Low Rate Credit Card card image

Commonwealth Bank Low Rate Credit Card

Advertiser disclosure
Purchase rate
0% p.a. for 3 months then 13.99% p.a.
Balance transfer rate
No current offer
Annual fees
$72
Interest free days on purchases
55

Mozo editorial review Commonwealth Bank Low Rate Credit Card - last updated: 2 April 2024

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What's hot
  • 13.99% purchase rate
  • 0% p.a. on purchases for 3 months (T&C apply)
  • CommBank Yello customers could receive up to $400 cashback (T&Cs apply)
What's not
  • High 21.99% 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 one of the lowest purchase rates of any of CommBank's credit cards at 13.99% p.a, if you pay off your balance in full each month you'll get up to 55 days interest free. 


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Key features

The monthly fee on the Low rate credit card is just $6 and if you need, you can get an additional card at no extra cost. Plus if you pay off your balance in full each statement period, you'll get 55 interest free days on purchases. 

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 Apple Pay. 

If you use the card for international purchases, whether they are done online or in person, just be aware there's a 3.50% 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 to 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 want to really rein in your spending.

This card also comes with complimentary Purchase Security and Extended Warranty Insurance provided by Cover-More (T&Cs apply).

Receive up to $240 cashback, $60 each month for new customers when you spend $500 or more on purchases per month for the first 4 months (T&Cs apply). CommBank Yello tier customers receive up to $400 cashback, $100 per month, with a $500 monthly spend in the first 4 months (T&Cs apply). 

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Who is it good for

The Commonwealth Bank Low Rate Card could be ideally suited to shoppers who want to minimise their interest payments - especially given the 3-month 0% p.a. special offer interest rate - but also 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.  

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Any catches

It could be a good idea to 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 21 May 2024 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

13.99% p.a.

0% p.a. for 3 months

No current offer

none

21.99% p.a.

55

Fees

$72.00

none

none

none

$20.00

3%, min $4.00, max $300

3.50%

$0.00

$0.00

$0.00

Features

$25.00

2.0

1

none

Payment options

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

Rewards privileges

Extended Warranty,
Purchase Protection

Other benefits

Receive up to $240 cashback, $60 each month for new customers when you spend $500 or more on purchases per month for the first 4 months. CommBank Yello tier customers receive up to $400 cashback, $100 per month, with a $500 monthly spend in the first 4 months.

Customer Reviews

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

Overall
7.4/10
Price
5.8/10
Features
6.1/10
Customer service
7.0/10
Convenience
7.9/10
Trust
7.2/10
Based on 8550 Commonwealth Bank credit card reviews as rated by the Mozo customers. More about the Mozo Customer Ratings.
Mozo recommends that ratings are only one factor to be taken into account when deciding whether to take up any financial product offer.

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