Commonwealth Bank Low Rate Gold Credit Card | Review

Commonwealth Bank Low Rate Gold Credit Card

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Commonwealth Bank Low Rate Gold Credit Card
Apply by 28 oct 20
13 reviews
Commonwealth Bank Low Rate Gold Credit Card
Get $200 cashback when you apply by 28 October 2020, are approved and spend $1,000 on eligible purchases using your new card by 31 January 2021.
$89 p.a. annual fee.
Low ongoing purchase interest rate of 13.24% p.a.
Add to comparison
5 months
5.99% p.a.
then 21.24%
with a 0% fee
13.24% p.a.
saved over 5 months
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Pros & cons

What's good?

What's not so good?

Get $200 cashback when you apply by 28 October 2020, are approved and spend $1,000 on eligible purchases using your new card by 31 January 2021.
$89 p.a. annual fee.
Low ongoing purchase interest rate of 13.24% p.a.
Overseas travel insurance to give you cover for up to 3 months travelb.
Award-winning Internet Banking and Mobile Apps to make it easier to manage your account.
PayPass for faster payments at the shops.
Enable for Apple Pay, Google Pay or Samsung Pay.
If you have a balance to consolidate, there are more competitive balance transfer rates out there.
Disclaimer: Reviews rely upon third party information that may not be correct or may be changed without Credit Card Compare’s knowledge. You must carefully consider your own circumstances before making any commitments and confirm all offers and terms with credit card providers before accepting them. Please refer to our T&Cs for more.

User reviews

3.7 out of 5.0 based on 13 reviews92% of reviewers would recommend this card

Rates and fees
Customer service

Reviews from users

A fair, low-rate card with free travel insurance

Reviewed and recommended by Matt on 05 Dec 2016

I’ve had this card for about three years now and it’s been adequate. The low rate isn’t all that low, though (but basically standard for big banks).

The bonus travel insurance is handy, and you don’t even have to purchase the trip on the card. The annual fee is a little high, I think, and there are no rewards. Still, if you’re looking at a big bank for a low-rate credit card, this’ll do you just fine.

Better interest rate plus rewards

Reviewed and recommended by Linda on 23 Sep 2016

The card seems to have a better rate that most cards and the rewards program is a bit of a bonus. I’ve been very happy with this card and had it for quite a few years now. Commonwealth Bank have been really easy to deal with in my experience. I would recommend it.

No fees at all

Reviewed and recommended by Jose on 22 Sep 2016

This credit card is ideal for people who are prepared to pay in full on the due date. There is no rewards scheme attached. There are no fees as long as you spend $10,000 per year.

The service is very good. I have had this card for the last 15 years. On one occasion there was an erroneous charge and they corrected it within a few days.

Convenient no-frills card

Reviewed and recommended by L.E. on 04 Jul 2016

This is my only credit card. I am relatively happy with it. Worth looking at if you want a no-frills card and like the Commonwealth Bank.

MasterCard is widely accepted, so is convenient for in-store and online purchases. It also has security features, and is handy for travellers going overseas.

It is a low rate but...

Reviewed and recommended by Graham on 02 Jul 2016

The Low Rate card has a lower rate than the other CommBank offerings, but compared to others available on the market they are still towards the upper limit.

I have the card as I am not interested in rewards (this series of low rate cards are not in the CommBank Awards program) and as it is linked to my other accounts. It is just a convenient card to have. The other benefit is if I pay my travel costs with it I am covered with the free travel insurance, which I have used and it isn’t bad coverage.

Excellent customer service

Reviewed and recommended by Caitlin on 26 Jun 2016

It was easy to obtain this card and the low interest rate means you don’t get yourself into too much trouble when using the card for purchases. The customer service that Commonwealth provides to cardholders is exceptional and the team are always ready to help in any way they can.

Pleased with my card

Reviewed and recommended by Kallie on 24 Jun 2016

I have a CommBank credit card and I am generally happy with it because of the low fees and low rates. I have the credit card as it makes it easier when I need to rego the car or for any unplanned expenses. It works well for me and I would highly recommend it to anybody.

Travel insurance

Reviewed and recommended by Barbara Fehmel on 14 Jul 2015

This is a very good card if you are under 80 years of age and travelling internationally. You get free insurance, but have to pay the first $200 of the claim.

I did have to use this travel insurance once and they paid promptly with no arguments. If you are older than 80 it is not worth paying the yearly amount. You can get cheaper cards elsewhere.

Generally pleased with the card

Reviewed and not recommended by Diana Aleksovska on 25 Dec 2014

The fees are excellent and the interest is really low. However, there is no rewards program if you spend from this card (vouchers, points). I wish Commonwealth Bank would have a look into that. The design and style of the card is excellent. I am proud that I own this card.

Free travel insurance not for over 80

Reviewed and recommended by Barbara Fehmel on 01 Apr 2014

I thought that the Gold MasterCard Commonwealth bank was great. I took it out 4 years ago for the free travel insurance it offered with NO AGELIMIT now this is different once you turn 80 it is not available to you. I will be changing this card, in the very near future, as this is what I wanted. I also have to pay a yearly fee, when I can get a card with no yearly fee as long as I put $1000 on it in a year.

Show 3 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
whichever is greater, $25 or 2%

Balance transfers

The offer

Interest ratePeriodFeeLimitRevert rate
Balance transfers5.99% p.a.5 months0%90% 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
90% 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 Gold 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%90% 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
$89 p.a.
Cash advance fee
whichever is greater, $3 or 3%
Dishonour fee
Duplicate statement fee
Foreign exchange fee
Late payment fee
Over limit fee
Overseas ATM balance fee
Overseas ATM withdrawal fee
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
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Temporary residents are eligible
Age Pension, Disability Pension and Widower's Pension are acceptable.
Carer's Allowance and Child Support Payments are acceptable.
Joint applications are not allowed
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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People are happy
Rated 4.8 out of 5 for customer satisfaction.
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