Commonwealth Bank Low Rate Gold Credit Card | Review

Commonwealth Bank Low Rate Gold Credit Card

Card features
balance transfer
purchase rate
annual fee
Commonwealth Bank Low Rate Gold Credit Card
Apply by 30 jun 20
13 reviews
Commonwealth Bank Low Rate Gold Credit Card
0% p.a. on purchases for 15 months (terms and conditions apply).
$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
15 months
0% p.a.
then 13.24%

Pros & cons

What's good?

What's not so good?

0% p.a. on purchases for 15 months when you apply and be approved of this card by 30 June 2020a.
$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.

 a Available on new Low Fee Gold and Low Rate Gold credit cards when you create an application between 01 November 2019 and 30 June 2020 only. Excludes and all other card types. The 0% p.a. promotional interest rate on purchases is valid for 15 months from the date of card approval (and excludes balance transfers). At the end of the 15month period, the interest rate will revert to the standard variable purchase interest rate for your card at that time. Offer excludes all existing cards, switches from other card types and will not be applied if you switch to a new product during the promotional period, offer can be withdrawn at any time.
Applications are subject to credit approval. Full Conditions of Use will be included in our Letter of Offer. Fees and charges apply.

b If you activate an international travel insurance policy included with an eligible credit card or where a claim event on other insurances occurs on or after 1 October 2018, the insurance is provided by Zurich Australian Insurance Limited, ABN 13 000 296 640, AFS Licence Number 232507 through its agent Cover-More Insurance Services Pty Ltd ABN 95 003 114 145, AFSL 241713 (Cover-More) for Commonwealth Bank of Australia.
Cover is available for you, your spouse and your eligible dependent/accompanied children for return trips from Australia, up to a set period. You need to activate your international travel insurance included with eligible credit cards before each trip in order to have comprehensive level of cover. If you don’t activate, you’ll receive personal liability cover and overseas emergency medical assistance and overseas emergency medical and hospital expenses cover only.
Restrictions, exclusions (including for pre-existing medical conditions and persons aged 80 years or over), limits and excesses may apply to all insurances. More information and the relevant Credit Card Insurances Product Disclosure Statement and Information Booklet can be found here.

Disclaimer (2): 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.

Our review

Our review of the Commonwealth Bank Low Rate Gold Credit CardReviewed by Yvonne Taylor

Do you like the sound of a credit card that lets you carry an interest-free purchase balance from month to month for a long 15 months, and then has a low ongoing interest rate once the introductory offer expires? The Commonwealth Bank Low Rate Gold Credit Card has a fairly low annual fee in addition to its low interest rate, but still packs in some valuable complimentary overseas travel insurance plus other useful insurance cover.

0% interest rate on purchases for the first 15 months

This is a really beneficial offer if used wisely. For the first 15 months after card approval, you’ll only be required to make the minimum monthly repayment – the greater of $25 or 2% of your balance owing. And you won’t be charged any interest at all on the purchases part of your balance.

It’s an offer best used if you have major expenditure planned, such as a holiday, kitchen appliances, furniture or technology. You’ll get some interest-free breathing space to accumulate enough cash pay off the purchase price. Just remember that any unpaid balance from month 16 onwards will attract interest at 13.24% p.a. It’s a low rate (for a credit card) but still best avoided if possible.

Low ongoing purchases interest rate will help when you can’t repay all your balance

It could be worse, though. Many credit cards have a purchases interest rate of 20% p.a. or more, which is seriously nasty. When the 13.24% p.a. purchases interest rate kicks in in month 16, you’ll be glad you chose this card in preparation for those times when you just can’t manage to clear your balance by the due date.

Up to 55 interest-free days on purchases – ongoing, after introductory offer expires

Here’s another feature to be pleased about. When purchases are no longer interest-free beyond the normal payment due date, you’ll still get up to 55 days interest free on each purchase transaction. That’s much better than some cards which offer only 44 interest-free days. It means that there are 132 more days each year during which your cash can remain in your bank account, earning a little bit of interest.

Free overseas travel insurance with optional extras you can pay for

This is not your average card, and it comes with complimentary travel insurance that’s also a little out of the ordinary.

Most credit cards require you to pay for a substantial part of your travel costs with the card in order to activate the ‘free’ travel insurance. But CommBank does things a little differently. You’re automatically covered for emergency overseas medical expenses for the cardholder and accompanying immediate family members, plus personal liability cover, without spending a cent – just because you hold the card.

However, before you leave Australia you should contact CommBank to activate the rest of your free cover, for baggage, travel delays, rental vehicle insurance excess and more.

Another unusual feature of CommBank’s overseas travel cover is the optional extras cover. Once again, the average credit card policy will not cover you for adventurous sports (e.g. skiing, bungy jumping, scuba diving, white water rafting), or for cruise holidays, or if you’re aged over 80, and CommBank’s cover is no different in this respect. But it does offer you the option to add on one or more of these features by paying a premium, once again saving you money because the add-on premium will almost certainly cost less than the kind of gold-plated policy that covers unusual events.

More free insurance cover

In addition to the overseas travel cover, you’ll also receive extended warranty insurance (doubling the manufacturer’s Australian warranty on your card purchases, up to a maximum of 12 additional months) and purchase security insurance (protecting your card purchases against loss, theft or accidental damage for 90 days).

Short low-interest balance transfer if you need it

This is not a standout benefit when compared with the 26 months at 0% offered by some cards as a balance transfer feature. You can transfer a balance to your new CommBank card and pay a low 5.99% p.a on the balance for five months, reverting to the 21.24% p.a. cash advance rate from the sixth month if you haven’t repaid it by that time.

But if you like the card’s other benefits, it could be worth bringing across a balance (especially if you’re currently paying around 20% p.a. on your credit card debt) so that you can take advantage of your new CommBank card right now instead of waiting until you’ve paid off your existing balance.

Priceless Cities

Under this heading, CommBank assembles special worldwide dining, entertainment, sporting and cultural experiences for its cardholders – often at events not available to the general public, or with priority access or reserved seating.

Mobile wallet enabled

If you have a smartphone or wearable device and would like to use if for making fast credit card purchases, you’ll be pleased to know this CommBank card is compatible with Apple Pay, Google Pay and Samsung Pay.

Lots of handy features in NetBank and the CommBank app

Take full control of your spending via NetBank online banking or the CommBank mobile app. Here are just some of the things you can do:

  • Block or unblock international payments
  • Block or unblock contactless payments
  • Temporarily lock your card, unlock it when you’re ready
  • Set a spending limit per transaction
  • Set a cap on total spending in a given period
  • See where you money goes with Spending Tracker & Insights
  • Set up a SurePay instalment plan for managing repayments

Reasonable annual fee

The word ‘gold’ is in the card’s name for a reason. It has plenty of features to set it on a level well above the sort of cheap and cheerful card that has no frills and no – or a very low – annual fee. But the $89 annual fee is not unreasonable given the included benefits. There are no rewards points of course, but you usually have to pay more for those.

Compare other options

Before you decide, compare this card with similar offerings on the ‘0% purchase’ page in our Features section. You’ll find that most of them have a higher annual fee, or if the fee is lower, no complimentary insurance cover.

Common sense and good taste

Just because you are shrewd enough to look for a card with a low interest rate, it doesn’t mean that you don’t appreciate the finer things in life, like broadening your horizons with travel and cultural events. CommBank have designed a card that will appeal to a select section of the market looking for gold benefits coupled with a budget interest rate and a moderate cost.

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.
Purchases0% p.a.15 monthsN/AN/A 13.24% p.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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