The Commonwealth Bank, one of Australia's Big Four banks, is a major credit card issuer in Australia.
It offers a range of cards, from low rate and low fee options to rewards cards, business and corporate credit cards. Eligible cards also provide access to cashback offers through the complimentary CommBank Yello Cashback Offers program.
Types of Commonwealth Bank credit cards
- Low interest rate credit cards: The CommBank Low Rate Credit Card offers a 13.99% p.a. interest rate for purchases. In comparison, the average standard credit card rate in Australia is currently 20.07% p.a. according to research of Reserve Bank of Australia (RBA) data.
- Low fee credit cards: The CommBank Low Fee Credit Card charges a $3 monthly fee, totalling $36 annually. However, this fee is waived if you spend $300 per month.
- Awards credit cards: CommBank Awards credit cards offer points for eligible spending, including everyday shopping, dining, and travel bookings. Points can be redeemed for rewards such as travel, cashback, and purchases with Myer and Flight Centre. You can also transfer points to partnered frequent flyer programs, including Velocity Frequent Flyer and Emirates Skywards.
- Earning Qantas Points: With CommBank Smart Awards or Ultimate Awards credit cards, you can opt to earn Qantas Points instead of CommBank Awards points. This option costs $60 annually, and you must provide your Qantas Frequent Flyer membership details. Points are then automatically transferred to your frequent flyer account at regular intervals.
- No interest credit card: The CommBank Neo Card charges no interest. Instead, it has a monthly fee of $15, $20, or $25 based on your credit limit. If you don't use the card or carry a balance, the monthly fee is waived. It also provides access to CommBank Yello Cashback Offers and can be used anywhere Mastercard is accepted.
- Small business credit cards: CommBank offers a range of credit cards for small businesses and corporate credit cards, including low rate, interest-free days, and Awards options. The CommBank Neo Business Card charges no interest and instead has a monthly fee.
Benefits of Commonwealth Bank credit cards
- CommBank Yello cashback offers: This complimentary loyalty program is available to anyone over 18 with the CommBank app and an eligible Mastercard credit or debit card. It provides cashback offers through the CommBank app, with a tracking tool to monitor your cashback earnings. Offers are personalised, but examples include spending $50 at Caltex to get $5 back or spending $100 at Myer to get $15 back. Cashback is credited within 5–14 business days upon meeting the offer requirements.
- CommBank app: The app allows you to check account details and lock, block, and limit transactions. It also displays CommBank Yello Cashback Offers and other account information.
- Mobile contactless payments: Commonwealth Bank credit cards support cardless payments with eligible smartphones and devices, including fitness trackers. Supported services include Apple Pay, Google Pay, Samsung Pay, Fitbit Pay and Garmin Pay.
- Included travel insurance: New CommBank Smart Awards or Ultimate Awards credit cards provide access to international travel insurance provided by Cover-More on behalf of Zurich Australian Insurance Ltd. Emergency medical cover is included automatically when requirements are met, and additional cover can be activated through the CommBank app before travelling.
