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Our verdict

Offers 0% p.a. on purchases for the first 3 months and up to $240 cashback, with a $72 annual fee.

The CommBank Low Rate Card combines low-cost features with a solid introductory offer. If you have big-ticket items to buy, the introductory 0% interest rate would give you 3 months to pay them off without interest. The cashback offer also sweetens the deal, but only for the short-term (and only if you meet the spending requirement).

This card also lets you set up lock, block or limit for transactions through the CommBank app or NetBank, giving you control over its security when you want it.

Pros

0% p.a. interest rate for 3 months on purchases
Up to $240 cashback
Lock, block and limit transaction controls through the CommBank app or NetBank
Mobile payments with Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay

Cons

3.5% international transaction fee
No rewards or included insurance

The CommBank Low Rate Card gives you a way to save on interest costs and put money back in your pocket with this introductory offer. If you apply and get approved, you’ll pay 0% interest on purchases made in the first 3 months – and can get $60 cashback each month when you spend $500 or more for the first 4 months (up to $240 cashback).

After the introductory period, the 13.99% p.a. interest rate for purchases is on par with other low rate credit cards. The $6 monthly fee, which adds up to $72 each year is also similar to other low rate cards. But it doesn’t offer perks like points or included insurance, so it’s more suited to people who just want the basics.

Details

Product details

Product Name	CommBank Low Rate Credit Card
Purchase rate p.a.	0% for 3 months, then 13.99%
Interest-free period	Up to 55 days on purchases
Cash advance rate p.a.	21.99%
Min credit limit	$500
Card type	Mastercard

Eligibility

Available to temporary residents	Yes - Conditions apply
Joint application	No

Rewards

Bonus points

N/A

Fees

Annual fee	$72
Minimum monthly repayment	2% of the closing balance or $25, whichever is greater
Late payment fee	$20
Foreign currency conversion fee	3.5%
Cash advance fee	3% or $4, whichever is greater
Overseas cash advance fee	$4 or 3% of transaction value, whichever is greater
Additional cardholder fee	$0
Number of additional cardholders	1

How to apply

You can apply for the CommBank Low Rate credit card online. Before you get started, check if you meet the eligibility criteria and that you have the key details and documents needed to complete your application.

Eligibility criteria

Age. You must be at least 18 years old to apply.
Residency and work status. You must have the right to work in Australia.

Credit history. You'll need to have a good credit history with no current bankruptcies. You can get your credit score and copy of your comprehensive credit report for free through Finder.

Required documents

Personal information. This includes your full name, date of birth, residential address, contact information, marital status and number of financial dependents.
Proof of identification. You'll be asked to verify your identity with your Australian drivers licence, passport or Medicare card.
Income and employment. Confirm your current employment and annual income, plus provide recent payslips.
Finances. This includes any assets such as savings or investments and any liabilities including existing debts or loans.
Visa. If you're a temporary resident, you'll need to provide your visa details.

Card benefits

0% purchase rate offer. Save with a 0% p.a. interest rate on purchases for the first 3 months. At the end of the introductory period, the card's 13.99% p.a. variable purchase rate applies. Note that you'll still need to pay at least the minimum amount on each statement during the 0% p.a. introductory period.
Up to $240 cashback. This card offers $60 cashback each month when you apply, get approved and spend $500 or more on eligible purchases for the first 4 months. Eligible purchases cover most everyday spending but exclude cash advances and account fees.

CommBank Yello Cashback Offers. This customer recognition program gives you access to cashback offers through the CommBank app. Right now, new customers who are in a CommBank Yello tier (Everyday, Everyday Plus or Homeowner) will receive $100 cashback each month when you apply for the CommBank Low Rate Credit Card and spend at least $500 per month within the first 4 months from card approval (up to a maximum total of $400 cashback).
Lock, block and limit your account. If your card is lost or stolen, you can place a temporary lock on the account to protect your finances. You can also lock your card from making transactions such as international payments or ATM cash advances to avoid extra card costs. To keep your spending in check, you can set limit spend per transaction and spending caps on your account.
Mobile wallets. You can link your account with Apple Pay, Samsung Pay or Google Pay to use your smartphone to tap and pay. You can also use Fitbit Pay or Garmin Pay to make contactless payments with your fitness tracker.
Emergency assistance overseas. If your card is lost, damaged or stolen, you can take advantage of 24/7 emergency overseas assistance with Mastercard Global Service.

Rates & fees

Monthly fee. The CommBank Low Rate credit card charges a monthly fee of $6. This could add up to a total of $72 per year.
Purchase rate. Outside of any promotions, this card charges a 13.99% p.a. variable interest rate for purchases.
Interest-free days. If you pay your balance in full by the statement due date, you can take advantage of up to 55 interest-free days on purchases.

Cash advances. If you use your card for cash advances, such as ATM withdrawals, you'll attract the 21.99% p.a. interest rate and be charged the cash advance fee of 2% or $25, whichever is greater.
International transaction fees. If you use this card to spend overseas or shop online with an international merchant, you'll be charged a 3.5% international transaction fee.
Credit limit. You can request a credit limit as low as $500.

Sources

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Amy Finder

Editor

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noel

June 06, 2023

I am retired and on a pension can i obtain a credit card?

Amy Bradney-George Finder

June 08, 2023

Hi Noel,

If you meet the eligibility requirements, you will be able to apply for a credit card. Finder’s guide to credit cards for pensioners has more details that may be of assistance when you’re comparing cards. I hope that helps.

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J Kang

August 23, 2019

How long must you be employed to qualify?

Jeni Finder

August 24, 2019

Hi J Kang,

Thank you for getting in touch with Finder.

It did not indicate the length of required employment, however if you’ve just started a new full-time job, you need to provide proof of at least 12 months income of your previous employment.

I hope this helps.

Thank you and have a wonderful day!

Cheers,

Jeni

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Roger

January 29, 2018

What are eligible purchases?

Joel Marcelo

February 07, 2018

Hi Roger,

Thanks for leaving a question on finder.

Eligible purchases are generally defined as everyday purchases which involve the exchange of a good or service for a payment. Transactions that do not qualify as eligible purchases generally include balance transfers, cash advances and any purchase that is reversed or refunded

I hope it helps.

Cheers,

Joel

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Hammad

December 12, 2017

I just want to know, on commonwealth low rate credit card there is an offer of 300 cash back after spending 1000 within 90 days. So my question is if i buy electronic device like laptop mobile phone the offer is still there or it is on some particular type of shopping

Harold Jacob Finder

December 13, 2017

Hi Hammad,

Thank you for your inquiry.

You can get the cashback offer if you can meet the eligible purchases include BPAY transactions and payments to the ATO but excludes balance transfers and cash advances.

I hope this information has helped.

Cheers,

Harold

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Shali

June 24, 2017

What is the lowest annual income rate to eligible for the credit card? I am working as casual so am I eligible? Thanks.

Jonathan

June 24, 2017

Hi Shali!

There is no specific annual income and employment type in their application form or in the website. However, most card issuers are looking at $15,000 or better. To learn more, you can read more about the credit card minimum income requirements for application.

You can contact your card issuer for this matter.

Hope this helps.

Cheers,

Jonathan

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CommBank Low Rate Card

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Required documents

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