Commonwealth Bank launches low rate credit card

The Commonwealth Bank today announced the launch of a new low interest rate credit card at 10.99 per cent per annum that complements its extensive range of credit card products. The new card is available immediately.

At the same time, the Bank has announced that in addition it has reduced the annual fee on its popular existing standard low annual fee credit card by 20 per cent, from $30 per annum to $24 per annum. This card is particularly popular for those customers who pay their card debt off quickly and do not want a reward scheme.

Hugh Harley, Group Executive Retail Banking, said the new low interest credit card and the reduced annual fee on the standard card were in response to customer requests.

"Different customers have different needs and it’s clear that some customers are looking for a no-frills, competitive low interest rate credit card," Mr Harley said.

The Commonwealth Bank’s new standard low rate credit card offers:

• a low interest rate of just 10.99 per cent per annum;
• an interest free period of up to 55 days;
• a $48 annual fee; and
• full access to all the Commonwealth Bank’s customer contact points and payment facilities, including branches, ATMs and internet and telephone banking.

"We know customers have differing needs - some like to be able to pay their card off immediately whereas others prefer the benefit of a lower interest rate so they can pay it off over time," Mr Harley said.

The Commonwealth Bank now has three standard credit card options, all designed to meet the flexible needs of its customers:

• A competitive low interest rate credit card;
• A lower annual fee card ; and
• A card that offers a full range of Awards.

"Whatever the customer’s need we now offer the complete range of credit cards to ensure there is one to suit every individual’s requirements. We also offer our credit card customers "Commvenience" that is access to Australia’s largest branch, ATM and EFTPOS networks and leading NetBank and telephone banking services," Mr Harley said.

Customers can drop into a branch or call 132221 to discuss their credit card needs with one of our customer service staff. Customers can apply for the new low rate card at www.commbank.com.au

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For further information please contact:

Bryan Fitzgerald,
General Manager Media
Phone: (02) 9378 2663
Mob: 0414 789 649

 

Commonwealth Bank’s suite of credit cards and customer examples

Card	Features		Typical customer
No Interest Free Period	$0 annual fee No interest free period 15.25% No Commonwealth Awards		Designed for people who want an emergency card and only pay for what they use
Standard Credit Card	Low rate standard	$48 annual fee 55 days interest free 10.99% per annum No Commonwealth Awards	Designed for people who are regular users and do not want an awards program
	Low fee standard	$24 annual fee 55 days interest free 16.90% per annum No Commonwealth Awards	Designed for people who have low activity and/or pay their balance off in full each month
	Standard with Awards	$59 annual fee 55 days interest free $17.90% per annum Commonwealth Awards (optional)	Designed for people who want to earn points for everyday awards. Can earn up to 50,000 points per calendar year.
Gold Credit Card		$114 annual fee 17.90% per annum 55 days interest free Commonwealth Awards	Designed for customers who take short or relatively infrequent holidays overseas and want access to a better Awards scheme. As well as: - Insurance cover - Minimum $5,000 limit - Travellers cheques with 0% commission Can earn up to 100,000 points per calendar year
Platinum Credit Card		$200 annual fee 18.40% per annum 55 days interest free Commonwealth Awards	Designed for people who take long or frequent domestic international holidays and want the best bonuses available through the Awards program. As well as: - Insurance cover - Minimum $12,000 limit - Can earn up to 150,000 points per calendar year - Transfer points to Qantas Frequent Flyer points