Commonwealth Bank Low Rate Credit Card

0% p.a. for 12 months then 13.24% p.a.

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

$59

n/a

Commonwealth Bank Low Rate Credit Card

0% p.a. for 12 months then 13.24% p.a.

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

$59

n/a

Mozo Review   Commonwealth Bank Low Rate Credit Card Review

Last updated: 25 February 2019.

What's hot:
  • 13.24% purchase rate

  • Balance transfers at 5.99% for 5 months

  • 12 month interest free offer (when you apply before April 30)

What's not:
  • High 21.24% cash advance rate

Mozo snapshot:

Why pay for flashy benefits like concierge services and rewards points when all you want in a credit card is convenience and a low interest rate? The Commonwealth Bank Low Rate credit card fits this bill very nicely. Not only will you get the lowest purchase rate of any of CommBank's credit cards at 13.24% p.a, if you pay off your balance in full each month you'll get up to 55 days interest free.

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. 

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 and from January 1 2019, customers will also be able to make purchases through Apple Pay. 

If you use the card for international purchases, whether they are done online or in person, just be aware there's a 3% international transaction fee on top of the Australian dollar amount so factor this into your shopping budget.

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%.

And for a limited time, new Low Rate Credit Card applicants will be eligible for up to 12 months interest free when they sign up before April 30, 2019.  

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. 

Any catches?

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.

Details

Rates and fees information correct as at 20 March 2019. 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
  • 13.24% p.a.

  • 0% p.a. for 12 months

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

  • yes

  • 21.24% p.a.

  • 55

Fees
  • $59.00

  • none

  • none

  • none

  • $20.00

  • 2%, Min $2.50, Max $150

  • 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 customer rating
6.9/10
Price
5.8/10
Features
6.1/10
Customer service
7.0/10
Convenience
7.9/10
Trust
7.1/10

Latest reviews of Commonwealth Bank Low Rate Credit Card

  • Overall
    2/10
    Not very happy

    Not very impressed with my credit card deal. They still charge so much on the interest rates. If...

    Not very impressed with my credit card deal. They still charge so much on the interest rates. If only there was a perfect card out there.

    Price
    2/10
    Features
    0/10
    Customer service
    1/10
    Convenience
    8/10
    Trust
    5/10

    Jeanette | Western Australia

    reviewed 7 months ago

  • Overall
    1/10
    Very upset

    Not happy. I know I could get a better deal on my home loan repayments, but the bank always says...

    Not happy. I know I could get a better deal on my home loan repayments, but the bank always says I’m on the lowest repayment for my mortgage.

    Price
    2/10
    Features
    2/10
    Customer service
    1/10
    Convenience
    10/10
    Trust
    0/10

    Leigh | New South Wales

    reviewed about 1 year ago

  • Overall
    7/10
    Great organisation

    Overall they are a good bank that is fairly competitive.

    Overall they are a good bank that is fairly competitive.

    Price
    7/10
    Features
    8/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    7/10

    Jeff | New South Wales

    reviewed about 1 year ago

  • Overall
    10/10
    Great customer service and good staff

    The Commonwealth bank has a great customer service and is a good bank to be with when you get...

    The Commonwealth bank has a great customer service and is a good bank to be with when you get your first card. It helps you save, but some times the bank isn't open when you really need it.

    Price
    -1/10
    Features
    -1/10
    Customer service
    2/10
    Convenience
    -1/10
    Trust
    10/10

    Clair | Queensland

    reviewed about 1 year ago

  • Overall
    10/10
    They do have great customer service

    I just like the convenience of the bank and they do have great customer service.

    I just like the convenience of the bank and they do have great customer service.

    Price
    1/10
    Features
    2/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    10/10

    Theresa | Victoria

    reviewed about 1 year 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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