expired CBA. Apply for a New Credit Card and Choose a $100 Reward
This was posted 1 year 2 months 22 days ago, and might be an out-dated deal
Declaration: I work for CBA.
I just received an email stating that:
"Between Monday 27 February and Saturday 7 April 2012, we are offering new and existing customers a $100 reward of their choice if they are approved for a new Credit Card and spend within 30 days of approval.
Customers can choose one of these rewards:
•$100 cash back on their Credit Card account
•$100 Coles Group & Myer Gift Card
•Commbank Kaching iCarte and $50 cash back on their Credit Card account
I believe this offer is only available through the Start website (Use link provided)
Please leave the bank bashing out of this, if you dont have anything positive to say, just close the tab.
Thanks
Comments (Closed)
the discombobul... on 27/02/2012 - 13:49 ¶Web page wasn't loading for me and I thought there was only one (the ad is in the singular).
+3 votesThat's usually the key: these special offers often have annual fee waivers for the first year, but after that the bank recoups the sign up bonus (and more) within a couple of years. Nothing wrong with that, as long as people understand that's what the offer is all about.
+2 votesWeird and Wonderful on 27/02/2012 - 13:48 ¶What is the minimum spend to receive the $100 reward?
Is there a minimum term that you must keep the credit card or can I apply for the credit card, receive the $100 reward and then cancel the card?- +1 vote
Taken from the "Important Information" down the bottom:
Incentives will be fulfilled within 90 days from first spend… You will be ineligible for the incentive if your account is closed, transferred or in default at the time of fulfilment.I cant see anything stating minimum spend
+2 voteskingsville on 27/02/2012 - 13:53 ¶application completed,submitted and conditionally approved. Thanks OP
I had an account from this previous deal : http://www.ozbargain.com.au/node/46363
But I've closed that account about 2 weeks ago. Reckon I can apply for this one and get $100?
Let's see… Given a choice of:
$100 Cash, that I can spend ANYWHERE… and
$100 credit to spend ONLY at a Coles-family store
Q-1: WHO would choose anything -but- the cash?!?
(What, do they -delay- the cash so - if you're "poor" you'll take Coles credit?)
Q-2: Where are the annual card fees?
Q-3: Is applicant going to be charged for first 90-days? for first year?
full price?Too much hidden info for me…
(I'll stick with No Fees "ING Direct" & their Debit Cards, that have paid me hundreds, over the years & continue to pay me - smaller amounts - each week… on -top- of interest. Wait for one of -their- great offers!)
It definately counted as taxable income. And the etax data is exactly the same data that the ATO would have used to send me a letter after the fact. The Banks have your TFN so are sending this data to the ATO. I went through an accountant who didn't populate his program with my interest data automatically so I declared it to him instead.
Some people may have gotten away with it in the past because it was under a certain threshold (ATO would not necessarily send you a letter over a $30 discrepancy)
Alternatively, the rewards I get from my WBC credit card don't count as taxable income (and neither do frequent flyer points) so its definately a grey area.
In the context of this deal I would choose the rewards over the cash due to the tax benefit.
'Incentives will be fulfilled within 90 days from first spend. Limit of one incentive per new credit card account. You will be ineligible for the incentive if your account is closed, transferred or in default at the time of fulfilment.'
Just be aware there are some circumstances you may not receive the reward.
johndoe789 on 27/02/2012 - 15:54 ¶I'm debating as well haha
It would really make my iPad 3 purchase $100 cheaper… hmmm
+10 votesPOWERevolution on 27/02/2012 - 15:56 ¶3 lowest fee if you're not a student
Annual fee:
Low Fee credit card $24
Low Rate credit card $78
Low Fee Gold credit card $90
Pandabargain on 27/02/2012 - 16:11 ¶Does anyone know if the $100 cashback applies to international purchases?
I'm looking at buying a $130 from http://www.bhphotovideo.com/ and this would help reduce the cost for a poor student like me.
+6 votesA word of warning from someone who works in a credit risk area - signing up for a bunch of credit cards is not looked favourably upon should you want to apply for a loan in the future.
By all means, if you need one - go for it. But signing up just to scam $100 from a bank will probably end up burning you in the long run.
- +1 votePOWERevolution on 27/02/2012 - 16:25 ¶
signing up for a bunch of credit cards is not looked favourably upon should you want to apply for a loan in the future.
even you pay off all?
can a new CR card company check how many that you're had/using?- johndoe789 on 27/02/2012 - 18:17 ¶
Unless you're working in finance, I doubt what you're saying.
If you consistently pay off all your debt on time and never had one infraction for late/fail payment, most banks will look favorably to you.
+1 votei think d3ft means that if you're holding MANY cards at the time of applying for a loan, then it's not looked upon favourably (the possible debt binge he mentioned).
Cancelling other cards and holding only one card should be fine, as long as you've consistently paid on time.
Your credit file does not show how many credit cards, loans, telephone accounts you currently have, only when u made applications for these in the past. So even if you closed the accounts they will still show up on your file (up to 5 years). That is why most banks will ask for the current details of your debt in the application form.
And yes - even if you pay off your debts these will not show up on your credit file. The credit file only shows the bad things that you've done, not your good behaviour.
The best way to be approved for a loan is to provide current account statements that show a strong savings history, minimise the number of applications for credit, minimise your total current debts, show that you have the ability to service your debts comfortably including the loan that you are applying for, and to ensure you do not default on any current or past debts.
http://www.webdeal.com.au/credithistory.php
Do not make multiple applications for credit in a short period of time.
You should be aware that a large number of inquiries on your credit report is the easiest way to spoil an otherwise good credit history. Potential lenders believe that a large number of inquiries is an indication that an applicant was rejected by other lenders.
-2 votesstop scaring everyone
you can take bank statements and referral letters and a whole bunch of other proof when getting your loan to show that you never use your credit cards or never had bad debts or late repayments.By your logic, even if i had $1m in cash sitting in a bank but 20000 credit card accounts open at the same time but i never use, i would be hard pressed to get a $100k loan.
Also, if the bank you are gettin the loan from also hosts your credit card account, they have a better idea of your credit rating and history.
the stuff you say really only applies when you are trying to apply for small loans or a in store department store credit card which they approve over the phone so use these measures as a quick and dirty guide of your rating.
+3 votesd3ft is telling truth.
Do you really think credit providers are going to care or look at your "bank statements and referral letters" so they can disregard your bad credit rating?
They follow guidelines, and the guidelines are fixed rules, like "no more than 2 credit requests in the last 1 year". You either meet the guidelines, or you don't. There are NO exceptions. No amount of sweet talk is going to change that, and they don't trust your referral letters because it takes time to verify that they are genuine and not faked.
In short, applying for a credit card just to get $100 is a waste of your credit rating.
+1 voteStill looks quite sus from the view of the person doing the Credit Check.
A lot of phone company's will decline your application for a contract if you have more than x applications for 'Credit' within x months. I know when I was working for 3 Mobile, it was something like 5 apps in 3 months.
+3 votesPuff Braddy on 27/02/2012 - 17:12 ¶d3ft speaks the truth. My credit rating is great. But because I had been a bit "credit happy" with applying for - and being approved for - credit cards (5 over the space of a few years) it had a negative effect on my credit history.
- +2 votes
Thanks for the support guys. I was only trying to be helpful as I know credit ratings are a mystery to most of the population.
To those who keep disagreeing - many credit applications in a short period of time can negatively affect your rating. It is a fact, plain and simple. There will be a rule in the credit scoring system saying "If customer has applied for more than X cards in the last X months subtract X points". There's no voodoo in how you are scored, it's all based on rules like this.
@furythree - why would you be applying for a $100k loan if you had $1mil in the bank? That screams of a fraud attempt. Either way, your 20,000 credit cards would surely add up to more than your $1mil, meaning you could max them all out and be in a huge amount of debt. You wouldn't get a loan from any Australian bank, I am certain of that.
You do make a fair point about applying at a bank with which you hold the card. I am mainly referring to loans with financial institutions who know nothing about you other than your credit history.
@d3ft - actually applying for a loan when you already have the money in the bank can make good financial sense in some circumstances, for example, when you want to maximise your tax deductable debt. I'm sure a lot of banks will be jumping to lend money to you if you are willing to secure your debt with cash (that you will no longer have access to).
zzzsianzzz on 27/02/2012 - 17:29 ¶some banks will waive their cards for the first year. some wouldn't. it depends on the bank, the credit card type and the fine print.
gikku on 27/02/2012 - 16:53 Comment score below threshold (-14).- Pandabargain on 27/02/2012 - 17:39 ¶
Just got declined for the student card.
I'm unemployed receiving independant youth allowance living at home rates, with 10k in the bank!
Disappointing.
I'm in the same boat as you guys and I'm pissed off. $10k in the bank $23/year in graduate student stipend and another $5k/year from tutoring. Not to mention my other credit card has a $12,000 limit. Such bullshit. FUCK CBA Between this and the other crap I have had to deal with I am seriously considering switching banks.
+3 votesI will give this a BIG MINUS.
I am customer of this so called bank.
I apply for this deal last year. it took 6 MONTHS to process it due to BIG STUFF UPS like there is no tomorrow.
After card was finally approved, the deal was void. I cancelled the card, week later they changed their mind, but I have to go through the whole process again.
Average wait on the phone 30 minutes.
Average wait time with local credit union 3-4 minutes and they open on Saturday, that is all branches.
Support your local credit union, staff are friendly and their call centre is located HERE IN AUSTRALIA.PS Pandabargain, I hope you got your 10K in a credit union. The interest from a credit union will far outweigh the crummy $100 offer from this so called bank
Everyone seems to have a bad bank story. Mine involved a CBA home loan where the bank twice lost important paperwork, provided a non existent Australia Post tracking number, and overpaid two builder invoices ($3k total overpayment). CBA back office staff seem to have a problem reading basic invoices. But if you do have a problem go to the branch staff at your local CBA. They're always keen to help and are genuinely surprised by the bungles made at CBA's back office.
+2 votesI applied for a CBA credit card last year, and went through all the paperwork. Then went into a branch to verify my identity etc, which took over an hour. And then a week later I got notification that I had to go into a branch to verify my identity. I explained that I'd already done that, and they said they must've lost it.
If they don't take care of my data, they don't get my business and nor should they get yours. At the very least, the massive wait time in the branch turned me off going through the process again, and I'd caution anyone thinking of applying just to get the bonus to value your time carefully and ask whether it's worth it.
ryantan1121 on 27/02/2012 - 20:13 ¶The other people seem go through well. It's not fair to make a conclusion just based on your case only.
Happened to me too. Only they called me up, asked for whole heap of details, approved me, then withdrew the approval. Sent me a letter 4-5months later asking me to contact them regarding my application.
After driving to the bank, getting documents, and wasting time, it wasnt worth it.
- +1 vote
Information for those of you who are concerned about the impact to your credit history…
The credit reporting files in Australia is very much focused on negative reporting. It only lists the bad things that you've done. It doesn't not list your good behaviour. This means paying off your debt on time etc does not "improve" your credit score here in Australia (unlike USA). But failing to make payments on time will decrease your score.
Note that constantly applying for credit will be looked as unfavourable by lenders. You may be percieved as a customer who applies for credit with different lenders because your constantly being rejected. Alternatively, they may view you as a disloyal customer and therefore not worth lending to. Credit files do not always show whether your application for credit has been approved, only when credit enquiries are made.
For those who are interested, the information that is stored on your credit report includes:
Personal details:
- Name
- Address history (shows every time you move)
- Date of Birth
- Drivers License
- Employment history
Credit enquiries and applications (5 years)
- every time you ask for new credit. It does not always show whether it was approved or not.
Overdue accounts and defaults (5 years)
- If you fall more than 60days behind your debt - even if you have paid your debts since
- If you changed your address/phone number without telling your creditor (this can be viewed as you deliberately avoiding your debts)
Bankruptcies (7 years)
Court Judgements
Directorships and Partnerships (current only)
The main credit bureaus in Australia do have the ability to verify your information with public information, such as telephone directories, electoral roles etc. Also, they have very sophisticated systems to match the details you provide on your credit applications with the details in their database.
xieyuanwei on 29/02/2012 - 14:04 ¶I totally agree above, I recently applied for credit card from credit union and have been rejected. Personally I never have any overdue accounts in my credit report, so I call the credit union loan officer and ask why because my assets & annual salary should much more than their requirements.
Usually the financial instruction won't disclose the reasons why you application has been rejected, but the loans officer just told me there were 7 credit enquiries in my credit report in the last one year and after discussion with her supervisor, they think I have un-disclosed liability (maybe other credit card).
- xieyuanwei on 29/02/2012 - 22:21 ¶
that can improve your personal cash flow and get rewards points for using the credit card.
freemoneyhunter on 26/03/2012 - 12:30 ¶Well I just applied again, hopefully I will get the $100 this time. Last time was 6 months again and they declined me. This time it says conditionally approved so lets hope it goes well. I will be very angry if they decline me though
- freemoneyhunter on 26/03/2012 - 23:47 ¶
If i open a everyday account, I'll get an extra $50 too, since I am a student they wave the monthly fee for that if you choose student option. So $150, not bad.
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POWERevolution on 27/02/2012 - 15:56
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Zeromus on 27/02/2012 - 14:56
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d3ft on 27/02/2012 - 16:21
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Orpheus on 13/03/2012 - 18:51
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Puff Braddy on 27/02/2012 - 17:12
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What's the yearly fee, interest rate, etc?