re here to talk to Lynn Hamblet, the Executive Manager of Credit Cards from Commonwealth Bank. Lynn, thank you for joining us.

Lynn: It’s great to be here.

Jeremy: When people are choosing a low rate credit card, why should they choose CommBank?

Lynn: With the lowest interest rate on purchases of any of our credit cards, the low rate card is one of our most popular. We also have a Gold Card option available, for customers looking for added features, such as the complimentary travel insurance, but at the same time want to keep enjoying the low interest rate on purchases. Our low rate Gold customers enjoy complimentary
travel insurance for up to three months. We also offer extended warranty insurance, which means on most purchases you can gain up to an extra year warranty together with the manufacturer’s Australian warranty. And we have purchase security insurance, where we will repair or replace most purchases if lost, stolen, or damaged within 90 days.

Our low rate customers can also enjoy access to our CommBank app, so they can bank anytime, anywhere with their mobile. With CommBank real-time banking, they can also see all of their spend instantly, so they’ll know exactly where they stand at any point in time.

You can also select to receive payment reminders, so you’ll never miss your payment, or set up auto-pay so your payment is automatically paid on the due date.

What’s more, customers can be safe in knowing that they’ll never be liable for unauthorized transactions on their account, provided they follow their credit card’s conditions of use.

Jeremy: Where can customers apply for a CommBank low rate credit card?

Lynn: Once you click Apply on credit card finder, you’ll be taken to a secure website where you can complete your application. We offer a 60 second response.

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How to apply for the Commonwealth Bank Low Rate Credit Card

Applying for the Commonwealth Bank Low Rate credit card is simple and only takes a few minutes to complete. To be eligible, applicants must meet the following criteria.

Eligibility criteria:

  • Each applicant must be 18 years or over to apply.
  • The additional cardholder should be at least 16 years of age.

For existing Commonwealth bank customers:

  • Existing Commonwealth Bank customers have the option of submitting their application through NetBank (the Bank’s online banking portal), while new customers can submit their application at any branch of Commonwealth Bank, online via the Bank’s website, through the CommBank app or over the phone.

Required documents:

  •  Each applicant will be required to provide valid identification such as a passport or driver’s licence.
  • The Bank may request additional documents to support the information supplied on the application.

While purchasing a card, customers should look at their spending pattern to take advantage of the best card. Commonwealth Low Rate Card is a basic card which gives customers a low annual fee and purchase rate. It reduces the maintenance cost of the card and at the same time provides benefits like fraud protection, free additional card and emergency assistance overseas.

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Frequently Asked Questions (FAQs)

I am a self-employed person with annual income around $30,000. What is the minimum income requirement and what income proof is required in my case?

This card does not have a specific minimum income requirement. Applications are handled on a case-to-case basis on their own merit.

Supporting documents for income include two payslips/ income statements within the last 60 days, your bank statement from another financial institution for the last 3 months showing your regular income, a letter of employment, most recent tax return, PAYG payment summary or Notice of Assessment.

I have used this card for cash advance and for purchases also. If I start repaying, which debt will be cleared first?

Cash advance rate on this card is 21.24% p.a. and purchase rate is 13.49% p.a. When repayment on outstanding amount is done, the higher interest debt is cleared first and then the next higher interest debt is repaid. In this case the cash advance debt will be repaid first and then purchase debt is repaid.

What is the maximum credit limit which can be obtained on this card?

Credit limit is based on individual applicant’s income and repayment capability. This limit will be notified upon application completion.

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121 Responses to Commonwealth Bank Low Rate Card – Details and Application

  1. Default Gravatar
    | May 9, 2016

    Hi,

    I have this credit card before but now has been cancelled, can I apply for this card again and still entitled to the $250 cash back?

    Thanks.

    • Staff
      May | May 9, 2016

      Hi Alice,

      Thanks for your inquiry.

      This offer with Commonwealth Bank Low Rate Card is not available to customers who currently hold or have held, any CommBank Low Rate Business (personal liability) and/or personal Low Rate or Low Rate Gold Credit Card in the last 12 months.

      Cheers,
      May

  2. Default Gravatar
    Kimi | April 15, 2016

    Are there any lockout period for cancel the card? Like the ANZ, you cannot close the card in the first 12 months.

    • Staff
      May | April 15, 2016

      Hi Kimi,

      Thanks for inquiring.

      If you decide to close your credit card account, you may do so at any time, provided that no outstanding balance that remains on your card. After you have paid off your balance, you can call or visit any Commonwealth Bank branch and request for a card cancellation.

      Hope this answers your question.

      Cheers,
      May

  3. Default Gravatar
    | April 2, 2016

    Hi. I currently work on a casual basis with several different employers regularly plus receive child support and single parent payments.
    Would I be eligible to apply for this card please?

    • Staff
      Ally | April 4, 2016

      Hi Carla,

      Thanks for your inquiry.

      Kindly note that finder.com.au is an online comparison service that does not represent any credit card issuer such as Commonwealth Bank.

      Although they have not specified a required minimum income level for this card, you might still be requested to provide supporting documents for income which can include your bank statement from a different financial institution (not CommBank) for the last 3 months showing your regular income flow, a certificate of employment, two payslips/ income statements within the last 60 days, your most recent tax return, PAYG payment summary or Notice of Assessment.

      That said, it would be best to contact the Commonwealth Bank team directly through the contact details sent to your email for the best advise on your eligibility and available options.

      I hope this has helped.

      Cheers,
      Ally

  4. Default Gravatar
    Remos | February 16, 2016

    Hi
    To get the $150 cash back offer from Commbank low rate credit card , what are the eligible purchases types ?
    And if I bought for example an appliance which cost over than $500 would this be eligible for the cash back offer ?
    Thanks

    • Staff
      Jonathan | February 16, 2016

      Hi Remos, thanks for your inquiry!

      Eligible transactions exclude balance transfers and cash advances (including transactions treated by the Bank as a cash advance). Since your appliance would be purchasing a good this would be eligible for the cash back offer, providing the merchant accepts credit card payment.

      Cheers,

      Jonathan

  5. Default Gravatar
    Kim | August 27, 2015

    Is a Direct Deposit classed as a cash advance? (Buying off a private seller)

    • Staff
      Jonathan | August 27, 2015

      Hi Kim, thanks for your inquiry!

      A direct deposit to another individual’s account would be classed as a cash advance.

      Cheers,

      Jonathan

  6. Default Gravatar
    Susan | May 28, 2015

    Hi, I wish to apply for a credit card but I also breed dogs (mini dachshunds) and am paid in cash from buyers so I cant show proof of this. I also receive a pension, what can I do when the question comes up on income etc ? Thank you for your time.

    Susan

    • Staff
      Jonathan | May 28, 2015

      Hi Susan, thanks for your inquiry!

      Supporting documents for income include two payslips/ income statements within the last 60 days, your bank statement from another financial institution for the last 3 months showing your regular income, a letter of employment, your most recent tax return, PAYG payment summary or Notice of Assessment.

      Cheers,

      Jonathan

  7. Default Gravatar
    Lauren | May 26, 2015

    I already have this card. I have a balance of $3400 with $560 of that being a cash advance. Because this is charged at a higher interest rate I want to pay it off asap. If i pay $560 will that automatically pay off the advance cash part first? Or do i have to pay the entire balance to clear the cash advance rate?

    • Staff
      Jonathan | May 27, 2015

      Hi Lauren, thanks for your inquiry!

      That is correct. Repayments are allocated first to the outstanding amount with the highest interest rate first and allocated afterwards to the next highest rate and so forth.

      Cheers,

      Jonathan

  8. Default Gravatar
    Dallas | May 5, 2015

    We applied for a CBA personal loan for $10,000 and tried again for $7,000 but both were rejected, as not meeting the bank’s eligibility criteria. I am on Age Pension and my wife is on Newstart Allowance and our combined annual income is $28,808. The Loans Officer said the CBA does not accept Newstart Allowance as income to service a loan. We have no supplementary income. We own our home outright, valued at $350,000, and hold the deeds, but we are not old enough to get a reverse mortgage (both must be 65). We cannot get a loan because of the strict lending criteria imposed since the global financial crisis. Would a CBA Low Rate Credit Card be the way to go?

    • Staff
      Jonathan | May 6, 2015

      Hi Dallas, thanks for your inquiry!

      CBA has not specified a minimum income level for this card, your overall application will be considered (including income, expenses, liabilities etc). As a result it may be recommended to contact CBA directly either through customer service team or local branch to best discuss your options and eligibility.

      Cheers,

      Jonathan

  9. Default Gravatar
    tsc | April 14, 2015

    when paying online orders specified in a foreign currency say USD, am I charged by commbank a currency conversion fee of 3%?

    • Staff
      Jonathan | April 14, 2015

      Hi Tsc, thanks for your inquiry!

      The currency conversion fee for this card is 3% of transaction value.

      Cheers,

      Jonathan

  10. Default Gravatar
    Anupa | April 13, 2015

    How much I can borrow credit in a month? And how to pay my credit back?

    • Staff
      Jonathan | April 13, 2015

      Hi Anupa, thanks for your inquiry!

      The credit limit is subject to the lender’s criteria and requirements, which is notified upon application completion. The minimum credit limit for this card is $500, which means that you have an available limit of $500 to borrow/ spend. Paying your credit card can be done online, through BPAY, phone or mail.

      Cheers,

      Jonathan

Credit Cards Comparison

Rates last updated May 27th, 2016
Purchase rate (p.a.) Balance transfer rate (p.a.) Annual fee
St.George Vertigo Platinum
A platinum card with a balance transfer offer of 0% p.a. for 20 months and an introductory purchase offer of 0.99% p.a. for 4 months with a low annual fee.
0.99% p.a. for 4 months (reverts to 12.74% p.a.) 0% p.a. for 20 months $99 p.a. Go to site More info
American Express Essential Credit Card
Receive a $50 credit on eligible spend and get Smartphone screen insurance combined with a no annual fee for life card.
14.99% p.a. 0% p.a. for 12 months $0 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
ANZ Frequent Flyer Black
Earn up to 75,000 bonus Qantas Points when you spend $2,500 within the first three months and 1.5 points per $1 spent. Get complimentary airport lounge access, 24/7 concierge with $0 annual fee in the first year.
19.99% p.a. $0 p.a. annual fee for the first year ($425 p.a. thereafter) 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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