Commonwealth Bank Low Rate Credit Card

Pauline Hatch

Pauline is a personal finance expert at CreditCard.com.au, with 9 years in money, budgeting and property reporting under her belt. Ask Pauline a Question about this card.

The Commonwealth Bank Low Rate Credit Card

The Commonwealth Bank Low Rate Credit Card is a simple card with a lot to offer. While it may keep features somewhat basic, this is a card that can help cardholders save on interest with its low purchase rate, with tools on-hand to make staying in control of finances that much easier.

What we love...

The main drawcard on the Commonwealth Bank Low Rate Credit Card is its low rate on purchases. While it may not be the lowest purchase rate on the block, it could help you to save on interest if you tend to carry a balance. This should let you pay down what you owe, to clear your balance faster.

The Commonwealth Bank Low Rate Credit Card has moved to a $6 monthly fee rather than an annual fee. One bonus of a monthly fee is that it spreads the cost of the card across a full year rather than taking it as a lump sum. It also has a $0 additional cardholder fee, so you can add an additional cardholder for no extra cost.

A great bonus is that you get up to $400 cashback when you apply and spend $500 or over within the first four months.

With this card, you'll also get access to CommBank Yello, which is CommBank's award-winning customer recognition program. You can access the program if you have an eligible transaction account (as well as your credit card) and make at least 5 purchases a month. You'll receive personalised cashback offers with major retailers in the CommBank app, plus you could be in the draw for monthly prizes and get free access to Kit, CommBank's pocket money app and prepaid card for kids.

What’s not so great...

While it may be dubbed a ‘low rate’ card, the Commonwealth Bank Low Rate Credit Card does not offer CommBank’s lowest purchase rate. This honour goes to the Commonwealth Bank Essentials Credit Card. Weigh up what’s important to you and compare the two options. If a lower purchase rate is the most important feature for you, the Essentials card may be a better option.

Why should you choose this card?

With its low purchase rate, this card could work well for cardholders who tend to carry a balance. Carried balances attract interest, so if you keep a balance on any credit card, choosing a card with a low interest rate could help you save more on interest, to then pay back more of what you owe.

With several tools available, the Commonwealth Bank Low Rate Credit Card can also assist cardholders in keeping better control over their finances. CommBank’s Lock, Block, Limit feature lets you instantly lock, block or limit your card through the CommBank app or NetBank. You can also set a Spending Cap, and work on your budget with Spending Tracker & Insights.

Other features on offer include up to 55 days interest free on purchases, and access to Priceless Cities offers and experiences. As for card security, Mastercard Zero Liability provides 24-hour fraud protection, while Mastercard Global Service is on-hand 24/7 should you lose your card and need emergency assistance overseas.

Overall Rating

As a simple low rate card, the Commonwealth Bank Low Rate Credit Card provides a low purchase rate, an affordable annual fee, plus up to $400 cashback intro offer, and tools to make it easier to keep on top of your spending. The CommBank Yello rewards program is a nice extra that helps you save money using cashback, and get other perks like prizes and discounts.