Low Rate Gold Mastercard

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Basic

Card Level
Card Level
Gold
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$4,000
Minimum repayment dollars
Minimum repayment dollars
$25
Minimum repayment percent
Minimum repayment percent
2
Number free supplementary
Number free supplementary
1
Annual Fee
Annual Fee
$89
Late Payment Fee
Late Payment Fee
$20
Over limit fee
Over limit fee
$0
Duplicate statement fee
Duplicate statement fee
$0
Supplementary card annual fee
Supplementary card annual fee
$0
Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available
Card Level
Card Level
Gold
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$4,000
Minimum repayment dollars
Minimum repayment dollars
$25
Minimum repayment percent
Minimum repayment percent
2
Number free supplementary
Number free supplementary
1
Annual Fee
Annual Fee
$89
Late Payment Fee
Late Payment Fee
$20
Over limit fee
Over limit fee
$0
Duplicate statement fee
Duplicate statement fee
$0
Supplementary card annual fee
Supplementary card annual fee
$0
Apple Pay available
Apple Pay available
Google Pay available
Google Pay available
Samsung Pay available
Samsung Pay available

Rates

Purchase Rate
Purchase Rate
13.24%
Cash advance rate
Cash advance rate
21.24%
Purchase Rate
Purchase Rate
13.24%
Cash advance rate
Cash advance rate
21.24%

Balance Transfer

Balance Transfer Rate
Balance Transfer Rate
5.99%for 5 months then 21.24%
Transfer Limit
Transfer Limit
100%of the chosen credit limit
Balance Transfer Fee
Balance Transfer Fee
$0
Balance Transfer Rate
Balance Transfer Rate
5.99%for 5 months then 21.24%
Transfer Limit
Transfer Limit
100%of the chosen credit limit
Balance Transfer Fee
Balance Transfer Fee
$0

Overseas spending

Foreign Exchange Fee
Foreign Exchange Fee
3% on MasterCard
Overseas charges
Overseas charges
$2.5
Estimated ATM Cost
Estimated ATM Cost
Foreign Exchange Fee
Foreign Exchange Fee
3% on MasterCard
Overseas charges
Overseas charges
$2.5
Estimated ATM Cost
Estimated ATM Cost

Rewards

Program name
Program name
Rewards Available
Rewards Available
Program name
Program name
Rewards Available
Rewards Available

Eligibility

Minimum age
Minimum age
18
Minimum income
Minimum income
Eligibility conditions
Eligibility conditions
Minimum age
Minimum age
18
Minimum income
Minimum income
Eligibility conditions
Eligibility conditions

Perks

  • Extended WarrantyWarranty is extended for the same duration as the original warranty up to 1 year.
  • Free Domestic Travel Insurance
  • Free International Travel Insurance
  • Purchase Protection
  • Free Supplementary Cards
Other Benefits
$300 cashback if you apply for a new Low Rate Mastercard by 4 February 2018 and spend $1,000 within 90 days of activation

Features

The Commonwealth Bank Low Rate Gold Mastercard is advertised as having Commbank’s lowest rate on transactions. When compared to other credit cards, this card’s interest rate is more on the moderate side.

This credit card also has an annual fee falling into the moderate category and a high interest rate on cash advances, while simultaneously offering a few perks and benefits.

Customers who choose the Commonwealth Bank Low Rate Gold Mastercard will also receive a number of complimentary insurances, including international travel insurance, extended warranty insurance and purchase security insurance. The international travel insurance is complemented by 24/7 emergency assistance if you lose your card while abroad.

Commbank also provide a moderate number of interest-free days on purchases, as well as the option to add an additional cardholder for free.

Pros
  • Moderate interest rate
  • Three complimentary insurances
  • Free additional cardholder
Cons
  • Annual fee charged
  • No rewards points
  • Moderate minimum credit limit

Who is it good for?

The Commonwealth Bank Low Rate Gold Mastercard may be suitable for customers looking to strike a balance between low rates and fees versus good perks and benefits.

While this credit card’s rates and fees are certainly not on the high side, they are moderate rather than low when compared to other credit cards in the market.

With a moderate minimum credit limit, this card is more suitable for everyday, rather than occasional, spenders. A free additional cardholder also makes it one of many options for couples looking for a shared credit card. The complimentary extended warranty insurance could also be a helpful draw for customers who have any big retail purchases on the horizon.

Frequent international travellers can also take advantage of the complimentary overseas travel insurance included, which is further complemented by access to exclusive experiences via Mastercard’s Priceless Cities and Mastercard Privileges.

What RateCity says

The Commonwealth Bank Low Rate Gold Mastercard offers some reasonable perks and benefits for what is advertised as a low-rate credit card. However, the credit card’s name and advertising do obscure what is certainly a credit card with moderate rates and fees, rather than low.

That said, this credit card does offer Commonwealth Bank’s lowest interest rate on transactions, which may be helpful to current Commbank customers. Lower interest rates and fees are certainly available in the market, but this credit card could be a good option for customers who want or need to stay under the Commonwealth Bank umbrella.

Although the Commonwealth Bank Low Rate Gold Mastercard does not offer any rewards points on purchases, it does have a number of perks and benefits not usually available with low-rate credit cards, which increases its value to potential customers.

Applying/eligibility

To apply for the Commonwealth Bank Low Rate Gold Mastercard, first check to make sure that you can be approved for a moderate credit limit, as this is the card’s minimum. You can apply online for this credit card, and should receive a response within just 60 seconds. Make sure that you are aged 18 or over, have a legal right to work in Australia, and are not currently bankrupt.  

About the lender

The Commonwealth Bank of Australia was founded in 1911, and went public in 1991. Today one of Australia’s largest banks and part of the big four, the Commonwealth Bank is currently headquartered in Sydney. With banking operations worldwide, Commbank has over 1,100 branches and 4,300 ATMs. Customers can reach this bank 24/7 for general enquiries and to report lost, stolen or damaged cards. Besides credit cards, CBA also offers general banking products such as home loans and car loans.

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