Commonwealth Bank 9.90% low interest credit card to hit the market in early 2018

By Tom Watson · · 2 min read
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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.  

RELATED: Has Westpac’s Lite Card sparked a new low rate war among the majors?

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.