$20 Cashback on $100+ Spend for New Customers @ CommBank StepPay

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Pdm02 on 07/10/2021 - 22:20 commbank.com.au (516 clicks)
Last edited 01/12/2021 - 09:15 by 1 other user

Apply for a StepPay account with CommBank between 06/10/2021 and 30/11/2021, and spend $100 or more in a single transaction on the StepPay account by 30/11/2021 to receive $20 cashback.

FWIW, they may perform a credit check.

Terms:
Offer available to new StepPay customers applied for between 06/10/2021 and 30/11/2021. To be eligible for the $20 cashback you need to spend $100 or more in a single transaction on your new StepPay account by 30/11/2021. Cashback will be credited directly to your StepPay account within 90 days of you meeting the spend criteria and will appear on your transaction history as 'STEPPAY20'. Limit of one cashback payment per customer. Offer available to new StepPay accounts, you will not be eligible if you currently hold or have held a StepPay account. You will be ineligible for the cashback if your account is closed or in default at any time prior to the cashback being credited to your account.

Related Stores

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• 

  [Deactivated] on 07/10/2021 - 22:29

  +14

  A credit check; for a $20 credit - no thanks.

  • 

    dm02 on 07/10/2021 - 22:30

    I suppose it's okay for people who were going to sign up for a BNPL service anyways

    • 

      [Deactivated] on 07/10/2021 - 22:32

      +5

      Afterpay doesn’t do credit check. Zip does, Lattitude (from memory), doesn’t. Just alerting to people regarding the credit checks. The more your credit file is accessed, the bigger the potential it lowers your credit score.

      • 

        dm02 on 07/10/2021 - 22:38

        +1

        Good point about Afterpay

      • 

        hawkeye93 on 07/10/2021 - 22:39

        +3

        Latitude did, Zip didn’t in my case.

      • 

        kyle on 07/10/2021 - 22:42

        Zip didn't do one on me.

    • 

      sqheaven on 07/10/2021 - 22:57

      +1

      Pardon my ignorance, what is a credit check and what is the harm?

      • 

        Associatedrandom12 @ Commonwealth Bank on 07/10/2021 - 23:21

        +6

        They go to one of the three credit reporting places (Equifax, Experian or Illion) and they 'pull' your report. This allows them to view past credit enquiries. past late payments and defaults.

        It will also leave a credit enquiry which will slightly decrease your score for a relatively short period of time (usually only for a few months and definitely no longer than 12 months).

        • 

          sqheaven on 07/10/2021 - 23:33

          @random12: Thanks

        • 

          Yekul on 08/10/2021 - 06:50

          +1

          @random12: But if applying for loan during tighter periods of loan restrictions such as now and likely into the future a little more, a bank may not look favourably seeing 3-4 credit checks from ‘by now pay later’ services. Surprisingly, banks don’t much care about your excuse ‘but I only signed up to save $20’.

          • 

            Associatedrandom12 @ Commonwealth Bank on 09/10/2021 - 01:57

            @Yekul: You realise that most banks want to do business, and they incur a cost by pulling the credit report.

            I have never went for a loan, but given the current exploding house prices and the ever growing size of banks home loan exposures, do you really think banks are rejecting too many people now?

            You think a credit enquiry is equivalent to murder? Its not. A large part of a banks business is loans. Of course they are going to see people with enquiries.

  • 

    HappyPanda on 07/10/2021 - 22:35

    Totally agree

  • 

    Seph on 07/10/2021 - 22:41

    +1

    Only a matter of time until other BNPLs are forced to do it by the regulators.

    • 

      ilovefullprice on 07/10/2021 - 23:54

      -3

      With a pro-business Liberal fed govt, I suspect this might not happen.

      Also, I suspect some of these BNPL are employing bespoke risk-based credit limit assessment, which is illegal if BNPL are regulated.

      • 

        chriise on 08/10/2021 - 08:52

        Sorry what it is illegal and why?

        • 

          ilovefullprice on 08/10/2021 - 09:16

          -1

          @chriise: Bespoke risk-based credit assessment is when each individual customer would get a different approved credit limit (say when applying for a credit card) based on each individual’s unique risk profile. Under the law, if a financial institution offers a regulated credit product which has credit limits customised down to the customer level, it is illegal as this is discriminatory.

          • 

            kipps on 09/10/2021 - 09:07

            -1

            @ilovefullprice: Your legal opinion is simply incorrect. There is no discrimination by a lender setting a credit limit based upon the customer's individual characteristics - indeed, responsible lending legislation actually requires the banks to take into account the customer's particular position to ensure they can service the facility. Please provide a reference to support this conclusion.

            • 

              ilovefullprice on 09/10/2021 - 09:14

              @kipps: I used to work in a bank mate. Banks are allowed to offer credit loan limits based on which customer segment the customer falls into, but they are not allowed to offer based on an individual’s unique risk profile/characteristics.

              • 

                kipps on 09/10/2021 - 09:15

                @ilovefullprice: Again, cite legal authority please.

                • 

                  ilovefullprice on 09/10/2021 - 09:33

                  @kipps: You can google this, sorry I don’t have the time if you don’t believe me. I used to work in a bank doing exactly this.

                  The justification behind this is say one eg. of a discriminatory factor is gender. As we all know in society females are still getting paid less than males. So if credit limits are accessed all the way down to the customer level, females would generally get approved lower credit limits, and this is discriminatory because that would mean females would never be able to better their lives by being able to take up higher credit limits, say to start a business etc. Gender is usually always never considered by banks (even if it’s based on customer segmentation level) so the above is just a simple eg. to explain this. There could be other more valid customer level data such as the postcode where you live in (so discriminatory based on where you live).

                  • 

                    kipps on 09/10/2021 - 09:48

                    @ilovefullprice: Gender cannot be used, agreed. They don’t need to use gender in setting limits because they get info about the applicant’s financial position. You said individual characteristics can’t be used - ie income. Are you now saying that individual financial position can be used? If so then we agree. They can and do however use things like postcodes to work out cost of living averages to assess serviceability. Individual limits are here, and have been for a long time. I practice in this area of finance law. I am curious as to where you’ve got this understanding from.

                    • 

                      ilovefullprice on 09/10/2021 - 10:12

                      @kipps: No I didn’t say individual characteristics can’t be used. I am saying you can assess someone’s credit limit based on which customer segment (which uses individual characteristics) the individual falls into, but you cannot assess someone’s credit limit based on the individual’s unique/bespoke characteristics.

                      For eg. if your income is 50k, it’s legal to assess your credit limit amount by saying you fall within the customer segment which earns between 30k-70k, but it’s discriminatory if your credit limit amount is accessed based on 50k.

                      Being able to access an individual based on 50k is actually more profitable for the bank but because banking credit products are regulated, banks are restricted from doing this.

                      Because BNPL products are not regulated, I suspect they are doing this (ie. they’ve somehow found a loop hole to get around this). Though, I have never worked in BNPL so this is just my suspicion.

                      Would be great if anyone who works in BNPL could shed some light on this.

                      • 

                        CreditUser on 10/01/2022 - 23:37

                        @ilovefullprice: This is plain wrong. Kipps is right, you can use individual characteristics in assessing limits and it is a legal requirement under NCCP Act. Your understanding is flawed.

                        • 

                          ilovefullprice on 10/01/2022 - 23:53

                          @CreditUser: I think there is some confusion here. On the front end, yes you can use individual characteristics to assess limits, but behind these assessments lies the scorecard models (this are the statistical models that gives you those 100pts etc.) where you need to use customer segments (rather than building the model based on each individual characteristics.

                    • 

                      ilovefullprice on 09/10/2021 - 10:16

                      @kipps: I build scorecards.

  • 

    Stopback on 08/10/2021 - 08:41

    +3

    I'm never buying a house

• 

  Amila45 on 07/10/2021 - 22:45

  Not a fan so far, no option to pay early on payments and also transactions don't show up in your account for several days

  Afterpay is the way for me

• 

  bargainatoraah on 07/10/2021 - 22:59

  +1

  No different than a credit card

  • 

    kipps on 09/10/2021 - 09:53

    Bank: But this is bright and shiny and not called a credit card

• 

  coolsteps on 08/10/2021 - 01:47

  can you link a credit card to pay off steppay to earn points or does it have to be debited from your cba transaction account.?

  • 

    INFIDEL on 08/10/2021 - 08:34

    +2

    Was also my question… No.
    (OzDJ gave the same response)

    From the FAQ in Deal Link:
    Initially StepPay can only be linked to a CommBank transaction account.

    These eligible CommBank accounts include:
    Business Transaction Account, Cash Investment Account, Cash Management Call Account, Cheque Account Bearing Interest, Cheque Account Not Bearing Interest, Complete Access, Everyday Offset, Premium Business Cheque Account, Private Banking Account, Smart Access, Streamline Basic Account.

    Not so convenient for me.
    Afterpay etc are already paid from my CommBank credit card.
    My Commbank transaction account is unused, with only a few cents in it - just to qualify for a free CC. So a risk of a $10 late fee if I forget to transfer funds to pay on time.

    Still, will likely sign up for the $20, after adding funds to my transaction account.

    • 

      coolsteps on 09/10/2021 - 11:14

      thanks Infidel. i think you will find that it will say you are not eligible if you don't have regular income deposited into a CBA account even though you have a cba credit card. good luck let me know the outcome. i think i will give it a miss as there is no real benefit only $20 for a credit check . IMO SPOT will soon be available to Citibank customers which is better. also there are other better offers like mypaynow that dont involve a credit check and offering $75 sign up bonus.

      • 

        INFIDEL on 04/11/2021 - 13:45

        You were correct…
        Applied through Commbank app today.

        Unfortunately, we’re unable to offer you StepPay at this time.
        Here are some of the most common reasons customers may not be eligible:
        You don’t meet our lending criteria or don’t have your salary regularly deposited into a CommBank Everyday account.
        Your other credit products may not be in order.

        No $20 for me😥 No great loss.
        Turned down again for bank products…
        They don't realise I retired in my 30's & stash any income elsewhere!

        But signed up easily for Klarna today on Commbank app.
        Get 5000 Flybuys after first purchase & up to $50 off 4th repayment.
        Getting $200 (less $50) of alcohol to drown my sorrows - very slowly

• 

  noskich on 31/10/2021 - 21:16

  How to make an online purchase with this, there is no expiry date info?

  • 

    Dextora on 23/11/2021 - 15:28

    You can view your card details by simply press the "show details" from the cards section in commbank app.