Key features:The annual fee on the Low rate credit card is just $59 and if you need, you can get an additional card at no extra cost. At the moment, you can score $300 cashback by spending $1,000 within 90 days of getting your new card.
The Low Rate Card is connected to the Mastercard network so you can use the card in Australia and overseas wherever Mastercard is accepted, which in case you're wondering is at over 35 million locations worldwide. For purchases under $100 you can just Tap & Go with Mastercard PayPass.
One of the great features of the Low Rate card is the lock, block and feature which enables you control your spending and security. For instance, you can block your card from any overseas purchases if you are not travelling or you don't shop at international online stores. Of course if you do decide to go travelling you can unblock them again easily through NetBank or the CommBank App. You can also block your card from ATM cash withdrawals and you can even limit the maximum purchase amount per transaction if you wan to really reign in your spending.
If you have a balance on another credit card you want to transfer over there is a 5.99% balance transfer rate for 5 months which can save you on interest, but make sure you aim to pay the balance off in the 5 month intro period. Any unpaid balances after the intro period will get charged at the high cash rate of 21.24%.
Who it's good for:
The Commonwealth Bank Low Rate Card is ideally suited to shoppers who want to minimise their interest payments and don't need added extras like travel insurance or rewards points.
This card has a minimum credit limit of $500 so it is also great for people who only want a credit card for occasional purchases that can be paid off easily within the interest free period.
If you take up the balance transfer offer be sure that you can pay back all the debt in the 5 month period or you'll find yourself paying the high cash advance interest rate of 21.24% until the balance is paid back.
Take advantage of the payment reminder alerts because if you're late you'll be hit with a $20 late payment fee.