a Available on new Low Fee Gold and Low Rate Gold credit cards when you create an application between 01 November 2019 and 29 February 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other card types and will not be applied if you switch to a new product during the promotional period, offer can be withdrawn at any time.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.
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:
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
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.
Interest rate | Period | Fee | Limit | Revert rate | |
---|---|---|---|---|---|
Balance transfers | 5.99% p.a. | 5 months | 0% | 90% of credit limit | 21.24% p.a. |
You can't balance transfer to the Commonwealth Bank Low Rate Gold Credit Card at the promotional balance transfer rate from:
Interest rate | Period | Fee | Limit | Revert rate | |
---|---|---|---|---|---|
Balance transfers | 5.99% p.a. | 5 months | 0% | 90% of credit limit | 21.24% p.a. |
Purchases | 0% p.a. | 15 months | N/A | N/A | 13.24% p.a. |
Monthly | Annually | |
---|---|---|
Cash advances | 1.77% | 21.24% p.a. |
Purchases | 1.10% | 13.24% p.a. |