Commonwealth Bank Low Rate Card – Details and Application
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Pay less in interest with the Commonwealth Bank Low Rate credit card
The Commonwealth Bank Low Rate credit card gives you the convenience of a credit card with the benefit of a lower interest rate.
You’ll get a low 5.99% p.a. for 5 months on balances transferred from another card so you can pay down your debt sooner. Plus you’ll enjoy a low ongoing rate of just 0% p.a. for 5 months (reverts to 12.99% p.a.) on any future purchases, so you can keep your interest costs under control.
Features of the Commonwealth Bank Low Rate Card:
Here’s what you need to know about the Commonwealth Bank Low Rate Credit Card:
| Product Name | Commonwealth Bank Low Rate Credit Card | |
|---|---|---|
| Balance Transfer Rate | 5.99% p.a. for 5 months | |
| Interest Rate on Purchases | 0% p.a. for 5 months (reverts to 12.99% p.a.) | |
| Offer end date | 30 June 2013 | |
| Annual Fee | $78 p.a. ($48 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. Save $78 p.a. ($48 for qualifying customers) on your annual fee if you have another Commonwealth Bank account or loan when you apply.
- 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.
What information do I need to apply?
Commonwealth Bank credit card application:
Eligibility
If you can answer yes to the following questions then you can go ahead and fill out a CBA credit card application.
- Over 18 years old
- Do you have a banking account
- Are you a permanent resident of Australia
Credit limits
Credit limits are based on your own financial situation. If you have low debts and a high salary then you will probably receive a credit limit that is higher.
Managing your CBA account
Your credit card account with CBA can be managed either over the phone or online, based on your own personal preference.
When do I find out if I have been approved?
CBA can usually tell you within 60 seconds if you have a successful application and if so, you will receive your card within 7 to 10 business days
Balance Transfers
A balance transfer can be requested online or by phone. It can be done when you submit your CBA credit card application or at any time after that – all you need to do is call or submit a request online.
The minimum amount you can request a balance transfer for is $500. You are not able to make a balance transfer from another CBA credit card.
Where it can be used
You can use your CBA credit card throughout the world and Australia.
Security
Every card comes with your own personal PIN and security chip which makes it difficult for anyone else to have access to your account if it is lost or stolen. You won’t be liable for any unauthorised transactions on your card.
How the balance gets paid
If you are unable to meet the full monthly commitment then your balance will be paid according to the rate of interest on each balance. Highest interest rate balances will be paid first, in accordance with recent compulsory legislative changes to credit.
The CBA credit card application is easy to fill out, and you will get an all around useful card available to many Australians.
This is just a small fraction of what the CBA credit card has to offer, and if you want to know more about it you should take a look at more of the features, and start your application today.
How to apply for a new CBA credit card
You can fill out a CBA credit card application online and it is the most convenient way to find out if you will be accepted.
Information needed for an Commonwealth Bank Credit Card application:
The following information will be required in your application for a Commonwealth bank Low rate Credit Card, which should take no more than 10 to 15 minutes:
- Your personal details, including two forms of identification
- Your contact details, including your email address
- Your employment details, including time in current employment
- Your financial details, including income and expenditure
If you leave your application unattended for more than 20 minutes, the site’s security features will time you out and you will lose any information already input.
What do I do now?
If you want to apply for this credit card and meet the eligibility requirements, click ‘apply’ to be securely redirected to the Commonwealth Bank application page. From here, you will be asked to provide your personal and financial details listed above. The application will take between 10 and 15 minutes and you can even sometimes get a response from the bank within 60 seconds of completing the process. If you’re successful you will have your card in approximately 10 business days. Balance transfers will take about the same time to clear.
Read the Commonwealth Bank Low Rate 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 | $78 p.a. ($48 for qualifying customers) | |
|---|---|---|
| Minimum Repayment | 2% | |
| Late Payment Fee | $20 | |
| Over Limit Fee | $10 | |
| Overseas Emergency Replacement | $20 | |
| Overseas ATM Balance check | $1.25 | |
| Overseas ATM Withdrawal | $4 | |
| Gambling Transactions Allowed | No | |
| Additional Cardholder Fee | $0 |
Pros
- A low interest rate on purchases of 12.99%.
- A potentially very low annual fee of $48 for qualifying customers.
Cons
- This is a low rate card that has no perks and extras.
- 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 Rate Credit Card terms and conditions.
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28 Responses to Commonwealth Bank Low Rate Card – Details and Application
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Can I convert my current Visa Card to a low rate card and can this be done online
Hi Greg,
Thanks for the question. You are able to switch your card to a low rate credit card online quite easily. If you are bringing any outstanding debts with you, you could consider a balance transfer and take advantage of the low rate of interest. Please have a look at the application by pressing the apply now button on our review page for further information. Cheers.
Jeremy
Does this card have an overseas transaction fee?
Hi Adam
Thanks for your comment
When using an Overseas terminal or bank for a cash advance, the following applies: $4.00 or 1.75% of the cash advance amount (whichever is greater).
Here are Commonwealth Bank’s standard international transaction fees:
- Transactions converted by MasterCard® or Visa: 3.00%
- Transactions converted by American Express® : 2.00%
- Transactions overseas but in Australian dollars: 2.00%
In addition, American Express transactions are also subject to a 1.50% American Express currency conversion factor which is included in the converted transaction amount.
Cheers
Jeremy
how much is the maximum limit for balance transfer?
Hi,
Thanks for your question. The maximum limit for a balance transfer is 90% of the maximum credit limit of your card. There is no set maximum credit limit on the Commonwealth Bank Low Rate Credit Card as it determined by your financial situation. Hope this answers your question. Cheers.
Cheers
Jeremy
Do you have to be working to be able to apply for this card because at the moment my only income is from centrelink new start allowance.
Hi Simone. One of the online application requirements is that you enter your employer’s details. If you can’t do this, best to speak to a lender’s representative face to face. Thanks and apologies for the delayed response.
What is the maximum credit limit on this card?
Hi Terry,
The maximum credit limit is determined by your financial situation. Thanks for your question.
Cheers,
Jeremy
hey, i was wondering about the annual fee. how do you qualify for the $48 fee rather than the $78 fee??? thanks :)
Hi Marie,
To qualify for the reduced annual fee you must be an existing Commonwealth customer. Whether you hold a personal loan, term deposit or savings account if you have one of Commonwealth’s financial products chances are you will qualify. Please check the terms and conditions for a full list of who qualifies for a reduced annual fee. Thanks for the question.
Cheers
Jeremy
I currently have a Visa with CBA but am looking for an alternative. Can I transfer my current Visa to this low rate card?
Regards
Linda
Hi,
Thanks for the question. You can still apply for a Commonwealth Bank Credit Card but you won’t be able to make use of the balance transfer facility. Cheers.
Jeremy
Hi Susan,
Thanks for your question. A supplementary card holder can be added to your account free of charge.
Cheers
Jeremy
I’ve been conditionally approved for $4,000. Can I lower the credit card to $1,500 as $4,000 is too much?
Hi Sabina. Please get in touch with the lender to lower your credit limit; the minimum limit for this card is $500. Thanks.
Can I change my current CB MasterCard to this low rate card?
Hello Marlene,
thanks for the question.
Even though you’re an account holder with the Commonwealth Bank already, you’ll need to apply for the card as a regular applicant would. The Commonwealth Bank would then assess the application using it’s usual eligibility criteria.
I hope this helps,
Marc.
Can you earn frequent flyer miles on this card?
Hi Sharon. Thanks for your question. This card does not come with a rewards program. For information on frequent flyer credit cards, please check our comparison page. Cheers.
Can you advise me if 5 months 0% interest on purchases includes me using my card to pay things like my monthly rental payments to Radio Rentals, my utility bills and other normal household bill or are such items not considered as purchases. Please define purchases for the purposes of the interest free clauses on this card.
Hi,
when does this 0% interest per annum deal finish?
Hi Loretta. Thanks for your question. The 0% promotional offer does not have a set end date. Cheers.
5.99% balance transfer offer only for 5months but how much is going to be after 5months is finish….thanks
Hi Abel. Thanks for your question.
The interest rate at the end of the of the balance transfer promotion the interest rate reverts to the cash advance interest rate.
Hope this helps.
Happy New Years.
Jacob.
I earn roughly $200 a week, still live at home and don’t have to pay for anything other than petrol. Jst wondering what would be the maximum credit limit would be?
Hi Hayley, it’s difficult to say. Typically, if you earn just above the minimum income requirement, you are eligible for the lowest credit limit, which is usually about $500. Jacob.