Low Rate Credit Card card image

Commonwealth Bank Low Rate Credit Card

Advertiser disclosure
Purchase rate
13.99% p.a.
Balance transfer rate
No current offer
Annual fees
$72
Interest free days on purchases
55

Mozo editorial review Commonwealth Bank Low Rate Credit Card - last updated: 27 March 2024

binocular icon
What's hot
  • 13.99% purchase rate
  • 0% p.a. on purchases for 6 months (T&C apply)
  • CommBank Yello customers could receive up to $400 cashback (T&Cs apply)
What's not
  • High 21.99% cash advance rate
Mozo snapshot

Why pay for flashy benefits like concierge services and rewards points when all you want in a credit card is convenience and a low interest rate? The Commonwealth Bank Low Rate credit card fits this bill very nicely. Not only will you get one of the lowest purchase rates of any of CommBank's credit cards at 13.99% p.a, if you pay off your balance in full each month you'll get up to 55 days interest free. 


key icon
Key features

The monthly fee on the Low rate credit card is just $6 and if you need, you can get an additional card at no extra cost. Plus if you pay off your balance in full each statement period, you'll get 55 interest free days on purchases. 

The Low Rate Card is connected to the Mastercard network so you can use the card in Australia and overseas wherever Mastercard is accepted, which in case you're wondering is at over 35 million locations worldwide. For purchases under $100 you can just Tap & Go with Mastercard PayPass and Apple Pay. 

If you use the card for international purchases, whether they are done online or in person, just be aware there's a 3.50% international transaction fee on top of the Australian dollar amount so factor this into your shopping budget.

One of the great features of the Low Rate card is the lock, block and feature which enables you to control your spending and security. For instance, you can block your card from any overseas purchases if you are not travelling or you don't shop at international online stores. Of course if you do decide to go travelling you can unblock them again easily through NetBank or the CommBank App. You can also block your card from ATM cash withdrawals and you can even limit the maximum purchase amount per transaction if you want to really rein in your spending.

This card also comes with complimentary Purchase Security and Extended Warranty Insurance provided by Cover-More (T&Cs apply).

Receive up to $240 cashback, $60 each month for new customers when you spend $500 or more on purchases per month for the first 4 months (T&Cs apply). CommBank Yello tier customers receive up to $400 cashback, $100 per month, with a $500 monthly spend in the first 4 months (T&Cs apply). 

snapshot
Who is it good for

The Commonwealth Bank Low Rate Card could be ideally suited to shoppers who want to minimise their interest payments - especially given the 6-month 0% p.a. special offer interest rate - but also don't need added extras like travel insurance or rewards points. This card has a minimum credit limit of $500 so it is also great for people who only want a credit card for occasional purchases that can be paid off easily within the interest free period.  

question icon
Any catches

It could be a good idea to take advantage of the payment reminder alerts because if you're late you'll be hit with a $20 late payment fee.

Details

Rates and fees information correct as at 29 March 2024 Mozo has robust processes to ensure our site is updated to reflect the latest information from providers. There may be the odd occasion where updates are delayed, so please confirm information before purchasing.
Rates

13.99% p.a.

none

No current offer

none

21.99% p.a.

55

Fees

$72.00

none

none

none

$20.00

3%, min $4.00, max $300

3.50%

$0.00

$0.00

$0.00

Features

$25.00

2.0

1

none

Payment options

Apple Pay, Google Wallet, Samsung Pay, Garmin, Fitbit

Rewards privileges

Extended Warranty,
Purchase Protection

Other benefits

Receive up to $240 cashback, $60 each month for new customers when you spend $500 or more on purchases per month for the first 4 months. CommBank Yello tier customers receive up to $400 cashback, $100 per month, with a $500 monthly spend in the first 4 months.

Customer Reviews

How are Commonwealth Bank credit cards rated by the Mozo community?

Overall
Price
Features
Customer service
Convenience
Trust

Latest reviews of Commonwealth Bank Low Rate Credit Card

About Commonwealth Bank

Thumbnail icon for NAB
NAB

Low Rate Card

13.49% p.a.

0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)

$59 $0 in the first year

Thumbnail icon for American Express
American Express

Platinum Edge Credit Card

23.99% p.a.

No current offer

$195 $0 in the first year

Membership Rewards

Thumbnail icon for G&C Mutual Bank
G&C Mutual Bank

Platinum Visa Credit Card

19.99% p.a.

No current offer

$299

Qantas Frequent Flyer

Thumbnail icon for American Express
American Express

Qantas Ultimate Card

23.99% p.a.

No current offer

$450

Qantas Frequent Flyer

Thumbnail icon for American Express
American Express

Explorer Credit Card

23.99% p.a.

No current offer

$395

Membership Rewards

Thumbnail icon for American Express
American Express

Velocity Platinum Card

23.99% p.a.

No current offer

$375

Velocity Frequent Flyer

Thumbnail icon for American Express
American Express

Qantas Discovery Card

23.99% p.a.

No current offer

$0

Qantas Frequent Flyer

Thumbnail icon for American Express
American Express

Low Rate Credit Card

10.99% p.a.

No current offer

$0

Thumbnail icon for American Express
American Express

Qantas Ultimate Card

Qantas Frequent Flyer

$450

100,000

1.25 points up to 100,000 points/year, then
1 point uncapped

Thumbnail icon for G&C Mutual Bank
G&C Mutual Bank

Platinum Visa Credit Card

Qantas Frequent Flyer

$299

50,000

1 point up to 20,000 points/month

Thumbnail icon for NAB
NAB

Qantas Rewards Premium Card

Qantas Frequent Flyer

$250 $150 in the first year

70,000

0.66 points up to $3,000/month, then
0.33 points up to $6,000/month

Thumbnail icon for American Express
American Express

Qantas Premium Card

Qantas Frequent Flyer

$249

20,000

1 point uncapped

Thumbnail icon for NAB
NAB

Rewards Signature Card

NAB Rewards

$295 $145 in the first year

160,000

1.25 points uncapped

Thumbnail icon for American Express
American Express

Qantas Discovery Card

Qantas Frequent Flyer

$0

No current offer

0.75 points uncapped

Thumbnail icon for American Express
American Express

Velocity Escape Card

Velocity Frequent Flyer

$0

No current offer

0.75 points uncapped

Thumbnail icon for NAB
NAB

Qantas Rewards Signature Card

Qantas Frequent Flyer

$395 $295 in the first year

120,000

1 point up to $5,000/month, then
0.5 points up to $20,000/month

Thumbnail icon for NAB
NAB

Low Rate Card

0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)

13.49% p.a.

$59 $0 in the first year

Thumbnail icon for Citi
Citi

Premier Credit Card

0% p.a. for 6 months and then 22.24% p.a.

21.49% p.a.

$300 $150 in the subsequent years if you spend $48,000 on eligible purchases or cash advances in previous year., $150 in the first year

Citi Rewards Program

Thumbnail icon for Bank of Queensland
Bank of Queensland

Blue Visa Credit Card

0% p.a. for 9 months and then 21.74% p.a.

0% p.a. for 9 months then 20.74% p.a.

$60

Q Rewards

Thumbnail icon for Virgin Money
Virgin Money

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

0% p.a. for 24 months and then 20.99% p.a.

20.74% p.a.

$149 $0 in the first year

Velocity Frequent Flyer

Thumbnail icon for Bankwest
Bankwest

More Mastercard

0% p.a. for 6 months and then 19.99% p.a. (1.00% balance transfer fee)

19.99% p.a.

$100

Bankwest More Rewards

Thumbnail icon for NAB
NAB

Low Rate Card

13.49% p.a.

0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)

$59 $0 in the first year

Thumbnail icon for American Express
American Express

Low Rate Credit Card

10.99% p.a.

No current offer

$0

Thumbnail icon for HSBC
HSBC

Low Rate Credit Card

12.99% p.a.

0% p.a. for 20 months and then 25.99% p.a. (2.00% balance transfer fee)

$99

Thumbnail icon for Australian Unity
Australian Unity

Low Rate Visa Credit Card

9.90% p.a.

No current offer

$59

Thumbnail icon for MOVE Bank
MOVE Bank

Low Rate Credit Card

8.99% p.a.

0% p.a. for 6 months and then 8.99% p.a.

$59 $0 in the first year

Thumbnail icon for NAB
NAB

Low Rate Card

13.49% p.a.

0% p.a. for 28 months and then 21.74% p.a. (2.00% balance transfer fee)

$59 $0 in the first year

Thumbnail icon for American Express
American Express

Low Rate Credit Card

10.99% p.a.

No current offer

$0

Thumbnail icon for HSBC
HSBC

Low Rate Credit Card

12.99% p.a.

0% p.a. for 20 months and then 25.99% p.a. (2.00% balance transfer fee)

$99

Thumbnail icon for Australian Unity
Australian Unity

Low Rate Visa Credit Card

9.90% p.a.

No current offer

$59

Thumbnail icon for MOVE Bank
MOVE Bank

Low Rate Credit Card

8.99% p.a.

0% p.a. for 6 months and then 8.99% p.a.

$59 $0 in the first year

Thumbnail icon for Bank of Queensland
Bank of Queensland

Blue Visa Credit Card

0% p.a. for 9 months then 20.74% p.a.

0% p.a. for 9 months and then 21.74% p.a.

$60

Thumbnail icon for Westpac
Westpac

Flex Card

0% p.a.

No current offer

$120 $10 monthly fee waived if the outstanding balance on the previous statement is paid in full by the due date.

Thumbnail icon for NAB
NAB

StraightUp Card

n/a

No current offer

$240 $20/month - waived if no spend & no balance owing

Compare other credit cards