The Commonwealth Bank of Australia (CBA) Low Fee card is exactly what it’s title describe it as a basic credit card with low (or no) annual fee. This is a no-frills solution for anyone who wants a decent card with a reasonable interest rate.
Highlights of the CBA Low Fee Card
- 55 interest free days
- 20.24% p.a. p.a on purchases and 21.74% p.a. on cash advances.
- $24 ($0 for qualifying customers) annual fee
- $0 annual fee for qualifying accounts
- 5.99% p.a. for 5 months interest rate on transferred balances
- Free supplemental card
- Enhanced security chip protection
- Secure Internet shopping
The Commonwealth Bank Low Fee Card only costs $24 ($0 for qualifying customers) to own but it can very easily cost you nothing at all. Here’s how:
If you spend over $1,000 a year, your annual fee drops down to $0. This isn’t an introductory waiver or a promotional rate that’s the rule for the entire time you own the Commonwealth Bank Low Fee Card. Couple that with the 55 interest free days, and you never have to pay a cent in interest or fees.
Aside from being a very low cost card, the CBA Low Fee card also offers a 5.99% p.a. for 5 months interest rate on balance transfers, making it attractive card for debt consolidation. You also get a free supplemental card that can be used by a family member. The enhanced security features also make it safe for online shopping or swiping in store.
There are also some optional features that are available on the Commonwealth Bank Low Fee card. Secure Sentinel helps you if you ever lose your wallet, keys, phone or passport by automatically cancelling all of your cards and giving you an emergency $1,000 cash advance. Meanwhile, Card Repayment Cover from CreditCard Plus can help you with your card payments if you are ever out of work.
Bottom-line: The CBA Low Fee card is a low cost option for people who want a simple, affordable credit card. In spite of its stripped down features, it comes with some valuable protections and conveniences. With the option to pay $0 in annual fees, this is a great entry level card.
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