$0 annual account fee for the first year, $87 after that.
Minimum annual income of $35,000 required.
ANZ Platinum Credit Card - $200 Cashback Bonus after $500 Spend in 3 Months
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Exactly, as no mention anywhere in T&Cs that recent ANZ customers are ineligible for cash back.
I'll consider applying but my score is already so low I may get knocked back this time.
why is your score so low?
Too many cards in a short period of time.
There is no "score" in Australia but like you said, if you have too many open lines of credit in a short period of time they'll probably be a bit hesitant to approve you for this.
There are many "scores" in Australia. Each bank has their own. And the main credit search providers also have their own which can be included in each banks calculations.
And generally how many credit checks you have had in the past year (every time you get a credit card or utility contract) will go into calculating the score.
Almost every lending institution checks a credit rating provided by either Veda, Dun and Bradstreet or Experian. So yes, there is a credit "score" that is checked, usually VedaScore. That doesn't mean that the bank won't have their own calculations too.
Condition 1 doesnt count?
Offer only available to new and approved credit card applicants who apply for an ANZ Platinum credit card account by 18 May 2016
That's 391 in potential cashbacks running this week, damn
Don't forget to mention a $10 voucher from jb hifi
where from?
Was from the washing machine deal last night
apparently it's money laundering
Soooo tempted
guys i have a question, i keep signing up for all these credit cards that show up on ozbargain for all the crazy deals, what sort of affect will it have on my eligibility and stuff when i plan to buy my first home soon?
It sure won't look good on your application so you may attract a higher interest or lower loan amount
hmm thats not good especially when i am planning mode now. if i cancel atleast a few of them does that improve things for me?
I does, but credit score going to remain lower for some time. Credit Agencies keep history for long time (years).
Too late.
Just cancel your credit cards before you apply for a home loan.
Not exactly sure how banks assess risk but every credit application potentially reduces your credit score, regardless of whether you cancel or not.
I've heard this many times from multiple sources and I'm sure there is some truth to it but this is what I don't understand. From the bank's perspective, which would be considered riskier:
1) Someone who has never applied for a credit card (and therefore we have no information about their experience in repaying loans) or
2) Someone who has successfully applied for 3 cards, paid back all their debts on time and now has cancelled all 3 cards.
Option 1 is equivalent to a graduate applying for a job with no experience whereas Option 2 is equivalent to a top-notch graduate with a couple of internships under their belt. I know which one I'd hire.
I'm really interested in understanding the rationale behind the way credit scores currently work…
@brainactive: There is a sweet spot for the number of credit enquiries over, say, the past year. You're correct to say that someone who has successfully applied for a handful of credit facilities will get a higher score than someone with zero history of credit.
The ranking would be (from least to most favorite in bank's perspective:
- never had a credit card
- have 5 or more credit cards (even though they may have never missed any credit card payments)
- have only 1-2 credit cards without missing any payments
The rationale would be that most of the times, a high number of cards indicates you are behind payments (and are trying to play around with balance transfers) and/or you're carrying a high amount of debt. It doesn't mean you're "experienced" at handling debts and are a good borrower (like you put in that way lol)
That sounds reasonable and I agree with the rankings. But still, I don't think there should be that big a difference (in credit scores) between the last two. From the bank's perspective, yeah sure it seems a little odd that someone would apply for that many cards in one year but other than that, if they are paying it back on time, aren't borrowing that much, aren't using balance transfers etc. then I don't see why having 1-2 cards is much different from having 5. I would've thought balance transfers would already be included as a factor in the credit score and we wouldn't need to use the number of cards as a proxy for this.
I'm assuming here that there is a noticeable difference between the scores of the last two. Not sure whether this is really the case but I keep hearing stories about it.
@brainactive: You are setting up a straw man.
It is not even about 2 people.
It is about how much risk to assign each person. Someone who has applied for multiple credit cards looks like more a risk as a someone who doesn't. Believe it or not all your data is not available, so nobody knows if you pay them off on time, except for the one bank you deal with.
@voldemort:
That's what I always thought the order was. Until I visited a mortgage broker lately for a home loan and he said never having a credit card is better on your score than having just the one, even if payments were never missed on that one card. It was strange to me.@brainactive:
If you have 5 cards you're less likely to use your new card for a purchase than if you have 1-2 other cards.
They only make money if you buy something and pay the interest on these zero fee cards.@voldemort: really? Because my partner and I got approved with no problems and neither of us have held a cc.
@johndoe1:
Of course they would still approve your application. The bank earns money by providing loans, they wouldn't want to forgo business.What I'm saying is had you and your partner got 1-2 credit cards, the bank would have given you guys a lower interest rate / higher loan amount. The rationale behind this is once you open your first CC, you start buildind your credit history / score. Without a credit card then banks got zero information on your credit history = high risk for a bank.
You guys didn't have a credit card but may have a credit history from somewhere else like a car finance or personal loan.
all other factors equal, a guy with 1 credit card is always more desirable than one without to the bank.
@voldemort: hmm maybe I should get one now then! I was going to sign up for this ANZ deal but was afraid it would hurt my rating.
Total current credit limits will definitely impact on borrowing capacity. But it's easy to commit to cancelling/reducing existing limits. I recently went through a home loan application and the bank rep showed me on screen how changes in existing card limits will impact the serviceability assessment.
Separately, I understand that one of the (two?) Australian Lemding Mortgage Insurance (LMI) providers has a threshold of eight credit "enquiries" (applications for new or increased credit facilities) in the past year before it triggers a red flag. But LMI is generally only required for Loan to Value (LVR) ratios in excess of 80%, If you are below that I'm not sure if lenders worry too much about past applications, just current open limits and of course any defaults in your past.
Happy to answer any other queries you have on the home loan process.
Thanks for the info. How much judgement is involved in the home loan approval process (and/or credit score calculation process). Is it mainly just based on some pre-determined algorithm or is there room for additional info to be incorporated. For example, if I have 6 cards opened in the last year, they ask me why and I tell them I wanted the 250k QFF points at $0 annual fee with minimal spend. Do they then take this into account and consider me frugal or am I just the guy with 6 credit cards?
My understanding of the credit score calculation process is that it is purely computational, but question whether the banks are actually referring to your score as part of their credit approval.
The home loan approval process is initially computational - you can see the impact of various factors (including total existing credit card limits) using the "how much can I borrow" calculators on all the lenders' websites. Depending on the results of these calculations, the amount you are looking to borrow and the policies of the lender, your application will be escalated to a certain tier of credit approver. And generally the higher the tier, the more individual judgement is involved.
So, initially to the system you're just a guy with 6 credit cards (with total limits of $x) but at some point in the process you may have someone ask you about your number of cards. Ideally you haven't missed any minimum payments and you show a willingness to close some of them and take up a (new) card from the lender if it's part of the loan package. It's worth remembering the person you're dealer with, either bank rep or mortgage broker, is most likely to be on commission and it's in their best interest to work with you to get your application in the best shape possible.
Free credit score check: https://www.getcreditscore.com.au/
Credit score Under 600?
If so, it’s time to take action to improve your score:*- Avoid late payments on your bills
- Make your loan and credit card repayments on time and pay any defaults
- Avoid making multiple credit applications in a short period of time
- Review your Veda credit report and correct any inaccuracies
- Monitor your score regularly so you know if anything changes
@LoveBargain15: Thanks OP, I requested one from Veda but good to know there is an alternative service
Nothing to worry, you just need to explain to the lender how many and why you have the credit cards. Believe it or not, when I applied a homeloan with my bank, my credit score was average. Then, they required me to close all the credit cards to get a higher amount of homeloan. I did and just re-applied the credit cards once I've got the pre-approval from the lender.
Credit scores are very different in Australia vs what you see and hear about in the US.
You can apply for the CBA & ANZ credit cards easy enough, and in the same month apply for a Home Loan. You just need to be honest with them that you applied for Credit Cards because there were promotions going on.
Basically, there is no need to worry, unless you start to be unable to repay your debts… that's another conversation.
Good luck with your first home!
Just to add to responses already posted, an extract from my (favorable) Veda credit assessment:
Key Contributing Factors impacting this assessment:
Number of Consumer Credit Applications - Greatly Decreases Risk
Credit Enquiries - Last 12 months: 0
Credit Enquiries - last 5 years: 0And from Veda's website:
Can shopping around for credit impact my credit report?
Every time you apply for credit and a credit provider obtains a copy of your report, an enquiry is added to your credit report. This includes any loan, mortgage or utilities applications you may make. Credit providers may take a negative view of a relatively high number of enquiries made in a short space of time, which may in turn affect your ability to obtain credit.
However, the number of enquiries recorded on your credit report is just one piece of information a lender may consider when assessing your application for credit. Lenders look at a variety of information on your application form, if you are existing customer as well as your credit report to assess your application.Exactly how significant credit apps are remains a little difficult to quantify though "Greatly Decreases Risk" sounds a little ominous. Reckon I'll still go with this ANZ deal though, thanks OP.
Thanks everyone for replying to my query. I will walk down to my nearest nab and ask this as thats where my salary account is. i have only taken credit cards for all the crazy deals that keep coming here and now have 5 of them :(.
I have had 5 different credit cards and a $20,000 line of credit in the past 12 months. Had no problems getting a $1.15m loan; I closed the accounts prior!
where is this house located ie state and suburb
1.15mill is a lot for a house
how do you service the loan
With a high income I'd imagine
that much is not a lot in NSW - surprise!!! NOT
check domain for houses at double bay, bondi beach, manly
even 2 bedroom tiny apartments at chatswood is now 1.2milTwo homes, one in Canberra, another in Jerrabomberra. The latter being a 4 bed/3 bath/4 living areas and falls within the NBN rollout plan within 2 years.
Forget Sydney guys, (profanity) paying that much for a run down unit!
I suggest you speak to a mortgage broker to help you find the right loan. in many instances it's okay as long as you never had anything overdue and that you cancel your credit cards before applying, as the banks they look at total credit limits. And most importantly you must have a good consistent income source plus a good history of genuine savings showing in your bank statements.
not worth to be honest, much better existing anz deals
Enlighten us please
2500 spend…..
Just over 800 month. I guess 200 spend week is doable.
I am an Ozbargainer, I find it hard to spend $800 in one month.
Yeah, I was thinking same.
Was trying to add up the fuel/shopping etc see if they would make the minimum
Simple! Prepay your etag.
Yeah, or forward-load your expenses by overpaying your phone bill by a reasonable amount and buying a couple of sizeable supermarket gift vouchers and then leaning on them in the following months. It's not difficult to meet minimum spends if you just shift the amounts around.
I believe the annual salary requirement is much higher than this one
I am not eligible for any of the offers you listed as I had an ANZ credit card in the last 12 months. This offer has nothing as far as I see restricting me from applying and being eligible for the cash back amount.
Can you call to confirm previous cc holders are eligible For this offer?
No mention in T&Cs. Not sure what a call is worth talking to some level 1 person in a third world country that prob does not even know about this offer or the details of eligibility.
Based on past experiences they just read the T&Cs themselves and respond accordingly.
@ahara: agree. Based on my experience actually go to thr brach is tgr the best, you deal with real person and got approved in minutes.
Off topic but anyone had success waiving the annual fee on the Plat come renewal? I paid the entire fee last year.
So if I have no plan of getting a home loan for the next 2-3 years, apply for this card and spend $500 in the next 3 months on it, I will get $200 cashback?
Then I can cancel it in the 4th month for example, and everything will be ok?
Same question in mind as well, are there minimum period before canceling and when will I receive cashback.
Same question here! I'm sure there are ppl like us with the same question :)
I read the terms and seems cash-back will be initiated two months after spent amount reached, but not sure about minimum period.
Anyone find out about this?
They must be giving these away, I received one in the mail yesterday and I never asked for it.
Really? Surely legally they can't send you a CC without consent (unless they are upgrading you from an existing one with identical terms). I call BS or a major screw up by ANZ.
Ok now that I've had time to read it, it's a free invitation to upgrade to Platinum for no extra charge, no change in annual fee or interest rate, yet benefit from longer interest free days, complimentary free travel insurance for the family, and points per dollar spent up to $6K. Linked to Qantas FF. If I don't want to accept I can cut it up and continue using my ole faithful.
I guess it was just crazy timing to get it and then this bargain in the same arvo. Nice looking card though.
I have a blue anz card from qantas 50k bonus points. M I eligible for this?
Is this $500 per month for three months or $500 total in 3 months?
Are you try change the meaning of English words for your advantage?
I don't know why I got neg, I'm seriously asking is the deal that you need to spend $500 over 3 months or $1500 over three 'months?
I read it as $500 in total over three months but there is a post above about a previous deal being $2000 and that threw me off
Does this credit card accrue any points?
I can't apply for this product as I only have one phone number. :(
you could get a skype in number
Or just put an invalid number. Surely they'll just ring the other number (which is your actual number).
Did I read that wrong or did I spot the 'hidden clause' of $20k of purchases in a year, or they spit the yearly charge back on (clause 2 towards end). And it takes up to 2-3 months for it to 'come through'. Very much a trap?
This is relating to the annual fee. First year free, this applies to subsequent years after that.
So, easy $391 profit (CBA + ANZ). Sounds like fun. I'll try.
This is a targeted offer (via snail mail). So you are eligble if you were targeted.
Got declined. didn't really say why. I already got 2 cards with ANZ Black and Platinum FF.
Maybe because it was targeted.
Had a similar experience with CBA in the past. They justified it then as their requirement to responsible lending. Prob you fell in the same category and not cause you exceeded your credit limit.
They may tell you more if you ask nicely.
They didn't really say why. just sent me a letter saying my Veda score is not enough.
they probably are right as I've applied quite a few cards recently.
Will have to lay low for 6 mths or so to hopefully clear to Veda score.
Funny thing is few days later I applied for Amex platinum and was approved.
Obviously different assessment tools used there.
Some use Veda, some use Experian, some may use both.
I've noticed that my Experian record is more out of sync and not realisting. Sais I will experience financial hardship even though I always pay my cards off and have a small combined credit limit on my cards, with no other debt whatsoever (Mortgage, Car, etc.).
Good thing for you now is that you can request a free VEDA copy of your record, even if you have applied for one in the past.. Just FYI
Anyone actually have this card before? What are the rewards like?
Link not working is this deal done ?
oh NO got all my paper ready to go this afternoon to the branch.. hopefully they know and honor
Link backed up
Is it targeted or not.
Think it is
I received a snail mail offer but at a $1000 spend having a look at the web addresses the ops offer was DGGI and mine is DNGG
i think it is a targeted offer..just got approved
So I already have a credit card with Commonwealth (my bank provider). If I get this card then cancel it in less than a year when I have more income to get one of the AMEX deals; does this look bad on my credit rating? My partner and I are interested in applying for a home loan in 1-3 years.
Thank you
Which card is better?
This anz card or the amex platinum edge
https://www.ozbargain.com.au/node/240924Got reffered. Last year I smashed ANZ with 100 cashback from transaction account and around 1200 dollars in Qantas points from four different cards with them than closed everything off after I milked them out. Hopefully they will not learn and give me this one also. My absolute champion milking is Coles 100 dollars off shopping cards. I think I managed to milk that one out close to 7 or 8 times.
More like your credit rating got 'milked'. I hope for your sake that you're still able to apply for credit in the future.
I don't need any credit. I am against debt in principle. I'm one of those people that go without what I cannot afford. If you can't pay cash for it, you cannot afford it.
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Great for whoever took up the last CBA deal and won't qualify a second time!