Apply for a new Low Rate or Low Rate Gold credit card by 28 October 2020 and get $200 cashback if you spend $1,000 by 31 January 2021.
Keep in mind: If you’ve had a Low Rate or Low Rate Gold credit card in the last 12 months, you won’t be eligible for this offer.
Low Rate credit card
Purchase rate of 13.24% p.a.
An annual fee of $59
Minimum credit limit of $500
Mod Edit: Requires existing netbank login.
upfront. I had the same card in Jan 2019.
The reason I mentioned this is because if it was done at the end of the year, you could close the account prior avoiding the fee.
This is OzBargain.
can't avoid fee.
I've done this before when it was $250.
@Pufff: You can avoid the fee. If you ring them up to cancel the card and ask for the fee to be refunded they may do it. They did for me without flinching. Although I have a home loan and other accounts/cards with them.
@Hazza: that might work dont think it will if you only have the card.
better for them to keep the thousands in interest than $59.
@Pufff: Yep there would be plenty that have a loan as well that go for this deal. Worth a try even without, as CBA could have easily kept the interest and the $59 if they wanted.
Silly question – it says not eligible for this offer if you have a low rate card in the past 12 months but does that mean from CBA only or from other banks as well?
Just cba
Wait, how did you know it was a silly question?
Because it sounds 100% silly
only… CBA two cards, you even can have CBA other type of credit cards other than below two…
"
Keep in mind: If you’ve had a Low Rate or Low Rate Gold credit card in the last 12 months, you won’t be eligible for this offer.
"
Woohoo cancelled my cba low card in January 2019 will reapplying soon.
Good ozb member will record when applying and cancelling a card
Lol, I just checked and noticed I cancelled mine in Jan 2019 as well! If I apply again this will be the 3rd time for the cashback.
where to check??
Go to statements and check there
On your credit file, it mentions when you closed your credit card as well. At least it does on Credit Savvy.
Got a CBA home loan and CBA platinum card. Annual fees are waived with a package. So will get this as well. Then look to head elsewhere for a refi deal (repeat).
*P.S - had 4 credit cards when I applied for my CBA loan, and told the agent I'm heading to Westpac across the road to pick up my 5th card. She agreed CBA cards are rubbish in comparison to other offers. Had no impact on me getting the loan whatsoever. Eventually grabbed a CBA platinum card anyway for a sprinkle of points with no annual fee.
You can’t apply for this Online if you’re not an existing cba customer??
It keep telling me to apply in netbank, but to register for netbank you need an existing card.
Is this deal only for current customers?
once you have a cba product (and netbank login) your data will still be there even if you close all those cba products.
still the same username and password
yeah shocking
Any reason not to sign up for a business credit card?(I have an ABN) $0 but higher interest rate. Eligible for the $200 cashback also
Seems to not have interest free period. Could not find it.
To make it worthwhile, you'd need to deposit the value of your purchases into it the same day or earlier to avoid any interest charges.
The app used to be better, now it is crap!
In the past you could get the annual fee refunded if you cancel the card within 30 days of paying it. The trick it to spend the $1000 quickly, wait for the cashback in a couple of weeks (they say it can take 90 days but usually is about a fortnight going by the past) close the card then request a refund of the fee to a different account.
Have to check when the annual fee gets debited too. Getting hit now and again, say in Jan 2021 would take the fun out
the first month:)
I think there is a way to get the first Annual Fee refunded if you cancel within a specific number for months and still keep the $200.
I knew someone who did this 3 years ago.
Does anyone know what CBA deem as an 'Eligible purchase'? Curious to know if paying the ATO would count for the spend.
Do some billers still charge a fee for paying with a credit card? Telcos used to, foxtel might have too
Some still do.
e.a. AGL: A fee applies for payments made on debit card (0.39% incl. GST) and credit card (0.79% incl. GST). AGL does not charge a fee when you pay by PayPal.
(Not sure about CC via PP).
Ah OK. Guess I better look into the car related ones too- fuel, insurance etc. The deals tempting but not if its gonna get whittled down by fees.
I would apply for it, I cancelled my old card a few months ago.
ok applying , done, and it says under review. damn….
my credit score dropped from 670 to 520 as i asked for a credit report once and got rejected for two separate personal loans in the past two weeks.
how can i increase my score?
stay low, cut your CC, dont get a loan, work hard, dont drink, dont party, cook meals, don't buy stuffs from ozb, and keep checking credit report every 4 months
one more: sell iPhone or iPad and get xiaomi android
Should i decrease my credit card limit? It is quite more than my regular monthly spendings.
of course that will help too.
just ask for minimum as each type of card has their own minimum limit (ie if you have platinum card you cant have $500 limit for example).
other option, cancel that card and move down to lower tier card if you only need lower limit. just say due to covid.
and get free annual fee CC
Instead of trying to increase your credit score, try not applying for personal loans.
Just another noob question. If I, for example, get this credit card, what is the maximum I can use on this card per month? I see it says the minimum is $500 and I have to spend $1000 by the end of January 2021 to qualify for the $200, but was wondering how much I can put on the card per month and then pay it off in full.
Sorry, never had a credit card so I am trying to understand how the damn thing works as there are too many confusing terms, terminology and info out there. I always used my debit card but wanna establish some credit history before I apply for a home loan next year or so.
So Credit cards have a credit limit. You are allowed to spend up to the credit limit. Once that limit is reached, you have to pay back the balance owing. If you don't pay back the balance at the end of the month you have to pay the interest rate on the card which is often more than 10%pa.
The $1000 spend is cumulative, so if you spend $400 in one month, then $300 the next and $300 the next, you will get to $1000 min spend.
You can apply for a higher limit than $500, usually people start at $1000 to $2000. The bank will give you that money and if you make prompt repayments and establish a good credit history, they will allow you to slowly borrow more money,
So does that mean, with this card I can spend up to $500 a month (or 45 days?) and I have to pay back the balance owing before interest kicks in? Or that minimum $500 spend is all the way until January 31st?
I was thinking to apply for this one and use it to pay for my bills, rent, and purchases, which will definitely be more than a $1000 a month, so it looks like I might need a different card then.
geesus… the 500 is minimum limit you can ask for $2000 if your finance is good they will approve for sure $2k is nothing.
and credit limit is reset after the period provided you pay them off of course
@CyberMurning: Take it easy, mate. Never had a cc before so that's why I am ignorant about the whole thing and asking nooby questions. And thanks for the info.
The credit limit is not a monthly limit.
If you spent $500, you could pay that off and resume spending on the card. Payments can be made at any time, not just at the end of the monthly billing cycle. (Note that some ways of payment are instantaneous, whereas BPay payments may take a couple of days to clear.)
So even with a credit limit of only $500 you could potentially spend many thousands within a single month.
Can you pay off things you buy with this immediately or do you need to wait for the monthly bill to come?
Immediately
I got approved.
Just waiting for the card.
how long ago did you apply?
Last Monday.
How to apply without Netbank?
follow the link then login to netbank and then apply
I don't have Netbank login. Is this deal for Comm bank existing customers?
no idea as i have from the previous same deal a year ago.
they gave me $500 limit and now asking for full docs/paperwork of my other CCs and Loans.
i have withdrawn my application few mins ago.
gfyourself, CBA
i agree there are better offers out there since this involves a credit file hit. the only good thing about cba is having a gold card for travel insurance but they increased the minimum required credit limit for the gold to $4000 now. i have an old low fee one with only a $2500 limit. only kept it for the free travel insurance as i dont need to use card for any bookings just need to activate the insurance before hand. haven't paid an annual fee for many years i just lock card on app and dont use it unless there is a good cba rewards offer or i need to travel. i just do a product migrations between the low fee basic and gold when annual fee is due since they give you the first year waived. its been over 1 year now since i did a product transfer and no annual fee has been charged. now i cant because the minimum credit limit for the gold cards is $4000 now and i only have $2500 limit so ill stay on gold unless they charge my a fee they ill cancel it. cba have offered similar deal for the low fee in the past but rare. i think i originally took up the the low rate offer many years ago and did a product transfer to the low fee gold one as soon as i got the cash back credit and was refunded the annual fee too.
Can any Ozber's give us an update when they have gotten their annual fee waived?
I spent the $1000 right away and cancelled before they could charge the fee but the cancellation screen did mention that you can call to have the fee refunded if you paid within 30 days. Hope this helps!
Thanks! I unfortunately wasn't quick enough to cancel the card in time before the fee got charged. How long did you wait to get the bonus cash?
It only took 9 days. I then paid it off which took a couple of days and cancelled it about 5 days after I got the cashback.
Just give them a call - I’m sure they’ll refund it for you!
Lucky person… good to know you got your cashback. In their terms they said,
"Your $200 cashback will be credited to your account within 90 days"
Also they said,
"You will be ineligible for the cashback if your account is closed, switched to another card, or in default at any time prior to the cashback being credited to your account."
Looks like Westpac also giving away free cash $200 with $1,000 spend plus a 0% balance transfer for 20 months…free money tax free haha https://www.westpac.com.au/personal-banking/credit-cards/low…
Does appear to only be 90 days to spend 1000 instead of commbanks 6 months tho. Still a decent deal.
Hi OZers, Can you use this to paid off some of my HECS Loan?
Why on earth would you exchange a loan charged at 1.80% (CPI rate) per year (HECS) for another loan charged at 13.24% per year (CBA credit card)? The only reason I can think of is trying to beat the indexing?
Hi,
I subscribed for this, and have spent over $1000, just wondering how do I get the $200 cash back?
It should be listed as a credit on your next statement, if its not contact the bank directly.
So the $200 bonus gets paid into the credit card account? My $59 was deducted after the first month if anyone was wondering.
So the $200 bonus gets paid into the credit card account?
Of course.
My $59 was deducted after the first month if anyone was wondering.
I fulfilled the spend requirement quickly but doubt I'll get the cashback before the annual fee hits. It's never happened for me with any previous promos.
I just read the $200 bonus takes up to 90 days.. Bit excessive although I guess even free cash doesn't come easy lol
I would typically expect less than 60 days. If you're lucky it could be as little as 9 days, but it's never been that fast for me.
@UrMumsOnlyFan: Spoke too soon, got the cashback in over 2 weeks and closed the account immediately. Looks like it's beaten the annual fee.
Had to give them a call and they were happy to refund and close. I asked if i could get a fee waiver and keep the card and the answer was a no.
just letting you guys know my bonus came 14 days after hitting the $1000. And thanks again OP.
Hi guys, I had success in having the annual fee refunded.
My bonus came 10 days after i met the requirement and the annual fee charged on the same day (Sept 24).
Paid off the card yesterday and closed the card today with a quick call to CBA to ask for a refund.
They agreed to refund without any issue.
At the end of the year or upfront it doesn't matter. You are still out of pocket $49.