Commonwealth Bank Low Rate Card – Details and Application
What happens when I click Apply Now?
- Clicking Apply 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 receive your credit card in the mail within 1-2 weeks
Have high interest rates been an issue for you in the past? Pay less on your repayments with the fantastic low interest rate of the Commonwealth Bank Low Rate card.
One of the biggest problems facing Australians is mounting credit card debt. A big part of the issue with this debt is the amount of money we spend on interest fees. These costs mean that less money goes toward paying down your principle balance making it all the more difficult to get out of debt. That is why a low rate card is such a good idea, it gives you the convenience and spending power of a credit card without all of the added costs typically associated with them.
To sweeten the deal even more the Commonwealth Bank Low Rate Credit Card now has a balance transfer offer to help you deal with your current credit card debt. A balance transfer is when you take your existing credit card debt from any non- Commonwealth Bank credit cards and move it over to your new credit card. Right now you can move your debt to the low rate card and pay only 5.99% p.a. for 5 months per annum interest on it. Within in that five months you can save loads of money on interest fees allowing you to pay down your old debt and finally get yourself in the clear of those high interest rates.
Commonwealth Bank Low Rate Card:
Interest Rates, Fees & Charges
| Balance Transfer Rate |  |
5.99% p.a. for 5 months |
|---|---|---|
| Interest Rate on Purchases | |
13.49% p.a. |
| Annual Fee | |
$78 ($48 for qualifying customers) |
| Interest Free Period | |
up to 55 days |
| Cash Advance Rate | |
21.74% p.a. |
| Card Type | |
Standard |
| Credit Card Type | |
MasterCard |
| Rewards Program | |
No |
| Additional Cardholder Fee | |
$0 p.a. |
The Commonwealth Bank Low Rate Credit Card has an ongoing low rate of just 13.49% p.a. so you’ll pay less interest on any outstanding balances you have each month, leaving you free to shop, pay bills and manage your general living expenses cost-effectively. If you tend to delay on your credit card payments, then this card is suitable for you. One of the Commonwealth Bank’s most popular credit card on offer to Australians. To apply you need only be over 18 years old, meet the credit requirements and be a permanent Australian citizen, resident or have a current visa to visit Australia as a student or employee. Apply today and get out of the credit card interest rate forever.
Read the Commonwealth Bank Low Rate Credit Card terms and conditions.
| Minimum Age | 18 years of age | |
|---|---|---|
| Available to Temporary Residents | No | |
| Credit Rating Requirement | Good | |
| Min Credit Limit | $500 | |
| Max Credit Limit | $0 |
| Annual Fee | $78 p.a. | |
|---|---|---|
| Minimum Repayment | 2.00% | |
| Interest Charged From | Purchase Date | |
| Late Payment Fee | $20.00 | |
| Over Limit Fee | $10.00 | |
| Overseas Emergency Replacement | $20.00 | |
| Overseas ATM Balance check | $1.25 | |
| Overseas ATM Withdrawal | $4.00 | |
| Gambling Transactions Allowed | No |
Can I convert my current Visa Card to a low rate card and can this be done online
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 1.50% of the cash advance amount (whichever is greater).
Here are Commonwealth Bank’s standard international transaction fees:
- Transactions converted by MasterCard® or Visa: 2.95%
- Transactions converted by American Express® : 1.95%
- 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?
What is the maximum credit limit on this card?
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
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
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
Hi Terry,
The maximum credit limit is determined by your financial situation. Thanks for your question.
Cheers,
Jeremy
Can I apply for another card for my partner and would it cost any extra
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 Susan,
Thanks for your question. A supplementary card holder can be added to your account free of charge.
Cheers
Jeremy
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