There are some simple and effective ways that you can minimise, and in some instances avoid, paying fees and charges on your credit card account.
- Balance and payment reminders
- Take advantage of AutoPay
- Know and stay within your approved credit card limit
- Use a credit card with an interest-free period
- Avoid overlimit fees by opting out
- Combine multiple card accounts
- Ensure you make your minimum credit card payment
- Use cash advances only when necessary
You can make sure that you never miss a credit card payment by setting up a payment reminder in NetBank or by calling us on 13 2221. You will then receive an SMS or email 5 days before your credit card is due, making it simple to manage your repayments.
You can also choose to receive an email balance alert on your credit card account weekly, fortnightly or monthly. To get started, click on the ‘Set up alerts’ button below. Once you’re on the Message preferences page in NetBank, click on the ‘Account alerts’ tab to set up a payment reminder.
Not registered for NetBank? Register online now.
To avoid a late payment fee, you can set up a monthly direct debit to make payments to your Commonwealth Bank credit card using AutoPay. You can choose to pay your minimum monthly payment, a set monthly amount, or the closing balance on your previous credit card statement.
For accounts opened on or after 1 July 2012, we will notify you if you exceed your credit limit (but will only do that once in any statement period).
For accounts opened before 1 July 2012, exceeding (or further exceeding) your approved credit card limit attracts an Overlimit Fee of $10. You can avoid this fee by ensuring you stay within your approved limit each statement period.
If you find you’re regularly spending close to or over your limit, you may want to consider a change to your limit.
You can apply for a credit limit increase (or decrease) in NetBank, by calling us, or visiting your local branch.
Use a credit card with an interest-free period
Using a credit card with an interest-free period instead of regularly paying for items with your transaction account can help reduce excess transaction fees. All you need to do is pay the whole credit card balance by the due date. By taking advantage of the interest-free period like this, you’ll save on interest repayments.
Avoid overlimit fees by opting out
If you don't want your card to be able to go over its limit or be charged overlimit fees (if your card was opened before 1 July 2012), you can opt-out of being able to spend more than your limit.
If you do opt out, when you try to make a purchase that exceeds your credit limit, you will be declined at the point of sale.
To opt out, call 13 2221 and we'll arrange it for you. You can also consider setting a spending cap through NetBank or the CommBank app to cap a portion of your credit limit.
Combine multiple card accounts
If you have more than one credit card account and you don’t use them, you may want to consider combining your accounts into one. It could help you save on fees and interest charges.
Ensure you make your minimum credit card payment
By paying your minimum credit card payment by the due date, you will avoid paying a late payment fee of $20. You can avoid late fees by setting up AutoPay.
Use cash advances only when necessary
When you use your credit card to withdraw cash, interest is calculated from the day you make the withdrawal. You may also be charged a fee for the withdrawal. To minimise your charges, make sure you avoid using non-Commonwealth Bank ATMs.