If you want a credit card to help you make small, ‘essential’ purchases, then the Essentials Card from Commonwealth Bank is certainly worth a look. The Essentials Card comes with a couple of excellent features such as a low 9.90% interest rate, 55 interest free days and a $24 annual fee when you sign up to AutoPay and opt for online only statements.
If you’re looking for a credit card for everyday spending that won’t break the bank, one feature you'll certainly be looking for is a low purchase rate. Well, the Commonwealth Bank Essentials Card certainly has that, with a seriously low 9.90% purchase rate attached.
To go with the low interest rate, the card also has a $24 annual fee if you choose to receive your statements online (rather than paper) and sign up to AutoPay. Otherwise your annual fee will be $60. Either way, the annual fee is charged monthly to help you smooth out any large impact to your budget.
To help you pay off your balance each month and save on interest the Essentials Card also comes with 55 interest free days - as long as you pay off your balance in full each month. You'll also be able to make payments with your smartphone, as Apple Pay is available through the Commonwealth Bank.
One thing to keep in mind is that the card does come with a relatively low $3,000 maximum credit limit.
This card could be a great option for spenders who find that they carry a balance on their credit card from month to month, since the low interest rate will limit the damage done to your bank balance. The $3000 maximum credit limit also means the card is aimed at frugal spenders who don’t want to rack up a big bill.
Cash advances are blocked on the Commonwealth Bank Essentials Card, so it's a good idea to carry a debit card in case you find yourself in need of cash.
9.90% p.a.
none
No current offer
none
none
55
$60.00
none
none
none
$20.00
none
3.00%
$0.00
$0.00
$0.00
$25.00
2.0
none
$3000 maximum credit limit. No cash advances.
Apple Pay, Google Pay, Samsung Pay, Garmin, Fitbit
Moderately happy. They could be improved.
Read full reviewModerately happy. They could be improved.
CBA have failed me, not provided any incentive to stay with them, and have rewarded my long term loyalty with zero, this is without exaggeration. My experience has been nothing but disappointing.
Read full reviewCBA have failed me, not provided any incentive to stay with them, and have rewarded my long term loyalty with zero, this is without exaggeration. My experience has been nothing but disappointing.
Nice and easy. No frills. No benefits.
Read full reviewNice and easy. No frills. No benefits.
Amazing!
Read full reviewI’m quite happy with the Commonwealth. Although I would like no interest balance transfer cards.
Read full reviewI’m quite happy with the Commonwealth. Although I would like no interest balance transfer cards.
The Commonwealth Bank might be one of Australia's oldest and largest banks, but lately it's determined to do things differently. The Commonwealth Bank reckons it's focusing more on customer service and earning your business rather than counting on it. If you like the sound of that, then check out the Commonwealth Bank's wide range of personal banking products, including term deposits, savings accounts, credit cards, home loans and personal loans.
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