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Spend $100 and Get $100 Bonus on New Credit Card from CBA

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Spend $100 and Get $100 Bonus on New Credit Card from CBA
Go to Deal
morpheu on 10/08/2011 - 14:16 commbank.com.au (3783 clicks)

ok, CBA is doing another bonus credit card promo, there was one around 4 months ago, and it's back!
basically you apply for a low fee credit card, spend $100(which is free because you get it back!) before November 30 and CBA will kick in a bonus $100. Offer ends 31 August

re credit card;
A $0 annual fee for the first year for qualifying customers
Up to 55 days interest free on purchases
Free additional credit card
Emergency travel assistance overseas
20.24% p.a. on purchases
21.74% p.a. on cash advances

hmm, it may be low fee but on second thought it's not low interest rate!

Financial

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Commonwealth Bank
Commonwealth Bank

closed Comments

  • nathand on 10/08/2011 - 14:21
    +4

    Yeah but if you pay it off the balance in the 55 days it's a good deal.

  • wildstone on 10/08/2011 - 14:25
    +3

    An annual fee of $24 if you are not already their customer.

    • x3n9 on 12/08/2011 - 18:03

      Stone, I think its free for first year. Just apply online today. Hope I have them both

  • impoze on 10/08/2011 - 14:27

    can I close my card and reopen and still get the $100?

    • hollycow on 10/08/2011 - 14:44
      +1

      that's exactly what i wanna ask…

      • impoze on 10/08/2011 - 14:55
        +1

        yeah,

        doesnt say anything about new customers only or something..

        I just got my $50 from the last promotion too lol

    • ttkc on 10/08/2011 - 15:20

      I am also thinking about the same thing…but I think most likely the answer is no. Well at least I got the $50 for last promotion.

  • Natt on 10/08/2011 - 14:28
    +8

    and whatever you do, DO NOT BALANCE TRANSFER to the card, and then try for the $100 bonus

    It will do very nasty things - in fact if you balance transfer do not put any purchases on the card until you have paid off the transfer in full

    Also if you are paying CC interest, you should not have one - sounds simple I know but CC interest is evil and should be avoided like the plague

    • leeroys_dad on 10/08/2011 - 14:30
      +1

      "It will do very nasty things" - explain?

      • Cluster on 10/08/2011 - 14:57
        +7

        Natt is probably referring to the order in which repayments are processed on credit cards. Usually, repayments are applied to the balance transfer first, and then once that is fully repaid the money is applied to your new purchases. So what many people do is transfer maybe $5k to the card and then use the card to make new purchases. Those purchases are not paid off until the entire $5k interest free balance has been paid, so after 55 days the person starts getting slapped with 20% interest on things they thought they were paying off. Oops, too late to do anything about it. Pay off the $5k interest free first.

        In the words of Admiral Akbar: It's a trap!

        I remember my Virgin credit card being changed to Westpac Ignite, and the bank offering 6 months interest free on all purchases (not just balance transfers). I loaded up the card with $10k of purchases ($10k limit) within the 6 months and sat on it until the last day where the whole lot was paid off. Banks must hate that. I loved it.

        • atlas on 10/08/2011 - 17:28

          NAB sent me a letter saying that they no longer do this for their credit cards.

        • Natt on 10/08/2011 - 19:59

          sorry I posted this at work and was more vague than usual

          check out something like

          http://www.creditcardcomparison.com.au/balance-transfer-cred…

          Cluster has it spot on :)

          I fell into this trap with a Citibank card - interestingly they reversed the interest as long as I paid the balance in full

          surprisingly human of them

    • Oxxy on 10/08/2011 - 15:57

      Good advice Natt

  • kirt on 10/08/2011 - 14:29
    +2

    So the annual fee waiver is only for Commonwealth Bank customers who hold a qualifying account or loan at the time of the application?

    "For Commonwealth Bank customers who hold a qualifying account or loan at the time of the application there is no annual fee in the first year and in each subsequent year if you spent $1,000 or more on purchases or cash advances in the previous year. Otherwise, an annual fee of $24 applies. "

    • TtiGeR on 10/08/2011 - 15:01
      +2

      I think the free NetBank Saver account is a qualified account.

      • Zeromus on 10/08/2011 - 15:18
        +1

        Yup, these accounts apply: http://www.commbank.com.au/personal/apply-online/download-pr…

        Sign up for a free Goal Saver (no fees): http://www.commbank.com.au/personal/accounts/goalsaver/ and you're in.

        Sounds like they'll pay out the $100 in November so you'll be forced to buy $100 of product now, pay it off, wait for $100 credit in November, spend credit then cancel the card. That's my plan anyway ;)

        • muzzamo on 10/08/2011 - 15:22

          yep, i'll just use this to purchase a coles/woolies gift card worth $100 then cancel the card I think.

        • frewer on 10/08/2011 - 16:14

          love to see free offer from bank, may be we can take them down muhahahaha …
          however we can only do that much…. only joking

        • vid_ghost on 10/08/2011 - 16:28

          Same here! :) Hazzah!

  • morpheu on 10/08/2011 - 14:34

    free for 1st year for existing customers, then it's free but you have to spend $1000+

  • vinhlong on 10/08/2011 - 15:05

    hate CBA credit card as they have cap on getting Rewards point. Westpac cards are better if you spend alot.

    • bryans on 11/08/2011 - 16:34

      I've got 1million cap on mine.

  • netsurfer on 10/08/2011 - 15:28

    After reading the terms and conditions…

    You need to keep the card until at least 31st of December 2011 (that's the day they will deposit the $100 bonus). Not really an issue.. just something to remember.

    • annoynimous on 10/08/2011 - 15:33

      LOL OUCH, painful wait

    • hollycow on 10/08/2011 - 15:45

      …yes agree painful wait, i'm afraid i will have forgotten by then..

    • cloud226 on 10/08/2011 - 16:06

      CBA'll deposit $100 by 31 Dec 2011, not on that date. from past experience, after you spent $100, they'll deposit the cash in 2 processing circle, which is around 1 month.

  • frewer on 10/08/2011 - 16:21

    Guys i need help, i never have a CC ( due to their evils nature ) so i need some help to understand some of their concept. ( even thou i have a visa debit, but i dont think it the same with CC ).

    "Up to 55 days interest free on purchases" does that mean i WILL pay any interest(20.24%) on the 56th day, if i haven't repay them back ?

    What's 21.74% p.a. on cash advances means?

    What's "DO NOT BALANCE TRANSFER" Natt was talking about means ?

    Thank you in advance.

    • vickster on 10/08/2011 - 16:37
      +2

      "Up to 55 days interest free": basically, you should pay the whole amount owing by the due date of the statement, otherwise interest gets charged on the amount owing from the day after at some ridiculous rate.

      "Cash advance" is when you pull out cash using your credit card (eg. at time of purchase when you say yes to "any cash out?")

      Since you don't have another CC dn't worry about balance transfer, since you have no money owing on another CC.

      Hope that helps! My advice is only get the CC if you have good control over your spending, it's so easy to overspend when you don't see the cash being handed over.

    • lusicul on 10/08/2011 - 16:42
      +1

      "Up to 55 days interest free on purchases" does that mean i WILL pay any interest(20.24%) on the 56th day, if i haven't repay them back ?

      If you don't pay them on due date, they will charge you the 20.24% from when you made your purchase on the card.
      Eg: spent $100 on 1 Aug, due date 25 Sept. You make payment on 27th sept. Interest of 20.24% will be charged from 1 aug-27th sept = $3.16

      What's 21.74% p.a. on cash advances means?
      When you withdraw cash out of your credit card account.

    • frewer on 11/08/2011 - 10:13

      Thank you for your answer vick and lusicul, does "21.74% p.a on cash advances" works on the same principal with "20.24% p.a on purchases" ( that means one has 55days free interest)?

      The interest charge is crazy, but that does not worry me. I only spend $30+ on foods a week :) some donations and movies every month, thank to God for the ability to control my spending.

      Here i come CBA, can i have $100 please, thank you very much :D

      • lusicul on 11/08/2011 - 12:17

        Nope, the 21.74% p.a on cash advances is charged from the day you withdraw the cash.

  • tettybear on 10/08/2011 - 16:28

    I have CBA Award cards. If I apply, is it possible to get approved?

  • vickster on 10/08/2011 - 16:31

    Tempting deal. Only thing making me hesitate is I've applied for so many credit cards over the years (damn ozbargain!) for their bonus deals just like this one I'm worried that my credit rating's not good and will affect my banking needs further down the track. I've been cancelling them whenever the 1st year's over for those that charge annual fees after that. Anyone else in the same boat with the same worries?

    • impoze on 10/08/2011 - 16:45

      yeah, i'm thinking of closing the same card and reopening it?

      does that work?

    • aarablue on 10/08/2011 - 16:53

      I am with you :(

    • hellothankyou on 10/08/2011 - 17:21

      I didn't realise that credit ratings can be affected for having multiple credit cards - even if you never owe any interest/debt? Not having a go at you, but are you sure? Anyone know for sure?

      • Sweetsugar on 10/08/2011 - 17:34
        +2

        credit rating wont be affected, but when you apply for multiple cards we as in bank can see them and we will take them into consideration when we approve you for loan/cards. not a good idea to apply for multiple cards in short period time since that record can be seen as you are in financial trouble.

  • pwalia on 10/08/2011 - 16:51

    Good Deal, Just applied through Netbank and hopefully will have no issues getting $100 back without paying a cent.

  • MrZ on 10/08/2011 - 16:55

    Too bad you can't get a VISA with CBA anymore. Why only Mastercard and Amex now?? (I have a CBA VISA).

    • camelgrass on 10/08/2011 - 18:59
      +1

      Why? What's the difference between VISA and MasterCard?

      • MrZ on 10/08/2011 - 19:41
        -2

        Er, they're different companies?

        • camelgrass on 10/08/2011 - 20:13
          +1

          I know, but what advantage does VISA have over MasterCard as you seem to alude to?

        • MrZ on 10/08/2011 - 20:15
          +1

          Just personal preference. What advantage does a Reebok have over a Nike? Most likely none in reality, but people prefer one brand name over another.

        • camelgrass on 10/08/2011 - 20:16
          +1

          OK, fair enough.

  • dkslim on 10/08/2011 - 17:36
    +1

    I'm surprised only 1 person has raised the credit rating implications of this deal.

    The more credit cards you apply for, the worse your credit rating is, making it harder and more expensive to get accepted for credit later. Even worse, when you cancel your credit card, there's no explanation of it on your credit file, so credit providers will assume the worst and think it was cancelled because you couldn't pay back on time.

    Doesn't look like such a good deal anymore does it?

    • vid_ghost on 10/08/2011 - 17:41

      i have two home loans and 1 credit card… now have 1 more credit card…

      wont be taking out a therd home loan for a very long time so no problems here! :)

      And by the time i do take out another loan i will have one of the places paid off and have a $400k Asset to back me up! Hazzah! $100 here i come

      But your point is valid and should be noted by newbies to credit cards… ONE is more then enough people!

      • muzzamo on 10/08/2011 - 18:51

        Unless your 400k asset is worth 200 or 300k…

        • vid_ghost on 11/08/2011 - 09:42

          yeah, but i only borrowed $290k to buy it in 2008 LOL HAHA

    • Sweetsugar on 10/08/2011 - 17:41
      +2

      If you apply for several credit cards within a short period of time, multiple inquiries will appear on your report. Looking for new credit can equate with higher risk. doesnt affect your credit rating. Also cancelling your credit card wont damage your credit rating as well. we can see if its bad credit or not.

      • dkslim on 10/08/2011 - 19:13

        You acknowledge that it creates higher risk, so how can you in the next sentence say it doesn't affect credit rating? Credit rating is about risk.

        And yes, if they look hard they can see if a cancellation is due to bad credit or not, but some credit providers don't look hard, they are quick to dismiss an application when any warning signs at all appear.

        • camelgrass on 10/08/2011 - 20:07

          I would say they mean that, yes, multiple inquiries appear on the report and may increase risk in short term but in long term it doesn't affect credit rating.

          Not everything that appears on report necessarily affects credit rating, that's how I understand it anyway. I'd be surprised if cancelling one credit card makes any difference to your credit life.

        • MrMaxwell on 10/08/2011 - 20:33

          If your credit report shows you applying for 4 x $10k credit cards in the same week then that shows as high risk.

          If you apply for a $1000 card once every 6 months or so then no problem.

          Just financial common sense.

        • Sweetsugar on 10/08/2011 - 21:21

          higher risk doesn't mean you automatically get a bad credit rating…credit rating is where you fail to pay you bill on time and get flagged (default).

    • bryans on 11/08/2011 - 16:39

      How do you know this?

      I currently have 4 cards, just opened one last week. Have closed three other cards in the past. Have had no trouble whatsover with applying for new cards. I always pay my cc bills on time. Why I have so many? - Just taking advantage of good deals they have at the time e.g. bonus points, bonus credit, 0% balance transfer. Once I don't like it, I close it.

  • Redmo0n on 10/08/2011 - 19:28

    Two Questions

    Should I sign up for Credit Card Plus?

    Should I use the banks approved credit limit?

  • harrribo on 10/08/2011 - 19:49

    No prizes for guessing why :

    "CBA hits record $6.8B profit August 10, 2011"

    • MrMaxwell on 10/08/2011 - 20:36

      Typical Australian bank profit statement:

      "We made squillions of dollars off you poor saps…BUT….gloomy times are ahead so deposit more money into our bank. Thank You, until next time"

      • muzzamo on 11/08/2011 - 09:52
        +1

        instead of complaining about bank profits, why don't you just buy bank shares?

        Shares are amazing things, you can actually get piece of these mega profits for yourself.

        OMGWTFBBQQQQ!!!

      • frewer on 11/08/2011 - 13:51

        hhahahaha " love you long time" "thank you come again" those are tellers missing, not just say Bye, Good bye … any one heard a Bad bye before ?

  • cloudy on 10/08/2011 - 20:44

    Do u have to spend the $100 in 1 go? Or can I make many purchases totalling 100 before the expirey date? And can I cancel right after getting the free 100 Without fee?

  • grips on 10/08/2011 - 21:37

    If you want to know what is on your credit report, use http://www.mycreditfile.com.au/home/free-credit-file.dot to find out what to do.
    I think that entries older than 7 years are deleted from the file anyway.

  • watwatwat on 10/08/2011 - 22:10

    Shut down my commbank everyday banking account because I didn't want to pay $5/month in fees. Looks like I'll just sign up again, get my free cash, cancel the account. Take that CBA greedy mofos.

    • fchis on 11/08/2011 - 10:46
      +1

      if you have $2000 in netbank account, they'll waive the monthly fee.

    • frewer on 11/08/2011 - 14:02

      Month fee: any way for the bank to rid you off.
      I mean come on, they have our $ in their bank is not that enough ? Yes we can withdraw any time, but realistically, how many people receive this message "sorry your account balance only have $1.39, our can not issue any coins"

      Or if they say " Oh we need money to run business ". Hmmm the only business till running with millions/billions/trillions gozillions debt on it shoulders are the GOVERNMENTs… not for profit sectors.

  • nadan on 10/08/2011 - 22:42

    I have this exact card and for the past 7 years they have been telling me that if I spend over $1000 the annual gets waived but guess what? It never gets waived I have had to call them for the past three years to get the annual fee back. Basically if you don't check your statement they will do crazy things (charging you for whatever).

    Can I cancel my existing card and get a new one to qualify for this offer? Over the years they have taken thousands from me anyway.

    • frewer on 11/08/2011 - 14:04

      hahaha same here, i'm full-time student, that mean i don't have to pay monthly fee - according to bankers rule. Yet i till have to go see them every year to refresh their memory that i am full-time student.

      • Redmo0n on 11/08/2011 - 16:41

        When I signed up I was a full time student but now I'm far from it but still get no account fees >:D

      • watwatwat on 11/08/2011 - 18:54

        No, that is not the "same here". In your case, it is not a mistake on their behalf that you need to confirm your identity every year. Why? Because how are they supposed to know if you graduated or dropped out early? Going in every year proves you are a student.

        As mentioned below, I couldn't be bothered going in every year to do this so I just switch to other banks which have no account fees even for full adults and have lower fees, higher interest rates etc.

  • freemoneyhunter on 11/08/2011 - 05:04
    +2

    Thankyou Zeromus for the information about the Goal Saver, I have never been a commonwealth customer. I have now signed up for the Goal Saver and I will tomorrow sign up for the credit card with $100 free dollar bonus on it. I went last week to a commonwealth store to use their coin machine which I thought was free for everyone, they were going to charge me 10% of the coins value. I walked off with my coin jar. Now that I have a Goal Saver I can use their coin machine for free.

    I recently signed up to Orange, got $40 off them, infact I like the account so much I am going to keep using it. I also signed up for the Virgin saver $100 bonus. Goal Saver looks alright, but they still do not match Ubank at 6.51%.

    I hope NAB will do another $50 or $100 bonus to open one of their classic accounts soon.

    I really think these banking bonuses are the best bargains here.

    • jakentta on 11/08/2011 - 13:30

      I tried signing up online for the Goal Saver also, but for some reason my passport, medicare card and drivers license details weren't enough to convince them of my identity. So, now I have to drag myself to their branch office to actually show those IDs. Not a good start. Well, I am only doing it for the money, and not planning to actually do any of my banking with them anyway…

    • Zeromus on 17/08/2011 - 16:48

      No problem!

  • prankster on 11/08/2011 - 16:31

    good deal and CBA are smart in doing this deal to get more customers so giving $100 is nothing for them since they make billions a year anyway lol

  • zzzsianzzz on 16/08/2011 - 17:09

    i was in cba this afternoon, there is a slight problem with this offer.. in the circular for CBA employees..was shown to me by the CBA employee at the branch… customers are required to have a netbank message on netbank that states that shows a message like the one in the picture in order to be eligible for this offer.. thus, I might not be eligible for the offer too. after all the hassle.. =(

  • watwatwat on 16/08/2011 - 21:35

    "Unfortunately, we are unable to approve your application based on the information you provided. You will receive a letter with further details about our decision to decline your application within 5 business days." - I guess they don't like students earning $10 000pa. I should have lied.

    • Redmo0n on 16/08/2011 - 22:23

      I'm the same but I was pretty much unemployed (not a student) but I've yet to receive any follow up on my application, I'm a full time employee now so if I get rejected I'll probably try again.

    • frewer on 17/08/2011 - 17:32

      You did the right thing man, you shouldn't lie to compromise it :).
      Anything you compromise the Lord's commandments to gain will lose :P. It take a brave soul to do the RIGHT thing.

    • spritz on 06/09/2011 - 00:08

      same! the cruel things…
      NAB, here I come! :D

  • Redmo0n on 20/08/2011 - 11:52

    CBA are pretty lame, rang them up and asked if I could have the application put through now I'm employed and they told me I need to wait 3 months! What a joke.. Offer is expired by then, oh well I've always wanted a dragon on my debit card..

  • fedex11 on 22/08/2011 - 20:01

    Does anyone know's how CBA credit ratings work? I have tried applying for the past $50 cashback and this current deal. Both times, I got rejected. It seems they have a pretty stringent policy. I currently already have a credit card with CBA though, does anyone here with pre-existing CBA credit card who managed to get these deals?

    • Future Kids on 23/08/2011 - 10:12

      maybe try to reduce your credit limit of the existing card first

  • freemoneyhunter on 23/08/2011 - 10:41
    +1

    Yes they rejected me too. I am closing my Goal Saver account now and taking the money I deposited into the account. I will never use Commonwealth ever again and I will tell people not to use them either. Very angry about this.

  • BigDirtyNoob on 24/08/2011 - 15:31

    Has anyone been able to successfully go through with this? I received the credit card today, but the letter/attached documents don't mention anything about the cash back…

    • ericookie on 26/08/2011 - 12:40

      Same here, received card and letter today, no mention of cash back…..? any idea?

      • BigDirtyNoob on 07/09/2011 - 06:46

        Hey ericookie, not sure if you'll see this or not but I called up Commonwealth and they said that it's ready to go. Apparently the refund takes 4-6 weeks after you spend the money (according to the call centre guy).

        • ericookie on 11/09/2011 - 16:17

          Hey BigDirtyNoob, thanks for your information! Cheers :)

  • csg001 on 25/08/2011 - 16:51

    Hmmm keen on hearing some user experiences with this offer. I've yet to receive my card, however once I do, I will call them to confirm the validity of this offer.

    FYI, I got approved for $9k! WTF? And I have 4 credit cards already (not in debt, never paid any interest fees either). I'm on ~40k/pa, and been applying for heaps of cards in the past 24 months to take advantage of special offers and 0% balance transfers, never been rejected ever!

    • jakentta on 25/08/2011 - 16:58

      I received my card the other day, but have not activated it yet. The accompanying letter said $24 yearly fee, so I sent them a message yesterday asking about it (as it should be $0 for the first year). I also asked them how can I be sure that I will get that $100 back. Have not heard back from them yet. They really want me to spend over my budget, got approved for $12k limit.

      • csg001 on 29/08/2011 - 18:25

        My god the card looks fugly! No way I'd whip that out at a fancy restaurant. >.>

        Been on the phone trying to enquire about this offer, and got "put through" to awards, which turned out to be an automated system. After pressing a few numbers in the options, I got somehow put back to the main menu, and have to go through the whole process again! Arrrrrrgh! Then after waiting on the phone for 15min again, got put through to a different operator who confirmed that "as long as you are a new customer for the credit card, the offer will be valid", and that "the cashback will be credited to your account around 40 days after you fulfill the $100 purchase requirement". The operator also confirmed that she's already seen a customer receive the $100 cashback, so it does seem to be genuine and working.

        So there you go, happy shopping OzBargain'ers! :)

        As for me, I'll settle with internet shopping, as per my opening comment regarding the card's asthetics…

    • mihirengineer on 07/09/2011 - 10:58

      Well good news guys…just received my $100 back as a credit in my Credit Card Account….So i would say totally valid offer (bargain!!!)…

      FYI..I got approved for $20k.. and I've another $40k on other CCs and 240K mortgage with CBA!!!! Beat that!!!

  • shortgum on 31/08/2011 - 00:24

    csg001. no wonder we experiencing GFC recession. I really not into getting credit card because of how it look? rather than getting the benefits from it. People like u base on your comment should go get Platinum card ( you should get the most expensive one $699 year fee - they usually look fancy) with awesome style and then 'whip it' in front of your fancy friends and fancy restaurant dinning.

    I am more than happy to get a card $100 cashback credit card. No whippy look need for me!

    • csg001 on 02/09/2011 - 13:56

      … Or I could just get the card, and only use it online as per my comment, and keep my other "good looking" card for use in shops and restaurants…

      It's just my personal opinion regarding the aesthetics anyway, I never said "YOU SHOULDN'T GET THIS CARD BECAUSE IT IS UGLY!". And besides, the card's look never stopped me from getting it for the benefits, as is this card. I just don't take it out with me! Whoa, problem solved!

      Damn, I never knew people like me caused the GFC, wanting a good looking credit card. Never mind all the banks in the US offering sub-prime mortgages and selling them as securitised investments to greedy investment bankers. Oh and we needn't pay any attention to the massive overvaluation of the property market these mortgages operated in. Nope, GFC is entirely caused by idiots like myself shunning "ugly" credit cards for $699 per year platinum cards to whip it out in front of my fancy friends and fancy restaurants. I should be ashamed of myself!

  • Chuckler on 08/09/2011 - 07:42

    I had a bad experience with Commonwealth bank on this deal.

    Got the application approved, and had to provide 2 payslips and prove the identity of my additional cardholder. Immediately attached payslips online, and scheduled a visit to Garden City branch, since they were open on Saturday. Waited over an hour, got our passports photocopied, and headed off.

    A week later they sent a letter asking me to call them about my application. "Would you please verify the identity of your additional cardholder at a branch and fax me two payslips?"

    I lost my shit at her and cancelled all my banking products with CBA. I can't imagine a bank would've been this … casual … about people's private information. Losing two seperate pieces of information in two seperate transactions. No thanks.

  • shortgum on 09/09/2011 - 01:29

    chuckler. if u just make it less emtional about cba shit and fate customer service. just let ur card application as making money. you will feel better.
    I encourage you to keep going with ur application. spend your $100 and close the card in 2 months. all monetary join and time wasted but u gain experience dealing with banks especially cba shittest bank in auz.

    I sign up their movie deal as well so no emotion there as well. just get their stuff n close and leave! this is the only way i can think of revenge to cba.

  • muzzamo on 21/09/2011 - 09:40

    has anyone recieved the cash for this one yet?

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