Commonwealth Bank Low Fee MasterCard Is The No Fee & Low Fee Credit Card
May 31st, 2010
Commonwealth Bank Low Fee MasterCard has no annual fees for eligible customers. This credit card offers standard benefits and very low costs. Read on to find out if this is the right card for you.
Commonwealth Bank Low Fee Mastercard
With the Commonwealth Bank Low Fee Mastercard, if you are a qualifying customer you will not pay any annual fee for that year.
- $24 ($0 for qualifying customers) annual fee
- 20.24% p.a. on purchases
- 5.99% p.a. for 5 months on balance transfers
- Cash Advance Rate of 21.74% p.a.
- 55 days interest free
Read the Commonwealth Bank Low Fee Credit Card terms and conditions.
Commonwealth Bank is one of the largest banks in Australia, and one of the most respected financial institutions in the country. Included in their very diverse range of financial products and services are the credit card deals. The Commonwealth Bank Low Fee MasterCard also belongs to that range, and offers some special benefits at very low costs. As you can guess from the name, the card is issued in conjunction with MasterCard, therefore it carries the same level of security and worldwide acceptance that is shared by all MasterCard issues.
No Annual Fee
This credit card has no annual fee for eligible customers who maintain the terms and conditions of usage. Here are the conditions that have to be met in order to avail the no annual fee offer:
- If the applicant is an existing customer of the bank, or is a new customer who meets the credit criteria, AND
- The cardholder spends at least $1000 with the card
An applicable bank loan or other account will also suffice for the first condition. If the first condition (being a customer of Commonwealth Bank) is not met, but the cardholder spends more than $1000 on the card, then the annual fee will be a low $24 instead of zero. If, however, none of the conditions are met then the applicable annual fee is $78.
Other Features
Apart from the no annual fee offer, the Commonwealth Bank Low Fee MasterCard features the following benefits:
- Low interest rate balance transfer for the first months, for any balance transferred from another Australian card.
- Up to 55 days interest free on purchases – Note that the interest free period will not apply if a balance transfer deal is in progress.
- Additional cardholder at no extra cost – Cardholders can add another family member to the same account, and enjoy all the benefits for the same low fees.
- MasterCard PayPass – This is a relatively new technology implemented in MasterCard chips, which allows the cardholder to pay for goods totalling less than $100 by a simple tap in front of the checkout machine. PayPass enabled machine readers will display the MasterCard PayPass logo at the front. This convenient option greatly reduces the hassle of entering your PIN or signing for small ticket items.
All in all, the Commonwealth Bank Low Fee MasterCard presents a well balanced entry level credit card. If you are an existing customer you can save on annual fees altogether, while enjoying all the above-mentioned benefits of the card.
Editors Choice: Featured Credit Card Deals
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual fee | Cash Advance Rate (p.a.) | ||
|---|---|---|---|---|---|
 Westpac 55 Day Credit Card | 0% for 5 months (reverts to 19.59% ) | 3.99% for 6 months | $0 | 21.49% |
|
 Citibank Clear Platinum Card | 11.99% | 2.9% for 12 months | $99 | 21.74% |
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