What is credit card interest?
Last updated 28 October 2016
Credit card interest is a charge for borrowing money through your credit card account. All credit card accounts charge interest on different types of transactions.
The main interest rate is the purchase interest rate, which is charged on purchases you make with your credit card.
Cash advance interest is charged when you withdraw cash or transfer funds from your credit card account, as well as when you make cash equivalent transactions such as gambling and money transfers.
Balance transfer interest is charged when you transfer a balance from another bank’s credit card or a store card to your CommBank credit card for a set period of time.
Great rate interest is when we agree on a reduced rate charged on eligible purchases of $1,000 or more for a set period of time.
All of our credit cards, other than a Business Low Rate card, come with up to 55 days interest free on purchases. This means you will not be charged any interest on purchases if you pay the total amount owing on your statement by the due date each month. Find out more about our interest-free period.