Commonwealth Bank Low Rate Credit Card

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My annual fee: 
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Card features
balance transfer
purchase rate
annual fee
Money saved
Commonwealth Bank Low Rate Credit Card
$59 p.a. annual fee.
Cheap ongoing purchase interest rate of 13.24% p.a.
Minimum credit limit of $500.
Add to comparison
5 months
5.99% p.a.
then 21.24%
with a 0% fee
13.24% p.a.
saved over 5 months
Similar cards

Pros & cons

What's good?

What's not so good?

$59 p.a. annual fee.
Minimum credit limit of $500.
Cheap ongoing purchase interest rate of 13.24% p.a.
5.99% p.a. for 5 months on balance transfers.
Up to 55 days on purchases
Huge nationwide network of branches, Australia Post agencies, and ATMs.
Award winning Internet Banking and mobile apps to make it easier to manage your account.
The 21.24% p.a. interest rate would sting if you haven’t cleared your balance transfer amount.
Not connected to any rewards program.

User reviews

3.6 out of 5.0 based on 95 reviews83% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

i wish they would allow limit increases as needed

Reviewed and recommended by Melinda j on 17 Dec 2016

i wanted this card for just having a few extra dollars to spend on my house and also its monthly rates were affordable as I am only on a pension. I love this card but i think they should be a little bit more flexible where refinancing is concerned. It is still a good card.

Cheap card, gives me flexibility

Reviewed and recommended by Kerry on 17 Dec 2016

I love it. It helps me pay my bills on time and I can do what I want to. If I want to go away for a night or two I can . And when you have something come up and you don’t have the money, you can use your card.

Understanding, patient and explain everything

Reviewed and recommended by Jessica on 12 Dec 2016

I’d recommend this card to anyone looking for a first credit card. It has low interest, up to 55 days interest free, and the first year fee is waived. There’s no application fee, a quick approval process, and Commonwealth are very understanding, patient and explain everything in great detail.

As this was my first credit card, I was nervous, but I’m glad I chose this one.

Misleading advertisement

Reviewed and not recommended by Courtney on 08 Dec 2016

I applied for my credit card during the period of $250 cash back if you spent $500 by 31st July. I met all required criteria for the $250 cash back reward and reached out to ask where it was, 90 days after the set date. It was confirmed that it would be granted soon, and that I was entitled to this amount. I then rang four times, with CBA claiming i did not meet the criteria and that a manager would contact me regarding the information I was given previously. I’m yet to hear. It’s not yet 120 days since the criteria were met. I’ll never recommend this card again.

Nice first credit card, but low rewards

Reviewed and not recommended by Russell on 05 Dec 2016

It has low interest rates and is great for budgeting and debt consolidation. However, there are other cards out there which give you more rewards for a very similar or almost identical interest rate, so it’s really only for people who need a low rate card and aren’t interested in rewards.

I prefer my AmEx myself. It has a marginally higher rate but with far superior rewards.

Useful for day-to-day purchases

Reviewed and recommended by Grace on 05 Dec 2016

This is a good card if you’re looking for a backup finance option for paying bills or for everyday costs like petrol and groceries.

The card doesn’t offer many rewards or special offers but is fairly reliable, with the backing of Commonwealth Bank’s brand. It gives flexibility with limits and payments if you have a good credit rating.

Fits my needs perfectly

Reviewed and recommended by Jackson on 05 Dec 2016

I have been with Commonwealth since I started banking and I love the service. The credit card they suggested to me is perfect and fits my needs perfectly. The rates and fees are clearly stated with no hidden costs and I receive my rewards. Commonwealth has never let me down since day one!

Annual fee is high, but otherwise a good card

Reviewed and recommended by Hilda on 04 Dec 2016

I’ve had this card since 2007 as I needed it to buy some furniture at the time, and I have only managed to pay it off entirely once during that time. There’s an annual fee of $59, which I find to be a bit excessive, and I will be considering changing to a lower-fee card in the new year. I tend to only use it for online purchases nowadays, or when using PayPal.

Manageable card for a young person

Reviewed and recommended by Jaidyn on 02 Dec 2016

As an 18 year old, I find this card is very effective for being able to manage money and maintain a good credit rating. The limit provided is responsible and manageable.

I primarily got this card to use for travelling, as it allows me to pay back the money after I return, meaning I get the most of out any trip. It’s a very good card for a young person.

Amazing iPhone app

Reviewed and recommended by Seany on 23 Nov 2016

I have no issues with my Commonwealth Low Rate MasterCard. Commonwealth bank is so easy to deal with and their iPhone app is amazing!

I have had no issues whatsoever and would recommend it to anyone who is on a similar salary to me. I have this card for bills and emergencies when needed. It’s also good to have when making bigger purchases.

Show 85 more reviews
Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Card tier
Card type
Card use
Credit rating
Gambling transactions allowed
Joint application
Minimum age
18 years old
Minimum income
Minimum income for pensioners
Same as standard
Rewards program
Temporary residents


Additional cardholders
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
Maximum credit limit


Interest charged from
Purchase date
Interest free period
Up to 55 days on purchases
Minimum repayment

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers5.99% p.a.5 months0%100% of credit limit21.24% p.a.

Balance transfers to this card

Balance transfer earns rewards
Balance transfer fee payment due
First statement
Balance transfer from personal loan
Balance transfer processing time
10 - 14 days
Interest free days with unpaid balance
0 days
Maximum balance transfer
100% of credit limit
Available to existing customers

Banks you can't balance transfer from

You can't balance transfer to the Commonwealth Bank Low Rate Credit Card at the promotional balance transfer rate from:

  • Aussie
  • Commonwealth Bank

Rates & fees

Promotional interest rates

Interest ratePeriodFeeLimitRevert rate
Balance transfers5.99% p.a.5 months0%100% of credit limit 21.24% p.a.
PurchasesN/AN/AN/AN/A N/A

Ongoing interest rates

Cash advances 1.77% 21.24% p.a.
Purchases 1.10% 13.24% p.a.


Annual fee
$59 p.a.
Cash advance fee
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
$4 or 1.75% of the cash advance amount (whichever is greater)
Overseas emergency card replacement fee
Transaction verification fee

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Earn a regular any weekly income
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are eligible
Age Pension, Disability Pension and Widower's Pension are acceptable.
Carer's Allowance and Child Support Payments are acceptable.
Disclaimer: The minimum criteria are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.

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