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Our verdict

Offers a 14.55% p.a. interest rate and a $0 annual fee, but no interest-free days on purchases.

The CommBank Business Low Rate card offers a range of features suited to small business owners. This includes integration with MYOB and Xero accounting software and a $0 p.a. additional cardholder fee if you want to share the account with a colleague or employee.

While the variable interest rate is competitive and applies for purchases and cash advances, take note that this card doesn’t offer you any interest-free days on purchases. This means your transactions will start collecting interest from the date they are made – so it’s worth thinking about whether this structure will suit your cash flow situation.

Pros

Choice of Business Liability or Personal Liability account
Unsecured credit limit of up to $50,000
Ongoing $0 annual fee
Purchase and cash advance interest rate of 14.55% p.a.

Cons

Charges a 3% foreign transaction fee
No interest-free period on purchases

The Commonwealth Bank Business Low Rate credit card gives you a way to manage your business expenses, with the same competitive interest rate for purchases and cash advances. It also offers no annual fee, no additional cardholder fee and no interest-free days.

Details

Product details

Product Name	CommBank Business Low Rate Credit Card
Purchase rate p.a.	Purchase rate p.a. 14.55%
Interest-free period
Cash advance rate p.a.	14.55%
Min credit limit	$500
Max credit limit	$50,000
Card type	Mastercard

Eligibility

Available to temporary residents	No
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	Annual fee $0
Late payment fee	$20
Foreign currency conversion fee	Foreign currency conversion fee 3%
Cash advance fee	1.5% or $2.50, whichever is greater
Overseas cash advance fee	1.5% or $4, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

You can apply for the CommBank Business Low Rate credit card online by filling out a secure application form. Get started by making sure you meet the following eligibility criteria and have all the documents and details you need to apply.

Eligibility criteria

Residency. You must be legally allowed to work in Australia. If you are on a visa, you will need to provide details of that visa and proof that you can work in Australia.
Business status. As this is a personal liability card, you can only apply for it if you are the owner of the business and plan to use it for business spending.

Bankruptcy status. You must not currently be bankrupt.
Age. You must be at least 18 years of age.

Required documents

Personal details. This includes your full name, date of birth, email address, residential address, marital status, number of dependents and contact number. You will also be asked for a valid form of ID, such as your driver's license number or passport.
Business details. This covers details of your business, including your Australian Business Number (ABN), business name, financial details and your accountant's contact information. You may also be asked to provide Business Activity Statements (BAS), recent tax assessment notices or other official documentation that verifies your business details.
Personal financial details. This includes your personal income and employment status, as well as assets such as savings and investments. You also need to share details of any debts, loans or other liabilities, along with your regular spending on essentials such as rent, mortgage payments and bills.

Card benefits

$0 annual fee. While many business credit cards charge you a yearly account fee, this card offers no annual fee for the life of the card.
Free additional cardholder. You can take advantage of the $0 p.a. additional cardholder fee if you want to share this account with an employee or business associate.

Complimentary unauthorised transaction insurance. If you add an additional cardholder, you'll get automatic cover against any unauthorised transactions they make.
Complimentary transit accident insurance. Use this card to book for an overseas trip before leaving Australia and you'll get cover for accidental injury or death that occurs when you're travelling as a passenger on a licensed plane, tourist bus, train, ferry or other eligible mode of transport.
Account management tools. Keep track of spending and other account details online via either CommBiz or NetBank. You can also integrate this card with MYOB or Xero accounting software to save time on importing your transactions.
Mastercard benefits. Impress clients and employees with exclusive dining, entertainment and retail offers through the Mastercard Priceless Cities program. You can also get emergency assistance at any time through Mastercard Global Services.
Optional business name. Add your business name below the cardholder's name on your card for an added professional touch.
Contactless and mobile payments. You can use this card to tap-and-pay at the checkout. You can also use your eligible smartphone or wearable device to make contactless payments with Apple Pay, Samsung Pay and Google Pay.

Rates & fees

Interest rate. This card's 14.55% p.a. interest rate applies to purchases and cash advances, which could make it easier to keep track of interest charges and your balance.
Credit limit. This card has a minimum credit limit of $500 and maximum limit of $50,000. Note that individual credit limits are subject to approval based on CommBank's credit lending criteria.

Liability. This is a personal liability Business credit cards that’ll take you beyond the 9-5, which means that the person who applies for it is legally responsible for all account management. This legal structure is similar to most personal credit cards, as well as other business credit cards suited to sole traders and small business owners.
Foreign transaction fee. A fee of 3% per transaction applies when you use this card overseas or online with a business that processes the payment overseas.

Sources

CommBank Business Low Rate credit card information PDF

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Amy Finder

Editor

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April 27, 2016

Hi,

Does this card earn points at when purchasing at petrol stations and buying airline tickets.

Thanks

Anndy Finder

May 02, 2016

Hi RT,

Thanks for your question.

Unfortunately, the Commonwealth Bank Small Business Low Rate Credit Card does not offer any reward program. You will not be able to accumulate reward points with this card.

Cheers,

Anndy

Ping

August 27, 2015

How do you define small business? as the secretary of the company, can I apply for the business credit card or it has to be the director?

Sally McMullen Finder

August 28, 2015

Hi Ping,

Thank you for your inquiry.

Applicants for a business card should be any of the business owners, directors, or partners and can submit all requirements including the required signatories who are authorized to handle the account. Applications can be made online too, please refer to the link I’ve sent in your email with the full list of required documents and identifications.

Please see a list of considerations on choosing a business credit card. Before applying, please ensure that you meet all the eligibility criteria and read through the details of the needed requirements as well as the relevant Product Disclosure Statements/Terms and Conditions when comparing your options before making a decision on whether it is right for you.

I hope this has helped.

Cheers,

Sally

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Ping

August 27, 2015

can I apply it on line?

Sally McMullen Finder

August 28, 2015

Hi Ping,

Yes, you can apply online.

I’ve emailed you a link to the online application for your perusal.

I hope this has helped.

Thanks,

Sally

December 30, 2014

Can ‘Not-for-profit organisations’ apply for this card? Thank you

Elizabeth Barry Finder

December 30, 2014

Hi AS,

Thanks for your question.

As long as the organisation is still a small business structure you’ll still be able to apply for the card.

I hope this has helped.

Thanks,

Elizabeth

Rose

July 14, 2014

We have a company which controls our smsf. In our smsf we own a property which we need to buy things for occasionally. Currently we use our personal card to do this but this gets messy remembering to pay ourselves back. We just need a card which has no annual fee as we would pay out full amount each month on due date! The card would be in company name. Can we do this with this card? Thank you .

Show more Show less

Shirley Liu Finder

July 14, 2014

Hi Rose,

Thanks for your question.

No this card is not available as part of your SMSF. Please Susan’s response above.

Cheers,

Shirley

CommBank Business Low Rate Credit Card

Pros

Cons

How to apply

Eligibility criteria

Required documents

Card benefits

Rates & fees

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