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Commonwealth Bank Low Fee Credit Card

Purchase rate
19.74% p.a.
Balance transfer rate
5.99% p.a. for 5 months and then 21.24% p.a.
Annual fees
$29 $0 when you spend over $1,000 p.a, $0 in the first year
Interest free days on purchases
55

Mozo editorial review Commonwealth Bank Low Fee Credit Card

Last updated: 16 April 2020.

binocular icon
What's hot
  • $0 annual fee for first year (and every year you spend over $1,000)
  • Up to 55 days interest free
What's not
  • 19.74% purchase rate
Mozo snapshot

If you're after a credit card for your everyday spending without fees that may catch you unawares, the Low Fee Credit Card from the Commonwealth Bank could be the answer. The annual fee of $29 is waived in the first year and for each subsequent year you spend at least $1,000 on the card. It also has all the features that you want in a credit card, like a maximum 55-day interest free period, fraud protection and worldwide access via the Mastercard network.

key icon
Key features

The Commonwealth Bank Low Fee Credit Card really lives up to its name, with a $0 annual fee in the first year and then in subsequent years when you makes purchases totalling at least $1,000 a year using the card. If you don't hit that minimum, you'll need to pay the $29 annual fee. 

The card also comes with 55 interest free days, as long as you pay your balance off in full each statement period. And you're going to want to do just that, otherwise you'll be stung with the relatively high purchase rate of 19.74%. 

If you have existing credit card debt you want to transfer over to the Low Rate Credit Card, you'll get a 5.99% balance transfer rate for five months. But be sure to knock down that debt in the low interest period as the remaining balance will get rolled over to the high 21.24% cash advance rate.

You can use the Commonwealth Bank Low Fee Card anywhere in the world where Mastercard is accepted - that's over 32 million locations in case you're wondering. If you are a frequent traveller or overseas online shopper there is a 3% international transaction fee to budget for, though. And as a Low Fee cardholder you will get access to the Mastercard Priceless service which offers 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 it also means that you can lock set transactions such as overseas or even online purchases when you are not travelling or shopping online. You can unlock them at any time via NetBank or the CommBank App. You can 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 or a total (flexible) spending cap so you can avoid big budget blowouts or spontaneous shopping expeditions. Finally, making payments is also a breeze, as cardless transactions through Apple Pay, Google Pay and Samsung Pay are also be available on your phone or wearable smart device, alongside buy now pay later provider Klarna and payment app Beem It.
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Who is it 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.

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Any catches

Be sure to keep a close eye on your repayment date as there is a $20 late payment fee, and try to pay your balance in full every month to avoid the 19.74% p.a. interest rate.

Details

Rates and fees information correct as at 25 October 2020 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
  • 19.74% p.a.

  • none

  • 5.99% p.a. for 5 months and then 21.24% p.a.

  • yes

  • 21.24% p.a.

  • 55

Fees
  • $29.00

  • $0 in the first 1 year

  • $1,000.00

  • none

  • $20.00

  • 3%, Min $3.00, Max $300

  • 3.00%

  • $0.00

  • $0.00

  • $0.00

Features
  • $25.00

  • 2.0

  • 1

  • none

Payment options

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

Customer Reviews

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

Overall
6.9/10
Price
5.8/10
Features
6.1/10
Customer service
7.0/10
Convenience
7.9/10
Trust
7.2/10

Latest reviews of Commonwealth Bank Low Fee Credit Card

  • Overall 10/10
    I've been with Commonwealth for over 30 years.

    I've been with Commonwealth for over 30 years, since I was 5 years old! They've always been very helpful and there when I need anything.

    Read full review

    I've been with Commonwealth for over 30 years, since I was 5 years old! They've always been very helpful and there when I need anything.

    Price
    6/10
    Features
    6/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    10/10
    Less
    Skye, South Australia reviewed 26 days ago
  • Overall 10/10
    Very good internet and overall service always

    Every transaction sent to your phone.

    Read full review

    Every transaction sent to your phone.

    Price
    10/10
    Features
    10/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Steve, Victoria reviewed about 1 month ago
  • Overall 9/10
    I'm happy with my bank because of good offers

    I like Commonwealth Bank because I feel confident with them and they feel familiar to use. I can't find any negative reasons not to like them. All my family members also used this branch too and they are very happy With it. In my opinion I think Commonwealth bank gave us a good offer on our interest rate that my family can afford to pay. I'm not sure what other bank can give that rate like Commonwealth bank does.

    Read full review

    I like Commonwealth Bank because I feel confident with them and they feel familiar to use. I can't find any negative reasons not to like them. All my family members also used this branch too and they are very happy With it. In my opinion I think Commonwealth bank gave us a good offer on our interest rate that my family can afford to pay. I'm not sure what other bank can give that rate like Commonwealth bank does.

    Price
    9/10
    Features
    8/10
    Customer service
    9/10
    Convenience
    9/10
    Trust
    9/10
    Less
    Veronica, New South Wales reviewed 2 months ago
  • Overall 10/10
    Very happy with my bank.

    I have been with my bank for over 50 years and I'm very happy.

    Read full review

    I have been with my bank for over 50 years and I'm very happy.

    Price
    10/10
    Features
    8/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Kathleen, New South Wales reviewed 2 months ago
  • Overall 7/10
    Great customer service, easy banking

    I've been a long time credit card customer of Commonwealth Bank. Over the years the service has been great. Whenever I have had an issue with my card they've been easy to contact and quick to fix the issue whether it's through e-mail/phone or in one of their branches. I also love their user friendly phone application. It's convenient and better than their competitors. Though, one of the things that can be improved is the interest rates for their credit cards.

    Read full review

    I've been a long time credit card customer of Commonwealth Bank. Over the years the service has been great. Whenever I have had an issue with my card they've been easy to contact and quick to fix the issue whether it's through e-mail/phone or in one of their branches. I also love their user friendly phone application. It's convenient and better than their competitors. Though, one of the things that can be improved is the interest rates for their credit cards.

    Price
    7/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Alison, Western Australia reviewed 4 months ago
Commonwealth Bank

About Commonwealth Bank

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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