Your credit card needs to fit in with your lifestyle and budget, depending on whether you're at uni, at work or perhaps planning to travel. That's why we have a range of credit cards to suit you, wherever your life's at. Choose from a MasterCard or Visa with or without annual fees, or enrol in our comprehensive Awards program.
Check out our credit card comparison table to see all your options at a glance.
Student Credit Card
Low Rate Credit Card
Perfect if you don't want to pay off your balance in full every month.
Low Fee Credit Card
Perfect if you pay off your balance monthly and want a low annual fee.
No Annual Fee Credit Card
Perfect if you want a card just for emergencies.
Standard Credit Card with Commonwealth Awards
Perfect if you want to be rewarded for using your card.
Gold Credit Card
Perfect if you plan on overseas travel and want the extra benefit of travel insurance (conditions apply) check out our Overseas card use section or our current Credit Card rates now.
As an example if the interest free period is up to 55 days. The actual length in days starts from the beginning of your statement period, not when you make a purchase and always ends on your statement end date.
Credit cards work on a 30 day statement cycle. In the example of up to 55 days' interest free, you would get the 30 days of your statement cycle plus 25 extra days without being charged.
For example, if your credit card balance is $0 at the beginning of the billing period, and you make a purchase on the 15th day of the cycle, you'll have 40 interest-free days (the 15 days left in the statement cycle plus the 25 extra days). But remember, you'll have to pay the closing balance of your next statement in full.
Don't forget
If your credit card bill is not paid in full, you'll be charged interest on your entire balance from the beginning of the statement period. This starts from when your statement is issued, not from when your payment is due, so keep in mind that by the time your statement arrives, the meter's already ticking.
Pros. Cash advances are handy in an emergency, but you'll need to weigh these up with the costs.
Cons. Cash advances immediately attract interest as well as fees. So taking out cash from your credit card can be an expensive way to stretch your budget before payday!
Ask yourself: can you afford it?
Just because you've got a certain credit limit, you don't have to spend right up to it. Just put on your card what you can comfortably afford to pay back each month and keep your good credit rating. Find out more about your credit rating.
If you're a full-time tertiary student, you're entitled to Student Options - fee-free banking including a MasterCard credit card free of annual fees.
Find out more about our Student Options package.
Here's how you could save money and simplify your banking. Transfer the balance of your other (Australian issued) credit cards for only 5.99% p.a. for 5 months on the transferred balance*. Speak to your local branch about how to do this.
Manage your card online
NetBank, our Internet Banking service, allows you to manage your card from your home, work or anywhere with Internet access. You can view transactions, check your card balance, transfer a balance from another card* and switch off paper statements.
For more information or to register for NetBank, click here or call us on 13 2221, 24 hours a day, 7 days a week.
*The interest rate for the balance transfer offer is current as at 30 April 2009 but is subject to change. The balance transfer interest rate converts to the standard variable interest rate for your type of card at the end of 5 months from the date the transfer debit reaches your Commonwealth Bank Credit Card. This offer is only available on other Australian issued credit card accounts. The Bank reserves the right to terminate this offer at any time. Full terms and conditions available on the Balance Transfer application form.
Good credit card habits
Work out a monthly budget and stick to it! Add up what it costs you to live including food, rent, clothes, entertainment, insurance, car maintenance, holidays and presents, so that you know how much you can afford to put on credit.
Write it down. To make sure you don't go over your credit limit, keep track of your purchases and receipts. By keeping records, it's easier to avoid an over the limit fee of $25.
Limit cash advances. A cash advance lets you draw money from your credit card, but it can be costly - you'll be charged interest from the day you withdraw the cash (see 'Cash advances: pros and cons'). You're better off simply using your Keycard to access your own cash through ATMs or EFTPOS.
Pay at least the minimum payment due on your monthly credit card statement by the due date to avoid a late payment fee of $25. If you register with NetBank, you can set up automatic payments (called scheduled transfers) to pay off your account - either the full amount, or the minimum, whichever you choose.
Take advantage of your interest-free period. As long as you've paid off your previous month's balance in full, you get up the interest free period on your purchases. Remember, not paying your balance in full on the due date will mean interest is charged.
Don't miss a monthly payment. Make a note of your payment date in your diary or calendar, or set up a scheduled transfer via NetBank. Missing the minimum monthly payment will result in a late payment fee.
It's your card and you're responsible for paying it off. So never give it to friends to use. And think hard about buying things for your friends or flatmates on your card without getting the money from them upfront!
If you're worried about not being able to pay off your Commonwealth Bank Credit Card if you become sick or injured, consider taking out Credit Card Plus insurance. Information is available from CommInsure or your nearest branch.
Other useful links
Important information.
Applications for credit cards are subject to the Bank's normal credit approval. Full terms and conditions will be included in our Letter of Offer. Other fees and charges apply.