Our verdict

Manage your cash flow and pay off business expenses over time with the Commonwealth Bank Corporate Low Rate Credit Card.

The Commonwealth Bank Corporate Low Rate credit card gives you a way to manage spending across your entire business, with the same competitive interest rate for purchases and cash advances. However, it does not offer any interest-free days, so be aware that you’ll collect interest on any balance carried on this account.

The annual fee for the CommBank Corporate Low Rate card is structured to suit the needs of medium and large businesses, with $40 p.a. per card for up to 49 cards, $32 per card for 50 to 499 cards and $24 per card for 500 or more cards. Note that there is an establishment fee of $300 when you open the account.

It also offers detailed reports and statement summaries through CommBiz, allowing you to track spending by department or view expenses for individual employee. This could help you set and manage budgets, as well as simplifying accounting tasks. You also have control over transaction and monthly spending limits for each card and complimentary unauthorised use insurance for the account.

Pros

Low interest rate of 14.55% p.a.
Flexible payment options
Access with CommBiz

Cons

A $300 establishment fee applies

With a low variable interest rate of 14.55% p.a., the Commonwealth Bank Corporate Low Rate credit card gives you a way to fund larger business expenses and manage cash flow.

It also offers additional cardholders, customisable spending limits for each card and detailed reports to help you analyse and forecast expenses.

Details

Product details

Product Name	CommBank Corporate Low Rate Credit Card
Purchase rate p.a.	Purchase rate p.a. 14.55%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	17.99%
Card type	Mastercard

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $40
Minimum monthly repayment	2.5% of the closing balance or $75, whichever is greater
Late payment fee	$25
Foreign currency conversion fee	Foreign currency conversion fee 2.5%
Cash advance fee	1.25%
Overseas cash advance fee	$4
Number of additional cardholders	9,999

How to apply

You can apply for the Commonwealth Bank Corporate Low Rate credit card by contacting CommBank's business banking team on 13 19 98. Get started now by checking that you meet the following eligibility criteria and have all the documents and details you need to fill in the application form.

Eligibility criteria

Business requirements. You must intend to use this account primarily for business spending.

Age. You must be at least 18 years old to apply.

Required documents

Personal details. This includes your full name, contact details and a valid form of ID. These details need to be provided for all business owners and partners that are applying for the account. You also need to provide basic details for each additional cardholder.
Business details. This includes your business name and address, as well as the ABN (Australian Business Number), ACN (Australian Company Number), ARBN (Australian Registered Body Number) or ARSN (Australian Registered Scheme Number).
Financial details. This covers the financial details for your business, such as the annual turnover, profit and loss statements and contact details for your accountant. You may also be asked for some personal financial details, such as liabilities and assets, as part of the application.

Card benefits

Flexible payments. Choose to pay the full amount off the card or a minimum amount each month based on your business needs.
Control card limits and features. The Commonwealth Bank Corporate Low Rate Card lets you set individual limits for each cardholder.

Transit accident insurance. This card includes complimentary transit accident insurance up to $250,000 for cardholders (terms and conditions apply).
Unauthorised card use insurance. Your finances are protected by complimentary unauthorised card use insurance worth up to $150,000 a year.
CommBiz access. This dedicated online business banking service lets you order new cards, change card limits, cancel or reissue a card and more without the need for any additional software.
Mastercard features. As well as worldwide acceptance through the Mastercard network, this account gives you access to exclusive entertainment, dining, travel and shopping offers through Mastercard Priceless Cities, as well as the retail offers available on the Mastercard Australia website.

Rates & fees

Establishment fee. A fee of $300 applies when you accept the bank's offer for this account. This fee also applies if you request a credit limit increase and the bank approves it.
Annual fee. This account has annual fees of $40 p.a. per card for up to 49 cards, $32 per card for 50 to 499 cards and $24 per card for 500 or more cards.

Interest rate. A variable interest rate of 14.55% p.a. applies for purchases and cash advances.
Cash advance fee. ATM: $1.25; over-the-counter: $2.50. This applies per transaction.
International transaction fee. A 2.5% charge is applied to any transactions made overseas or in a foreign currency will be charged.

Sources

CommBank Corporate Low Rate credit card information PDF

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Amy Finder

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jafar

July 29, 2016

I applied for credit card how long does takes to i get

Anndy Finder

July 29, 2016

Hi Jafar,

Thanks for your comment.

After approval, you will receive your Commonwealth Bank Corporate Low Rate Credit Card within the next 5-7 business days via mail.

Cheers,

Anndy

CommBank Corporate Low Rate credit card

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