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.
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.
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.
