Commonwealth Bank credit cards: Low Fee Card or No Annual Fee Card?
7 March 2008
For budget credit card usage, the Commonwealth bank offers two optimal cards - the Commonwealth Bank Low Fee Card and the Commonwealth Bank No Annual Fee Card. Both provide savings for people who don';t use a credit card often, but which is likely to save you more?
The Commonwealth Bank Low Fee Card offers a 19.39% p.a. purchase rate and 55 interest free days for a very low annual fee of $24. For a consumer who will use their credit card for the occasional purchase or to make online transactions easier, this card is an excellent choice. With a generous amount of interest free time to repay your balance, it is a convenient budget option.
The Commonwealth Bank No Annual Fee Card appears at first glance to offer a better deal than the Commonwealth Bank Low Fee Card. Its purchase rate is only 17.99% p.a. and it has no annual fee to speak of. As the balance transfer rate on both cards is 5.99% for five months, it looks to have the advantage. Unfortunately, there are no interest free days on purchases with the Commonwealth Bank No Annual Fee Card, making your savings a gamble on whether you can conveniently and promptly repay your balance each time you use the card.
For the average consumer, the Commonwealth Bank Low Fee Card is more likely to provide long term savings than the Commonwealth Bank No Annual Fee Card. With up to 55 days interest free on purchases, it is easily possible that you will only pay $24 extra each year for the benefit of a credit card.
Please note that it is not necessary to have a bank account with a credit card provider in order to have use of one of their credit cards. You may merely have a credit card affiliation with an institution if you desire.
For more information on Commonwealth Bank credit card products, please visit our dedicated page.
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