Low Rate Credit Card card image

Commonwealth Bank Low Rate Credit Card

Advertiser disclosure
Purchase rate
0% p.a. for 16 months then 13.24% p.a.
Balance transfer rate
5.99% p.a. for 5 months and then 21.24% p.a.
Annual fees
Interest free days on purchases

Mozo editorial review Commonwealth Bank Low Rate Credit Card - last updated: 1 October 2021

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What's hot
  • 13.24% purchase rate
  • 0% p.a. on purchases for 16 months
  • 5.99% balance transfer rate for 5 months
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. 

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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. 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 3.00% 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.

What really makes The Low Rate Card stand out is that applicants can enjoy a 0% p.a. special offer interest rate on purchases for 16 months on successful card applications before 28 February 2022.

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 could save you on interest! Be sure to pay the balance off in that 5 month period though, otherwise any unpaid balance will be charged at the high 21.24% cash rate.

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 16-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

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. It could also 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.


Rates and fees information correct as at 24 January 2022 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.

13.24% p.a.

0% p.a. for 16 months

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


21.24% p.a.








3%, Min $3.00, Max $300









0% purchase rate for 15 months for new customers when you apply by 30 September 2021.

Payment options

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

Other benefits

Receive personalised cashback offers based on your spending history with CommBank Rewards.

Customer Reviews

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About Commonwealth Bank