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Commonwealth Bank Low Rate Credit Card - $250 Cashback ($500 Spend, $59 Annual Fee, $191 net CB)

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Commonwealth Bank Low Rate Credit Card - $250 Cashback ($500 Spend, $59 Annual Fee, $191 net CB)
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babiguling on 20/04/2016 - 10:50 commbank.com.au (3291 clicks)
Last edited 20/04/2016 - 11:13

It's back to $250 Cashback after they reduced the cashback to $150 few months ago.

Apply for a new Low Rate credit card by 30 June 2016.

Spend $500 on eligible purchases by 31 July 2016 using your new card.

Your $250 cash back will be credited to your account within 60 days of spending $500 on eligible purchases (includes BPAY transactions and payments to the ATO but excludes balance transfers and cash advances) .

Please note this offer is not availbale to customers who currently hold or have held, any CommBank Low Rate Business (personal liability) and/or personal Low Rate or Low Rate Gold credit card in the last 12 months.

Financial Cashback Credit Card

Related Stores

Commonwealth Bank
Commonwealth Bank

closed Comments

    • blighst on 20/04/2016 - 11:08
      +2

      Assuming you spend $500 in a year this is $191 profit.

        • wildstone on 20/04/2016 - 12:22
          +20

          If you are spending that $500 in 3 months anyway in other types (cash, credit card etc).

          $500 / 3 = $166.67 per month = roughly $50 per week (less than that actually, more like $40).

          Surely you spend $50 per week on fast food, super market, petrol etc. Spend it using this card for 3 months.

          In 3 months time, you get $250 back. Take out the annual fee, you effectively have $191 in pocket for what you would have otherwise be doing anyway without the credit card.

          Man… do you really need everything to be spelled out for you? Now, hand out your OzB membership and leave this place.

        • dazweeja on 20/04/2016 - 12:27
          +3

          I reached $500 easily just by paying my bills via BPAY. I made no changes to my spending habits yet had $191 more in my account than if I'd paid using other means. It was really quite mysterious.

        • 50cent on 20/04/2016 - 12:49
          +3

          @wildstone: dont worry he is either a retard or a troll !!

        • coolsteps on 20/04/2016 - 13:37

          @dazweeja: not sure a bpay are counted as cash advance by cba ? also i dont think you earn points on their rewards for doing bpays?

        • dazweeja on 20/04/2016 - 15:48

          @coolsteps:

          They are only treated as cash advances for billers that don't accept credit card payments through BPAY, eg. if you tried to pay off your credit card with another credit card using BPAY. You can check first if you're in doubt but all my utilities accept credit cards through BPAY:

          https://www.bpay.com.au/Personal/Find-Biller-codes-or-Financ…

          There's no rewards program for this card so not really relevant. On my ANZ Platinum, I do earn rewards for BPAY payments (ATO might be an exception, I don't know). I earn a lot of my points paying bills.

  • bargainhunter8888 on 20/04/2016 - 11:10
    +3

    $250 CR - $59 DR = $191 profit
    The $500 spend is a DR but you'll get back $500 CR in goods and services so it will net out to be zero

    • blighst on 20/04/2016 - 11:57

      To be really technical unless you were already going to spend the $500, it will net out to a slight loss as the Goods and Services aren't liquid but still a net profit

  • AMLagonda on 20/04/2016 - 11:25
    +2

    I dont care if they gave me money there would be no way in "@@@@" I would use this bank.

    • r0xz on 20/04/2016 - 11:31
      +1

      Why?

    • mrjrdmc on 20/04/2016 - 11:41
      +27

      which bank?

    • RocketSwitch on 20/04/2016 - 13:18
      +1

      Why?

    • justcallmeboss on 20/04/2016 - 19:35
      +1

      Why?

    • montorola on 20/04/2016 - 19:51
      +1

      Why?

    • Dollarsandsense on 20/04/2016 - 20:05

      I see what you've done there, if they gave you the money first there would be no need to sign up..

    • Xeirt on 21/04/2016 - 01:10
      +1

      Why?

    • cDNA on 23/04/2016 - 10:10

      the white slavers of australian banking

  • Jac10 on 20/04/2016 - 11:38

    What are the eligible purchases?

    • babiguling on 20/04/2016 - 11:44
      +2

      You can use to purchase your daily grocery needs, transport/MYKI pass/fuel, paying bill, buy phones, renew your insurance/rego etc, mate
      $167/month is an easy amount to spend as you have 3 months to spend.

    • ilikeradiohead on 20/04/2016 - 13:05

      I think pretty much anything but not stuff like cash advances.

  • Longtimelistener on 20/04/2016 - 11:50
    +3

    i took up a similar offer with CommBank last year (https://www.ozbargain.com.au/node/217937) and can confirm the cashback was received. I cancelled the card after receiving the cashback they even refunded the annual fee! Potential, but no guarantee, $250 profit.

    • Utopian on 20/04/2016 - 12:00

      So it's a good deal?

      • hamwhisperer on 20/04/2016 - 12:03

        IF you're approved.

      • Longtimelistener on 20/04/2016 - 12:18

        I think it's a good deal and would sign up if eligible.

    • thaihoangaus on 20/04/2016 - 12:33
      -1

      Get the refund and cancel the credit card? I dont really think its good for your credit rating, there is always a catch

      • Longtimelistener on 20/04/2016 - 13:00
        +1

        I'm no expert, but my understanding is credit rating is negativey impacted by applications and of course any defaults on repayments, but not cancellations. Anyone shed light on this?

        • hibijibis on 20/04/2016 - 13:05

          why would number of applications affect your credit rating? if you rich why cant you have 10 credit cards? should only matter the number declined i would think. could always request your credit rating and see whats on it?

        • Utopian on 20/04/2016 - 13:33
          +1

          @hibijibis: It doesn't look healthy when you're running-around asking everyone for credit in a short period. Getting the max, and moving-on to more from others.

          Normally, you would have an arrangement or two with a couple of providers.

        • ninetyNineCents on 20/04/2016 - 14:26

          @hibijibis:

          I dont know this for a fact, but im just guessing and making what i think are smart assumptions.

          Banks want to make money at minimum risk. THe fact you have lots of cards doesnt mean you are a risk. If you always pay balances, are never late then the more cards and the more transactions you have this takes out the guess work from said banks. They know you have money, they know you spend it, and they know you pay them back. Thats precisely what they want. If i was a bank i would want that type of customer over someone i had no records of, eg someone with basically no credit history..

          They are businesses, its not personal its about making safe bets and making money.

        • spiff on 20/04/2016 - 17:40

          @ninetyNineCents: I know this for a fact, that your credit rating goes a long way in determining whether you get accepted or not. They don't dig into details of your repayment history as only defaults would impact negatively on your rating. What you would do if you were a bank is irrelevant to what they actually do. They also have to abide by APRA guidelines when it comes to issuing credit.

          But hey don't take my word for it, try applying for 4 credit cards in 6 months and see what happens :)

        • spiff on 20/04/2016 - 17:45

          Cancellations do affect your credit rating, especially if you only had the card for a short period of time. Having a long term credit card with a good repayment history reflects well, whereas having short term "open and shut" credit cards doesn't look as good.

          I suggest keeping any credit cards that you've had open for a while, and only close the accounts which incur an annual fee. Unless you are about to apply for a mortgage/loan, in which case reduce your credit limit to the lowest practical amount for you.

          Side note to this deal, if you have the MAV mortgage package with CBA then don't forget that you can have one credit card annual fee waived.

        • ninetyNineCents on 20/04/2016 - 18:04

          @spiff:

          I have applied for about 10 cards, in the past year, quite a few have been platinums, and many at the same time. ANy time a deal with lots of points comes up i apply and i have never ha d a problem. Im also not the only one as many people often use the same strategy of applying, doing the minimum to grab the rewards and cancelling. I stand by what i said, if you always pay on time, and nobody reports you to the shared ratings provider, you will be fine.

        • spiff on 20/04/2016 - 18:15

          @ninetyNineCents: Have you gotten a credit report from a credit rating agency? If not, always good to have a look just to be in the know. I've seen that sometimes credit card applications wont make it onto your history. I'm also one who took advantage of the bonus points deals, applying for 4 credit cards in 6 months and watched my credit rating decline rapidly over this period. Took 12-15 months of no activity to get it back to where it was before!

        • ninetyNineCents on 21/04/2016 - 13:45

          @spiff:

          Ive never bothered to get a report, but then again i only recently applied for a virgin money and one of the extra america cards in the past month or two and they both gave them to me.

          I think your assumptions are irrational and my claims that as long as you pay everyone is happy make perfect sense.

  • hamwhisperer on 20/04/2016 - 12:03
    +1

    I went in on this last time, don't mess with them if your financials aren't in order. AMEX approved me for 17k card without a hassle, these guys wouldn't approve me with over $200k in the bank in cash. (simply due to no income)

    I've never been declined a card before, but I imagine it ain't good for my credit.

    • Chumpmaster on 20/04/2016 - 13:55

      It's regulated credit, banks nowadays assess on your ability to payback debt on certain income, not how much money you have in the bank account.

      • hamwhisperer on 20/04/2016 - 14:05

        I told AMEX I have 75k a year (I have no job) and they didn't even check, bang 17k card.
        (never paid a cent interest tho)

        • Chumpmaster on 20/04/2016 - 14:25
          -1

          I probably wouldn't compare the lending requirements of amex (or any store cards) to that of a banks. Big four banks makes you jump through hoops if you don't have a history with them

        • hamwhisperer on 20/04/2016 - 14:38

          @Chumpmaster: I know your previous post, you said doesn't matter how much but dude, I'm liquid, literally liquid over 200k - with a god damned flawless credit record.
          I admit I was gonna 'scam' CBA by cancelling but god damn those guys will give any moron a loan for an investment property but I can't get a credit card?

          Still pissed, wonder if it damaged my credit, it's been flawless for 20 years (I've paid 9$ interest in my whole life)

  • bargdebarg on 20/04/2016 - 12:11

    Anyone know if PayPal is eligible for the cash back? Cheers

  • rockman117 on 20/04/2016 - 12:24
    +2

    Love this deal. easiest $191 ever. ill get my brother to open one too

    • WhyAmICommenting on 20/04/2016 - 13:02

      Maybe time for the wife to get one, thanks for the idea!

  • bargainhereicome on 20/04/2016 - 12:24

    So no rewards points or Any other benefits for this credit cards by the look?

    • hamwhisperer on 20/04/2016 - 12:36
      +12

      This deal isn't about keeping the card, it's about 'scamming' Commonwealth out of being stupidly generous, they are hoping you keep the card with a nasty fee and go into debt giving them interest.
      If you OzBargain it and just get the card, pay it on time, fullfill the obligations of the promotion, you get your $191 and cancel it - profiting. Just a bit of paperwork and messing around.

      Worth it if you've got time, income.

      • Bunnyburger on 20/04/2016 - 12:58
        +6

        I wouldn't call it scamming either, hard to scam a bank when they've got the actuaries, lawyers and economists on their side.

  • thydzik on 20/04/2016 - 12:29
    +1

    applied, given my last credit card was the Platinum Awards credit card

  • digitalaxon on 20/04/2016 - 13:02
    +2

    CBA can take this card and put it somewhere anatomically incompatible.

    I've had nothing but issues dealing with CBA after my credit card (Mastercard) was fraudulently used last month.

    Lack of proper processes = unhappy customer and I'll be taking it up with them in person at a branch once the dust settles.

  • ssx on 20/04/2016 - 13:07

    I'm still waiting on my cashback from the last $250 promotion

    • dazweeja on 20/04/2016 - 13:24

      I just sent them a message through Netbank saying I'd met the criteria and the money appeared a couple of days later.

  • coolsteps on 20/04/2016 - 13:47
    +3

    agreed nothing but troubles with cba. they approved a personal application in jan but now say it was in error and want more docs but never sent card out just statements and the annual fee to pay. now applied for a biz one a day before they raised the promo from $150 to $250 cashback got approved with no financials. wonder if and when i get card and call up if they will register it for the $150 or the $250 cash back offer or tell me to close it and have to reapply for the new $250 promo offer? they a bunch of nitwits. tip if you have an abn apply for the business one which doesnt have an annual fee but if think the minimum credit limit is 6k for the biz card?

    • magic8ballgag on 20/04/2016 - 14:07
      -1

      Sounds like you're a bit upset you applied for the business card too early and are now blaming CBA for your regretful decision.

  • jabroni on 20/04/2016 - 14:05

    damnit still have to wait 12 months from the last $250 promotion

  • Peck on 20/04/2016 - 14:10
    +1

    CBA is definitely bad to deal with. Last time that I applied online, I had to follow it up with a visit to the bank for ID, whereas others do it online. If you have the time, and patience, then go for it. Credit applications DO affect your credit score, and so I will wait for better deals.

    • salbee28 on 20/04/2016 - 14:33
      +1

      See lots of people have been saying they've had bad experiences, but I have banked with them for almost 20 years & never had a single problem I couldn't get sorted almost immediately by calling or failing that, going into a branch. I guess it really does vary from person to person.

  • Eeples on 20/04/2016 - 14:27

    I would assume after you get the cashback, and pay off your card, when applying to cancel your card that if you request a pro-rated refund of the $59 fee for having the card… You would receive it.

  • mccaj09 on 20/04/2016 - 15:17

    I've never had a credit card before, being a uni student havent need one. Commbank says i am approved for one but just hesitant to take one out. Would appreciate any advice if i should go through with it or not. BTW I am going to Europe at the end of the year and so i was thinking maybe pay my airfares with the credit card then transfer money from my everyday account right away, would i get the cashback if I did this?

    • babiguling on 20/04/2016 - 15:22
      +2

      You should go through with it, IF only you have self-control with your spending and able to pay the owing amount on time every time (when you receive your credit card statement). I suggest that you always pay the owing amount in full, not the minimum. else you'd be charged for interest.
      Close the account once you received the cashback, else you'd be charged another $59 for the next 12 months cycle.

      • mccaj09 on 20/04/2016 - 15:25

        Thanks mate, I've decided I'll go through with it. Have enough in savings to cover airfares to Europe already so will pay using CC then transfer money into the CC account to avoid interest and like you said cancel after receiving the cash back

        • dazweeja on 21/04/2016 - 10:13

          I have always had 3-4 credit cards and haven't paid a cent in interest in 10 years. On top of that I get reward points, complementary travel insurance, and with ANZ Platinum, you get car rental excess reduction too. It's all gravy.

          … having said that, when I was in my early twenties I had about $6000 in credit card debt and was in a cycle of transferring the balance between cards every 6 months, and also paying $20-30 interest every month which felt like such a terrible waste of money at the time. Just make it an absolute priority to pay off your credit card in full every month so it doesn't get away on you and you'll be fine. It's a good feeling "winning" against the banks :)

  • onlyletters on 20/04/2016 - 16:24

    $250 CR - $59 DR = $191 profit

    you might net the profit but you should assess if a black mark on your credit history is worth it.

    its unclear how long you need to continue using the account before you are in the clear.

    • flangeflange on 03/05/2016 - 12:00

      how does that give you a black mark against your credit history if you pay off the card?

      • onlyletters on 04/05/2016 - 00:49

        banks have conditions in their terms that you never read, and most of the time it states that you need to have the account open for >= 12 months.

        • flangeflange on 04/05/2016 - 16:41

          Does this one though, or are you just speculating without having actually read the T & C's?

        • onlyletters on 05/05/2016 - 13:00

          @mikeyeggwhites: so ive heard. yes

  • JetBombat on 20/04/2016 - 19:18

    Had horrible experience last time I applied to CBA, they "lost" my docs 5 times. Tend to think they were doing it on purpose. Must've known I am from OZB. Never again gonna go with that bank for anything or recommend it to anyone.

    • montorola on 20/04/2016 - 19:54

      So did they get it on the sixth go?

      Must've thought you'd keep playing the game so they gave in first lol

      • JetBombat on 20/04/2016 - 21:28

        Gave up on them after complaints officer provided some bullshit reply without even trying to offer any solution.

  • HardQuiz on 20/04/2016 - 20:31

    And now….

    https://www.ozbargain.com.au/node/244295

  • chav on 20/04/2016 - 21:20

    Nice one guys, been lurking for a while benefiting from various bargins and this deal finally pushed me into registering to say thanks.. Applied today, all done online including apparently successful upload of payslips. Will let you know if it's seamless or traumatic.

    • chav on 24/04/2016 - 09:09

      Applied Wednesday, email acknowledgement immediate. Another email received Friday advising accepted and card to be posted.

      • chav on 28/04/2016 - 16:58

        Got the card in the post today (Thursday 28th) process seemed fairly smooth

        • chav on 28/06/2016 - 05:51
          +1

          Cashback received today 28 th June, no prompting necessary.

        • darthsparrow on 03/07/2016 - 10:48

          @chav: have not gotten mine yet :(

    • CyberMurning on 28/04/2016 - 17:03

      Do you have any other account with cba, and did they call your place of work to verify?

      • chav on 28/04/2016 - 17:07

        No never had an account of any kind with CBA, only other checks were online driving licence VIC and upload of 2x payslips online..

  • rf123 on 21/04/2016 - 01:36

    What are the income requirements and eligibility?

  • Slothme on 24/04/2016 - 10:09

    For those thinking about howto spend 500$ in 3 months.. Just buy gift cards like coles,woollies… And you have time to buy stuff..

    • chav on 28/04/2016 - 17:16

      Good idea, although just given the card to the wife to "fill up the car" so expect >5K debt shortly. But serious question, do you think a gift card purchase would be treated as a material purchase or a cash type purchase - don't want to get hit with charges.

      • CyberMurning on 28/04/2016 - 20:59
        +1

        I used online chat to ask about gift cards purchases, answer was fine, eligible.
        Completed mine and uploaded docs. Only ask for $1500 limit.

  • CyberMurning on 25/04/2016 - 20:09

    For people never have cba credit card previously, when applying this would they call your place of employment ie your hr or manager to verify? Of just recent payslips are enough?

    • chav on 28/04/2016 - 17:00
      +1

      2x recent payslips were enough for me

  • haitim01 on 27/04/2016 - 11:30

    Can you buy something privately, but pay through paypal using this CC and this will be considered an eligible purchase? Or do you have to buy things from a storefront?

  • wellzi on 29/04/2016 - 12:30

    I applied yesterday. This is an awesome deal! Yes, overall $DR since you have to spend $500… But c'mon, who doesn't have $500 in living expenses over a 3 month period.

  • thydzik on 05/06/2016 - 23:24

    received the first statement.

    halfway through the 60 days.

  • giventofly on 08/06/2016 - 17:07

    I'm thinking about buying a Pixel C with the 25% off developer code and this deal - should take the 64GB variant to:

    Tablet RRP - Google Discount - Cashback + Fee =
    829-207.25-250+59=430.75

  • thydzik on 29/06/2016 - 13:48

    received my $250 cash back.

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