Editor'sFEATURES SUMMARY
- Annual fee: $0
- Purchase rate: 19.24% p.a.
- Cash Advance rate: 20.74% p.a.
- Balance Transfer rate: 5.99% p.a. first 5 months (20.74% p.a.)
- Interest-free days: Up to 55
- Extras:
- Apply online
- Phone/Internet banking
- Secure Internet Shopping
- MasterCard Applause service
- Enhanced security chip protection
The Commonwealth Student card is a credit card with application and approval criteria created especially for students, along with a number of other features which make it the Editors Choice for the #1 student credit card on The Credit Card Guide.
The interest rate for purchases on this bank credit card is 19.24% p.a.*, and 20.74% p.a.* for cash advances. While the interest rate on this student credit card is not exactly low, there is no annual fee for the duration of your studies.
Not to mention up to 55 days interest free on purchases*, so it could be a very affordable card if you need it for those little cash emergencies that pop up every now and then and are pretty well organised with your repayments.
If you already have a credit card and/or store cards you can make things a little bit easier for yourself by transferring your balance to the Commonwealth Student credit card and pay just 5.99% p.a. in interest for the first five months*.
After that time it will increase to the cash advance rate of 19.99% p.a.. While the introductory rate is good, it doesn’t last so if a good balance transfer rate is high on your list of priorities it would be best to look elsewhere.
Commonwealth’s Student credit card is a MasterCard so it also gives you access to MasterCard’s Applause service which gets you all sorts of discounts and benefits at entertainment events.
When your time as a student is over your card will change to a Commonwealth Low Annual Fee credit card with an annual fee of just $24. If you think that a credit card from Commonwealth is not quite what you need, Commonwealth also offers a MasterCard debit card as an alternative.
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[...] advance rate, the Westpac student credit card comes off second best to our first place getter (the Commonwealth student credit card) thanks to its annual fee and the omission of balance [...]