Commonwealth Bank Low Rate Credit Card

13.24% p.a.

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

$59

Commonwealth Bank Low Rate Credit Card Review

Rates and fees information correct as at 21 July 2018.

Review published: 11 April 2013

What's hot:

  • 13.24% purchase rate

  • Lock, block and limit feature

  • 55 days interest free

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.

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%.

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.

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

Product Type Overall Rating Price Features Service Convenience Trust
7.3

Based on 2848
Commonwealth Bank credit cards reviews

6.2 6.4 7.5 8.0 7.5

Read Commonwealth Bank credit card reviews by the Mozo community

Latest reviews of Commonwealth Bank Low Rate Credit Card

Commonwealth Bank

Commonwealth Bank Low Rate Credit Card credit card review

Overall rating   1 / 10

Very upset

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.

Full review

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

Less

Leigh (NSW), reviewed 5 months ago

Commonwealth Bank

Commonwealth Bank Low Rate Credit Card credit card review

Overall rating   2 / 10

Not very happy

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.

Full review

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

Less

Jeanette (WA), reviewed 6 months ago

Commonwealth Bank

Commonwealth Bank Low Rate Credit Card credit card review

Overall rating   7 / 10

Great organisation

Overall they are a good bank that is fairly competitive.

Full review

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

Less

Jeff (NSW), reviewed 6 months ago

Commonwealth Bank

Commonwealth Bank Low Rate Credit Card credit card review

Overall rating   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 your first card. It helps you save, but some times the bank isn't open when you really need it.

Full review

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

Less

Clair (QLD), reviewed 7 months ago

Commonwealth Bank

Commonwealth Bank Low Rate Credit Card credit card review

Overall rating   10 / 10

They do have great customer service

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

Full review

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

Less

Theresa (VIC), reviewed 7 months ago

Mozo may receive a payment from financial providers listed on the site. Customer reviews are in no way affected by any commercial relationships Mozo has with providers. Reviewers may receive a voucher from Mozo in exchange for their review. Vouchers are given to all reviewers who meet our review guidelines regardless of the sentiment of their reviews.

Rates

  • 13.24% p.a.

  • none

  • 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

Other financial bits

  • $25.00

  • 2.0

Features

  • 1

  • none

  • none

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.

**Saving based on the average difference in fees and charges over 3 years between the most competitive product Mozo can refer a consumer to and the average credit card product input by 6,863 consumers (average balance of $4,262 or balance transfer balance of $5,818, interest rate of 19.6% and annual fee of $36.50) who used the Mozo Credit Card Health Check tool between 1 January 2012 to July 2012.

Compare other credit cards
Advertisement