Commonwealth Bank Business Credit Cards

CommBank (Commonwealth Bank of Australia) is a provider of business credit cards, business savings and transaction accounts, business loans, merchant services, superannuation funds, investment products, and business insurance, as well as products for personal use.

“CommBank CAN.”

Business credit cards offered by Commonwealth Bank

CommBank has several different options when it comes to corporate credit cards or small business credit cards Please note all information provided is correct at time of writing:

  • Business Platinum Awards Credit Card – a rewards credit card
  • Business Gold Awards Credit Card – a rewards credit card
  • Business Awards Credit Card – a rewards credit card
  • Business Interest-Free Days Credit Card – a low fee credit card
  • Business Low Rate Credit Card – a low rate credit card
  • Corporate Interest-Free Days Credit Card – for larger companies
  • Corporate Low Rate Credit Card – for larger companies
About-Commonwealth-Bank-business-credit-cards
Commonwealth Bank automated teller machines in Melbourne (Photo: LisaInGlassess | iStock)

CommBank was the winner of CANSTAR’s Award for Bank of the Year for Small Business in 2015.

CANSTAR is an information provider and in giving you product information CANSTAR is not making any suggestion or recommendation about a particular product. If you decided to apply for a product, you will deal directly with a financial institution, and not with CANSTAR. All product information should be confirmed with the relevant financial institution. For more information, read our detailed disclosure, important notes and additional information.

Business Platinum Awards Credit Card

About-Commonwealth-Bank-Business-Platinum-Awards-Credit-CardFeatures

  • Card type: Cardholder receives both a MasterCard and an American Express card for convenience
  • Credit limit: Up to $50,000
  • Rewards program: Earn Awards Points (1 – 3 points per $1 spent), capped at 250,000 points, along with premium travel benefits and services
  • Liability for repayment: Personal liability on account holder for transactions made on both primary card and secondary cards
  • Additional cardholders (supplementary cards): One additional cardholder (optional) with shared credit limit
  • Insurance (Free/Complimentary):
    • Transit Accident Insurance for accidental death and injury while riding as a passenger in a plane, bus, train or ferry
    • Unauthorised Transaction Insurance
  • At the time of writing, you can apply online and get a response in 60 seconds.

Rates and Fees

  • Interest rate on purchases: 20.74% p.a. (variable rate)
  • Cash advance rate: 21.74% p.a. (variable rate)
  • Cash advance fee: 1.5% of cash advance amount at ATMs; greater of 1.5% or $2.50 over counter at CommBank branch; greater of 1.5% or $3 over counter at other bank branch
  • Annual fee: $300/year
  • Additional cardholder fee: $75/year
  • Interest free days: Up to 55 interest free days if balance paid in full every month
  • International fees: 3% for CommBank, 2% for American Express on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $20
  • Over the limit fee: $10 for the first time you go over the credit limit in a statement period (a month)

Business Gold Awards Credit Card

About-Commonwealth-Bank-Business-Gold-Awards-Credit-CardsFeatures

  • Card type: Cardholder receives both a MasterCard and an American Express card for convenience
  • Credit limit: Up to $50,000 unsecured credit limit
  • Rewards program: Earn Awards Points (1 – 2 points per $1 spent)
  • Liability for repayment: Personal liability on account holder for transactions made on both primary card and secondary cards
  • Additional cardholders (supplementary cards): One additional cardholder (optional) with shared credit limit
  • Insurance (Free/Complimentary):
    • Transit Accident Insurance for accidental death and injury while riding as a passenger in a plane, bus, train or ferry
    • Unauthorised Transaction Insurance

Rates and Fees

  • Interest rate on purchases: 20.74% p.a. (variable rate)
  • Cash advance rate: 21.74% p.a. (variable rate)
  • Cash advance fee: 1.5% of cash advance amount at ATMs; greater of 1.5% or $2.50 over counter at CommBank branch; greater of 1.5% or $3 over counter at other bank branch
  • Annual fee: $150/year
  • Additional cardholder fee: $75/year
  • Interest free days: Up to 55 interest free days if balance paid in full every month
  • International fees: 3% for CommBank, 2% for American Express on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $20
  • Over the limit fee: $10 for the first time you go over the credit limit in a statement period (a month)

Business Awards Credit Card

About-Commonwealth-Bank-Business-Awards-Credit-CardFeatures

  • Card type: Cardholder receives both a MasterCard and an American Express card for convenience
  • Credit limit: Up to $50,000 unsecured credit limit, shared with additional cardholder if applicable
  • Rewards program: Earn Awards Points (1 to 1.5 points per $1 spent), redeemable for a range of rewards
  • Liability for repayment: Personal liability on account holder for transactions made on both primary card and secondary cards
  • Additional cardholders (supplementary cards): One additional card (optional)
  • Insurance (Free/Complimentary):
    • Transit Accident Insurance for accidental death and injury while riding as a passenger in a plane, bus, train or ferry
    • Unauthorised Transaction Insurance

Rates and Fees

  • Interest rate on purchases: 20.74% p.a. (variable rate)
  • Cash advance rate: 21.74% p.a. (variable rate)
  • Cash advance fee: 1.5% of cash advance amount at ATMs; greater of 1.5% or $2.50 over counter at CommBank branch; greater of 1.5% or $3 over counter at other bank branch
  • Annual fee: $100/year
  • Additional cardholder fee: $75/year
  • Interest free days: Up to 55 interest free days if balance paid in full every month
  • International fees: 3% for CommBank, 2% for American Express on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $20
  • Over the limit fee: $10 for the first time you go over the credit limit in a statement period (a month)

Business Interest-Free Days Credit Card

About-Commonwealth-Bank-Business-Interest-Free-Days-Credit-CardFeatures

  • Card type: MasterCard
  • Credit limit: Up to $50,000 unsecured credit limit, shared with additional cardholder if applicable
  • Liability for repayment: Business or personal liability option available
  • Additional cardholders (supplementary cards): One additional card (optional)
  • Insurance (Free/Complimentary):
    • Transit Accident Insurance for accidental death and injury while riding as a passenger in a plane, bus, train or ferry, up to $250,000

Rates and Fees

  • Interest rate on purchases: 17.57% p.a. (variable rate)
  • Cash advance rate: 17.57% p.a. (variable rate)
  • Cash advance fee: 1.5% of cash advance amount at ATMs; greater of 1.5% or $2.50 over counter at CommBank branch; greater of 1.5% or $3 over counter at other bank branch
  • Annual fee: $60/year per card
  • Additional cardholder fee: $60/year per card
  • Interest free days: Up to 55 interest free days if balance paid in full every month
  • International fees: 3% for CommBank, 2% for American Express on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $20
  • Over the limit fee: $10 for the first time you go over the credit limit in a statement period (a month)

Business Low Rate Credit Card

About-Commonwealth-Bank-Business-Low-Rate-Credit-CardFeatures

  • Card type: MasterCard
  • Credit limit: Up to $50,000 unsecured credit limit, shared with additional cardholder if applicable
  • Liability for repayment: Business or personal liability option available
  • Additional cardholders (supplementary cards): One additional card (optional)
  • Insurance (Free/Complimentary):
    • Transit Accident Insurance for accidental death and injury while riding as a passenger in a plane, bus, train or ferry, up to $250,000

Rates and Fees

  • Interest rate on purchases: 14.55% p.a. (variable rate)
  • Cash advance rate: 14.55% p.a. (variable rate)
  • Cash advance fee: 1.5% of cash advance amount at ATMs; greater of 1.5% or $2.50 over counter at CommBank branch; greater of 1.5% or $3 over counter at other bank branch
  • Annual fee: No annual fee
  • Additional cardholder fee: No annual fee for additional cardholders
  • Interest free days: This information has not been made available by CommBank
  • International fees: 3% for CommBank, 2% for American Express on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $20
  • Over the limit fee: $10 for the first time you go over the credit limit in a statement period (a month)

Corporate Interest-Free Days Credit Card

About-Commonwealth-Bank-Corporate-Interest-Free-Days-Credit-CardFeatures

  • Credit limit: As approved by CommBank
  • Liability for repayment: Business or personal liability option available
  • Additional cardholders (supplementary cards): Up to 500+ or more cards for business use by employees
  • Insurance (Free/Complimentary):
    • Transit Accident Insurance for accidental death and injury while riding as a passenger in a plane, bus, train or ferry, up to $250,000
    • Unauthorised Use Insurance, up to $150,000/year

Rates and Fees

  • Interest rate on purchases: 17.57% p.a. (variable rate)
  • Cash advance fee: $1.25 at CommBank ATMs; $1.50 at other bank ATMs; $2.50 over the counter at CommBank branch; $3 over the counter at other banks; $4 when overseas
  • Annual fee: $24/year per card for 1 – 49 cards; $32/year per card for 50 – 499 cards; $40/year per card for 500+ cards
  • Establishment fee: $0
  • Interest free days: Up to 55 interest free days if balance paid in full every month
  • International fees: 2.5% on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $20
  • Over the limit fee: $10 for the first time you go over the credit limit in a statement period (a month)
  • Replacement card fee: $20

Corporate Low Rate Credit Card

About-Commonwealth-Bank-Corporate-Low-Rate-Credit-CardFeatures

  • Credit limit: As approved by CommBank
  • Liability for repayment: Business or personal liability option available
  • Additional cardholders (supplementary cards): Up to 49 cards for business use by employees
  • Insurance (Free/Complimentary):
    • Transit Accident Insurance for accidental death and injury while riding as a passenger in a plane, bus, train or ferry, up to $250,000
    • Unauthorised Use Insurance, up to $150,000/year

Rates and Fees

  • Interest rate on purchases: 14.55% p.a. (variable rate)
  • Cash advance fee: $1.25 at CommBank ATMs; $1.50 at other bank ATMs; $2.50 over the counter at CommBank branch; $3 over the counter at other banks; $4 when overseas
  • Annual fee: $24/year per card for 1 – 49 cards; $32/year per card for 50 – 499 cards; $40/year per card for 500+ cards
  • Establishment fee: $300
  • International fees: 3% on all transactions made in a foreign currency
  • Late fee for overdue minimum payment: $25
  • Over the limit fee: $25 for the first time you go over the credit limit in a statement period (a month)
  • Replacement card fee: $20
How-to-apply-for-Commbank-business-credit-cards
Commonwealth Bank ATMs in Burwood, Sydney, Australia (Photo: Kokkai Ng | iStock)

Eligibility to apply for CommBank business credit cards

To apply for any of the Commonwealth Bank business credit card products, you must be able to satisfy the following criteria:

  • At least 18 years old
  • Permanent resident or citizen of Australia or New Zealand
  • Not an undischarged bankrupt
  • Not a full-time student
  • A business owner, director or partner with an Australian Business Number (ABN)

You will need to answer questions about your:

  • Identity (driver’s licence)
  • Income
  • Expenses
  • Other financial commitments such as loans
  • Assets owned by the business

About Commonwealth Bank (CommBank)

About-Commonwealth-Bank-business-merchant-services
Commonwealth Bank in downtown Perth, Western Australia (Photo: Craig Dingle | iStock)

The Commonwealth Bank of Australia (CommBank) was founded in 1911 by the government as a bank for our young nation. They remain Australia’s largest provider of financial services today.

CommBank offers business merchant services that can be used with different operating systems, whether your business is in-store or on the go:

  • Albert is an EFTPOS tablet that connects through 3G or Wi-Fi to receive contactless payments, with same day settlement.
  • Emmy is a compact payment terminal that uses Bluetooth to pair with your Apple or Android smartphone or tablet, letting you receive contactless payments through the CommBank Small Business app.
  • Leo is another compact payment terminal that allows customers to make payment with a tap, swipe, chip insert, or PIN. Leo uses the open, innovative, and secure payments platform, “Pi” so you can build your own custom apps to process payments the way you like.

Source: Commonwealth Bank

When it comes to corporate responsibility, CommBank does a lot to support the Australian business community, distributing more than $2 million in community grants every year to organisations that invest in young people. For example, you can watch the story of how a grant helped the Starz Dance organisation to hold a special recital for their special needs children’s class, on CommBank’s YouTube channel.

As for the start-up and innovation community, CommBank invests a lot in this space. In 2015-2016 CommBank become the first bank to gain access to emerging technology and innovation from start-ups and tech businesses in Israel, by signing a memorandum of understanding with Israel’s Chief Scientist in the Ministry of Economy. CommBank also this year opened a new CommBank Innovation Lab in Hong Kong to connect customers, employees, and start-up communities to the latest FinTech developments. There are also CommBank-run annual innovation pop-up labs in Melbourne and London that business leaders can attend.

CommBank also supports women business leaders and business owners by sponsoring the Women in Focus networking comumunity. A new directory of women-led businesses was launched for the 2016 International Women’s Day celebrations. Since the 1970s CommBank has also been sponsoring the Australian of the Year Award to recognise worthy community leaders.

CommBank has a strong focus on sustainable business practices. In terms of protecting the environment, CommBank won three Climate Leadership Awards in 2014 alone: Largest relative carbon reduction; CDP Climate Performance Leader 2014; and Best climate disclosure. They also won the NSW government’s 10-year Sustainability Achievement Award in 2012. In 2015, they exceeded their targets by reducing emissions by 40% against 2009 levels. At CommBank headquarters, the corporate kitchens even use sustainably sourced produce from their own vege and herb patch and from local farmers.

 

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Written by: TJ Ryan