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$100 cash back on a CBA credit card for $1

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$100 cash back on a CBA credit card for $1
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sweepy on 26/05/2011 - 13:03 cdn.mumbrella.com.au (1464 clicks)
Last edited 26/05/2011 - 14:36 by 1 other user

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)

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closed Comments

  • bendertiger on 26/05/2011 - 13:11
    +1

    If your approved…good luck!

    • furyou on 26/05/2011 - 15:03
      +1

      convoluted

  • c64 on 26/05/2011 - 13:12

    they were offering $100 for free very recently …

  • slowmo on 26/05/2011 - 13:13

    annual fee?

    • Ace on 26/05/2011 - 13:21

      Annual fee of $78 (or $48 for qualifying customers)
      Interest rate 13.49% p.a. purchases and 21.74% p.a. on cash advances
      Up to 55 days interest free on purchases

      More info on the Comm. Bank Low Rate credit card: http://www.commbank.com.au/personal/credit-cards/low-rate/de…

      • finance on 26/05/2011 - 13:39

        so you only really get $21 for your trouble. ($100-78-1)
        what qualifies a customer to the $48?

        i wonder what % saving they'll say u get, considering you may get nothing for your money.

        • Ace on 26/05/2011 - 13:45

          You must hold a Commonwealth Bank account or loan listed below to qualify for an annual fee discount of $30.

          Accounts that contribute to eligibility for Preferential Pricing

          Personal Loans (secured & unsecured)
          All (including Colonial and HomePath)
          Home Loans and Investment Home Loans
          Equity Unlock Loan for Seniors
          Viridian Line of Credit (VLOC)
          Line of Credit (Colonial Branded)
          Term Deposits
          Farm Management Deposit account
          (at call & fixed)
          Everyday account Complete Access
          Everyday account Smart Access
          Streamline account
          Streamline e-Access
          Streamline Unlimited
          Youthsaver account
          AwardSaver account
          Pensioner Security account
          NetBank Saver account
          First Home Saver account
          Passbook Savings account
          Savings Investment account
          Security Plus account
          Cash Management Call account
          Money Market Call account
          Cash Investment account
          Mortgage Interest Saver account
          Personal Credit Card
          Campus Loan and Personal Credit Line
          GoalSaver account

          Source: http://www.commbank.com.au/personal/apply-online/download-pr…

        • slowmo on 26/05/2011 - 13:46
          +9

          $21 to jump through hoops and you might not even get it… plus an entry on your credit history… i doubt any self-respecting smart ozb-ers will fall for that!

    • SummerMan on 26/05/2011 - 13:44
      -1

      $0 fee if you are studying
      http://www.commbank.com.au/personal/credit-cards/low-fee-stu…

      • ozhunter on 26/05/2011 - 13:45
        +1

        That's for the Low Fee card, this deal is for the Low Rate one.

  • x-factors on 26/05/2011 - 13:25

    There has to be a catch….

    has to be….

    • bendertiger on 26/05/2011 - 13:30
      +4

      I get the feeling alot of rejection letters will be coming…apparently getting a credit card from the CBA is harder than getting an honest politician into parliament

      • MooGliSH on 26/05/2011 - 13:42

        I got two from them (Visa/AmEx) as a student on the dole, with poor renting history…

      • SummerMan on 26/05/2011 - 13:42

        See the letter below…

  • jv on 26/05/2011 - 13:30

    if you're not approved, do you get your $1 back ???

    • beccy_babe on 26/05/2011 - 13:37

      You would probably have to go through all the ropes with having to get your money ($1) from the group buy, some people wont worry, as its only $1 - but imagine how much they will make from it anyways if people dont ask for a refund…!

    • SummerMan on 26/05/2011 - 13:48

      FAQ on its site says…

      LivingSocial will provide a refund if you change your mind within five days after you've purchased your voucher and want to "return" the unused voucher. After that, we do not provide refunds except that we will provide a refund if you are unable to redeem a voucher because the merchant has gone out of business.

      Our goal is 100% satisfaction. If you have had an unsatisfactory experience let us know at [email protected]. While we do not guarantee a refund except as noted above, we will try to address your concerns.

      http://www.jumponit.com/mainstatic/faq
      I've changed my mind, can I get a refund?

      Jump On It has a "30 day - No Questions Asked, Money Back Guarantee" so if you change your mind within this period, a refund is no problem. We can pop the money back onto the credit card you used to make the purchase. Please advise us if your credit card details have changed.

      If there is a reason you want a refund beyond the 30 Days, contact our Customer Support Crew on 1800 586 766 to discuss your options.

    • SummerMan on 26/05/2011 - 15:01
      +1

      If you can't get $1 back when application is not successful, then this scheme is just a lotto stuff where everyone pay $1 and there is a cash prize of $100 (+1yr CBA card, -Fee) for a lucky draw.

      With this assumption, the success rate for the application will be 1% (prize valued at $100)-4.5% (prize valued at $22)

  • djones145 on 26/05/2011 - 13:31

    lol well i guess lots of people will buy one item, then cancel the card lolz
    wonder fi they will charge the annual fe on the first month

  • aboutconfig on 26/05/2011 - 13:32

    this is to spend $1 for applying the low rate card?

  • SummerMan on 26/05/2011 - 13:37

    http://www.ozbargain.com.au/node/42892

    15 April 2011

    Dear Mr SummerMan

    Thank you for applying for a Commonwealth Bank credit card.

    After careful consideration of your application, we are unable to offer you a credit card at this time as your application does not meet the criteria for acceptance in accordance with the Bank's policy

    If your financial position changes in the future, we will be happy to reconsider an application.

    Should you be interested in obtaining a convenient debit facility, simply visit your nearest branch or www.commbank.com.au to find out more about the Commonwealth Bank Debit Mastercard.

    Your sincerely,

    Scott Henricks
    General Manager
    Retail Customer Service

    Reference XXXXXXXXXXXXXXXXXXXXXXXXX

    It's good that CBA didn't approve since it's only for $50.

    I will do it again. This time for $100.

    • stewy on 26/05/2011 - 13:40
      +2

      Smart move…get a crap credit rating up lol (yes it does look bad all these enquiries for credit on you history)

      • SomeGuyOnOzB on 26/05/2011 - 14:32
        +1

        Do you or have you worked in a bank or … how do you know this?

        • djones145 on 26/05/2011 - 14:36
          +1

          hmmm credit history is really more applicable to america
          in australia less so
          as long as ur not looking into a low doc loan (like have no employement, or self employed)
          and u only borrow 80% of the property value (the bank's value on the land not what u paid)
          and also can afford mortgage insurance (which they factor into ur loan amount anyway)

          getting a loan in australia aint hard (currently)

          this is from my expereince in applying for a loan, from studies and working for a regulator of banks

          america has a much tigher credit market (mainly cause of the hundreds of banks, regulator's, really bad loan histpry (sub prime)) and heaps of bank failures

        • slowmo on 26/05/2011 - 14:59
          +1

          i might be wrong, but some posts in WP did mentioned that whenever you applied for credit in any form, that should go into your credit history as 'application for credit'… not the amount.

          so potentially, you may be screwing yourself if you -really- wanted to apply for credit some months down the road, and get knocked back by the bank because it sees that you have been applying for credit a couple of times this year.

          @djones145: then pray tell why do this organisation exist? http://www.vedaadvantage.com/ http://www.mycreditfile.com.au/ are they con jobs? they are referred by http://www.privacy.gov.au/faq/individuals/q17 btw.

        • SummerMan on 26/05/2011 - 15:05

          It's not always the case. I used to use mycreditfile.com.au
          Not all of my application appears there.
          Apparently only the successful ones are on my file.
          One phone and one card. That's it.

          Some banks are quick to reject customers before looking at their credit history.

        • slowmo on 26/05/2011 - 15:20

          @Summerman
          There's also https://www.dnbcreditreport.com.au/index.aspx which apparently may hold records that veda doesn't (and vice vesa)…

          thats whats making it so confusing when it comes to credit checks.

          point to note is that, even it doesn't happen for you, it doesn't mean it doesn't happen for other people… the credit history thing in this country seems to work in mysterious ways….

        • SummerMan on 26/05/2011 - 15:30

          ok slowmo,
          I checked out your link. I will get free credit report within 10 business days.

        • slowmo on 26/05/2011 - 15:42
          +1

          no probs mate… the credit check is free anyway. (Yay! post as bargain! :P :P)

        • SummerMan on 26/05/2011 - 16:00

          Not always free mate.

          When I found that I actually only have two records last time. I feel that they are running a scare campaign to sell their product. I had to use my paypal account to apply for it. Once I received the report I cancelled it right away. (It was free for the first xx days. When I received the report it was quite close to xx days already.)

          They are trying to sell their product at every stage you go along their site. Be careful not to click next without changing default option (paid option) to free stuff.

    • c64 on 26/05/2011 - 13:45
      +5

      Dear Mr SummerMan

      i think applying using a nick was your mistake :)

      • SummerMan on 26/05/2011 - 13:51
        +1

        I applied using my real name. I changed it to Mr SummerMan here for my privacy.

        BTW, this was done via NetBank. My name, address and other info showed up automatically.

  • stewy on 26/05/2011 - 13:48
    +6

    Pay a $1 with no guarantee of getting approved, get $100 but have to pay a $78 annual fee anyway?

    This is no deal once you start looking at the bigger picture, if you need a low rate card there are better deals out there or if you pay in full every month there are Gold/Platinum cards out there with no annual fees.

    • x-factors on 26/05/2011 - 14:09
      +1

      true dat

    • beccy_babe on 26/05/2011 - 14:37

      Double tru!!
      (sorry, listen to too much Lonely Island!)

    • SummerMan on 26/05/2011 - 14:41

      I agree but I will wait for FULL T/C document on the two sites before making decision.

      What we are commenting on is only a PR material.
      The true stuff might not be released to the market at all or released with more restricted conditions.

    • TtiGeR on 26/05/2011 - 14:43

      Yes, or pay $48 annual fee if you have an existing CBA transaction account or loan.

      I don't think anyone should just apply just for the $100.

      Instead, anyone actively looking for a low rate card may consider this offer.

  • salekhard on 26/05/2011 - 14:42

    Dont think group buying sites are appropriate for financial products.

    • beccy_babe on 26/05/2011 - 14:48

      I also find this very strange, there needs to be a line drawn on when these deals go 'too' far…!

      • jv on 26/05/2011 - 14:49
        -1

        I wonder what APRA will think about this ???

        • djones145 on 26/05/2011 - 15:21

          more asic
          they prolly should disclose the terms and conditions of the deal and the PDS etc

          have to check the deal tomorrow if it provides all details

        • SummerMan on 26/05/2011 - 15:28

          Yep, if we comply with T/Cs but can't get $100, then ask FOS to help sort it out.

  • TtiGeR on 26/05/2011 - 14:47

    I think people should never apply for anything they don't need.

    True, there is a cash incentive but it's really for someone who is looking for a low rate card.

    • jv on 26/05/2011 - 14:50

      I think people should never apply for anything they don't need.

      Well, that's the end of Ozbargain then folks… It was nice knowing you all…

    • SummerMan on 26/05/2011 - 14:54

      If what I need is money, then I apply for it.
      Some campaigners open lot of holes in their T/Cs so people can just grab a free cash.

      Some are smarter and write their T/Cs more carefully.

      In banking industry where competition is quite fierce, their T/Cs tends to be very loose.

  • mick123 on 26/05/2011 - 14:52

    I don't understand the cynicism towards banks and/or CBA- I thought they were a charitable organisation- why would they ever try to con you or make money off of you?

    • inherentchoice on 26/05/2011 - 15:01
      +3

      Let me know when you find a charitable bank.

    • slowmo on 26/05/2011 - 15:06
      +1

      yes, they have charitable missions, as per any businesses in australia should give back to the community.. but by and large they are not a charity. The tax breaks would be obscene if that was the case.

    • bendertiger on 26/05/2011 - 15:30
      +4

      In Soviet Russia, you rob banks…in modern Australia…banks rob you!

      • slowmo on 26/05/2011 - 15:39
        -1

        and charge you a fee to put your money later!

  • patientvalue on 26/05/2011 - 17:55
    +4

    Kind of reminds me of the following joke…

    Young Paddy bought a donkey from a farmer for £100.
    The farmer agreed to deliver the donkey the next day…
    The next day he drove up and said, 'Sorry son, but I have some bad news. The donkey's died.'
    Paddy replied, 'Well then just give me my money back.'
    The farmer said, 'Can't do that. I've already spent it.'
    Paddy said, 'OK, then, just bring me the dead donkey.'
    The farmer asked, 'What are you going to do with him?'
    Paddy said, 'I'm going to raffle him off.'
    The farmer said, 'You can't raffle a dead donkey!'
    Paddy said, 'Sure I can. Watch me. I just won't tell anybody he's dead.'
    A month later, the farmer met up with Paddy and asked, 'What happened with that dead donkey?'
    Paddy said, 'I raffled him off.
    I sold 500 tickets at two pounds a piece and made a profit of £898'.
    The farmer asked, 'Didn't anyone complain?
    Paddy said, 'Just the guy who won. So I gave him his two pounds back.'

    • finance on 27/05/2011 - 10:40
      +1

      that's a really cool story, its fruad but still cool!

  • cateyneow on 26/05/2011 - 22:55

    $1 can get u 2 50c cones!

    living social will not talk to you, I tried contacting them before and they don't reply emails.

    It's a bit silly, $1 to get a credit card ……..

  • SummerMan on 27/05/2011 - 10:05

    http://www.jumponit.com/

    • Apply online for a Low Rate credit card at Commonwealth Bank and receive $100 cash back into your account after activation… thank you very much
    • The lowest monthly purchase interest rate of any card from Commonwealth Bank
    • This means you get only 13.49% p.a. interest rate on all purchases made on your card
    • A low annual fee of just $78
    • Jetsetters get emergency travel assistance overseas
    • $100 to do as you please! New shoes perhaps?
    • All purchasers are subject to Commonwealth Bank’s standard credit card approval process
    • Limit 1 voucher per customer
    • Valid until 5pm AEST, Friday 3 June 2011
    • Must apply online at the unique URL communicated on the Jump On It voucher
    • Can't be used in conjunction with any other offer
    • For personal use only
    To be eligible for the $100 you must meet Commonwealth Bank’s credit criteria (if you do not reach the criteria you're entitled to a refund from Jump On It)
    • Annual fee on card applies
    • $100 will be credited after card activation
    • The $100 does not contribute to your credit card monthly minimum repayments
    • After card activation, cash back may take up to 60 business days to be credited
    • MasterCard and the MasterCard Brand Mark are registered trademarks of MasterCard International Incorporated
    • Jump On It credit can't be used
    • c64 on 27/05/2011 - 13:34

      i remember a post on wp yesterday complaining his card was cancelled and that he only visited a select number of common retailers (kmart, coles, etc ..). i can't remember the link.

      edit: http://forums.whirlpool.net.au/forum-replies.cfm?t=1706426

    • stewy on 28/05/2011 - 17:36

      My mum's westpac card got hit with that the other day….there actually was a bunch of $149 Optus and $1 Voda transactions that came through and caused the bank to freeze the card

  • shortgum on 29/05/2011 - 00:50
    +1

    I hate cba. no offence to people like cba. They r the most difficult bank I have experience dealt with in australia. make you so much trouble just doing little easy thing. consider as the worst in my banking list. I will go there only for their freebies to ease my frustration dealing with them.

    My favourite is $100 bonus for saving account and credit card campaign for nab customer to open their account. them make me feel better by close their account and indicate reason nab have better banking experience and I go back to them

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