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.

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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.

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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.”