Commonwealth Bank Credit Card: Making the Most of Your Finances

When it comes to managing your finances, having the right credit card can make a significant difference. Commonwealth Bank offers a range of credit card tailored to different needs, each with its own set of benefits and features. Whether you are looking for low fees, rewards, or interest-free periods, there’s a Commonwealth Bank credit card that’s right for you.

Exploring the Card Options

Commonwealth Bank credit card present a variety of options, including interest-free, low-rate, low-fee, and awards cards. Let’s take a closer look at each of these options and what they have to offer:

1. Low Fee Credit Card: $250 Cashback Offer

For those seeking a low-cost solution with added benefits, the Low Fee credit card could be the right choice. By applying for this card and spending $1,000 on purchases within 90 days of activation, you’ll receive a $250 cashback reward.

At a Glance:

• No annual fee for the first year and subsequent years if you spend $1,000 (changing to $0 monthly fee when you spend $300 per month from 25 August 2023)
• 19.74% p.a. purchase interest rate
• Minimum credit limit of $500

While While this card doesn’t offer rewards points or international travel insurance, it’s a great option for those who prioritize minimal fees and cashback rewards.

2. Low Rate Credit Card: 0% Interest Offers

If you are planning on making large purchases and need some breathing room to pay them off, the Low Rate credit card might be the solution you’re looking for. With a 0% p.a. interest rate on purchases for 12 months, coupled with a $250 cashback reward, this card offers flexibility.

At a Glance:

• 0% p.a. on purchases for 12 months
• $59 annual fee (changing to $6 per month from 25 August 2023)
• Minimum credit limit of $500

While rewards points and international travel insurance aren’t included, this card is ideal for those who want to avoid interest charges for a specific period.

3. Awards Credit Card: Earn 50,000 CommBank Awards Points

For the rewards enthusiast, the Awards credit card is a contender. Apply for this card to earn 50,000 CommBank Awards points, making it an appealing option for those who value rewards.

At a Glance:

• Earn 1 Awards point or 0.4 Qantas Points6 for every dollar spent (changing to 1 Awards point for every $1 spent, up to $2,000 in a statement period; after spending $2,000, the rate changes to 0.5 Awards point per $1 spent from 25 August 2023)
• Earn up to 50,000 Awards points or 20,000 Qantas Points a year (this will change to unlimited Awards points per year, with no expiry on points earned from 25 August 2023)
• $59 annual fee (changing to $8 per month from 25 August 2023)
• 20.24% p.a. purchase interest rate
• Minimum credit limit of $500

While the rewards are appealing, it’s important to note that this card comes with a higher annual fee and interest rates compared to some other options.

4. Smart Awards Credit Card: Earn 80,000 CommBank Awards Points or 50,000 Qantas Points

For those who want more from their credit card, the Smart Awards credit card offers a comprehensive rewards package along with valuable perks.

At a Glance:

• Points Boost: Earn up to 2 Bonus Points per $1 spent on eligible purchases, up to 1,000 Bonus Points3
• Earn up to 1.5 Awards points for every dollar spent up to and including $5,000 in a statement period on eligible purchases3
• No monthly fee if you spend at least $2,000 during your statement period (otherwise the monthly fee is $19)
• Pay no international transaction fees for overseas or online purchases
• Earn unlimited Awards points each year
• Access to over 1,300 airport lounges worldwide with Mastercard Travel Pass provided by DragonPass with your Smart Awards credit card7
• 20.24% p.a. purchase interest rate
• Minimum credit limit of $3,000

This card is perfect for those who want to earn rewards on their spending and enjoy travel benefits.

5. Ultimate Awards Credit Card: Earn 100,000 CommBank Awards Points or 70,000 Qantas Points

If you are looking for a credit card that offers premium rewards and benefits, the Ultimate Awards credit card is worth considering.

At a Glance:

• Earn up to 3 Awards points for every dollar spent using your Mastercard® up to $10,000 in a statement period3
• No monthly fee if you spend $2,500 in your statement period (from 25 August 2023, you’ll need to spend at least $4,000 in your statement period to qualify for no monthly fee for that month)
• Pay no international transaction fees for overseas or online purchases
• Earn unlimited Awards points each year
• 20.24% p.a. purchase interest rate
• Minimum credit limit of $6,000

This card is designed for those who want exceptional rewards and benefits, but it’s important to note the trade-offs, including higher interest rates.

Making an Informed Choice

Choosing the right credit card requires careful consideration of your financial habits and priorities. Whether you’re focused on cashback rewards, low fees, or rewards points, the Commonwealth Bank credit cards offer options to suit your needs. Remember to weigh the benefits against the trade-offs to find the card that aligns with your financial goals.

Commonwealth Bank credit card provide a diverse range of options, allowing you to select the card that complements your financial objectives. By understanding the features, benefits, and potential drawbacks of each card, you can make a well-informed decision that supports your financial well-being.

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