Sounds like a pretty good deal!
Deal extended from 31 October 2016 to 31 January 2017.
Apply for a new Low Rate or Low Rate Gold credit card before 31 January 2017 and if you spend $500 by 31 March 2017 we'll give you $250 cash back. Plus, we'll waive the annual fee for the first year. Conditions apply*
Yes, you'll have to refund onto the same card, but thats not a problem? You'll do the refund after you've received the cash-back.
There is no specified timeframe for Bunnings returns, so I assume it is indefinite:
https://www.bunnings.com.au/returns
Devil is in the details. Quick browse through the T&C…
"To be eligible for the $250 cashback, you need to spend $500 on eligible purchases using your new card by 31 December 2016 (includes BPAY transactions, payments to the ATO but excludes balance transfers, cash advances and any purchase or transaction that is subsequently reversed or refunded). "
Last line is the deal breaker for those who want to make $750 out of this.
if the above refund idea were to work, you will get $250 credit after spending $500 on something at bunnings. If Bunnings' refunds policy were to be honoured, item is refunded for $500.
$500 + $250 = $750. But that's all moot now because of the stipulated T&C. Believe me you, the banks aren't stupid when it comes to drowning the less financial savvy in cc debt. They get incredibly stupid only when there is huge profits to be made by closing one eye and burying their head in the sand.
@avexdevil: The $500 refund would just cancel out the $500 debit made to purchase the item in the first place. Total profit would only be $250 minus any fees (cash advance etc) to get the $250 out of the account.
good catch, i stand corrected, net is $250. But liquidating $500 credit through a refund would've potentially be a benefit too without it being considered a cash advance.
You have to hold onto your goods for up to 60 days before you get the cashback.
What is Bunnings' refund window?
There's also the possibility that they might reverse your cashback because you got a refund.
Bunnings normally asks for refund to be credited back to the paying card. But staff may not necessarily check all details and just Visa to Visa or Master to Master.
from Things you should know
To be eligible for the $250 cashback, you need to spend $500 on eligible purchases using your new card by 31 December 2016 (includes BPAY transactions, payments to the ATO but excludes balance transfers, cash advances and any purchase or transaction that is subsequently reversed or refunded)
Thanks for that, we have already discussed this above in the thread though.
Whoops :|
transfer the cash off the card to another bank?
I'd like to know this too! :)
I have a Low FEE Gold Mastercard with Commonwealth Bank for a while now. If I cancel the low fee and apply for the Low RATE Gold, would I still get the $250 cash back offer?
I had one as well. I Cancelled my low fee gold card 2 weeks ago and apply for a diamond award card. Wonder if I am eligible for this card for cash back
Does anyone know what the minimum income p/a is for this card? I can't seem to see it anywhere on the website (on my phone).
They don't have one per se
Might be a silly question but would I be eligible for the $250 cash back if say I was changing from the CBA Award Credit Card to the CBA Low Rate card?
Just wanted to make sure before going ahead
I am the same as you, I also have an awards cards. not sure if I am reading it right but to me it excludes all existing cards so we are out :(
"Offer excludes applications made in-branch or by telephone, all existing cards, Corporate and Business Liability cards, upgrades and switches from other card types and is not available to customers who currently hold, or have held, any personal Low Rate, Low Rate Gold or Interest Free Days Business (personal liability) credit card in the 12 months prior to 10 October 2016. After the first year, the then current standard annual fee applicable to your card type will apply."
Okay, kinda off topic but how come these cards got so damn ugly?
The worst thing about it is that the old card won a design award in 2015 too…
The old card looked quite nice and professional, I liked it. Unless the actually cards are somewhat metallic or transparent, I want to know who on earth allowed this to go through????
They went from Louis Vuitton to The Reject Shop real quick.
/rantover
I felt so strongly about it, I filled out a suggestion. This was the reply I got via email:
Dear niggard
Thank you for taking the time to let us know your thoughts on the new design of our Credit Cards.
I am sorry for any concern this has caused you.
Details of your feedback have been provided to senior management for their consideration before making any future changes.
We value your feedback, as it allows us to address the issues you have raised.
Yours sincerely
Susan
@gimme: well, if enough people speak up about it, they might change their card design. If you're happy with the shitty looking cards, that's fine.
@niggard: yeah may be but to be honest I really don't give a ** what the card looks like. It's not a car! I'm more interested in features/benefits. But I'm sure there are a lot of people in this day and age who do care… along the same lines as several 1st world problems.
Hello Ozb users, I have a little question, just say I get this credit card and spent for the first two months then never spent again, from the third month will I need to pay anything because I don't want it to stuff up my credit score as I'm pretty young :/
No
but remember to cancel before the free year ends
Ah thanks for the clarification
I just spent 15mins applying - No debt (except smallish home loan), full time job and never applied or had a credit card in my life.
"Your Application was Unsuccessful" and "Get back to us when your circumstances change" haha
The skeptic in me thinks this is all a data collection exercise. If anyone can jump through the hoops and score one of these I'll eat my words!
Lol just got the same thing!!
Maybe they got a huge influx of applications or something.
I think in my case the fact that I already have 3 other CCs (28Degrees, AMEX, Citibank) stuffed it for me.
I got the low rate card from ComBank earlier this year when I already had 4 other credit cards. So I doubt this is the reason why you got knocked back.
So they want you to get back to them when your circumstances change, ie. when you can apply successfully? Sounds like you should apply again! :-P
I'm a student, work casually but have no debt or other credit cards, they offered me up to an $8000 limit :/
And did you take it?
Nah, pushed it down to $1000. Only going to use this card to take advantage of the $250 cashback. Not interested in unnecessarily racking up credit card debt.
They most likely want people who are going to spend up on them and not people who are financially sensible. Beejay proves the point below because they probably don't have a massive income and are more likely to rack up debt and incur interest as a student.
same here, turn down my application, l've a home loan though so fair enough
Mine's been stuck at the 2nd last step for over 20mins now:
We're looking at your application now.
Why not use this time to grab your…
Commbank got OZBDDoS'ed?
I did get my new netbank details though.
No home loan, full time job, $22k limit across 3 credit cards. Approved for $2k low rate card.
$21K limit across 3 cards here and got approved for $3K. I then lowered it to $1,000 for that sweet $250 cashback hit ;)
I lowered mine to $800.
LMAO. I have:
and
"Your Application was Unsuccessful" and "Get back to us when your circumstances change"
never applied before? That's part of the problem mate.
Problem? Should I be applying every day? haha
Believe it or not, having no credit history works against you. I know you have to start somewhere so iit's always a good idea to apply for an 'easy' cc and build up a history.
I got rejected as well. Really not sure what their criteria is but this is the first time I've been rejected from a CC application and I'm in the best financial situation of my life.
"is not available to customers who currently hold, or have held, any personal Low Rate, Low Rate Gold or Interest Free Days Business (personal liability) credit card in the 12 months prior to 10 October 2016"
CommBank have 4 types of credit cards: Low Rate, Low Fee, Awards and Business. So if I currently have and keep my Awards (or Low Fee) CommBank cards looks like I qualify.
We all would like to get the cash back.
CBA will be(any one for that matter)
“Robing Paul to pay Peter“.
I have been with CBA for over 12 years now, and since they introduced debit cards I have only used my own savings on my debit card for online purchases. Heck, I even get confused with how the interests on CC's work. Better keep the status quo and stay in my slow, Sunday driver lane, I guess.
Hope they don't make platinum cards that ugly
Just received my new platinum card today, it looks horrendous :(
New Diamond Awards same pattern in black/grey..,bleurgh
Nevermind see someone already posted them.
Totally switching cards from cba next cash back offer that comes up.
So when they say "Offer excludes all existing cards" what does that actually mean?
All existing cards with the CBA?
Offer excludes all existing cards
CBA, Westpac, Hallmark, Medicare, Pokémon…
Yu-Gi-Oh
I've never had a credit card before, only a debit card so I just want to make sure this is correct -
I'm guessing this is possible?
Yes. Or maybe cheque or spend it on more things.
You can't transfer money from a credit card, you'll have to spend the bonus $250 (or maybe withdraw it as a cash advance, but that comes with fees AFAIK).
IIRC it's like a $2.50 fee for transferring to a bank if you have a positive balance
When you cancel the card the bank will send you any amount you have in credit as a cheque.
Can anyone else confirm this? Would be the best trick haha
Don't know but I haven't used a cheque in decades. I wonder if there would be fees associated with depositing a cheque.
Yeah bit of a ripoff really. ANZ didn't charge me for the cash advance to take out my $200 bonus. Although spending $250 shouldn't be that hard thanks to this wonderful addiction of a site!!
Very new to credit cards, so wondering if anyone can explain how this all affects credit rating? I've had a 28 Degrees which I closed off a couple of months ago but now have a platinum NAB card and I just got approved for this deal for $17k although I dropped it down to $2k just to take advantage of the cashback.
I just applied and conditionally approved. Going to try with my wife as well.
Is there a submit button? All i can see is save and exit after upload payslips?
That's it. It's already been submitted before that step. I received a credit limit approval before that step.
Thanks for clatifying. got confused with the submission
Did your wife conditionally approve you?
so i looks like if you have any existing CBA credit card you are not eligible? is that you guys interpret this:?
Offer excludes …. all existing cards, Corporate and Business Liability cards, upgrades and switches from other card types and is not available to customers who currently hold, or have held, any personal Low Rate, Low Rate Gold or Interest Free Days Business credit card…
all existing cards
So wait if i have a commbank credit card that isnt low interest or low interest gold am i good or not?
Not good. Any currently existing card. Any low rate card in the last 12 months.
from the wording, existing card holders are fine so long as the existing card isn't a "Low Rate, Low Rate Gold or Interest Free Days Business" credit card held in last 12 months.
the bit about "all existing cards" is just referring to people who have an existing card trying to claim the cashback on their existing card. you need to apply for a new either Low Rate, Low Rate Gold and Interest Free Days Business Credit Cards - you can't get it on an existing card.
feel the wording is pretty clear on this point :)
Just to be aware: I somehow got offered a plain low rate card (I know the minimum is a $4000 limit for the gold card).
I deleted the application, processed it again with the same details and it seems to have worked.
Low rate is still entitled to the cash back.
- The $250 cashback and $0 annual fee for the first year offer applies to new personal Low Rate, Low Rate Gold and Interest Free Days Business Credit Cards
Yeh, same. I dropped the limit from $5,000 to $4,000. The card offered was a plain low rate card - took it anyway. Still eligible for the $250 cashback offer.
Can I still take advantage of this offer if I took up their offer a while back when they had $250 back on their cricket MasterCard?
Within the last 12 months? No.
What's the minimum income req?
50 cents
Heard you were broke mate?
So basically I can withdraw the $250 from an ATM once it is credited?
Hopefully.
Does anyone else know for certain?
Student with a part time job and small personal loan. Surprised I was conditionally approved for 10k. The cash back is nice but I take holidays overseas 2-3 times a year and the included travel insurance saves me even more.
thanks OP, couldnt resist an almost half price PS4 Pro.
I am someone else's additional card holder. Would I still qualify?
no
Don't think it will work. Most likely you'll have to refund onto the same card.
What is Bunnings return timeframe?