Commonwealth Bank offers a low interest rate on balance transfers. You can choose to transfer the balance on your other bank issued credit cards to your Commonwealth Bank credit card account to take advantage of the offer. Read on to get the full details on Commonwealth Bank balance transfer.
Balance transfer deals are often a very good idea for many cardholders. It gives them the benefit of consolidating their credit card debt in one place, and offers a respite period from high interest rates. If you have a significant amount of credit balance outstanding, and you are paying a lot of interest to other Australian banks, you should consider a Commonwealth Bank balance transfer.
Get access to the biggest events in entertainment and sports whilst enjoying travel offers and other awesome benefits. Commonwealth Bank Low Rate Gold Card gives you these and more. With it, you can also avail of a low interest rate on purchases of just 13.49% p.a. on purchases and a FREE additional card.
- 13.49% p.a. on purchases
- 5.99% p.a. for 5 months on balance transfers
- $120 ($90 for qualifying customers) annual fee
- 21.74% p.a. on cash advances
Commonwealth Balance Transfer Credit Card Comparison:
| Interest Rate (p.a.) | Balance Transfer Rate (p.a.) | Annual Fee | Cash Advance Rate (p.a.) | |||
|---|---|---|---|---|---|---|
 Commonwealth Bank Low Rate Gold Credit Card |
Save with a low interest rate plus a range of gold benefits including complimentary international travel insurance, extended warranty insurance, purchase security insurance and more. | 13.49% | 5.99% for 5 months | $120 ($90 for qualifying customers) | 21.74% |   |
 Commonwealth Bank Low Fee Credit Card |
An introductory low rate offer on balance transfers and purchases with a low annual fee. | 20.24% | 5.99% for 5 months | $24 ($0 for qualifying customers) | 21.74% | |
Commonwealth Bank Low Fee Credit Card |
You can now shop for less with peace of mind and security using a Commonwealth Bank Low Fee Credit Card. It has enhanced security chip protection that lets you enjoy shopping at low fees and up to 55 days interest free on your purchases without the worries of falling victim to credit card fraud. | 20.24% | 5.99% for 5 months | $24 ($0 for qualifying customers) | 21.74% | |
 Commonwealth Bank Awards Credit Card |
Earn up to 1.5 Awards points per $1 spent with the Commonwealth Bank Awards Credit Card. Get your dream reward faster with Commonwealth Banks great rewards program and earn up to 50,000 points a year! | 20.74% | 5.99% for 5 months | $89 ($59 for qualifying customers) | 21.74% | |
 Commonwealth Bank Gold Awards Credit Card |
Good definitely gets better when you have a Commonwealth Bank Awards Gold Card. Collect up to 125,000 points a year and enjoy privileges such as comprehensive travel insurance, purchase security cover and extended warranty cover. Unleash the jetsetter in you by exchanging your Awards points with Frequent Flyer Points. | 20.74% | 5.99% for 5 months | $144 ($114 for qualifying customers) | 21.74% | |
 Commonwealth Bank Platinum Awards Credit Card |
Commonwealth Bank Awards Platinum Cards brings happiness times three because you can earn 3 Awards points for every $1 spent to help you earn up to 250,000 points per year. As a Platinum cardholder, you have access to unmatched privileges such as 24/7 concierge service, 90 day purchase security cover, extended warranty and other security benefits. | 20.74% | 5.99% for 5 months | $280 ( $250 for qualifying customers) | 21.74% | |
Benefits of balance transfer
- Credit card debt consolidation – When you transfer your balance from other cards into your Commonwealth Bank account you are consolidating all your credit card debt in one place. This translates to immediate savings in annual fees. Instead of paying annual fees on multiple credit cards you pay only one fee.
- Low introductory period interest – Commonwealth Bank balance transfer deals include a low 5.99% interest rate per annum for the first 5 months on the balance you bring across from other cards. If you are paying a lot of interest on any of your other cards this will give you a good opportunity to repay your balance in full within the introductory period.
- Ease of transfer – The whole process of balance transfer is quick and painless, and the bank handles every aspect of the transaction for you. Having all your cards consolidated into one makes it much easier to manage your interest payments and cash flow.
Caveats of balance transfer
If you are considering a Commonwealth Bank balance transfer, keep in mind the following terms and conditions:
- No interest free period – The usual interest free period of 55 days does not apply as long as you have a balance transfer applied on your credit card
- Higher interest at the end of 5 month period – After the introductory period of 5 months, the interest rate charged on your remaining balance will jump from 5.99% to the cash advance rate in effect at that time. Usually this means an interest rate close to 20% p.a.
How to apply
You can apply for a Commonwealth Bank balance transfer in one of the following ways:
- Make an online application.
- Log into Netbank, and click on “transfer a credit card balance” under the Manage Accounts tab. If you’re not a Netbank member you can register for it here.
Before applying for a Commonwealth Bank balance transfer please read the full terms and conditions printed on the form.
Posted on Thursday, April 29th, 2010 at 1:09 am
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