Don't really have any further info. But this will be on Living Social tomorrow.
This is from Mumbrella blog
http://mumbrella.com.au/commbank-enters-group-buying-fray-47…
Commonwealth Bank has become one of the first banks in Australia to make a play in group buying.
From tomorrow, customers using the Jump On It/Living Social platform can apply for a CBA credit card that will give them $100 cash-back for $1.
Commonwealth Bank marketing manager, Matt Parkes said: “For the financial services industry, it’s a novel and unique way to reach new customers. It’s an exciting new channel for us because customers are already looking for great value deals, which means the right offer at the right time could prove to be very successful.”
Aaron Michie, interactive concepts director at CommBank’s agency, BMF, said: “It’s an exciting space for us to work with the Bank on. We’re always looking for emerging channels we can test, andthis one is particularity interesting because of the scale of customers actively lookingfor products and deals.”
mod Quick summary from comments below (Warning - always go through the terms and conditions for yourself if you are interested in something):
- it looks like people are paying $1 to make a special application for a credit card
- the application does not have to be approved
- if it is approved, CBA is supposed to get you $100 somehow at sometime
- you will still be charged annual card fees of $78 or $48
So if you pay and are not approved, it's $1 down
If you pay and are approved, it's either for roughly $21 or $51 depending on which annual fee you are charged
(this ignores any other charges, any interest made on having the $100 now, transaction fees if they apply, etc)
If your approved…good luck!