How to Apply for your CommBank Low Rate Credit Card

The Commonwealth Bank Low Rate Credit Card is a practical option for individuals seeking a cost-effective credit solution with lower interest rates on purchases. With a personalized interest rate ranging between 10.99% p.a. and 15.99% p.a., this card is designed to help customers manage their finances more efficiently by reducing the cost of carrying a balance compared to standard credit cards.

One of the key advantages of this card is its up to 55-day interest-free period on purchases. Additionally, a manageable monthly fee of $6 ensures affordability, making it an appealing option for budget-conscious users who want a straightforward, no-frills credit card.

APPLY NOW

Cardholders can also enjoy features like complimentary access to book flights and hotels for eligible customers, complimentary purchase security and extended warranty insurance provided by Cover-More, and the CommBank Yello Cashback program, which rewards users with cashback on eligible purchases. This makes the card not only a financial management tool but also a way to earn value back on everyday spending.

Benefits of the Commonwealth Bank Low Rate Credit Card

The Commonwealth Bank Low Rate Credit Card is designed for those who want to keep costs low while maintaining financial flexibility. Below are six key benefits that make this card a suitable option for consumers looking for affordability and convenience.

Low Purchase Interest Rate

One of the standout features of this card is its personalized purchase interest rate ranging from 10.99% p.a. to 15.99% p.a., depending on the applicant’s credit profile. This makes it a competitive option compared to many standard credit cards that often have interest rates above 20% p.a. By lowering the interest burden, cardholders can better manage their balances and avoid excessive debt accumulation.

Up to 55 Days Interest-Free on Purchases

For cardholders who clear their balance in full each month, the up to 55-day interest-free period offers a convenient way to make purchases without incurring extra costs. This feature is especially useful for individuals who use their credit card for everyday spending but want to avoid interest charges. It allows flexibility for short-term expenses while giving users a structured timeframe to repay their balances.

Affordable Monthly Fee

The $6 monthly fee ($72 annually) is relatively low compared to many other credit cards that charge annual fees exceeding $100. This makes the Low Rate Credit Card an accessible option for individuals who want a cost-effective credit card without high maintenance fees.

CommBank Yello Cashback Offers

Cardholders can earn cashback through the CommBank Yello program, which provides personalized cashback rewards based on previous spending habits.

No Additional Fee for Extra Cardholders

Unlike many other credit cards that charge for supplementary cards, the Commonwealth Bank Low Rate Credit Card allows cardholders to add an additional user at no extra cost. This is an excellent feature for families or couples who share expenses and want to manage their household budget using a single credit account.

Prerequisites to Obtain the Commonwealth Bank Low Rate Credit Card

To qualify, you must:

• Be at least 18 years old.
• Have the legal right to work in Australia (temporary residents may have extra conditions).
• Having a good credit history may help your chances to be approved.
• Provide income and financial details to ensure you can manage the card responsibly.

Commonwealth Bank as a Leading Financial Institution

Commonwealth Bank is one of Australia’s largest and most established financial institutions. Founded in 1911, it has grown into a dominant player in the banking and financial services industry, offering a diverse range of products and services to individuals, businesses, and corporate clients.

The bank is well-known for its digital banking innovations, including the industry-leading CommBank app, which provides seamless online banking services. With a vast network of branches, ATMs, and online platforms, Commonwealth Bank ensures convenience and accessibility for all its customers. It is also committed to sustainability and community initiatives, further strengthening its reputation as a responsible financial institution.

Who is this Card for?

This card is ideal for budget-conscious individuals who want a low-interest rate and simple fees. If you tend to carry a balance, this card helps minimize interest costs. It’s also a great option for those who want a no-frills credit card with essential security features.

APPLY NOW

Step by Step to Apply for the Card

To apply, follow these steps:

1. Check Eligibility – Make sure you meet the age, credit score, and residency requirements.
2. Gather Documents – Have your identification, income details, and financial commitments ready.
3. Apply Online – Download the CommBank app to begin your application.
4. In the CommBank App – Open the app and select ‘Sign up to CommBank’.
5. Complete the Application – Choose your CommBank product, enter your personal details, complete an ID check using a physical ID, and proceed with your product application.

Positives and Negatives of the Commonwealth Bank Low Rate Credit Card

Positives:

• Low interest rate on purchases compared to standard credit cards.
• Up to 55 days of interest-free purchases.
• Affordable $6 monthly fee.
• No additional fee for supplementary cardholders.
• Personalized cashback offers via CommBank Yello.

Negatives:

• High cash advance interest rate (21.99% p.a.).
• 3.5% international transaction fee.
• No traditional rewards program.
• Low minimum credit limit ($500).
• $20 late payment fee.

How to Activate the Commonwealth Bank Low Rate Credit Card

To activate your CommBank card, choose one of the following methods:

• CommBank App: Log in, go to the “Cards” section, select your card, and tap “Activate card.”
• NetBank: Log in, navigate to Settings > Card Activation, enter the last 4 digits of your card, set and confirm your PIN, request a NetCode, and enter it to complete the activation.

Fees and Charges

• Monthly Fee: $6 ($72 per year)
• Purchase Interest Rate: 10.99% p.a. to 15.99% p.a.
• Cash Advance Interest Rate: 21.99% p.a.
• Cash Advance Fee: $4 or 3% of the transaction amount (whichever is higher)
• International Transaction Fee: 3.5%
• Late Payment Fee: $20

APPLY NOW

Customer Service

If you need to speak with someone, you can chat with the bank via the CommBank app or call 13 2221 for general personal banking inquiries. If you’re overseas, reach them at +61 2 9999 3283.