Commonwealth Bank 9.90% low interest credit card to hit the market in early 2018
Article by Tom Watson
In the latest round of low interest credit card wars between the big four banks, the Commonwealth Bank has today announced the introduction of a new card with a purchase rate of just 9.90%.
The latest offering from the bank, which is set to be available from early 2018, will make it the equal lowest credit card on offer from the big four - matching the Westpac Lite Card which currently also has a purchase rate of 9.90%.
Featuring a monthly account keeping fee of just $5, which beats out the $9 monthly fee for the Westpac Lite Card, Commonwealth Bank card holders will also be able to access a new real-time alert system through the Commbank App which will notify them if their account is overdrawn or if they make a ‘high cost’ credit card transaction such as an ATM cash advance.
“We’ve heard feedback from customers and consumer groups and understand there’s a need to offer a greater range of affordable and easy to manage products,” said Commonwealth Bank Executive General Manager Clive van Horen.
“We know there’s strong demand for a simple credit card option and we also recognise we need to help our customers avoid credit card late payment and overdrawn account fees. The real-time alerts in our CommBank App give customers even more tools to help manage their spending and avoid fees and charges.”
Big four bank low interest credit cards compared
* Rates accurate as of 11/10/2017
From mid-2018, Commonwealth Bank cardholders will also be able to able to opt-in to a new fixed monthly instalment program which will allow customers to pay off card purchases in regular instalments at a discounted rate.
While the 9.90% interest rate from the new Commonwealth Bank credit card would make it the equal best offering from a big bank, it still falls short of the lowest purchase rate on the Mozo website - currently Community First Credit Union’s McGrath Pink credit card which has an ongoing purchase rate of 8.99%.
Looking for a low interest rate credit card of your own? Make sure you head on over to the Mozo credit card comparison hub to compare from over 200 different cards.