Commonwealth Bank credit cards

Commonwealth Bank logo

Commonwealth Bank (CommBank) is a provider of credit cards in Australia. As one of Australia’s four major banks, it also offers a wide range of other financial products such as loans, bank accounts, investment products and insurance.

What credit cards does Commonwealth Bank offer?

Below is a summary of the credit cards available through Commonwealth Bank based on its website, at the time of writing:

CommBank Diamond Awards credit card

FeaturesCommbank Gold Awards Credit Card

  • Card type: Mastercard
  • Minimum credit limit: $15,000
  • Annual fee: $349, additional cardholder fee $10
  • Purchase rate: 20.24%
  • Interest-free period: Up to 55 days
  • Cash advance rate: 21.24%, plus a cash advance fee of $3 or 3% of the transaction amount – whichever is greater
  • Minimum repayments: The greater of any amount you owe that exceeds your credit limit; 2% of the closing balance, rounded down to the nearest dollar; or $25
  • Late repayment fee: $20 if you don’t pay the minimum amount, plus any overdue amount, by the statement due date
  • Contactless payments: Secure, cashless payments are available using your compatible phone or wearable device. You can use the CommBank app to tap and pay (Android phones only) or use the Apple Pay, Google Pay, Samsung Pay or Beem It apps.
  • Security: 24-hour fraud protection that detects abnormal transaction spending habits, and free protection against fraud and other unauthorised transactions with Mastercard Zero Liability. Card is also protected by the ‘Lock, Block, Limit’ feature, a 100% money back guarantee on fraudulent transactions, secure online shopping with NetCode security code authorisations, chip technology, and 24/7 worldwide emergency assistance if you need a card replacement.
  • Additional: Choose to earn CommBank Awards points or opt-in to earn Qantas Points for $30 per year.

CommBank Platinum Awards credit card

FeaturesCommbank Platinum Awards Credit Card

  • Card type: Mastercard
  • Minimum credit limit: $6,000
  • Annual fee: $249, additional cardholder fee $10
  • Purchase rate: 20.24%
  • Interest-free period: Up to 55 days
  • Cash advance rate: 21.24%, plus a cash advance fee of $3 or 3% of the transaction amount – whichever is greater
  • Minimum repayments: The greater of any amount you owe that exceeds your credit limit; 2% of the closing balance, rounded down to the nearest dollar; or $25
  • Late repayment fee: $20 if you don’t pay the minimum amount, plus any overdue amount, by the statement due date
  • Contactless payments: Secure, cashless payments are available using your compatible phone or wearable device. You can use the CommBank app to tap and pay (Android phones only) or use the Apple Pay, Google Pay, Samsung Pay or Beem It apps.
  • Security: 24-hour fraud protection that detects abnormal transaction spending habits, and free protection against fraud and other unauthorised transactions with Mastercard Zero Liability. Card is also protected by the ‘Lock, Block, Limit’ feature, a 100% money back guarantee on fraudulent transactions, secure online shopping with NetCode security code authorisations, chip technology, and 24/7 worldwide emergency assistance if you need a card replacement.
  • Additional: Choose to earn CommBank Awards points or opt-in to earn Qantas Points for $30 per year.

CommBank Awards credit card

Features

  • Card type: Mastercard
  • Minimum credit limit: $500
  • Annual fee: $59, additional cardholder fee $10
  • Purchase rate: 20.24%
  • Interest-free period: Up to 55 days
  • Cash advance rate: 21.24%, plus a cash advance fee of $3 or 3% of the transaction amount – whichever is greater
  • Minimum repayments: The greater of any amount you owe that exceeds your credit limit; 2% of the closing balance, rounded down to the nearest dollar; or $25
  • Late repayment fee: $20 if you don’t pay the minimum amount, plus any overdue amount, by the statement due date
  • Contactless payments: Secure, cashless payments are available using your compatible phone or wearable device. You can use the CommBank app to tap and pay (Android phones only) or use the Apple Pay, Google Pay, Samsung Pay or Beem It apps.
  • Security: 24-hour fraud protection that detects abnormal transaction spending habits, and free protection against fraud and other unauthorised transactions with Mastercard Zero Liability. Card is also protected by the ‘Lock, Block, Limit’ feature, a 100% money back guarantee on fraudulent transactions, secure online shopping with NetCode security code authorisations, chip technology, and 24/7 worldwide emergency assistance if you need a card replacement.
  • Additional: Choose to earn CommBank Awards points or opt-in to earn Qantas Points for $30 per year.

CommBank Low Fee Gold credit card

Features

  • Card type: Mastercard
  • Minimum credit limit: $4,000
  • Annual fee: $89, waived in the first year and in subsequent years if you spend $10,000 a year or more on purchases or cash advances in the previous year
  • Purchase rate: 19.74%
  • Interest-free period: Up to 55 days
  • Cash advance rate: 21.24%, plus a cash advance fee of $3 or 3% of the transaction amount – whichever is greater
  • Minimum repayments: The greater of any amount you owe that exceeds your credit limit; 2% of the closing balance, rounded down to the nearest dollar; or $25
  • Late repayment fee: $20 if you don’t pay the minimum amount, plus any overdue amount, by the statement due date
  • Contactless payments: Secure, cashless payments are available using your compatible phone or wearable device. You can use the CommBank app to tap and pay (Android phones only) or use the Apple Pay, Google Pay, Samsung Pay or Beem It apps.
  • Security: 24-hour fraud protection that detects abnormal transaction spending habits, and free protection against fraud and other unauthorised transactions with Mastercard Zero Liability. Card is also protected by the ‘Lock, Block, Limit’ feature, a 100% money back guarantee on fraudulent transactions, secure online shopping with NetCode security code authorisations, chip technology, and 24/7 worldwide emergency assistance if you need a card replacement.
  • Additional: Commonwealth Bank has partnered with big brands to give eligible cardholders cash back for activating and redeeming CommBank Rewards. Available to eligible Mastercard cardholders in the CommBank app.

CommBank Low Fee credit card

Features

  • Card type: Mastercard
  • Minimum credit limit: $500
  • Annual fee: $29, waived in the first year and in subsequent years if you spend $1,000 a year or more on purchases or cash advances in the previous year
  • Purchase rate: 19.74%
  • Interest-free period: Up to 55 days
  • Cash advance rate: 21.24%, plus a cash advance fee of $3 or 3% of the transaction amount – whichever is greater
  • Minimum repayments: The greater of any amount you owe that exceeds your credit limit; 2% of the closing balance, rounded down to the nearest dollar; or $25
  • Late repayment fee: $20 if you don’t pay the minimum amount, plus any overdue amount, by the statement due date
  • Contactless payments: Secure, cashless payments are available using your compatible phone or wearable device. You can use the CommBank app to tap and pay (Android phones only) or use the Apple Pay, Google Pay, Samsung Pay or Beem It apps.
  • Security: 24-hour fraud protection that detects abnormal transaction spending habits, and free protection against fraud and other unauthorised transactions with Mastercard Zero Liability. Card is also protected by the ‘Lock, Block, Limit’ feature, a 100% money back guarantee on fraudulent transactions, secure online shopping with NetCode security code authorisations, chip technology, and 24/7 worldwide emergency assistance if you need a card replacement.
  • Additional: Commonwealth Bank has partnered with big brands to give eligible cardholders cash back for activating and redeeming CommBank Rewards. Available to eligible Mastercard cardholders in the CommBank app.

CommBank Low Rate Gold credit card

Features

  • Card type: Mastercard
  • Minimum credit limit: $4,000
  • Annual fee: $89
  • Purchase rate: 13.24%
  • Interest-free period: Up to 55 days
  • Cash advance rate: 21.24%, plus a cash advance fee of $3 or 3% of the transaction amount – whichever is greater
  • Minimum repayments: The greater of any amount you owe that exceeds your credit limit; 2% of the closing balance, rounded down to the nearest dollar; or $25
  • Late repayment fee: $20 if you don’t pay the minimum amount, plus any overdue amount, by statement due date
  • Contactless payments: Secure, cashless payments are available using your compatible phone or wearable device. You can use the CommBank app to tap and pay (Android phones only) or use the Apple Pay, Google Pay, Samsung Pay or Beem It apps.
  • Security: 24-hour fraud protection that detects abnormal transaction spending habits, and free protection against fraud and other unauthorised transactions with Mastercard Zero Liability. Card is also protected by the ‘Lock, Block, Limit’ feature, a 100% money back guarantee on fraudulent transactions, secure online shopping with NetCode security code authorisations, chip technology, and 24/7 worldwide emergency assistance if you need a card replacement.
  • Additional: Commonwealth Bank has partnered with big brands to give eligible cardholders cash back for activating and redeeming CommBank Rewards. Available to eligible Mastercard cardholders in the CommBank app.

CommBank Low Rate credit card

Features

  • Card type: Mastercard
  • Minimum credit limit: $500
  • Annual fee: $59
  • Purchase rate: 13.24%
  • Interest-free period: Up to 55 days
  • Cash advance rate: 21.24%, plus a cash advance fee of $3 or 3% of the transaction amount – whichever is greater
  • Minimum repayments: The greater of any amount you owe that exceeds your credit limit; 2% of the closing balance, rounded down to the nearest dollar; or $25
  • Late repayment fee: $20 if you don’t pay the minimum amount, plus any overdue amount, by statement due date
  • Contactless payments: Secure, cashless payments are available using your compatible phone or wearable device. You can use the CommBank app to tap and pay (Android phones only) or use the Apple Pay, Google Pay, Samsung Pay or Beem It apps.
  • Security: 24-hour fraud protection that detects abnormal transaction spending habits, and free protection against fraud and other unauthorised transactions with Mastercard Zero Liability. Card is also protected by the ‘Lock, Block, Limit’ feature, a 100% money back guarantee on fraudulent transactions, secure online shopping with NetCode security code authorisations, chip technology, and 24/7 worldwide emergency assistance if you need a card replacement.
  • Additional: Commonwealth Bank has partnered with big brands to give eligible cardholders cash back for activating and redeeming CommBank Rewards. Available to eligible Mastercard cardholders in the CommBank app.

CommBank Essentials credit card

Features

  • Card type: Mastercard
  • Minimum credit limit: $400, maximum credit limit $3,000
  • Annual fee: Up to $60 – $2 monthly when you choose online statements and set up automatic payments from a CommBank transaction account using credit card AutoPay, or $5 monthly otherwise
  • Purchase rate: 9.90%
  • Interest-free period: Up to 55 days
  • Cash advance rate: 9.90%, though most cash advances are blocked on this card
  • Minimum repayments: The greater of any amount you owe that exceeds your credit limit; 2% of the closing balance, rounded down to the nearest dollar; or $25
  • Late repayment fee: $20 if you don’t pay the minimum amount, plus any overdue amount, by statement due date
  • Contactless payments: Secure, cashless payments are available using your compatible phone or wearable device. You can use the CommBank app to tap and pay (Android phones only) or use the Apple Pay, Google Pay, Samsung Pay or Beem It apps.
  • Security: 24-hour fraud protection that detects abnormal transaction spending habits, and free protection against fraud and other unauthorised transactions with Mastercard Zero Liability. Card is also protected by the ‘Lock, Block, Limit’ feature, a 100% money back guarantee on fraudulent transactions, secure online shopping with NetCode security code authorisations, chip technology, and 24/7 worldwide emergency assistance if you need a card replacement.
  • Additional: Commonwealth Bank has partnered with big brands to give eligible cardholders cash back for activating and redeeming CommBank Rewards. Available to eligible Mastercard cardholders in the CommBank app.

Commonwealth Bank Credit Card FAQs

What are the eligibility requirements for Commonwealth Bank credit cards?

To be eligible for a Commonwealth Bank credit card, you need to be 18 years old or over and an Australian citizen or permanent Australian resident. Commonwealth Bank also requires some of your personal details, including photo ID and proof of income to apply for a credit card, and says that a good credit score can be crucial when applying for a credit card or any type of loan. Other criteria may also apply, so contact the bank directly for more information.

 

How do you apply for a Commonwealth Bank credit card?

Before applying, consider the eligibility criteria, plus whether a credit card is generally suitable for your needs. You can also compare a wide range of credit cards using Canstar’s comparison tables.

Compare Credit Cards

If you do choose to apply for a Commonwealth Bank credit card, and you meet the eligibility criteria, you can apply anytime online or at your nearest branch. You will be required to provide an email address, a mobile phone number and either an Australian driver licence or Australian passport. If you’re already a CommBank customer and registered for NetBank, you can save time by confirming your personal details before providing your proof of income. Other information you may need on hand includes your personal details, employment details, assets, liabilities and living expenses.

How do you activate a Commonwealth Bank credit card?

You will need to activate your Commonwealth Bank credit card when it arrives before you can use it. Commonwealth Bank says you can activate your card by logging into the CommBank app or the online banking service NetBank.

Can you manage a Commonwealth Bank credit card through online banking?

You can manage your Commonwealth Bank  credit card through online banking via the NetBank online portal, or through the CommBank mobile banking app, which is available for both Apple and Android devices. Online banking can allow you to view your recent transaction history, view your balance, request a change in credit limit and more.

How is interest calculated on a Commonwealth Bank credit card?

When interest is charged:

According to Commonwealth Bank, if you don’t pay your closing balance in full by the due date – that is, if you only pay the minimum amount shown on your statement, make a partial payment, or don’t pay on time  – you will be charged interest and lose your interest-free period.

When interest is not charged:

At the time of writing, there is an interest-free period of up to 55 days if you meet the interest-free criteria. Interest-free days only apply if you have paid the balance in full for the previous month’s statement and for the current month’s statement (the statement on which the purchases are listed). There is no interest-free period for cash advances.

What is the credit limit on a Commonwealth Bank credit card?

Your credit limit for a Commonwealth Bank credit card will be determined based on the information you provide in your application. Depending on your needs and circumstances, some Commonwealth Bank credit cards have a minimum credit limit of $500, while another has a minimum of $15,000.

Commonwealth Bank says that you can set a spending limit, decrease your limit or apply for an increased limit via the NetBank portal or the CommBank app. Commonwealth Bank reserves the right to reduce your credit at any time, with notice given in writing as soon as practicable, and no notice if you are in default.

How do you close a Commonwealth Bank credit card?

You can close your Commonwealth Bank credit card account at any time using Netbank or the CommBank app.

Your card balance will need to be repaid in full even after the card is closed. You will continue to receive monthly statements until your card balance is fully repaid.

If you are experiencing financial hardship, Commonwealth Bank’s Financial Assistance Solutions team can work with you to try and come up with a solution for your credit card repayments either in the short term (i.e. for a month or two) or longer term.

About Commonwealth Bank

The Commonwealth Bank was established in 1911 by the Australian Government as a national bank for Australia, and opened its first branch in Melbourne in 1912. It was fully privatised in 1996, and today, is one of Australia’s ‘big four’ banks, and the nation’s largest provider of financial services. 

 

This content was reviewed as part of our fact-checking process.

Written by: Alasdair Duncan | Last updated: January 18, 2022