Low Rate Mastercard

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Basic

Card Level
Card Level
Standard
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$500
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
$59
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
Standard
Interest Free Days
Interest Free Days
55
Maximum credit limit
Maximum credit limit
No set max
Minimum credit limit
Minimum credit limit
$500
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
$59
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

  • 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 Mastercard offers a moderate interest rate on purchases, with a moderate number of interest-free days for a moderately low annual fee.

Balance transfers are available for a very low interest rate during the introductory period. After this time the cash advance interest rate applies, which is high. 

An additional cardholder can be added to the primary account at no extra cost. And optional CreditCard Plus insurance can be taken out to cover your repayments and balance.

The Low Rate Mastercard is protected by a range of security features including Mastercard Zero Liability. A maximum spending limit can be set for the card to prevent overspending.

Mastercard Global Service provides 24/7 emergency assistance, which is provided anywhere in the world you lose your card.

As a Mastercard holder, you could access experiences and offers through Priceless Cities and Mastercard Privileges.

Pros
  • Optional credit card insurance
  • Balance transfers available
  • Free additional cardholder
Cons
  • High cash advance rate
  • No rewards or points
  • No complimentary insurance

Who is it good for?

If you want a Mastercard with a very low interest rate for balance transfers, this may be a suitable option.

Following the introductory offer period, the high cash advance rate applies if the balance transferred hasn’t been paid in full.

This card might be a solution if you’re looking for a credit card with a moderately low interest rate for purchases.

This credit card doesn’t come with a rewards or points program. So it may not be a suitable option if you wanted to use your credit card to accumulate points or earn rewards.

If you’re an existing Commonwealth Bank customer, you could link this credit card to other accounts. The Commbank app lets you manage your finances from the one dashboard.

The Commonwealth Bank Low Rate Mastercard comes with the latest technology, which provides a safe and secure user experience. 

What RateCity says

The Commonwealth Bank Low Rate Mastercard is a standard credit card with few features. It’s not the cheapest credit card on the market regarding interest rates.

The interest rate for purchases is moderate, as is the number of interest-free days. The cash advance rate is high and comes with additional fees for the service.

With no points or rewards, the cardholder cannot earn from their spending.

The annual fee for this credit card is moderately low, which covers one additional cardholder on the account.

A standout feature of this Mastercard is optional credit card insurance. Not many credit cards in this price range offer this type of insurance.

The insurance covers the cardholder for repayments and up to a maximum card balance. This occurs if the account holder becomes unemployed or unable to make their financial commitments. 

Applying/eligibility

To be eligible for the Commonwealth Bank Low Rate Mastercard, you must be at least 18 years old. You must be legally allowed to work in Australia and not currently bankrupt. Information to have for your application includes evidence of income, assets and liabilities. If you’re not a permanent resident, you may need to provide Visa details. You can apply online, over the phone or in a branch. Acceptable forms of identification include a driver’s licence, Medicare card or passport.

About Commonwealth Bank

The Commonwealth Bank of Australia – also known as CBA or Commbank – was established by the Australian government in 1911. It’s a multinational bank that provides a variety of financial services, including retail, business and institutional banking, funds management, superannuation, insurance, investment and broking services. The Commonwealth Bank is considered to be one of Australia’s big four banks and is the largest bank in the southern hemisphere. Its headquarters is located in Sydney.

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