Commonwealth Bank Low Rate Gold Credit Card – Rates and Fees

Information verified correct on October 1st, 2016

The Commonwealth Bank Low Rate Gold provides the competitive features of the low rate credit card with gold level benefits with included travel insurance and $0 annual fee for the first year offer if you apply online by 31 October 2016.

The Low Rate Gold credit card offered by Commonwealth Bank is packed with features and benefits that will make managing your finances easier. Not only is the purchase rate lower than the standard competitive rates offered by other cards, you still get to receive up to 55 interest-free days on purchases. The annual fee gives you access to other perks as well, such as included insurance covers and a low rate balance transfer offer. Plus, if you apply online by 31 October 2016, you can take advantage of $0 annual fee for the first year.

Product NameCommonwealth Bank Low Rate Gold 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 date31 October 2016
Annual fee$0 p.a. annual fee for the first year ($89 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.
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 InsuranceYes
Complimentary Travel Insurance Cover3 months
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.
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.
Annual Fee$0 p.a. annual fee for the first year ($89 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
Direct DebitYes
Australia PostYes
Phone BankingYes
Internet Banking TransfersYes
In BranchYes


  • Pay no annual fee for the first year if you apply online by 31 October 2016.
  • This card offers included travel insurance.
  • Receive purchase insurance on eligible items bought with the card.
  • Get up to 55 interest-free days on purchases when you pay your previous balance in full.
  • This card has a competitive standard purchase rate of 13.49% p.a.


  • No rewards program is offered which is usually a standard feature of Gold tier credit cards.
  • A charge applies when you use your card to make a cash equivalent purchase such as a gambling transaction or payment for travellers cheques.

Commonwealth Bank Low Rate Gold credit card review

As a MasterCard option, this gold CommBank credit card gives you the ability to make purchases in over 200 countries and 35 million locations around the world. This includes online purchases and cash advances. Your purchase rate is 13.49% p.a., but you can take advantage of up to 55 days interest-free on purchases if you pay your balance in full each month. The annual fee for this card is competitive with others in its class, with a promotional annual fee of $0 for the first year if you apply online by 31 October 2016. The annual fee will revert to $89 after the offer has ended. This card also provides you with included travel insurance.

Benefits of the Commonwealth Bank Low Rate Gold credit card

  • $0 annual fee for the first year. Apply online by 31 October 2016 to take advantage of the $0 annual fee for the first year offer. Terms and conditions apply.
  • Purchase rate. The standard variable interest rate on purchases is 13.49% p.a.
  • Cash advance rate. The standard variable cash advance rate is 21.24% p.a.
  • Balance transfer rate. New customers can also take advantage of a promotional balance transfer rate of 5.99% p.a. for the first 5 months. After this introductory rate has ended, the balance transfer rate will revert to the cash advance rate of 21.24% p.a.
  • Included insurances. A key benefit of this card is included travel insurance. Cardholders need to activate the included travel insurance either by calling or using net banking before travelling to be eligible for this travel insurance cover. This covers the cardholder, and his or her eligible spouse and dependent children. The travel insurance policy offers coverage for medical emergencies, lost/stolen/damaged luggage, expenses arising from unexpected delays and much more. You also get an extended warranty insurance and purchase protection insurance for eligible items bought with this card.
  • Security. This credit card includes a 24-hour anti-fraud feature which monitors unusual spending and transactions. When shopping online, you are also protected with NetCode.
  • Lock, block and limit. This unique benefit allows you to set your own terms for how the credit card is used. By accessing the CommBank app or NetBank, you can lock international payments, block ATM cash advances and set a limit for your spending.
  • Travel Money Card fee waiver. If you present your CommBank Low Rate Gold credit card when purchasing a Travel Money Card you won’t have to pay an issue fee. This card enables you to travel around the world, holding up to 13 currencies and making purchases without paying fees. You can refer to Travel Money Card Conditions of Use and Product Disclosure Statement on the CommBank website for more information.

Features of the Commonwealth Bank Low Rate Gold credit card

  • Annual fee. Save $89 with $0 annual fee for the first year if you apply online by 31 October 2016. After the promotion ends, the annual fee reverts to $89.
  • Balance transfer offer. The balance transfer offer gives you a low interest rate of 5.99% p.a. for the initial 5 months. This will then revert to the cash advance rate of 21.24% p.a. after the offer duration.
  • Free additional card. You can get one supplementary card for a family member or partner at no extra cost.
  • Acceptance. This credit card can be used worldwide in over 200 countries and more than 2 million ATMs, wherever MasterCard is accepted.

Commonwealth Bank balance transfer

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, 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 included travel insurance, but at the same time want to keep enjoying the low interest rate on purchases. Our low rate Gold customers enjoy included 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 over 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.
Comparison of Commonwealth Bank credit cards

How to apply for the Commonwealth Bank Low Rate Gold credit card

Applying for this credit card online is easy and usually takes less than 15 minutes. But before you apply, make sure you meet the following eligibility requirements.

Eligibility criteria

  • You must be at least 18 years of age to apply for a credit card.
  • This credit card offer is available to permanent residents of Australia as well as temporary residents. If you are an immigrant with a visa, you will need to meet other terms and conditions.

You’ll also be asked to provide information and documentation, so make sure to have the following handy.

Required documents

  • Identification such as your driver’s licence or passport.
  • Your full name, date of birth, residential address, email address, contact number and employment details.
  • Have the details of your monthly earnings nearby as well as all of the debts you are responsible for.

The Commonwealth Bank Low Rate Gold credit card offers a competitive ongoing variable interest rate for purchases and a wide range of other benefits. As this isn’t the only low rate card on the market, make sure you compare a range of other options to find one that suits your spending style and needs.

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28 Responses to Commonwealth Bank Low Rate Gold Credit Card – Rates and Fees

  1. Default Gravatar
    hassan | August 15, 2016

    Hi. i applied for this low rate gold credit card on 12.8.2016.and da application is done.can you tell me in how many days i receive my gold credit card. Thanks

    • Staff
      Anndy | August 15, 2016

      Hi Hassan,

      Thanks for your question.

      After your credit card application has been approved, you will typically receive your Commonwealth Bank credit card within 10 working days. You can then activate it via NetBank, in a branch or by calling 13 22 21.


  2. Default Gravatar
    edna | April 16, 2016

    Does the card cover pre-existing medical condition such as a Cardiac Condition?

    • Staff
      May | April 16, 2016

      Hi Edna,

      Thanks for your question.

      As stated in the Commonwealth Bank Credit Card Insurances PDS, a history of cardiovascular disease, and it is a pre-existing medical condition, cover for these conditions is excluded. For your reference, I have sent to your email the link of the PDS.


  3. Default Gravatar
    Bill | March 3, 2016

    Hey team, great work here.

    just wondering is there any real benefit in accepting an offer to upgrade to gold low rate apart from i can see travel insurance? is it really worth the bigger fee charged? if yes please help me understand what the benefits are on paying the extra fee.

    thank you

    • Staff
      Jonathan | March 4, 2016

      Hi Bill, thanks for your inquiry!

      The main differences between the Gold Low Rate and Low Rate credit card are the following benefits included with the Gold Low Rate: complimentary travel insurance and free travel money card. Learn about the benefits of this complimentary insurance policy in this guide.



  4. Default Gravatar
    gerard | June 3, 2015

    I wish to obtain details of the changes to the banks complimentary travel insurance. I put in the address as shown but no new information came up. Can you give me the correct web address please?


    • Staff
      Jonathan | June 3, 2015

      Hi Gerard, thanks for your inquiry!

      Please refer to the attachment I have sent to your email address for the latest PDF version of the Commonwealth Bank’s complimentary travel insurance policy.



  5. Default Gravatar
    peteratbarry | May 11, 2015

    I am a former customer of Commonwealth Bank and I believe I had a good credit rating. If I were to apply for a Gold low rate Mastercard, would the fact that I am a former customer be an advantage when the Bank considers my application ?

    • Staff
      Jonathan | May 13, 2015

      Hi Peteratbarry, thanks for your inquiry!

      Existing customers of banks can receive certain benefits such as shorter application processes, discounted annual fees and special interest rates. Please refer to the following page for an existing customer credit cards comparison for CBA.



  6. Default Gravatar
    Gill | January 6, 2015

    Re Credit Card with Free Travel Insurance
    Who are the Underwriters please and where can I
    read about the details of the Travel Insurance?



    • Staff
      Elizabeth | January 7, 2015

      Hi Gill,

      Thanks for your question.

      Allianz are the underwriters of this insurance and you can read further details about it on Commonwealth Bank’s website. I’ve emailed you a link to the relevant page.



  7. Default Gravatar
    rob | February 24, 2014

    Can I up grade my Low Rate Master Card to an Awards card?

    • Staff
      Jacob | February 24, 2014

      Hi, Rob.

      You can close your old account and apply for an Awards card as a new customer through the applications links provided on our site, or you can contact the Commonwealth Bank directly to see if they can offer you a deal as an existing customer.

      Thanks for your question.

  8. Default Gravatar
    Aj | December 13, 2013

    “Interest Rate on Purchases 0% p.a. for 12 months (reverts to 12.99% p.a.) ”
    whats its really mean ?

    • Staff
      Jacob | December 13, 2013

      Hi Aj.

      Currently, if you make a purchase on this card during the first 12 months after you activated the account, you will not get charged any interest. At the end of the 12 month purchase rate promotional period, any unpaid balance from purchases made during the first 12 months will be charged at the ongoing standard variable rate for purchases. After the 12 months purchase rate promotional period, any purchases made with the card will be charged at the ongoing variable rate for purchases.

      I hope this helps.

  9. Default Gravatar
    Sandy | November 30, 2013

    I already have a Low Rate MasterCard with the Commonwealth Bank. Can you lease tell me how it can be linked to our frequent flyer (velocity) card.
    Thank you.

    • Staff
      Jacob | December 2, 2013

      Hi Sandy.

      Thanks for your question.

      If you have a credit card that rewards you with Commonwealth Bank Awards Points, you can transfer these points over the Velocity frequent flyer program though your online banking facility. You can have a look at the transfer rate on this page.

      I hope this helps.

  10. Default Gravatar
    adrian | September 14, 2013

    Hi, are pensioners eligible to apply for the gold commonwealth low rate credit card. If so what is the min income required.

    • Staff
      Jacob | September 16, 2013

      Hi Adrian.

      If there’s no minimum income requirement listed in the section which outlines application requirements, you’ll be assessed on your ability to service the minimum credit limit. Unfortunately that’s all the information I can offer.

      All applicants will be assessed on the eligibility requirements listed at the bottom of the card’s review.


Credit Cards Comparison

Rates last updated October 1st, 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 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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