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Commonwealth Bank Low Rate Mastercard Offer - $300 Cashback after Spend $1000 within 90 Days ($59 Annual Fee)

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Commonwealth Bank Low Rate Mastercard Offer - $300 Cashback after Spend $1000 within 90 Days ($59 Annual Fee)
Go to Deal
Lelux on 01/11/2017 - 09:53 commbank.com.au (3487 clicks)
Last edited 01/11/2017 - 09:55 by 1 other user

—- copy and paste from CBA website —-

Credit cards
$300 cashback. Nicely played.
Apply for a new Low Rate Mastercard by 4 February 2018 and spend $1,000 within 90 days of activating your card to get $300 cashback.

Please note this offer is not available to customers who currently hold, or have held, any personal Low Rate, Low Rate Gold and/or Low Rate Business Credit Cards (personal liability) types in the 12 months prior to 1 November 2017.

Get $300 cashback with a new Low Rate credit card in 3 easy steps

Apply for a new Low Rate, Low Rate Gold or Low Rate Business credit card by 4 February 2018
Spend $1,000 on eligible purchases within 90 days of activating your new card.
That’s it. Your $300 cashback will be credited to your account within 60 days of spending $1,000.

Financial Cashback Credit Card

Related Stores

Commonwealth Bank
Commonwealth Bank

closed Comments

  • krisspy on 01/11/2017 - 10:13
    +1

    Will this have a negative impact on your credit rating? Like constantly signing up to these cards and cancelling after 1 year.

    • novicenow on 01/11/2017 - 10:19
      +2

      Contrary to what most people may tell you, I’m pretty sure it does. If you were to create a free account with CreditSavvy for example, you would see that this gets recorded on your credit file as an enquiry for credit, and also probably that your score reduces in the subsequent month. From what I’ve read, these enquires for credit are kept on file for about 5 (or 7) years, and when you close an account it does NOT get reported though, so your score would NOT increase when you closed a credit account.

      Read up before opening these temporary accounts for the sake of a few hundred dollars.

      • CyberMurning on 01/11/2017 - 10:24
        +8

        " you close an account it does NOT get reported though"
        what a crap unfair law/practice - they should be fair. adding and removing accordingly.

        but my score does increase.
        if not, most people here at ozb will have negative now after years and years applying and closing credit cards.

        so yeah it is a mystery on how the system works.
        also there are more than 1 credit rating provider (two biggest ones and probably few smalls)

        so CBA might use provider X and dont see anything under your name, but NAB might use provider Y and see a lot!
        government need to take control and regulate this whole credit rating, i believe.

        any ozb can give insider information, if they worked for one credit rating agency / cc team in a bank before?

        • novicenow on 01/11/2017 - 10:42

          Well then I must be extremely unlucky as my score has never increased. It’s only ever gone down :(

          Edit: A score may also increase if the % of credit you use is below a certain limit based on all the available credit you have. It’s rather confusing. Bottom line is I’ve never seen an increase for myself.

        • peterpeterpumpkin on 01/11/2017 - 11:21
          +2

          @novicenow: Yeah that's why they call it the "sucker score". They actually want suckers that have money but are bad with money.

          From the bank's perspective, a person applying for multiple credit cards in quick succession is either gaming the system or getting ready for bankruptcy.

        • Shopaholicdesi on 01/11/2017 - 11:55
          +1

          @novicenow: I have seen my credit score increased when I was overseas for more than 3 months with full balance. (Not sure if the score increases when you do not use any credit cards at all).

        • Nousernamehere on 01/11/2017 - 12:21

          @Lorindor: Way to quote out of context.

        • magic8ballgag on 01/11/2017 - 12:23

          @Porthos:

          Apologies, I'll remove my comment.

        • novicenow on 01/11/2017 - 14:17

          @Shopaholicdesi: Maybe it does because your credit usage is 0% in this case?

      • Carpe Diem on 01/11/2017 - 10:44
        +2

        "and also probably that your score reduces in the subsequent month" - Not entirely true. It's all relative to your history as whole. If you have multiple credit applications then this will probably have a detrimental impact. However, you want your credit history to have some data on there. An empty credit report is a far higher risk than one with a few applications.

        • novicenow on 01/11/2017 - 10:47

          Yes you’re probably right. This whole credit score calculation isn’t easy to pin down. I’ve tried analysing my own and the only direct correlation I’ve seen is a credit enquiry causing a decrease. Again, this is just my personal experience. But as you (and others) have said, many factors go into this.

    • keithality on 01/11/2017 - 11:56
      +5

      Hey Krisspy, this post might be of interest - https://www.themoneyhackers.com.au/how-many-credit-cards-can…

      Tldr;
      A greater number of enquiries tend to be looked at unfavourably by lenders. A large number of enquiries in a short amount of time is even more unfavourable. This can give them the impression that you don’t know how to manage your money and are scrambling to apply for credit to cover your debts, which makes you high risk in their eyes.

      Credit enquiries stay on your file for 5 years.

    • explosion on 01/11/2017 - 14:21
      +1

      I don't think it will reduce your credit ratings. I have opened and closed around 5+ cards from last three years every year..no issues, still credit savvy showing good credit ratings and banks giving new cards. 5+ balance transfer and brought home recently..
      Note you still giving them 1000+ business and may keep it for more..
      bank risk vs new account…

    • Duram on 01/11/2017 - 14:43
      +4

      Why do people care about their credit rating? when it comes time to get a real loan as long as you have a deposit and can show you don't owe anything on these cards who cares. Worst thing that can happen is you might get rejected for the next set of CC deals.

      • OldBugger on 01/11/2017 - 18:58

        I too would be interested to hear from those who confirmed their credit rating or past credit card applications had affected their approval for loans or credit cards.

        Maybe I should start a thread on this… right after I have another cuppa.

    • payless69 on 01/11/2017 - 21:48

      they are not allowed to but will try anyway! Scream at them I helped me!

  • Kavoth on 01/11/2017 - 10:14
    +2

    Ohhhhh La la…

    Might use this for an iPhone 8 for the misses, + TRS from my trip to Japan, Zing sounds like a Bargain! should be around $600.
    Disclaimer: I'm an Android man myself, but you know…. girls and iphones man…

    • CyberMurning on 01/11/2017 - 10:25
      +7

      careful there… she might angry you pick ip 8 not X.
      iphone 6,7,8 very similar appearances.

      you know, girls and appearances…

      • malouphix on 01/11/2017 - 11:16
        +1

        Don't get her an iPhone X, treat them mean and keep them keen.

        Plus the X is an overpriced item, more so than a regular iPhone.

        • promethbastard on 01/11/2017 - 11:24
          +1

          The repair costs are pretty shocking too.

        • malouphix on 01/11/2017 - 11:39

          @promethbastard: Yeah, a new low high by Apple.

          I admit I'm an Apple hardware, software fan and of their ecosystem.
          Work supplies me with my addiction (iPhone 6 and work Mac) pair this with gifts (Apple Watch) and a Macbook Pro I bought in 2012 which I use daily and it all works well and wonderfully together. but there's no way I'd spend $1,000+ on a phone for myself.

          I do see Apple's share price will drop due to the prices and lack of real innovation since Jobs left the planet.

          I'm also a Microsoft user so I know my way around Microsoft's systems like the back of my hand

        • CyberMurning on 01/11/2017 - 11:43
          +1

          "Plus the X is an overpriced item, more so than a regular iPhone."

          AGREE !!!
          wife is an overpriced item, more so than a regular girlfriend.

        • malouphix on 01/11/2017 - 11:44

          @dragonindespair: Depends on the girlfriend!
          I've had some shockers.

        • CyberMurning on 01/11/2017 - 12:02

          @malouphix: you lucky enough to got some.. some doesnt have many :(

        • Daabido on 01/11/2017 - 14:15
          +1

          @dragonindespair: Don't despair Dragon. You can always rent.

  • mr chow on 01/11/2017 - 10:15
    +1

    Any problems if we opened an account, receive the cashback than closed account?

    • nahkk on 01/11/2017 - 10:25
      +2

      I did that last time on this offer. No trouble. You can close the card from the mobile app.

    • CyberMurning on 01/11/2017 - 10:26
      +1

      no problem at all

    • magic8ballgag on 01/11/2017 - 12:21
      -1

      Define problems - as mentioned by other members above, applying for credit cards, then cancelling them after a short period, will go on your credit history.

      • mr chow on 01/11/2017 - 12:28

        That wouldn't be a problem if you have a good credit history. I have heaps of credit cards that I do not pay interest as I pay the balance on time. Why would it matter if one you apply and cancel a credit card. In fact its probably a good thing they keep track of it to and stop people who can't afford to get a credit card. Screw it, I'm taking advantage of this while it last. Not like I'm going to be worried if they won't issue me a credit card because I keep creating new ones.

        • CyberMurning on 01/11/2017 - 14:28

          why have heaps, close them all and wait for new promo like this to re-open.
          well maybe keep 1 visa 1 amex which has zero annual fee that should be enough

        • mr chow on 01/11/2017 - 15:38

          @dragonindespair: Balance Transfers at 0% taking my time while the cash is in the bank offsetting with the mortgage. But yeah I am cancelling a whole bunch of them.

        • CyberMurning on 01/11/2017 - 15:52

          @joeyhoey19: you talking about citibank, right? only citi can give cheque to self. i got few as well but no more recently.

        • nadan on 01/11/2017 - 15:58

          It affects your good credit history, I went from very good to below average or whatever it was called within the space of 12 months. During this time I had applied and closed 8 or so credit cards.
          So, it certainly affects your rating and I am only back to good level after a few years. Despite not owing a cent on these cards and paying the balance of mostly straight away.

        • tomclancy on 01/11/2017 - 20:15
          +1

          @nadan:

          Despite not owing a cent on these cards and paying the balance of mostly straight away.

          …aaaaaand there it is. There is a good chance your score went down because of the few defaults, not the number of applications.

        • nadan on 01/11/2017 - 20:58

          @tomclancy:
          There has never been a default, I meant paying the balance off before the due date.

        • tomclancy on 01/11/2017 - 22:57

          @nadan: I'm a bit confused. If you don't make payment of the minimum 2% (or more) by the statement date it is automatically recorded as a blight on your credit history. Even if it's 1 day late.

          Did that ever happen to you?

        • nadan on 01/11/2017 - 23:30

          @tomclancy:
          I am saying that I have paid the balance straight away or at most a few weeks later, all paid off well before the minimum amount or full balance due.

        • tomclancy on 02/11/2017 - 10:32

          @nadan: Oh I see. Sorry about that confusion.

        • F1Maniac on 03/11/2017 - 02:41

          @nadan: i have had this problem before too, too many applications in a short period… its a really hopeless way of calculating credit rating, so what if one applies for 3 cc's if they earn over 100k and have 100k in bank account?

  • hamwhisperer on 01/11/2017 - 10:35
    +2

    These #$%C are quite picky, I was unemployed but put self employed down and provided evidence of over $200,000 in my bank account and they turned me down for one.
    (about 18 months back)

    • live4bargain on 01/11/2017 - 10:42
      +1

      I had a similar problem at other banks.
      None of them cared at all how much money I had in the bank, just whether at that very moment I applied did I have a job.

    • j4ck on 01/11/2017 - 10:54
      +1

      Yeah, I've only had one application rejected and it was for a CBA low-rate card (in 2016). I appealed the rejection and got told to re-apply, which I did. The application got approved and I received the card… only to have it disabled before I could even use it! The whole thing was a giant mess, and I decided I wouldn't use CBA for anything in the future.

      A week later, I applied for the ANZ Travel Rewards card and got it approved without any issues… ¯\_(ツ)_/¯

      • hamwhisperer on 01/11/2017 - 11:17

        I might be wrong - 2016 might be right. I don't care if it impacts my credit because I (imagine) my credit is otherwise impeccable.

        None the less, I wasn't impressed, I wanted the $500 or whatever it was.

      • xiaozaocha on 01/11/2017 - 16:00
        +1

        I had similar issues 2 years ago.

        First they asked me for my inward bank transaction evidence, and then they send me the card before I reply.

        I can not activated the card and made a few calls to CBA and finally got the answer that I still need to provide that evidence.

        Same conclusion: will not apply for their product any more(unless they have huge offer haha)

      • brongz on 01/11/2017 - 22:29

        tried twice at cba applying for low rate cc. rejected for silly reason, i never have saving acc with cba before; although my payment slip showed more than what they required. until now i stayed away from cba

    • j24bauer on 01/11/2017 - 13:52
      +3

      The bank won't care about $200k sitting in an account unless you let them lock it up as security, they only care about serviceability.

    • niknah on 01/11/2017 - 15:55
      +1

      People with too much cash are no use to them.
      The best customers for them are the people who can't pay their debts and have to pay interest.

      I previously applied as a self employed but didn't get anywhere, then I applied as working for my own business and got it.

    • AssociatedBaghern @ Commonwealth Bank on 01/11/2017 - 23:02

      "self employed"
      That's your problem right there.

      I know some one who owns there place and earns 150k - self employed, can't get a loan for an investment property

  • WaywardOne on 01/11/2017 - 10:58

    So I assume if you applied for this https://www.ozbargain.com.au/node/305021 you would be ineligible?

  • Titan84 on 01/11/2017 - 11:19

    how strict are they with the 'cannot have had an account in the last 12 months' rule? i cancelled my last low rate card in july waiting for the next offer

    • CyberMurning on 01/11/2017 - 12:03
      +1

      of course very strict. july 2017? then dont bother to apply this

  • johndoe789 on 01/11/2017 - 11:25

    Please note this offer is not available to customers who currently hold, or have held, any personal Low Rate, Low Rate Gold and/or Low Rate Business Credit Cards (personal liability) types in the 12 months prior to 1 November 2017.

    So technically if you cancelled your card before November 2016 you should be fine at applying this card

  • coxymla on 01/11/2017 - 11:32

    Sorry!

    We're unable to find the page you were looking for due to a technical problem.

  • Uykhuong on 01/11/2017 - 11:56

    Hi,

    On my account, I receive the offer of the low fee credit card which the annual fee will be waived if I spend at least $1000.

    Will the annual fee be waived if we spend $1000 annually with this offer as well?

    Thanks

    • CyberMurning on 01/11/2017 - 12:04
      +1

      no need to worry about that, just cancel after you get the bonus. no one smart willing to pay annual fee, especially for this kind of card without special benefit/features

      there are other fee free annual fee cards

      • RyanMK on 01/11/2017 - 12:40

        So just to confirm, if one cancels before a year, you don't pay the annual fee?

        • CyberMurning on 01/11/2017 - 12:51
          +1

          For this one, I believe you have to pay. Sorry I was thinking of fee free for the first year cards.

        • drose1 on 01/11/2017 - 15:01

          @dragonindespair:
          does the annual fee get applied when you sign up for the card and not at the end of the year?

  • baron33 on 01/11/2017 - 12:11

    Last year the promotion was spending 500 and get 250 back, plus no annual fee, much better than this year

    • Gavman on 01/11/2017 - 12:18

      ANZ have that now I think. $99 fee though. Ouch

      • baron33 on 01/11/2017 - 12:26

        Thanks, I did apply for ANZ last year for the same promotion around the same time (Oct / Nov)

        The promotion was the same but again, plus no annual fee >_<

  • Tgb on 01/11/2017 - 12:23

    Is bpay considered an "eligible expense"? Can't seem to find any guidance on the linked commbank page

    • CyberMurning on 01/11/2017 - 12:28
      +1

      each bank different, westpac has the clause says no bpay is not, but nab says alright bpay is fine.
      so, ask before spend

    • AssociatedBaghern @ Commonwealth Bank on 01/11/2017 - 23:04

      CBA was the first major bank to remove bpay as an eligible payment method, no rewards points too.

      Im only aware of ANZ allowing bpay

  • stemcell on 01/11/2017 - 12:25
    +1

    Annual fee, no thanks. I'm sure they make enough off the ridiculous interest they charge to dismiss the annual fee.

    • Gavman on 01/11/2017 - 12:39
      +8

      Still $241 cash back

  • Gavman on 01/11/2017 - 12:35

    Does eligible purchases include online, eBay and international as well?

    • CyberMurning on 01/11/2017 - 12:51

      I don't see why not? Those are what most people will be spending on

  • Cupid Stunt on 01/11/2017 - 13:52

    Same, same, but different https://imgur.com/a/gFMwr

  • Zaenille on 01/11/2017 - 14:00

    Hmm, getcreditscore of 480ish, creditsimple score of 550ish, and creditsavvy score of 635ish.

    I've been rejected the Qantas Premier card 2 months ago despite working in a full-time job in my current company for two years now and meeting the income requirements. I wonder if I'll be ready to apply again?

    • CyberMurning on 01/11/2017 - 14:30

      mine: getcredit 543 good, but creditsavvy 814 excellent~!

      • Zaenille on 01/11/2017 - 16:08

        Did you apply and get approved for this one? I'm thinking that if I apply, my application's still going to get rejected.

        • CyberMurning on 01/11/2017 - 16:27

          i applied this cba card back in july 2016 and got rejected. dont know if i will apply again now, but at the moment i have new wbc and nab cards arriving on the mail in the same week.

    • Associatedrandom12 @ Commonwealth Bank on 03/11/2017 - 21:14
      -1

      Do not bother applying. You will only get another enquiry and reduce your score further, making it take longer to climb.

      According to your equifax score (from getcreditscore) you are in the bottom 20% of scores. It's very likely they have a filter that auto rejects anyone with less than 620/1200 ('good')

      You will probably need to hold of applications for all forms of credit for at least 6 months for the scores to get back up to a level for approval.

      • Zaenille on 03/11/2017 - 21:28
        +1

        Too late man… I applied.

        And I got it. Hooray!

  • 2real4u on 01/11/2017 - 14:01

    Is there an easier way to find out how long since I last held a cc with them? Can't find any details on netbank. Can't remember if it was 2016 or 2017

    • coxymla on 01/11/2017 - 14:48
      +1

      Search email for approval etc.?

      • 2real4u on 01/11/2017 - 20:38

        Couldn't find any, think I applied in branch.
        Bugger, I'll just have to go in this week

  • 2dollarmeatandfood on 01/11/2017 - 14:29
    +1

    is centrelink benefits qualify as income? i am a student i need this to buy migoreng

  • jabroni on 01/11/2017 - 14:54
    +2

    is there any way to check the last time you applied for a CBA low rate card? just wondering how i track the 12 months

    • iversonjack on 01/11/2017 - 22:51

      I believe it's 12 months from cancellation. Best to call up

  • tess1988 on 01/11/2017 - 15:14

    "Offer excludes all existing cards, switches from other card types and is not available to customers who currently hold, or have held, any of the above cards types in the 12 months prior to 1 November 2017"

    i haven't seen that before, 12 months prior to 1 November 2017(i.e offer start date), its usually just 12 months.

    • G14Classified on 01/11/2017 - 16:45

      i think they updated this recently to reflect all existing cards as opposed to just the low rate CC product range as per OP's post and would make me ineligible now as I have an awards card with them

  • b0b0 on 01/11/2017 - 20:34

    Does anyone know if there is a minimum income required? I don’t seem to find it on their website

  • Saitek on 01/11/2017 - 21:07

    what if I currently hold a CBA Low Fee Credit Card ? Can I apply for the low rate one and get the cash back ?

  • amsaini15 on 01/11/2017 - 21:34

    My wife is the account holder for Platinum Cc anx I am supplementary card holder. Would I be eligible to get benefit of this offer?

  • payless69 on 01/11/2017 - 21:45

    They feel so guilty about all the scandals they got themselves in they are doing deals now.
    I got my card a year ago with the 200 kick back. I asked for a gold card but only got the rusty corrugated poverty card. So they rang me and I told them to shove it, not going to pay a renewal fee without travel insurance. And I sulked at them so they gave me a free gold card for a year. If I knock 10 grands up it is going to be free next year.
    After all I got a free gold card with another bank. Each gives you free essential travel cover so I can travel up to 6 months again. Their app has been improved too.
    No need for platinum for me, do not drive a German car, just a Korean with 400Nm so it gets me to 60 without falling asleep.
    Gold is the way to go. Got me into hotels last minute without a booking. Good for emergency medical care when travelling.

  • AssociatedBaghern @ Commonwealth Bank on 01/11/2017 - 23:08

    Wait a minute, the focus is on low cost card…

    does that mean existing people with Platinum/Diamond, would be eligible for this..

  • Bautista on 02/11/2017 - 00:46

    “Please note this offer is not available to customers who currently hold, or have held, any personal Low Rate, Low Rate Gold and/or Low Rate Business Credit Cards (personal liability) types in the 12 months prior to 1 November 2017”.

    From my understanding after reading their disclaimer, only people who currently have or held (12 months prior) LOW RATE credit cards are ineligible to apply for this deal. People with cba’s other credit cards should be fine. I have their gold awards card, so I’ll have to confirm with cba to make sure.

  • blackfrancis75 on 02/11/2017 - 09:34
    +1

    OzBargained?

    Something's gone wrong.

    Try again later or drop in to your nearest CommBank branch and complete your application there instead.

    • nadan on 02/11/2017 - 10:50

      Nope, still there. Use a different browser.

  • simmos on 02/11/2017 - 13:49

    What constitutes eligible payment or if easier to explain, what is exempt?

    • Associatedrandom12 @ Commonwealth Bank on 03/11/2017 - 21:19

      basically anything but bpay or cash equivalent transactions (e.g. cash advances).

      You can just use it for standard day to day shopping. Most people would likely spend $1000 at supermarkets in 3 months of normal spending. If you use public transport, you can buy opal topups and pay with credit card.

      • bigbadboogieman on 05/11/2017 - 17:51

        So Macquarie has a service called Deft which some people use to pay their house rent. Are payments through Deft considered eligible purchases/payments?

  • AndyNBP on 06/11/2017 - 18:59

    I'm currently hold a CBA Award credit card. Am I eligible to apply for this deal? Thanks!

  • Reveen on 06/11/2017 - 20:28

    Great news - your Low Rate credit card with a credit limit of $xxxx ^ is on its way. It'll be with you soon.

    Excellent.

  • montorola on 09/11/2017 - 11:45

    So, is paying rates and water bill on the cc regarded as eligible transactions?

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