Our verdict

Offers up to 55 days interest-free on purchases and unlimited cards for employees, but charges an annual fee per card.

The Commonwealth Bank Corporate Interest-Free Days Card is designed for medium to large businesses that want to manage spending and cash flow. The interest-free days on this card mean you would get 55 days interest-free on purchases made on the first day of your statement period, 54 on the second day, and so on until the due date on your statement. You then need to pay the total amount owing by the due date in order to keep making use of interest-free days. Otherwise, a 17.57% p.a. variable rate applies. So if your cash flow typically follows a monthly cycle, this structure means you can avoid paying interest on the account.

You can also add as many cards for employees as you want and set custom spending and transaction limits. But keep in mind that the number of cards does affect the annual fee. For example, having 30 cards linked to this account would attract annual fee costs of $1,200 (at $40 per card).

Pros

Up to 55 days interest-free on purchases
Cards for employees, with custom spending and transaction limits
Complimentary transit accident insurance and unauthorised use insurance

Cons

Annual fee depends on how many cards you add to the account
2.5% international transaction fee

The Commonwealth Bank Corporate Interest-Free Days Card has an annual fee cost of $40 per card for up to 49 credit cards, $32 per card for 50 to 499 cards and $24 per card for 500 or more cardholders. It also offers unauthorised use insurance, detailed expense reports and worldwide, Mastercard acceptance.

Details

Product details

Product Name	CommBank Corporate Interest Free Days Card
Purchase rate p.a.	Purchase rate p.a. 17.57%
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	$20
Foreign currency conversion fee	Foreign currency conversion fee 2.5%
Overseas cash advance fee	$4

How to apply

If you want to get the CommBank Corporate Interest-Free Days card for your business, call the CommBank business team on 13 19 98. As part of the process, make sure 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. All business owners and partners that are applying for the account need to provide their full names, contact details and a valid form of ID. You also need to provide basic details for each additional cardholder.
Business details. This includes your business's 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. For example, your business's 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

Interest-free days on purchases. This card offers up to 55 days interest-free on purchases when you pay your account balance in full by the due date on each statement. Note that cash advance transactions are not eligible for interest-free days.
Unauthorised transaction insurance. The CommBank Corporate Interest-Free Days Card offers complimentary unauthorised transaction insurance worth up to $150,000 a year to help protect against unauthorised transactions made by cardholders. Make sure you read the insurance terms and conditions for the full details of this cover.

Transit accident insurance. You and other cardholders get access to complimentary transit accident insurance of up to $250,000 for eligible overseas trips that are paid for through the account. Make sure you read the insurance terms and conditions for the full details of this cover.
Card controls. You can set custom card controls, including transaction limits and spending limits for each card.
Account management. The CommBiz or CommBank Card Manager service linked to this account gives you a way to track spending and offers detailed reports for expenses management. You can also order new cards, change PINs, cancel cards and update other account details at any time.

Rates & fees

Annual fees. This account charges an annual fee per card, which is based on the total number of cards and costs $40 per card for up to 49 credit cards, $32 per card for 50 to 499 cards and $24 per card for 500 or more cardholders.
Interest rate. This card has an interest rate of 17.57% p.a., which could add up if you carry a balance and don't make use of the interest-free days feature.

Foreign currency fee. A fee of 2.5% applies to transactions made overseas or online with a business that's based overseas.
Late payment charge. A fee of $20 applies if the minimum payment is not received by the due date on your statement.

Sources

Commonwealth Bank Corporate Interest-Free Days card's information PDF

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Commonwealth Bank Corporate Interest-Free Days card

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