Commonwealth Bank Low Rate Credit Card

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

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: 29 August 2018.

What's hot:
  • 13.24% purchase rate

  • Lock, block and limit feature

  • $200 cashback when you spend $500 in 90 days

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. Plus, spend $500 within 90 days of being approved and you can score $200 cashback.

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, you can score $200 cashback when you spend $500 within 90 days of being approved for your new card.

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.

Details

Rates and fees information correct as at 26 September 2018.

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

Features
  • $25.00

  • 2.0

  • 1

  • none

Payment options

Google Pay, Samsung Pay, Garmin, Fitbit, PayTag

Other benefits

$200 cashback when you apply by 28 Oct 2018 and spend $500 within 90 days of card activation.

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 about 1 month 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 7 months 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 9 months 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 9 months 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 9 months 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

Woolworths

Woolworths

Everyday Platinum Credit Card

0% p.a. for 14 months and then 21.99% p.a.

19.99% p.a.

$49 $0 in the first year

American Express

American Express

Explorer Credit Card

0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

20.74% p.a.

$395

Virgin Money

Virgin Money

Virgin Australia Velocity Flyer Card - Purchase Rate Offer

0% p.a. for 6 months and then 20.99% p.a.

0% p.a. for 14 months then 20.74% p.a.

$129

American Express

American Express

Velocity Escape Card

0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

20.74% p.a.

$0

Westpac

Westpac

Altitude Black with American Express

No current offer

20.24% p.a.

$499 $300 in the first year

ANZ

ANZ

Rewards Black

No current offer

18.79% p.a.

$375

Citi

Citi

Platinum

0% p.a. for 12 months and then 21.74% p.a. (0% balance transfer fee)

20.99% p.a.

$149 50% off annual fee when you spend $24,000 in the preceding year., $49 in the first year

St.George

St.George

Amplify Signature

No current offer

19.49% p.a.

$279 $179 in the first year

Woolworths

Woolworths

Everyday Platinum Credit Card

1 point per dollar on Visa, uncapped

19.99% p.a.

$49 $0 in the first year

Virgin Money

Virgin Money

Virgin Australia Velocity Flyer Card - Purchase Rate Offer

0.66 points per dollar on Visa, up to $1,500 per month, then
0.5 points per dollar on Visa, uncapped

20.74% p.a.

$129

American Express

American Express

Explorer Credit Card

2 points per dollar on Amex, uncapped

20.74% p.a.

$395

Westpac

Westpac

Altitude Black with American Express

1.25 points per dollar on Amex, 0.75 points per dollar on Mastercard, uncapped

20.24% p.a.

$499 $300 in the first year

American Express

American Express

Velocity Escape Card

1 point per dollar on Amex, uncapped

20.74% p.a.

$0

NAB

NAB

Qantas Rewards Signature Card

1 point per dollar on Visa, up to $5,000 per month, then
0.5 points per dollar on Visa, up to $20,000 per month

19.99% p.a.

$395 $295 in the first year

St.George

St.George

Amplify Signature

0.75 points per dollar on Visa, uncapped

19.49% p.a.

$279 $179 in the first year

Virgin Money

Virgin Money

Virgin Australia Velocity High Flyer Card

1 point per dollar on Visa, up to $8,000 per month, then
0.5 points per dollar on Visa, uncapped

20.74% p.a.

$289

Woolworths

Woolworths

Everyday Platinum Credit Card

0% p.a. for 14 months and then 21.99% p.a.

$49 $0 in the first year

19.99% p.a.

American Express

American Express

Velocity Escape Card

0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

$0

20.74% p.a.

28 Degrees

28 Degrees

Platinum Mastercard

4.99% p.a. for 6 months and then 21.99% p.a.

$0

21.99% p.a.

Virgin Money

Virgin Money

Virgin Australia Velocity Flyer Card - Balance Transfer Offer

0% p.a. for 18 months and then 20.99% p.a.

$129 $64 in the first year

20.74% p.a.

Citi

Citi

Platinum

0% p.a. for 24 months and then 21.74% p.a. (1.50% balance transfer fee)

$149 $49 in the first year

20.99% p.a.

American Express

American Express

Explorer Credit Card

0% p.a. for 12 months and then 20.74% p.a. (1.00% balance transfer fee)

$395

20.74% p.a.

ANZ

ANZ

Low Rate

0% p.a. for 15 months and then 21.74% p.a.

$58

12.49% p.a.

Virgin Money

Virgin Money

Virgin Australia Velocity Flyer Card - Purchase Rate Offer

0% p.a. for 6 months and then 20.99% p.a.

$129

0% p.a. for 14 months then 20.74% p.a.

NAB

NAB

Low Rate Platinum Card

13.99% p.a.

$100

0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)

ANZ

ANZ

Low Rate

12.49% p.a.

$58

0% p.a. for 15 months and then 21.74% p.a.

American Express

American Express

Essential Credit Card

14.99% p.a.

$0

0% p.a. for 12 months and then 14.99% p.a. (3.00% balance transfer fee)

St.George

St.George

Vertigo Platinum - Exclusive Offer

12.74% p.a.

$99

0% p.a. for 25 months and then 19.49% p.a.

NAB

NAB

Low Rate Platinum Card

0% p.a. for 9 months then 13.99% p.a.

$100

0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)

NAB

NAB

Low Rate Card

0% p.a. for 6 months then 13.99% p.a.

$59

0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)

Bendigo Bank

Bendigo Bank

Low Rate Platinum Mastercard

11.99% p.a.

$89

No current offer

Westpac

Westpac

Lite Card

9.90% p.a.

$108

No current offer

Virgin Money

Virgin Money

Virgin Australia Velocity Flyer Card - Purchase Rate Offer

0% p.a. for 14 months then 20.74% p.a.

0% p.a. for 6 months and then 20.99% p.a.

$129

Bendigo Bank

Bendigo Bank

Low Rate Platinum Mastercard

11.99% p.a.

No current offer

$89

ANZ

ANZ

Low Rate

12.49% p.a.

0% p.a. for 15 months and then 21.74% p.a.

$58

St.George

St.George

Vertigo Platinum - Exclusive Offer

12.74% p.a.

0% p.a. for 25 months and then 19.49% p.a.

$99

NAB

NAB

Low Rate Platinum Card

0% p.a. for 9 months then 13.99% p.a.

0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)

$100

NAB

NAB

Low Rate Card

0% p.a. for 6 months then 13.99% p.a.

0% p.a. for 6 months and then 21.74% p.a. (2.00% balance transfer fee)

$59

Westpac

Westpac

Lite Card

9.90% p.a.

No current offer

$108

St.George

St.George

Rainbow Platinum Vertigo

12.74% p.a.

0% p.a. for 24 months and then 19.49% p.a. (1.00% balance transfer fee)

$99