Commonwealth Bank of Australia has unveiled its plans to roll out a new credit card with an interest rate less than 10%, offering its customers more control options and easy to manage solutions.

The single digit interest rate card, which has been designed to give customers more visibility and control over their personal finances, will be available from early 2018.

Go deeper with GlobalData

Premium Insights

The gold standard of business intelligence.

Find out more

Applicable interest on the credit card would be 9.90% along with a low account keeping fee of only AUD5 per month.

Besides receiving real-time alerts for credit card repayments and high value transactions, the cardholders will get notification on overdrawn account.

The bank will offer instalment payment feature to its cardholder using which they can pay down existing balances or large purchases, in easy fixed instalments.

Cardholders will be able to lock, block and limit transaction on their card which includes ATM withdrawals and overseas spending.

How well do you really know your competitors?

Access the most comprehensive Company Profiles on the market, powered by GlobalData. Save hours of research. Gain competitive edge.

Company Profile – free sample

Thank you!

Your download email will arrive shortly

Not ready to buy yet? Download a free sample

We are confident about the unique quality of our Company Profiles. However, we want you to make the most beneficial decision for your business, so we offer a free sample that you can download by submitting the below form

By GlobalData
Visit our Privacy Policy for more information about our services, how we may use, process and share your personal data, including information of your rights in respect of your personal data and how you can unsubscribe from future marketing communications. Our services are intended for corporate subscribers and you warrant that the email address submitted is your corporate email address.

Additionally, each credit card transaction is categorised automatically in the CommBank App, allowing customers to see where they are spending and compare expenditure across months.

Commonwealth Bank executive general manager Clive van Horen said: “We’ve heard feedback from customers and consumer groups and understand there’s a need to offer a greater range of affordable and easy to manage products.

“We know there’s strong demand for a simple credit card option and we also recognise we need to help our customers avoid credit card late payment and overdrawn account fees. The real-time alerts in our CommBank App give customers even more tools to help manage their spending and avoid fees and charges.”