Low Rate Mastercard
Cashback
Enjoy 5% cashback on eligible purchases, up to $100 per month, for the first three months. Apply by 30 April 2020.Virgin Money Virgin Australia Velocity Flyer Card (Balance Transfer Offer)
Balance Transfer
0% p.a. for 22 months on balance transfers. Earn 3 additional bonus Velocity Points per $1 on your everyday spend in the first 3 months (capped at 10,000 points per month).
Purchase Rate
20.74%
Annual Fee
$129
Purchase Rate
13.24%
Balance Transfer Rate
5.99%
for 5 months then 21.24%
Annual Fee
$59
Max Free Days
55
$20
Card Level Standard | Number free supplementary 1 |
Interest Free Days Interest Free Days 55 | Annual Fee Annual Fee $59 |
Maximum credit limit $0 | Late Payment Fee $20 |
Minimum credit limit $500 | Over limit fee $0 |
Minimum repayment dollars $25 | Duplicate statement fee $0 |
Minimum repayment percent 2% | Supplementary card annual fee $0 |
Purchase Rate Purchase Rate 13.24% |
Cash advance rate 21.24% |
Balance Transfer Rate Balance Transfer Rate 5.99% for 5 months then 21.24% |
Transfer Limit 100% of the approved credit limit |
Balance Transfer Fee $0 |
Foreign Exchange Fee 3% on Mastercard |
Overseas charges Overseas charges $2.5 |
Estimated ATM Cost - |
Program name |
Rewards Available |
Minimum age 18 |
Minimum income $0 |
Eligibility conditions |
Residency 457 Visa holder |
Perks
- Free Supplementary Cards
- Cashback Enjoy 5% cashback on eligible purchases, up to $100 per month, for the first three months. Apply by 30 April 2020.The 5% cashback is based on eligible purchases made on your card in the first three months from activation up to the value of $100 per month (excludes balance transfers, cash advances and any purchase that is reversed or refunded), each month is calculated as a 30 day period. Offer excludes all existing cards, card migrations and is not available to customers who currently hold, or have held, any Low Rate cards types in the 12 months prior. Offer only available on one credit card per customer. Cashback will appear on your statement as ‘cashback’ each month within 90 days of you meeting the monthly eligibility criteria. You will be ineligible for the cashback if your account is closed or switched to another card, or in default at any time prior to the cashback being credited to your account.
Compare and review credit cards with similar features
Commonwealth Bank, CommBank or CBA as it is commonly known as operates internationally with businesses in New Zealand, Asia and the United Kingdom. Commonwealth Bank was founded in 1911 by the Andrew Fisher Labour Government. Unlike any other financial institutions in Australia, it was the first and only bank in Australia to receive a Federal Government guarantee which provided security for the Bank to carry out both savings and general bank trading business. The Bank became a public company in 1991 and underwent three stages of privatisation until 1996. The Commonwealth Bank brand has grown to become one of the best recognised in the financial services industry. Their other award-winning brands include Colonial First State investments and retail broker Commonwealth Securities (CommSec). The Bank has positioned itself for future growth as it continues to provide a full range commercial and of retail banking services including home loans, credit cards, personal loans, term deposits, transaction accounts and car insurance.
Car Loans Disclaimer: Applications are subject to the Bank’s normal credit approval. Apply and fund a new Secured Car Loan by 31 July 2016 to receive a 1% discount on your approved interest rate.
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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FAQs
The numbers on your credit card actually follow a universal standard which is used to identify specific functions. Each credit card has a different amount of numbers: Visa and Mastercard have 16, American Express has 15 and Diner’s Club has 14. The first number on a credit card always identifies what type of credit card it is. Visa cards start with a 4, whereas Mastercard starts with a 5 and American Express with a 3. The remainder of the digits represent the account number, including the last number which is used to verify that your credit card is actually valid. Credit cards also have additional verification numbers, which are mainly used when the card isn’t present for phone and online purchases. These are the three-digit numbers on the back of Visa and MasterCard or the four-digit numbers on the front of an American Express card.
Looking to get your first credit card? You might be confused as to exactly where to go to apply for one. Here’s where to go when you are ready to put in that application.
The bank: Your bank is a great place to start, provided that you have a good banking history. Since you already have a financial history, you have more chance of your application being approved.
Credit card provider: Another option is to apply for a credit card directly from the issuer, such as Visa, Mastercard or Amex. This will most likely be an online application, so do your research and apply for a suitable card for your circumstances.
Major retailers: Coles, Woolworths, Myer and David Jones all have credit cards available. But watch out for the interest rate and annual fees – these cards are designed to help you spend more in store.