Sounds like a pretty good deal!
Deal extended from 31 October 2016 to 31 January 2017.
Apply for a new Low Rate or Low Rate Gold credit card before 31 January 2017 and if you spend $500 by 31 March 2017 we'll give you $250 cash back. Plus, we'll waive the annual fee for the first year. Conditions apply*
i reckon? i had to replace mine, and i got this new crappy one. i miss my black card..
They must have been staring at a corrugated tin roof for ages
Here's hoping they have a change of heart when they update them using MasterCard's new logo.
It's special pattern designed by a team of corporate psychologists. Looking at it makes you constantly dissatisfied with the things you posses.
CBA's card designs have always been the absolute crappest. It's like they've never thought of engaging a graphic designer.
Yeah most of their cards suck but the old design of the gold card was pretty nice. Almost wish I hadn't chopped the damn thing up now (especially since I am still using it on PayPal anyway).
https://www.commbank.com.au/content/dam/commbank/blueprint-c…
On seeing the new design, I absolutely will not be ordering a replacement.
https://www.commbank.com.au/content/dam/commbank/assets/pers…
It is so ugly that it makes me think twice about purchases. I am embarrassed to carry it in my wallet.
Does it matter if you have previously applied for the card in a previous offer? I have cancelled the card since then.
Is this really how credit ratings work in Australia? (It's certainly not how it works in the United States, where I used to live.)
no issues if you can close the balance at the end of every month and have no interest charged
Everyone on Ozbargain does this.
That would count as an enquiry correct? It's not unusual for businesses to view these negatively and have you fail a credit check. I used to work for an electricity company and we saw it all the time.
Ive worked in the home lending scoring departments of several banks (not anymore). Most banks design their own home lending scorecard.
I believe that if you had no defaults in your history and the only issue was that you applied for too many credit cards the worst thing that would probably happen is that your loan might not auto approve and the lender would have to provide the risk department an explanation for this anomaly. However if your home loan is borderline (tight servicing / security) this may be more of an issue.
Credit cards however probably have more simplistic scoring mechanism and I wouldnt think it was out of the realm of possibility for them to decline you outright based on the number of applications you have made in the past x months.
This is really useful, thanks.
Would pensioner with no credit history who owns their home outright be eligible for one of these? I believe that the entitlements are about $320p/w
Offer excludes applications made in-branch or by telephone, all existing cards, Corporate and Business Liability cards, upgrades and switches from other card types and is not available to customers who currently hold, or have held, any personal Low Rate, Low Rate Gold or Interest Free Days Business (personal liability) credit card in the 12 months prior to 10 October 2016.
Says so right there. No dice.
Last offer they refunded me the annual fee. So that was nice of them.
Great deal for those who haven't done this yet.
Refund the annual fee? Do you mean that last offer they haven't waive the first year annual fee, so you can argue for it with this new offer?
It's the same deal as last time. When I called to cancel, they said we'll refund your annual fee. I would ask politely, but I wouldn't argue if they say no.
My understanding is that every time you apply for a finance it is listed as a "credit enquiry" on your credit report regardless of the outcome of the application.
Not necessarily a bad thing but definitely can be a factor in whether you have lines of credit approved, I guess different institutions have their own risk appetite
Any luck whinging on the phone to them that umpteen different providers have no yearly fees?
Redacted
can i sign up for this card, spend 500 dollars, wait for cashback, and cancel within my first year?
"Your $250 cash back will be credited to your account within 60 days of spending $500."
yup
thats the ozbargain way
yup, recently cancelled mine although I kept it for around 10 months ;)
yup and easily done with groceries and fuel over a month
Does this do anything to your credit rating?
Also would like to know, thinking of signing up just to get the free money then cancel.
Works well if you spend the $500 at the start of the statement period so that the $250 is credited before your statement arrives, leaving you to pay only the remaining $250.
Ohhhh… I could buy $500 worth of giftcards and get $250 back. HMM… very tempting!!
I'd be careful with that. It may be considered to be a cash advance depending on the type of gift card, as it's a transfer of currency.
Woolies giftcard via Cashrewards - that should be ok (I think) :D :D
If you buy $500 worth of gift cards, at 5.5% CashRewards, you'll only hit $472.50
So instead buy $529.10 worth and you'll hit $500 instantly. 😎
if anyone can confirm that this method works then that would be gold!
It works for me when I got mine during the last offer, but not the amount I mentioned as I spent about $300 on something else. Also, I managed to cancel the card and they actually waived the fees.
@darthsparrow: I thought Cashrewards wasn't actually a cashback but a credit into your account that you can have paid out directly into your bank account?
@lostn:
It usually is… but:
https://www.cashrewards.com.au/woolworths-gift-cards
The 5.00% discount is automatically applied at checkout when you purchase. This is not a cashback offer.
This is a nice deal!
To be eligible for the $250 cashback, you need to spend $500 on eligible purchases using your new card by 31 December 2016 (includes BPAY transactions, payments to the ATO but excludes balance transfers, cash advances and any purchase or transaction that is subsequently reversed or refunded).
Nice, $500 is easy to hit when you have a tax debt.
looks good, though I may have had a low rate card in the past.
all I hear is buy a ps4 and few games get it half price
Which is what I did the last time this offer came around.
I've applied for a CommBank CC card late last year for one of those deals with Qantas points but never heard from them. Never receive the card, info etc, after I applied.
They must have screwup my application somewhere and I didn't bother rang them.
Wonder if I can still eligible for this.
Never had a credit card before, if I just spend the 500, get the cash back, never use it for anything else and cancel in a few months is there any change to my credit rating or consequences, or like, anything?
My understanding is a credit check will show the outstanding credit balance against your name (so if you have three $5k min balance credit cards, you have potential debt of $15k against your name). By cancelling the card, you negate this balance, although I'm not sure if agencies like VEDA track card cancellations. If you're soon to go for a big loan like a home mortgage, you may not want to risk applying for needless cards.
In short, I've never heard of anyone having a problem from too many credit cards, but I'm sure the stories are out there.
Cool so I'm hearing my RM WIlliams will be 50% off? 21 and in Melbourne so home loan not likely to happen in my lifetime :P
21 and in Melbourne so home loan not likely to happen in my lifetime
Why not?
As someone in Sydney, I could only dream of having those cheap Melbourne prices!
@TheDavey:
Perth checking in here, hi guys! :D
(Owner selling the place I'm in for 600K.. damn rentals.
@tranqme Mostly joking, complaining about house prices is just what us uni students do. While simultaneously buying $500 boots of course.
Sickening. Nice and easy application through NetBank too.
Nice offer, but as I hold an existing credit card I am not eligible.
Does it apply for only low rate GOLD?
No, it applies to the Low Rate and the Low Rate Gold.
Seems to be both best i can tell?
That is what I thought at first. But if you read the note at the top.
"Apply online for a new Low Rate Gold credit card by 31 October 2016 and if you spend $500 by 31 December 2016 we'll give you $250 cash back. Plus, we'll waive the annual fee for the first year. Conditions apply."
But it contradicts itself in the T&C's in point 1. The $250 cashback and $0 annual fee for the first year offer applies to new personal Low Rate, Low Rate Gold and Interest Free Days Business Credit Cards.
Yeah i saw that too but if you click the other card then it says differently on the banner.
Surely the CBA cant get Ozbargained??
Sorry! We're unable to find the page you were looking for due to a technical problem."
Firefox was the problem!
Anyone know the min credit limit allowed on the card?
EDIT: Found it. $500 and $4k for the respective cards.
WTF happened to the card designs? Even the awards cards have gone from reasonable looking to poo. This is grounds for changing my banking institution!
Even my flybuys card looks better now :(
The award cards look terrible
They've basically got the same blank cards now :(
Saw somebody post on their fb page saying it looks like corrugated cardboard… Couldn't agree more tbh.
might or might not have been niggard
Just got a Diamond upgrade on my Mortgage Advantage package and the cards look rubbish with the new design
So the cash goes back onto the card then? So after you spend the required $500, it then takes 60 days to get it, but you'd of had to pay the amount off it in that time.
If you only spend the minimum of $500 and then stop using the card, can you then transfer the cash off the card to another bank? I don't have any accounts with Commonwealth, so if I couldn't transfer the cash off it it would be a bit of a pain as I keep all my spend on my main card (just to keep track of it all better).
No it is credited to the card account, so you'll need to spend it with the card. At a minimum you'll need to do $750 of purchases with this card before closing it.
You could just withdraw the $250 from the ATM and cancel the card. The account would be in credit so no cash advance.
That would work with them as it wouldn't be a cash advance if the card is in positive balance? Interesting. Never wanted to try that out on a CC before!
Yep. They don't charge anything to withdraw from an ATM but any money you do withdraw is counted as a cash advance and starts getting charged interest immediately but as the account is in credit, no interest to pay.
@hamole: That makes perfect sense! Might be worthwhile getting the card then, cheers for the info there hamole.
most banks charge a cash advance fee even if its in credit
closed my stgeorge account 15 years ago for that exact reason and even when closing the account they wanted to charge me a cash advance fee
but it was all ok to transfer it to another account
well thats great but your teller just closed my savings account so i no longer have another account with you nor will i again
1) Can I just apply for the card and spend $500
2) Then, wait for the $250 cash back and withdraw $250 from the ATM.
3) Cancel the card after that ?
And my total spending would be only $250?
1) Can I just apply for the card and spend $500
2) Then, wait for the $250 cash back and withdraw $250 from the ATM.
3) Cancel the card after that ?
And my total spending would be only $250?
ahh a few months too early - i did the cricket credit card last dec so im guessing that counts as a low rate card
Unethical to say this on OzB, so sit by and wait for the Neg train to arrive!
Let's be honest with ourselves, no one is actually here for a new card, people are here on OzB to take advantage of the deal. If I should delete my comment, let me know, but tbh it didn't think it was that unreasonable.
If only you could buy something from CBA…
Lol yeah, we're here to take advantage of the deal, but not to the extent where you try and make a return! lol
Yeah poor banks, because we know how ethical THEY are to us. Seriously, they're offering - like a lot of other corporations - these deals not out of the goodness of their hearts, but out of their own self-interest. Perhaps more people taking advantage of these offers will help keep our ultra-profitable banks a little more honest. I say go for it. It's a little different if we're talking about an honest retailer or an otherwise ethical organisation. Just be sure to read all the conditions so you don't for a trap and get yourself in a pickle.
And because the only response to unethical bank practices is to behave unethically yourself? I think that’s just a cop out so you can go on self justifying ill behaviour.
My take on this is to find something you actually need to spend that cost $500+, register, pay for it with the card and come up on top with a $250 discount, everybody wins.
It’s ozbargain, not ozripoff.
@avexdevil: Whats unethical? The only part of what I wrote above which is unethical, is taking advantage of Bunnings' return policy. But when you think about it, holding a few large sets of cobalt drill bits for a couple months, which are then returned in original sealed condition effects no-one.
Tbh, I couldn't care less if I'm 'ripping off a bank' by exploiting their cash back deal. You're not breaking any laws, you're just not doing what the banks don't want you to do.
The only thing which could be considered 'unethical' to the CBA is signing up for the cash back, with no intention to use their product. Lets be honest, that is probably 90%+ of all people reading this thread. Most people have cards already, they don't need a new one and they're happy with their current banking solution.
The bank doesn't care how you spend the $500. Someone who takes advantage of this deal (with no intention to keep their account), WHETHER OR NOT they are legitimately purchasing something with the value of $500, are just as 'unethical'.
i'm not targeting the method per se. I was only replying to wardrop's insinuation that relative to how 'unethical' the banks are, it's therefore OK to justify exploiting the cashback offer, is a flawed ideology. I hate to be THAT guy, but economically speaking, these bank offers on a large scale - are not meant to benefit only the individual, but the wider businesses out there through consumer discretionary expenditure. There's a reason why the government opted for small business rebates rather than individual GST rebates - the latter does not stimulate the economy as effectively.
@avexdevil: Quality response, I like it. I understand how one legitimately purchasing $500 worth of goods will stimulate the economy to a greater extent than one returning goods to Bunnings for the $250 profit. The good old multiplier effect amiright. But surely this isn't CBA's goal, they're not the RBA they're just a business like everyone else, so everyone who cancels their account straight after receiving the cashback is equally 'unethical' towards the CBA, however they spent (or didn't spend) the $500. But yes economically, it would be more ethical to actually buy stuff with that $500, rather than keeping it in your savings.
BTW, I'm not planning on doing any of this, I already applied for the card and got declined. So no dodgy deals for me. :/
@avexdevil:
Stimulating the economy is probably not a good idea and in any case it is a responsibility of the government not the individual.
@Boshait: We have record low interest rates and high unemployment. Stimulating the economy is just what we need right now. But yes, this is the government and RBA's job not ours. I doubt the "CBA cashback deal" is going to make headlines for bringing Australia out of the downturn. When considering the whole economy, its a pretty insignificant thing.
More like, the government is responsible for policies that encourage individuals and businesses to stimulate the economy. For policies to be seen on the ground? Still the job of the people.
I don't see why not provided Bunnings will refund you for change of mind 2 months after purchase.
I'd probably check up on their return policy first, but I don't think there is a time-frame for returns so yeah should work.
Very unlikely. Costco, however…
You sir are a genius!
WTF is with the new card design?