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Low Rate Mastercard



Electronic Wallet Service

Important Rates


Balance Transfer

Overseas spending



  • Free Supplementary Cards


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.

  • Optional credit card insurance
  • Balance transfers available
  • Free additional cardholder
  • 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. 


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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