Commonwealth Bank Low Fee Credit Card

Mozo snapshot:

If you're after a credit card for your everyday spending that's low on fees, the Commonwealth Bank Low Fee Credit Card could be the answer - which is why it picked up a 2017 Mozo Experts Choice Award for Best Low Fee Credit Card. The annual fee is waived in the first year (usually $29) and each year you spend at least $1000 on the card the previous year. It has all the features that you want in a credit card like up to 55 interest free days, fraud protection and worldwide access via the MasterCard network.

Key features:

You can use the Commonwealth Bank Low Fee Card anywhere in the world where MasterCard is accepted - that's over 32 million locations around the world in case you're wondering. If you are a frequent traveller or overseas online shopper there is a 3% international transaction fee you'll need to budget for. The purchase rate is 19.74% p.a. so this is not a card that you'll want to have a high ongoing balance on. Pay off your card in full each month and you'll get to enjoy up to 55 interest free days.

If you have debt that you want to transfer over from another credit card you will get a 5.99% balance transfer rate for 5 months. Just be sure to knock down that debt in the low interest period as any remaining balance will get rolled over to the high 21.24% p.a. cash advance rate.

As a Low Fee cardholder you will get access to the MasterCard Priceless service which gives you access to exclusive dining, entertainment and sporting events in a number of cities around the world including Sydney, Berlin, Hong Kong, Rome, Montreal, Chicago to name a few.

This card also comes with innovative lock, block and limit features. What are they? The lock feature allows you to temporarily lock the card if you have misplaced it. The card blocking feature means that you can block set transactions such as overseas instore purchases or even online purchases when you are not travelling or shopping online. You can unblock them at any time via NetBank or the CommBank App. You can also use the blocking feature to stop ATM cash withdrawals with the credit card (a highly recommended thing to do) and finally you can also put a limit on purchase amounts so you can avoid big budget blowouts or spontaneous shopping expeditions.

Who it's good for:

The Low Fee credit card is good for those that want the convenience of a credit card but don't want to pay for extras like concierge services or rewards points.

The Low Fee card also has a low minimum credit limit of $500 so it is a good card for anyone who wants to limit their monthly credit spending.