CommBank Low Rate Credit Card ($6 Monthly Fee): $100 Monthly Cashback for 4 Months with $500 Monthly Spend @ CommBank Yello

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CommBank Low Rate Credit Card ($6 Monthly Fee): $100 Monthly Cashback for 4 Months with $500 Monthly Spend @ CommBank Yello
Go to Deal
Pdealstacker on 06/04/2024 - 14:04 commbank.com.au (4330 clicks)
Last edited 08/04/2024 - 12:35 by 1 other user

I think this is the best low credit limit, low spend cashback credit card sign up bonus going around right now. Between $358-376 profit depending on whether you have to wait the entire 90 days for the last cashback to be credited before closing the card. Looks to be just below the NAB Low Rate and ANZ Platinum in terms of profit per dollar spent, and better than both in terms of total profit per card/credit limit, just with a few more hoops:

As you need to be have Yello benefits unlocked at the time of applying for the offer, you need to unlock at least the first tier before accessing the offer. This is done by opening a transaction account and doing 5 x transactions in the month prior. I just did 5 x 1 cent split payments at Woolies self checkout last month and unlocked Yello this morning and applied.

Important details about the spend criteria from the website:

"The monthly spend criteria is based on four successive 30 day periods and the monthly cashback amount will be awarded when you spend $500 or more, minus any cash advances or refunds, in a month for the first four months. Your first 30 day period commences from the day your account is opened which you can find on your first statement. Transactions must be fully processed and any pending transactions at the end of the period will not count towards the spend criteria for that period.

Cashback will be credited within 90 days of you meeting the spend criteria each month and will appear on your statement as either ‘CASHBACK $100’ or ‘CASHBACK $60’. Cashback only available on one credit card per customer. 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."

I also ran out of space in the title to mention that this card also has a very accessible $500 minimum credit limit which appeals to hardcore churners. It also has 0% p.a. for purchases for the first 3 months.

Financial Cashback CommBank Yello Credit Card MasterCard

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Comments

  • Koulie on 06/04/2024 - 14:38
    +1

    Thanks OP, I recently did their Smart Awards offer and looks like it’s on a separate 12 month promotional lockout.

    Yello perks have been pretty good as of late, this is a great find!

    • Zacsik on 06/04/2024 - 14:59
      +29

      Unless you are a pensioner, I very much doubt this. Groceries/food alone are probably at least $80 - $100 a week.

      • Viospeed on 06/04/2024 - 15:00

        I'm not a pensioner but a penny pincher.

        • Zacsik on 06/04/2024 - 15:03
          +9

          Still gotta eat 😵‍💫

        • acersaurus on 06/04/2024 - 20:56
          +2

          Well done if you're able to do that - I'm surprised it's possible even for 1 person.

        • ATangk on 07/04/2024 - 01:45
          +3

          Just buy woolworths gift cards for later…

      • cydia9k on 06/04/2024 - 20:11

        $80-100 per shop more like, family of 4

      • jrvb42 on 08/04/2024 - 16:57
        -4

        I concur. $500 is a lot for some. And no, food in our household wouldn't amount to more than $10pd for 2.
        Besides, you need an eligible account, none of which are free unless you deposit $2k.
        Deal is still ok, but too many hoops. Open deposit account, activate yella, open credit card, time the spend, find $500 of eligible transactions.
        Any bills big enough to use, like rates, are excluded.
        I'll stick with HSBC for my hastle free 2% off. CBA can stick their offer, same place I shoved their last credit card when monthly spend got ridiculous.

    • dealstacker on 06/04/2024 - 15:00
      +5

      If one did struggle to meet this on their card, they could always pay their rent with it: https://www.ozbargain.com.au/node/837296

      Edit: or purchase Woolies/Coles gift cards to bring their food shopping forward.

      • Viospeed on 06/04/2024 - 15:03

        Yes, the gift cards are a good idea.

    • Grey 13 on 06/04/2024 - 15:04
      +8

      Bills, body corp rates, insurances, living expenses…

      Even penny pinching $500 won't last you very long in this economy.

      • nobro25 on 06/04/2024 - 18:48
        +2

        Yea but strata, water, energy bills has a surcharge if you pay by credit card.

        • Skinnerr on 06/04/2024 - 18:51

          Smashed avo on toast, almond lattes and bacon and egg rolls.

        • teatea on 09/04/2024 - 17:51

          At most, it would only be say 1%. So $5. That 100 will definitely cover it.

    • Homr on 06/04/2024 - 15:48
      +9

      Please share how you keep your spend below $500 per month

      • coldazure on 06/04/2024 - 21:43
        +1

        easy. just live in parents basement.

        • Homr on 06/04/2024 - 21:44
          +9

          But what if your parents don't have a basement?? This isn't the USA, we hardly have basements in Aus

          • coldazure on 06/04/2024 - 21:48
            +1

            @Homr: i duno. maybe get creative and live in a spare bedroom could also work.

  • sicarz on 06/04/2024 - 15:15
    +6

    FYI - If you have a package home loan with CBA and no existing credit card with them, annual fee can be waived. So could pretty much get the full $400 cashback.

    • bazingaa on 06/04/2024 - 15:26
      +1

      home loan with CBA

      you can get an annual fee waived Ultimate Awards card with that . I have one but I don't know what are the benefits though. Looks like it got overseas travel insurance etc.

      https://www.commbank.com.au/credit-cards/ultimate.html

      • sicarz on 06/04/2024 - 15:34
        +2

        yeah my comment was more so those that don't have an existing card already, e.g. I have non CBA cards that I use, so for me I have a "spot" to get the credit card fee waiver as part of the package - so will allow to sign up, collect the bonus and then ditch the card after without any extra fees to CBA.

      • coldazure on 06/04/2024 - 21:45

        last time i checked 2 years ago they didn't offer monthly fees waived on the Ultimate for home loaners. has that been changed now?

        • bazingaa on 07/04/2024 - 10:46

          I got in Feb 2024, it was included in the wealth package (variable rate offset account thing)

  • Vidgamer on 06/04/2024 - 15:37

    Should this pop up in Yello automatically for activation? I dont have it available in my CBA app.

    • dealstacker on 06/04/2024 - 15:37
      +1

      No, just confirm you are in a Yello tier, and then apply for the low rate card through your account.

      • Savealopoulos on 06/04/2024 - 23:00

        How do your find you ‘tier’ in Yello??

        • dealstacker on 08/04/2024 - 09:40
          +2

          Go to ‘yello’ in the app. If you have no tier it will say ‘locked’. Need 5 transactions in the month prior to get first tier.

          • INFIDEL on 09/04/2024 - 01:27

            @dealstacker: So that's why I've only received 2 ‘yello’ offers - after first using StepPay MC for $50 back.

            My other CC is an old "No Fee" (now Low Fee) Visa.

            Thanks 👍
            Time to change to MC! (After 5 StepPay purchases!)

  • zcream on 06/04/2024 - 16:18
    +1

    What's the waiting period if you had a card with them previously?

    • dealstacker on 06/04/2024 - 16:54
      +2

      Appears to be 12 months since holding a Low Rate or Low Fee card type. Should be available outside of this, but always get written confirmation via chat.

  • Catsmagic on 06/04/2024 - 16:45

    I have this offer in my Yello, any idea if I switch from Ultimate Awards to this would the offer still come in? Or new application?

    • dealstacker on 06/04/2024 - 16:53
      +5

      Don't switch!!! Ultimate Awards cardholders don't seem to be excluded from the offer but switching from any credit card definitely excludes you from this offer - and is generally the case across different banks. In any case, if I have or had an active card with CBA I would ask via chat to get written confirmation of eligibility for the offer, and then apply for the card direct instead of trying to switch.

      "Offers not available to customers who currently hold, or have held, any activated Low Rate or Low Fee card types in the 12 months prior as a primary cardholder or customers who switch from other card types. For more information about CommBank Yello and how to check your eligibility status, please visit commbank.com.au/commbankyello. The cashback offer you receive will be the cashback offer you retain for the 4 month period, regardless of whether your eligibility for CommBank Yello changes."

  • klick on 06/04/2024 - 18:27

    just wondering, how is this card expected to affect credit score ? Once closed - would it bounce back ??

    • dealstacker on 06/04/2024 - 18:28

      On its own shouldn't do anything to your score if you pay on time.

    • nobro25 on 06/04/2024 - 18:50
      +1

      Should be negligible if you apply for a low credit allowance.

  • WhatsTheBigDeal on 06/04/2024 - 19:28

    Targetted.. i have yello but not this card offer.

    • dealstacker on 06/04/2024 - 19:40
      +4

      Not targeted - you don't need to click through an offer, just be in a Yello tier and apply for the low rate card to get the offer. From the website:

      "* Offers commenced 1 March 2024. The $400 maximum cashback offer ($100 cashback per month for 4 months) and 0% p.a. interest on purchases for the first 3 months is only available to customers who are in a CommBank Yello tier (Everyday, Everyday Plus or Homeowner) when they apply for a new Low Rate credit card. The $240 maximum cashback offer ($60 cashback per month for 4 months) and 0% p.a. interest on purchases for first 3 months is available for non-CommBank Yello customers."

      • WhatsTheBigDeal on 06/04/2024 - 21:09

        got it thank you. At firsth I thought it would pop up under yello offers in commbank app as usual.

  • noskich on 06/04/2024 - 22:32

    What's the minimum salary to get approved?

    • dealstacker on 06/04/2024 - 22:43

      No minimum. Bank needs to be satisfied with your credit history and that you can service the credit limit with your income/expenses.

  • rayf1009 on 06/04/2024 - 23:01
    +1

    I have to wait until 23/4 until I can apply for this (12 mths after closing my last low fee card). Does it say when the offer finishes?

    • park it on 07/04/2024 - 05:12

      Wondering the same. Is it worth opening an account now and try to do it next month? Hmmm 🤔

    • dealstacker on 07/04/2024 - 08:13
      +2

      No, can expire any time.

  • bailbondsh on 07/04/2024 - 10:01

    Does it matter if I'm purchasing from another country?

    • dealstacker on 07/04/2024 - 10:02

      I know it's not the same bank but I just did it with a NAB Low Rate card and it counted towards minimum spend. Best to check with their chat team if you need overseas spend to count.

      • bailbondsh on 08/04/2024 - 09:18

        Just to clarify, I'd be overseas, but maybe I would satill buy things from Australia for my house….?

        • dealstacker on 08/04/2024 - 09:38

          Yeah I was overseas too.

          Edit: note there is 3% forex fee.

  • moorey on 07/04/2024 - 11:23

    Are there any free (no monthly fees without min monthly deposits) transaction accounts from Commbank with Yello benefits?

    • dealstacker on 07/04/2024 - 14:49
      +4

      Free for under 30s, other option is to deposit $2,000 each month and transfer it back out. Can’t believe banks still charge monthly account fees.

  • korky on 07/04/2024 - 11:26
    +1

    Noob question, but how does this work for a new CBA customer? Do I apply for the credit card first then activate the offer through Yello (once approved)?

    • SlifSlif on 07/04/2024 - 11:56
      +2

      OP put effort into explaining how it works, just read through it..

      You need to have Yello active on the account then apply for the credit card.

      • korky on 07/04/2024 - 12:05

        Ah, I missed the detail about opening the transaction account first. Thanks!

  • Ahsan2711 on 07/04/2024 - 12:26

    I have commbank gold low fee card, am I eligible to get the cashback? The gold low fee has been discontinued for a long time but I still use it

    • dealstacker on 07/04/2024 - 14:51

      T&C does exclude having held low rate or low fee card types in the past 12 months but you could message and ask about your older card.

  • Inspectorfi on 07/04/2024 - 21:08

    Thanks OP, was looking at the smart card for $425 profit .. I’ll have a look now to see if I could apply for both! Doubt it though, and obviously wouldn’t do at the same time.

    Might also consider applying for the nab or anz low rate cashback deal, as I’m waiting for the better cards 12 months to turn over (anz black, westpac altitude, Suncorp etc)

    • dealstacker on 07/04/2024 - 21:12

      Consider the ANZ platinum over the low rate - more cashback and no annual fee for same spend, and it doesn’t impact eligibility for the higher tier cards either.

  • limetree1 on 08/04/2024 - 17:44

    If I’m a Cba home loan customer, I won’t need to pay any annual fee for credit card, is that correct ?

    So I still need to activate Yello in that case? I’m not using Cba card for daily transactions.

    • dealstacker on 08/04/2024 - 21:20

      To be in a tier you need to have made 5+ transactions in the previous month. Need to be in a tier at time of application, otherwise the bonus is only $60 per month x 4.

  • Ehty on 09/04/2024 - 11:21

    Applied on 6th, was conditionally approved but no movement since then!

    • wavesgreen on 25/04/2024 - 10:01

      Any update?

      • Ehty on 25/04/2024 - 16:11
        +1

        got it day after.

  • Maonu on 13/04/2024 - 03:59

    Is it ok if I link the card with PayPal and use the minimum amount via PayPal ?

    • timhn on 23/04/2024 - 08:02

      Yes

  • Viospeed on 19/04/2024 - 21:03

    Damn, so I already old a no fee credit card through commbank which means I'm not eligible for this?

  • foxes28 on 22/04/2024 - 13:21

    Can we get the digital card/mobile wallet instantly once approved? Or do we have to wait until the physical card arrives?

    • Brick50 on 22/04/2024 - 19:12
      +1

      Digital card

  • polarq on 25/04/2024 - 09:38

    How do i know after i get the card that i will be getting the cashback after spending $500? Is $500 in a calendar month or billing period?

    • Brick50 on 25/04/2024 - 16:11

      Read OP’s post

  • payless69 on 29/04/2024 - 08:03

    $376 profit for opening and closing one of Matt's baits so he can cover his affairs.
    He could teach Gerry a few lessons to how golden geese are better than just a dog with no name.

    https://au.wallmine.com/asx/cba/officer/1787483/matt-comyn

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