Commonwealth Bank has made the Low Fee Gold card accessible and travel-compatible - you can use it anywhere in the world where MasterCard is accepted, and feel safe in the knowledge that your purchases are covered by top-notch fraud protection. The card also comes with complimentary travel insurance - travel has never looked so appealing! Just remember to activate your insurance via NetBank before you leave Australian shores or you'll only be covered for the base level insurance which only includes cover for emergency medical and hospital. By activating the insurance you'll get more comprehensive cover, including cover for your spouse and dependents travelling with you. Just read the PDS as there are some of the usual exclusions and cover limits.
The $89 annual fee is waived for the first year as well as in subsequent years when you make at least $10,000 of purchases. The Low Fee Gold card has a purchase rate of 19.74% p.a. so be sure to pay off your balance each month in order to get 55 interest free days and dodge the effects of a high ongoing balance. Similarly, steer clear of cash advances - the rate sits at a high 21.24% p.a.. If you have debt that you want to transfer over from another credit card, you'll get a low 5.99% for five months, but if you haven't paid the balance off by the end of that period, you'll get hit with that 21.24% again, so be sure to keep an eye on your balance.
In addition to the free travel insurance the Low Fee Gold card comes with extended warranty insurance, where you'll get an extra year on top of the manufacturers Australian warranty and purchase security insurance, which means if an item is damaged, lost or stolen within 90 days of purchase CommBank will get it repaired or replaced.
The card has a lock, block and limit feature which gives you added security and flexibility. You can place a block on overseas instore and/or online purchases and on ATM cash withdrawals. The limit feature enables you to limit the single transaction purchase amount to avoid overspending. You can even temporarily lock the card if you misplace it. All of the features can be managed via NetBank or the CommBank App so you can turn them on or off when required.
If the Low Fee Gold card sounds like it's up you alley, applying is easy. You're guaranteed to get a response to your application within 60 seconds if you apply online.
Who it's good for:
The Low Fee Gold card is great for travellers who are looking for perks, low fees and convenience. But if you're not the best at organising your repayments, think twice before signing up, as there is a $20 late payment fee.
If you do decide to take up the balance transfer offer, make sure you pay off your debt within the five month period so you don't get hit with that high cash advance revert rate.