CommBank Low Rate Card
- Purchase rate
- 13.99% p.a.
- Annual fee
- $72 p.a.
- Interest-free on purchases
- Up to 55 days
Our verdict
Get up to $400 cashback, with a $6 monthly fee which adds up to $72 per year.
The CommBank Low Rate Card gives you a way to save on interest costs with its low ongoing variable purchase rate of 13.99% p.a. If you apply and get approved, you can get $100 cashback each month when you spend $500 or more per month for the first 4 months (up to $400 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.
Pros
-
Up to $400 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
Details
Product details
| Product Name | CommBank Low Rate Credit Card |
| Purchase rate p.a. | Purchase rate p.a. 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 | Annual fee $72 |
| Minimum monthly repayment | 2% of the closing balance or $25, whichever is greater |
| Late payment fee | $20 |
| Foreign currency conversion fee | 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 |
Your reviews
Amy Finder
Editor
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Angus Kidman Finder
October 23, 2024
Hi Ross, The cashback offer remains available as of October 2024. To qualify, you need to be in CommBank Yello – so yes, in effect you do need to bank with CommBank. That said, you won’t be eligible if you’ve previously held a low rate card with the bank. You can compare other cashback credit card offers here. Hope this helps.
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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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Ross
October 23, 2024
is this card still available with this offer? and do you also have to bank with them to get the cashback offer?