CBA seems to be giving out 50 moola for new applications of Low Fee and Low Rate credit cards.
small print: Applications must be made by 3rd May and be approved by 21st May.
The page seems to indicate the offer being limited to Low Rate and Low Fee Credit Cards, but the comparison page: http://www.commbank.com.au/personal/credit-cards/compare.htm… seems to indicate the $50 cashback being available to Awards cards as well- not quite sure what to make of that.
Has everyone received their $50 already? I opened my mastercard around first week of feb, but still haven't received anything.
Beware that this promo is unlike the one back in March: this one is only valid for non-award cards only.
Almost fooled me when I stumbled across it the other night thinking they'd extended their original promo. Lucky I read the fine print twice.
Can somebody confirm whether I can set up a card, spend (or transfer?) the $50, then close the account without having to pay any fees? Thanks - I don't have the time for long reading right now, and I'm also lazy. :-P
Yes, you can if you have already paid for their Wealth package.
So I was chatting up Michelle from CommBank, and got the low-down for new punters. Yes you can walk away with $50 credit, but will face up to $24 for the annual fee (for the Low Fee card), or part-there-of if you close your account within 3 months before your first annual fee is charged.
Hi, you're chatting with Michelle from the Commonwealth Bank chat team. Can I start with your name please?
you: Hi Michelle I'm muncan
you: Looking at signing up for a Commbank credit card, I'm curious when the annual fee is applied?
Michelle: I can certainly assist you with your credit card options muncan
Michelle: The annual fee charged on the credit card will depend on the type of credit card you apply for
Michelle: Are you looking to use the credit card for anything in particular?
you: How about the Low Fee card
you: Yes to get the $50 free credit
Michelle: Fantastic!
Michelle: The annual fee on a Low Fee card is currently $24, however this fee will be waived if you currently have another qualifying account (such as Complete Access or Smart Access account) with CommBank and spend $1000 or more in a calendar year on your credit card
you: Not a Commbank customer, not intending to spend $1000
you: Just curious when the annual fee will be applied
Michelle: Sure, thank you for clarifying
Michelle: The annual fee will be charged once a year, however the date that this fee is charged will depend on a number of factors determined by our credit card team
you: Lets be honest… Do you reckon I could sign up, grab the $50, then close the account before the annual fee is applied?
Michelle: That sounds like an interesting idea
Michelle: I will just gather the relevant information for you.
you: Thank you
Michelle: My pleasure
Michelle: Thank you for your patience muncan
Michelle: The annual fee will be charged 3 months after the card has been activated, and every year on the same date thereafter
Michelle: The $50 will be credited to your account within 60 business days
you: And if I was to close the account after receiving the $50 and before 3 months - would I have to pay a closing fee or the annual fee, pro rata?
Michelle: That is a good question actually
Michelle: There is currently no fee to close a credit card however if you close the credit card account prior to the annual fee being charged, you will be required to pay a portion of the annual fee
you: Thank you. Do you know what the portion would be, or how it would be calculated?
Michelle: My pleasure
Michelle: The fee will be based on the number of days you have had the account active
Michelle: What you can do, to find out how much the fee will cost, is contact our credit card team on 13 2221, option 2 and they will be more than happy to provide you an estimate
you: Thanks Michelle, I assume something like 45 days x $24 / 365 = likely early account close fee.
Michelle: My pleasure
Michelle: I can only assume the fee would be calculated that way however it is recommended you verify this with a credit card specialist who will be able to provide with a more accurate figure
you: Cheers for your assistance. Good night :-)
I applied for a low rate Gold card last month and had no issues getting it, the $50 was credited to my first statement. I was already planning on getting the card anyway so it was a nice little bonus!