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Commonwealth Bank Low Rate Gold Credit Card

Purchase rate
0% p.a. for 15 months then 13.24% p.a.
Balance transfer rate
5.99% p.a. for 5 months and then 21.24% p.a.
Annual fees
$89
Interest free days on purchases
55

Mozo editorial review Commonwealth Bank Low Rate Gold Credit Card

Last updated: 1 July 2020.

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What's hot
  • 0% purchase rate for the first 15 months! (conditions apply)
  • 3 complimentary insurances - travel, extended warranty and purchase security
What's not
  • $89 annual fee
Mozo snapshot

The Commonwealth Bank Low Rate Gold card glistens with credit card goodness with a competitive 13.24% purchase rate and up to 55 days interest free. You'll even be able to access complimentary travel insurance through the card for you, your spouse and kids on your need overseas adventure should you meet the special conditions. Plus, apply by 30 June 2020 to benefit from a 0% p.a. interest rate on purchases for 15 months, after which purchase rate reverts to 13.24%.

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Key features

If you apply before 30 June 2020 you could benefit from a 0% p.a. purchase rate for the first 15 months from the card approval date. It should be noted that the 0% p.a. offer excludes balance transfers, cash advances and is not available if you already have a card or if you switch from a different card or to another card during the 15 months. When the 15 months is up, the standard purchase rate for the Low Rate Gold Card will revert to 13.24% p.a. And if you pay your balances off in full each month, you'll get up to 55 days interest free.

There's also free travel insurance with this card, which you will need to activate via NetBank before you leave Australia.  Otherwise you will only be covered for the base insurance which is limited to cover for overseas medical and hospital expenses only. Your insurance will cover you for your spouse and children who are travelling with you but be sure to read the Product Disclosure Statement in full before your trip as there are some limits on the coverage and exclusions. You can upgrade your coverage if you need.

The Low Rate Gold Credit Card is a Mastercard so you can use the card anywhere where Mastercard is accepted around the world. For convenience it also comes PayPass enabled so just "tap and go" for purchases under $100, plus Apple Pay. Overseas purchases (online and in person) are subject to a 3% international transaction fee.

Other perks of the card include purchase security insurance, which means that if an item bought on your card gets lost, damaged or stolen within 90 days of purchase Commonwealth Bank will replace or repair the item. There is also extended warranty insurance which gives you an additional 12 months warranty on top of the manufacturers warranty.

If you live in Sydney or travel to the city regularly you'll also get access to Mastercard's Priceless Sydney service which gives you exclusive offers to restaurants, sports and entertainment events. There are a number of other Priceless cities around the world which you can also access with your Mastercard.  

New users will also get a fun bonus. 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.

The card also comes with a handy lock, block and limit feature to give you greater control by allowing you to set limits or block features that you don't want activated. For instance if you are not travelling you can block the card from overseas transactions, you can also block ATM cash withdrawals and limit the maximum purchase amount that can be processed in a single transaction. Best of all the feature is fully self managed so you can change them whenever it suits you via NetBank or the CommBank App.

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Who is it good for

The Low Rate Gold Card is a great everyday credit card to have in your wallet here and when you travel. The low purchase rate means that if you occasionally carry a balance on your card you won't get too hard hit by interest payments.

There's a minimum credit limit of $4,000 so if you only want a low limit try the regular low rate card.

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Any catches

You'll have to automate your monthly repayments if you want to avoid paying a $20 late 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.

  • 0% p.a. for 15 months

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

  • yes

  • 21.24% p.a.

  • 55

Fees
  • $89.00

  • 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

Rewards privileges

Travel Insurance,
Extended Warranty,
Purchase Protection

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 Gold Credit Card

  • Overall 7/10
    Good but room for improvement.

    The bank is generally good and customer service has been pretty good but the fees are high and the interest rate on the card could be better. The bank could also offer better savings account features (such as being able to track savings goals).

    Read full review

    The bank is generally good and customer service has been pretty good but the fees are high and the interest rate on the card could be better. The bank could also offer better savings account features (such as being able to track savings goals).

    Price
    6/10
    Features
    2/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    7/10
    Less
    Sarah, New South Wales reviewed 11 days ago
  • Overall 7/10
    Low rates and travel insurance cover.

    My credit card has no rewards - which is fine, as it keeps the interest rate low. The best advantage of the credit card is the travel insurance cover. I travel a lot on small holidays in AUS - that primarily I wouldn't bother getting travel insurance for, so being able to book in FREE travel insurance any time I go on a mini vacay is helpful.

    Read full review

    My credit card has no rewards - which is fine, as it keeps the interest rate low. The best advantage of the credit card is the travel insurance cover. I travel a lot on small holidays in AUS - that primarily I wouldn't bother getting travel insurance for, so being able to book in FREE travel insurance any time I go on a mini vacay is helpful.

    Price
    7/10
    Features
    7/10
    Customer service
    9/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Nicole, Queensland reviewed about 2 months ago
  • Overall 8/10
    I get done what I need to.

    These days I have very little to do with the bank. I use online banking and ATMs but in the past 50 years when there was Customer Service I always went to the bank. I don’t have any problem with them.

    Read full review

    These days I have very little to do with the bank. I use online banking and ATMs but in the past 50 years when there was Customer Service I always went to the bank. I don’t have any problem with them.

    Price
    8/10
    Features
    -1/10
    Customer service
    -1/10
    Convenience
    8/10
    Trust
    -1/10
    Less
    Sandra, Victoria reviewed 6 months ago
  • Overall 2/10
    Non disclosure

    The bank person did not inform me of the fee when I applied and then it was deducted out of my account , if I knew I would have not nominated this account ,and the amount was not printed in my application form , not happy , looking to go to another bank and transfer amount 12 months interest free , did not inform me of a gold card that collects points either.

    Read full review

    The bank person did not inform me of the fee when I applied and then it was deducted out of my account , if I knew I would have not nominated this account ,and the amount was not printed in my application form , not happy , looking to go to another bank and transfer amount 12 months interest free , did not inform me of a gold card that collects points either.

    Price
    2/10
    Features
    4/10
    Customer service
    0/10
    Convenience
    3/10
    Trust
    1/10
    Less
    Jacquilyne, Tasmania reviewed almost 3 years ago
  • Overall 10/10
    I won't be changing

    Very good

    Read full review

    Very good

    Price
    10/10
    Features
    10/10
    Customer service
    10/10
    Convenience
    10/10
    Trust
    10/10
    Less
    Leonie, New South Wales reviewed over 4 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.

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