Commonwealth Bank

The Commonwealth Bank of Australia has extensive initiatives and policies in place to meet the corporate’s commitment to being Australia’s most accessible bank. CommBank offers personal banking, business solutions, institutional banking, company information, and more.

Commonwealth Bank buy now pay later

CommBank AdvancePay

CommBank AdvancePay

Highlights

  • Get access to $300 - $1,000 before your next payday.
  • A single upfront fee depending on the amount you will advance.
  • Apply in just a few minutes.

Pros

  • Advance up to $5,000 (subject to approval).
  • Fees are relative to the amount you will ask for.
  • Simple and quick application process.

Cons

  • 14.90% p.a. will apply to overdrawn accounts.

Commonwealth Bank credit cards

Compare
Commonwealth Bank Awards Credit Card

Commonwealth Bank Awards Credit Card

Highlights

  • Choose to earn CommBank Awards or opt-in to earn Qantas Points for $30 per year. Terms and Conditions apply.
  • Earn 1 Awards point or 0.4 Qantas Points for every dollar spent using your Mastercard.
  • $59 p.a. annual fee.

Pros

  • Earn 1 Awards point or 0.4 Qantas Points for every dollar spent using your Mastercard.
  • 0% for 5 months on balance transfers (reverts to cash advance rate thereafter).
  • Enjoy up to 55 interest-free days on purchases.

Cons

  • $10 p.a. additional cardholder fee applies.
Commonwealth Bank Business Awards Credit Card

Commonwealth Bank Business Awards Credit Card

Highlights

  • Choose to earn CommBank Awards points or opt-in to earn Qantas Points for $30 per year. Terms and Conditions apply.
  • Up to 55 days interest-free on purchases.
  • Earn 1 Awards point for every dollar you spend on your Awards Mastercard.

Pros

  • Choose to earn CommBank Awards points or opt-in to earn Qantas Points for $30 per year. Terms and Conditions apply.
  • Up to 55 days interest-free on purchases.
  • Earn 1 Awards point for every dollar you spend on your Awards Mastercard.

Cons

  • The additional cardholder fee is $75.
Commonwealth Bank Business Platinum Awards Credit Card
Apply by 28 February 2022

Commonwealth Bank Business Platinum Awards Credit Card

Highlights

  • Get 50,000 bonus Qantas Points or 70,000 CommBank Awards points when you apply by 28 February 2022 and spend $4,000 on eligible purchases within 90 days of activation.
  • Earn 1 Awards Point or 0.4 Qantas Points for every dollar spent using your CommBank Awards Mastercard
  • Balance Transfer at 5.99% for 5 months.

Pros

  • Get 50,000 bonus Qantas Points or 70,000 CommBank Awards points when you meet the criteria.
  • Earn 1 Awards Point or 0.4 Qantas Points for every dollar spent using your CommBank Awards Mastercard
  • Balance Transfer at 5.99% for 5 months.

Cons

  • The additional cardholder fee is $75.
Commonwealth Bank Diamond Awards Credit Card

Commonwealth Bank Diamond Awards Credit Card

Highlights

  • Earn up to 1 million points per year or 400,000 Qantas Points per year. Terms and Conditions apply.
  • Spend points on travel, shopping vouchers, merchandise, cashback and much more.
  • Feel secure with the complimentary International Travel Insurance.

Pros

  • Earn up to 1 million points per year or 400,000 Qantas Points per year. Terms and Conditions apply.
  • Spend points on travel, shopping vouchers, merchandise, cashback and much more.
  • Feel secure with the complimentary International Travel Insurance.

Cons

  • The $349 p.a. annual fee is high.
Commonwealth Bank Essentials Credit Card

Commonwealth Bank Essentials Credit Card

Highlights

  • $60 p.a. annual fee (Conditions Apply).
  • Cheap ongoing purchase interest rate of 9.90% p.a.
  • Minimum credit limit of $400.

Pros

  • $60 p.a. annual fee (Conditions Apply).
  • Cheap ongoing purchase interest rate of 9.90% p.a.
  • Minimum credit limit of $400.

Cons

  • There is no introductory balance transfer offer.
Commonwealth Bank Low Fee Credit Card
Apply by 28 February 2022

Commonwealth Bank Low Fee Credit Card

Highlights

  • Get $100 cashback when you apply by 28 February 2022 and spend $1,000 on purchases within 90 days of card activation.
  • No annual fee of $0 p.a. for the first year and $29 p.a. for each subsequent year. Terms and Conditions apply.
  • Up to 55 days interest-free.

Pros

  • Get $100 cashback when you meet the criteria.
  • No annual fee of $0 p.a. for the first year and $29 p.a. for each subsequent year. Terms and Conditions apply.
  • Up to 55 days interest-free.

Cons

  • There are no rewards program on this card.
Commonwealth Bank Low Fee Gold Credit Card
Apply by 28 February 2022

Commonwealth Bank Low Fee Gold Credit Card

Highlights

  • Get $150 cashback when you apply by 28 February 2022 and spend $1,000 on purchases within 90 days of card activation.
  • Enjoy $0 annual fee for the first year and for each subsequent year when you spend $10,000 or more in the previous year.
  • Overseas travel insurance to give you cover for up to 3 months travel.

Pros

  • Get $150 cashback when you meet the criteria.
  • Enjoy $0 annual fee for the first year and for each subsequent year when you spend $10,000 or more in the previous year.
  • Overseas travel insurance to give you cover for up to 3 months travel.

Cons

  • There are no rewards program on this card.
Commonwealth Bank Low Rate Credit Card
Apply by 28 February 2022

Commonwealth Bank Low Rate Credit Card

Highlights

  • Enjoy 0% p.a. on purchases for 16 months. Reverts to low variable interest rate on purchases of 13.24% p.a.
  • $59 p.a. annual fee.
  • Up to 55 days interest free on purchases.

Pros

  • Enjoy 0% p.a. on purchases for 16 months.
  • 0% p.a. for 5 months on balance transfer (reverts to 21.24% p.a.)
  • Up to 55 days interest free on purchases.

Cons

  • There is 3% international transaction fee.
Commonwealth Bank Low Rate Gold Credit Card

Commonwealth Bank Low Rate Gold Credit Card

Highlights

  • Low ongoing purchase interest rate of 13.24% p.a.
  • 0% p.a. for 5 months on balance transfer (reverts to 21.24% p.a.)
  • Up to 55 days interest free on purchases

Pros

  • Low ongoing purchase interest rate of 13.24% p.a.
  • 0% p.a. for 5 months on balance transfer.
  • Includes international travel insurance.

Cons

  • There is 3% international transaction fee.
Commonwealth Bank Platinum Awards Credit Card
Apply by 28 February 2022

Commonwealth Bank Platinum Awards Credit Card

Highlights

  • Get 50,000 bonus Qantas Points or 70,000 CommBank Awards Points when you apply by 28 February 2022 and spend $4,000 on eligible purchases within 90 days of activation.
  • Earn 1 Awards point per $1 spent on purchases.
  • $249 p.a. annual fee.

Pros

  • Get 50,000 bonus Qantas Points or 70,000 CommBank Awards Points when you meet the criteria.
  • Earn 1 Awards point per $1 spent on purchases.
  • Comes with complimentary travel insurance, extended warranty and purchase protection.

Cons

  • The high annual fee of $249 p.a.
CommBank Neo

CommBank Neo

Highlights

  • No interest, no late fees.
  • A choice of three credit limits; $1,000, $2000 or $3,000
  • Simple monthly fee of $12, $18 or $22, based on your credit limit.

Pros

  • No interest, no late fees.
  • No foreign exchange or additional cardholder fees.
  • Cashback benefits for eligible cardholders.

Cons

  • No Awards points for this card.
  • Low credit limits.

Commonwealth Bank investings

CommSec

Highlights

  • Join now and enjoy no monthly account fees. Simply select the account that suits you best and you could be trading with CommSec in as little as 5 minutes.
  • Compare & monitor stocks, get expert stock recommendations, and keep your strategy on track on CommSec's great range of research and trading tools.
  • Offers access to over 25 international markets, with expert stock recommendations to help you manage risk and achieve your financial goals.
CommSec Pocket

CommSec Pocket

Highlights

Invest in ETFs.

Commonwealth Bank money transfer

CommBank International Money Transfer

CommBank International Money Transfer

Highlights

  • Send money overseas starting at just $6.
  • Send an International Money Transfer to more than 200 countries, in over 30 currencies from the NetBank or the CommBank app.
  • When converting funds to USD, GBP, EUR or NZD, CommBank will cover any correspondent bank fees that may apply (Terms and Conditions apply).

Q&As

What products and services do Commonwealth Bank offer?

Today the Commonwealth Bank is one of the 'big four’ Australian banks, a leading provider of integrated financial services including retail banking, business banking, funds management, superannuation, insurance, investment and share trading services. Personal banking products include transaction accounts, savings accounts, demand and term deposits, home loans and personal loans, and credit cards.

CommBank serves business customers with a full range of commercial products including accounts, loans, equipment and trade finance, and agribusiness services. The bank also provides services for corporations, major financial institutions and government bodies including financial market management, underwriting, trade and distribution, equities, payments and transactions, investment management and custody services.

How long have CommBank been in business?

The Commonwealth Bank was established in 1911 under the Commonwealth Bank Act and, unusually for an Australian bank of the time, was empowered to operate both savings and general banking. The bank’s first branch opened its doors in Melbourne in 1912, and also started traded through Australia Post agencies, an arrangement that remains to this day. The bank moved its headquarters to Sydney in 1916, and in 1920 started to take over central bank powers including responsibility for issuing Australian bank notes.

In the 1920s and 30s, Commonwealth Bank continued to expand its role in Australia’s central banking. Emergency legislation introduced during the second world war handed almost all central banking powers to the Commonwealth Bank, and these powers were used to expand the Australian economy after the end of the war. At the end of the 1950s, concerns over their dual role in the central and commercial sectors caused the government to split the bank. The central banking responsibilities were handed to the Reserve Bank of Australia while the Commonwealth Banking Corporation (CBC) continued to operate its commercial functions.

Commonwealth Bank Group diversified into the fields of home insurance and travel during the 1960s and 70s, and in 1974 launched Australia’s first credit card, called Bankcard. The bank later introduced credit cards provided by MasterCard (1984) and Visa (1993). Deregulation and the entry of foreign banks in the mid-1980s was a challenging time for Commonwealth Bank, a period that culminated in the organisation converting from a government-owned body to a fully-privatised company.

In 1991, CommBank merged with State Bank of Victoria to create Australia’s largest domestic bank. The bank introduced Maestro and Cirrus debit card services in 1993, launched an internet site in 1995, followed by a totally online banking service in 1997. Australian Banking and Finance Awards named Commonwealth Bank as Bank of the Decade in 1999, and Best Bank in 1996, 2000, and 2002. In the 21st Century, the Commonwealth Bank has further expanded its Asian and Pacific operations, strengthened its customer base and broadened its role as a diverse financial services institution.

The bank has a shareholder base totalling more than 800,000, has over 1,000 branches across Australia, almost 3,800 Australia Post agencies, 4,100 ATMs, supports 190,000 EFTPOS terminals and has 10 call centre’s answering more than 120 million calls each year.