What's changing?

From 1 December 2018, we’re making changes to simplify the way we calculate credit card interest and assess interest-free periods for CommBank personal credit cards and Business Awards credit cards.

These changes are in line with Australian government reforms to interest-free period calculations.

The changes will apply to purchases made in statement periods starting from December 2018.

Depending on how you use your credit card, this means you may pay less interest.

What this means for you

These changes will affect customers differently depending on the way you use and repay your credit card.

If each month you pay your closing balance in full by the due date

We won’t charge you any interest on purchases. The changes will not impact you if you continue to pay in full each month.

If you miss paying your closing balance in full by the due date

We’ll only charge interest on the unpaid purchase balance from the day after the due date, up until you repay your amount owing in full. This means that you may pay less interest as we used to charge interest from the date of the purchase, until you paid it off.

If each month you do not pay your closing balance in full

You will continue to pay interest in the same way you do today. These changes will only affect you if you wish to regain your interest-free period.

If you want to regain your interest-free period on purchases

If you missed paying your closing balance in full or usually do not pay your closing balance in full each month, we are simplifying the ways you can qualify for an interest-free period. You can either:

  • Pay your entire outstanding account balance in full and you will get interest-free on all new purchases starting from that day [your account balance is available on NetBank and the CommBank App or by contacting us]. Please note: sometimes we don’t receive payments in time to process them the same day as you make them, for instance when you transfer from another bank, which may affect this.
  • Pay your closing balance in full by the next due date and you will get interest-free on new purchases in your next statement period. This is also shown as your total amount owing on your credit card statement.

When paying via either of these ways, remember to pay your closing balance in full by the due date each month so you can continue to receive interest-free on purchases.

If you open a new credit card account

You get a fresh start with interest-free on purchases when you open a new credit card account. This means your purchases will be interest-free at least until your first due date.


For more information about how credit card interest is calculated today, as well as more information about how interest-free periods work refer to A Question of Interest.