Thumbnail icon for Commonwealth Bank

Commonwealth Bank Low Rate Credit Card

Purchase rate
13.24% p.a.
Balance transfer rate
5.99% p.a. for 5 months and then 21.24% p.a.
Annual fees
$59
Interest free days on purchases
55

Mozo editorial review Commonwealth Bank Low Rate Credit Card

Last updated: 1 July 2020.

binocular icon
What's hot
  • 13.24% purchase rate
  • Balance transfers at 5.99% for 5 months
  • Minimum credit limit $500
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 icon
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 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.

There's also a bonus for new users. As a treat, you'll score $200 if you apply for the card by 28 October 2020 and spend $1,000 on eligible purchases using your new card by 31 January 2021.

If you also 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%.


snapshot
Who is it 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. 

snapshot
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 2 October 2020 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.

  • 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

  • 3%, Min $3.00, Max $300

  • 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

Other benefits

Get $200 cashback. Apply by 28 October 2020 and spend $1,000 on eligible purchases using your new card by 31 January 2021.

Customer Reviews

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

Overall
6.9/10
Price
5.8/10
Features
6.1/10
Customer service
7.0/10
Convenience
7.9/10
Trust
7.2/10

Latest reviews of Commonwealth Bank Low Rate Credit Card

  • Overall 8/10
    Feel comfortable walking into CBA Branches

    We have been with Commonwealth Bank for nearly 50 years. We are very comfortable with them. We’ve had Home loans Personal loans Car loans Business loans they are the bank to be with.

    Read full review

    We have been with Commonwealth Bank for nearly 50 years. We are very comfortable with them. We’ve had Home loans Personal loans Car loans Business loans they are the bank to be with.

    Price
    8/10
    Features
    7/10
    Customer service
    8/10
    Convenience
    8/10
    Trust
    8/10
    Less
    Sandra, Victoria reviewed about 1 month ago
  • Overall 9/10
    Comm bank is good, I like them.

    Been with Comm Bank for 40 years so they're a part of my life, and will probably this way unless they rip me off. I like my credit card and its extras, as I'm keeping it paid off now.

    Read full review

    Been with Comm Bank for 40 years so they're a part of my life, and will probably this way unless they rip me off. I like my credit card and its extras, as I'm keeping it paid off now.

    Price
    8/10
    Features
    9/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Rod, Victoria reviewed 7 months ago
  • Overall 3/10
    Quick to block you from increasing limits.

    Not helpful in allowing you to increase your spending limit.

    Read full review

    Not helpful in allowing you to increase your spending limit.

    Price
    5/10
    Features
    6/10
    Customer service
    2/10
    Convenience
    5/10
    Trust
    3/10
    Less
    Jasmine, New South Wales reviewed 10 months ago
  • Overall 10/10
    Great bank and service.

    Great bank.

    Read full review

    Great bank.

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Sarah, New South Wales reviewed 11 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 I’m on the lowest repayment for my mortgage.

    Read 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, New South Wales reviewed over 2 years 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.

See Commonwealth Bank credit cards

Promoted

CUA

CUA

Low Rate Credit Card

11.99% p.a.

0% p.a. for 20 months and then 21.74% p.a.

$49 $0 in the first year

Promoted

Westpac

Westpac

Low Rate

13.74% p.a.

0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

$59

Promoted

Bankwest

Bankwest

Zero Platinum Mastercard

17.99% p.a.

2.99% p.a. for 9 months and then 17.99% p.a.

$0

Promoted

American Express

American Express

Qantas Discovery Card

20.74% p.a.

No current offer

$0

Qantas Frequent Flyer

Promoted

Bankwest

Bankwest

Breeze Mastercard

0% p.a. for 15 months then 10.99% p.a.

2.99% p.a. for 9 months and then 10.99% p.a. (0% balance transfer fee)

$49

Promoted

NAB

NAB

Low Rate Card

12.99% p.a.

0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)

$59

Promoted

ANZ

ANZ

Low Rate

12.49% p.a.

0% p.a. for 22 months and then 20.24% p.a. (1.50% balance transfer fee)

$58 $0 in the first 0 years

Promoted

Bank of Melbourne

Bank of Melbourne

Vertigo

0% p.a. for 7 months then 13.99% p.a.

0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

$55 $0 in the first year

Promoted

American Express

American Express

Qantas Discovery Card

Qantas Frequent Flyer

$0

No current offer

0.75 points uncapped

Promoted

Westpac

Westpac

Altitude Platinum

Qantas Frequent Flyer

$200 $99 in the first year

60,000

0.5 points uncapped

Promoted

NAB

NAB

Rewards Platinum Card

NAB Rewards

$195

60,000

1 point uncapped

Promoted

American Express

American Express

Qantas Ultimate Card

Qantas Frequent Flyer

$450

55,000

1.25 points uncapped

Promoted

American Express

American Express

Velocity Escape Card

Velocity Frequent Flyer

$0

No current offer

0.75 points uncapped

Promoted

Westpac

Westpac

Altitude Black

Altitude Rewards

$250

150,000

1.25 points uncapped

Promoted

NAB

NAB

Qantas Rewards Premium Card

Qantas Frequent Flyer

$250

30,000

0.66 points up to $3,000/month, then
0.33 points up to $6,000/month

Promoted

Bankwest

Bankwest

More Platinum Mastercard

Bankwest More Rewards

$160

75,000

2 points up to 400,000 points/year

Promoted

CUA

CUA

Low Rate Credit Card

0% p.a. for 20 months and then 21.74% p.a.

11.99% p.a.

$49 $0 in the first year

Promoted

Bankwest

Bankwest

Zero Platinum Mastercard

2.99% p.a. for 9 months and then 17.99% p.a.

17.99% p.a.

$0

Promoted

Westpac

Westpac

Low Rate

0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

13.74% p.a.

$59

Promoted

CUA

CUA

Platinum Credit Card

0% p.a. for 20 months and then 21.74% p.a.

19.99% p.a.

$149 $0 in the first year

CUA Platinum Rewards

Promoted

Citi

Citi

Clear Credit Card

0.90% p.a. for 15 months and then 22.24% p.a.

0.90% p.a. for 15 months then 14.99% p.a.

$99

Promoted

NAB

NAB

Low Rate Card

0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)

12.99% p.a.

$59

Promoted

Virgin Money

Virgin Money

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

0% p.a. for 22 months and then 20.99% p.a.

20.74% p.a.

$129 $64 in the first year

Velocity Frequent Flyer

Promoted

Westpac

Westpac

Altitude Platinum

0% p.a. for 18 months and then 21.49% p.a. (1.00% balance transfer fee)

20.49% p.a.

$200 $99 in the first year

Qantas Frequent Flyer

Promoted

CUA

CUA

Low Rate Credit Card

11.99% p.a.

0% p.a. for 20 months and then 21.74% p.a.

$49 $0 in the first year

Promoted

Westpac

Westpac

Low Rate

13.74% p.a.

0% p.a. for 20 months and then 21.49% p.a. (1.00% balance transfer fee)

$59

Promoted

Citi

Citi

Clear Credit Card

0.90% p.a. for 15 months then 14.99% p.a.

0.90% p.a. for 15 months and then 22.24% p.a.

$99

Promoted

NAB

NAB

StraightUp Card

0% p.a.

No current offer

$120 $10/month - waived if no spend & no balance owing

Promoted

Bankwest

Bankwest

Breeze Mastercard

0% p.a. for 15 months then 10.99% p.a.

2.99% p.a. for 9 months and then 10.99% p.a. (0% balance transfer fee)

$49

Promoted

ANZ

ANZ

Low Rate

12.49% p.a.

0% p.a. for 22 months and then 20.24% p.a. (1.50% balance transfer fee)

$58 $0 in the first 0 years

Promoted

NAB

NAB

StraightUp Card

0% p.a.

No current offer

$240 $20/month - waived if no spend & no balance owing

Promoted

CUA

CUA

Low Rate Credit Card

11.99% p.a.

0% p.a. for 20 months and then 21.74% p.a.

$49 $0 in the first year

Promoted

Bankwest

Bankwest

Breeze Mastercard

0% p.a. for 15 months then 10.99% p.a.

2.99% p.a. for 9 months and then 10.99% p.a. (0% balance transfer fee)

$49

Promoted

NAB

NAB

Low Rate Card

12.99% p.a.

0% p.a. for 20 months and then 21.74% p.a. (2.00% balance transfer fee)

$59

Promoted

ANZ

ANZ

Low Rate

12.49% p.a.

0% p.a. for 22 months and then 20.24% p.a. (1.50% balance transfer fee)

$58 $0 in the first 0 years

Promoted

Bank of Melbourne

Bank of Melbourne

Vertigo

0% p.a. for 7 months then 13.99% p.a.

0% p.a. for 22 months and then 21.49% p.a. (1.50% balance transfer fee)

$55 $0 in the first year

Promoted

Bankwest

Bankwest

Breeze Platinum Mastercard

0% p.a. for 15 months then 10.99% p.a.

2.99% p.a. for 9 months and then 10.99% p.a. (0% balance transfer fee)

$69

Promoted

Citi

Citi

Clear Credit Card

0.90% p.a. for 15 months then 14.99% p.a.

0.90% p.a. for 15 months and then 22.24% p.a.

$99

Promoted

NAB

NAB

StraightUp Card

0% p.a.

No current offer

$120 $10/month - waived if no spend & no balance owing