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*
Oh thought you meant getting the cashback on the additional card. Good to know then.
Looks like holder of Low Fee credit card is not in the exclusion list. Great!
Hello guys! I never had a cc and I only use a debit card (savings), I want to take advantage of this one. Can anyone explain me how cc works and how to avoid interests when spending through cc's. Cheers!
You get a statement each month which shows your purchases and balance up to the statement date for that month. You have to pay at least a minimum payment which is due like 2-3 weeks after the statement is issued. Pay off the full balance as shown on your statement by the due date to avoid paying any interest.
If you pay off your full balance every month you get up to 55 days interest free (depending on when in the month you a made a purchase,so it varies from around 25-55 days interest free)
The interest free period varies with different providers.
Thanks! Will I be charge for anything if I don't really use it? Or should I reach the minimum spend per annum or a timeframe?
Nope. Cancel before the anniversary date to avoid the annual fee.
You seem pretty pissy
Longest? Hardly. Pretty much the bare minimum for all credit card applications.
nope. I've had plenty of cards and this is the FIRST time I've had to upload my payslip. Noone's ever rang my employer either.
Have CBA rung your employer? I didn't even give them my employer's number. I've done payslips before, it's no hassle.
You should try their home loan borrowing capacity calculator.. you will die hitting the keyboard..
From the comments here it seems that this deal is targeting at students :)
Yayayayayay. Just in time for my mitre saw purchase.
TECHNICALLY the T&Cs state "applied for online between 10 October 2016 and 31 October 2016 offer only." …they could reject a claim if you apply today =O
It's the 10th today…
Unsuccessful: $25,000 limit across 3 other cards and a home loan with $90,000 income. This is after I gave them all of my personal information. First time I've been refused a cc.
Same here, and we've got very similar financial positions.
Seems like they are building up a database with peoples personal info then refusing.Not good for your credit rating if you get declined.
Highly uunlikely. There's easierways to get info.
I applied and they seemed to have used the payslips from the last deal. Hopefully I get approved.
I started applying but the number of questions became a bit overwhelming.
CBA (Can't be asrsed)
Easily done with Christmas coming around the corner.. Thanks OP!
Thanks OP!
My wife has a supplementary CBA low-rate credit card from my account but she doesn't have her own credit card a/c. Does anyone know if she'll be eligible for the $250 cashback?
See above. Apparently no.
Reposting this
Just called CBA. The guy on the phone said that since additional card holders qualify because they:
- have not applied for a CC in the last 12 months
- is not the primary account holder
great - thanks!
Hey guys,
I applied for the Amex card last week and this card tonight, but thought to myself afterwards, would this have a profound impact on my credit rating being so close together?
These are my first credit enquiries. I have no debts.
Profound? How long is a ppiece of string? Some impact yes. Just depends on individual circumstances
Thanks theriffic.
Never had a CC before, never had to. Always tried to just save up and budget for the things I want/need.
But as I'm travelling overseas next month I can benefit from the free Travel Insurance with the "Gold Card" and get $250 cash back…. too good of a deal to pass up. Just have to pay back any charges before the interest free period and close the account after I have spent the cashback (probably just by for WW gift cards haha)
I had a low rate card about a year ago and was cancelled. Am I still eligible for this?
Thanks OP! Got approved for my first CC!
Do you need to have a streamline account linked to this credit card? I quit the CBA years ago when they wanted $8 p/m just to keep an everday/debit account open with them.
Does the international travel insurance cover hospital bills overseas in case of accident? I tried reading the terms and condition but its just too complicated
Well yes that's what travel insurance is (mostly) for. BUT if you don't understand the PDS and exactly what you're covered for I personally wouldn't rely on what someone on ozbargain tells me. Read again and if still unsure call the insurance company.
PS: Some insurances have exclusions for HIGH RISK activities that lead to an accident. Only you know what you're going to get up to :)
Quick question - can I just clarify that this offer doesn't just apply to gold as in the T&C's it states: "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 (personal liability) applied for online between 10 October 2016 and 31 October 2016 offer only."
I accidentally signed up for the standard low rate instead of the gold but upon calling CBA I was told that the normal low rate would get the promotion as well? Just double checking is all as the big banner at the top specifically mentions gold? :)
Read one line below the banner "Apply online for a new Low Rate or Low Rate Gold credit card by 31 October 2016 and we'll waive the annual fee for the first year."
Also I don't think you accidentally signed up to it - More than likely they automatically allocated it based on the credit limit they were willing to provide. Either way, if you're just in it for the $200 (and cancelling) it doesn't matter.
My application was unsuccessful. I have a full time job, no loan. This is the first time I apply for a credit card though. Have always been using debit cards.
Approved for $1000. Must have only just met their criteria!
Is the $500 spend for single transaction only or multiple? Thanks
Typically multiple.
Will eligible purchases include purchases using the card on eBay?
Yes
During the application process, they ask if you want to get additional cards (Wife etc). Has anybody taken these?
I ask because I expect that the additional card would not get the $250 spend rebate (as it's not really a separate new account), so I am going to apply separately for my wife to get one.
No she won't get the bonus. Apply separately if you like. That's what I did.
I cant seem to get it to "find" my address on either of my browsers or my mobile. Is it stuffed for anyone else?
Just received their conditional approval .. Waiting for verification of my documents.. Hahaha only offered me $1000 limit.. Enough tho as planned to cancel this card after the $250 cashback
The algorithms they use to determine credit limits are a little strange. I make more $$ than my wife, I have greater savings, similar expenses, debt, same number of credit cards/limits and according to 2 websites my credit score is a little higher than hers YET I was offered 2k whereas my wife was offered 7.5K. The system appears to be flawed.
Geez they want a really annoying amount of detail & documentation for a $600 or $700 credit limit (reduced from the $20,000 initially offered). The irony is I've previously had a home loan, that was fully paid off, with CBA. And I've currently got shares with Commsec worth many hundred of multiples of the amount being applied for. Seriously, at what point do they go "I think he's good for it?" …. sorry to rant, but it's amazing the double-standard the banks in general have for money they lend you, as opposed to money you lend them, it really gives me the irrits. I remember in 2008 wanting a small Citibank credit card limit increase ($1000 increase from $3500 to $4500 to purchase tickets & accommodation for a holiday, so that it was all covered by the card's travel insurance) (i.e. this was a loan from them to me), at the same as having an online saver of $200,000 with them (i.e. a loan from me to them), and again they wanted so much information, that I eventually had to say: "look, you currently owe me 40 times more than I could possibly owe you, and out of the Citibank and I, only one of us has ever been on the verge of not being able to pay their debts as and when they fall due, necessitating a large GFC bailout… and I'll give you a hint, it wasn't me… So for you to question my credit worthiness is beyond absurd."
As I said above, it's all automated and enforced by scripted 'monkeys' so don't take it personally. It's just whatever risk profile algorithm they use which I agree (at face value) it makes little sense.
Also when you say annoying amount of info - Do you mean something other than 2x payslips and driver's license details? If so, it's better not to even declare any additional income/investments.
Some may even say it's responsible lending practices - But yeah we all know it has nothing to do with that LOL
For those who got rejected, be prepared to get a rejection letter as well because clearly the rejection email was not enough. Skim read and binned it but laughed when it said the rejection was because of "responsible lending practices".
I completed the application 2 days ago and am still waiting for an outcome from the CBA!
You mean you didn't receive conditional approval contingent on document review?? What was the actual outcome shown on your screen?
I didn't get a conditional approval either, still in limbo. I'm a CBA customer though, so in Netbank it says' almost there- check what's left to do'. Clicking on that says they are reviewing the info you have provided.
'Amost there' = conditional approval. It'll take 3-5 business days from there.
Can anyone tell me what the difference is between the low rate card and the low rate gold card? Is it just the international travel insurance that comes with the gold and the higher annual fees (which wouldn't matter in this case since we're likely to cancel before the year ends)?
travel insurance and purchase insurance are the mainly pros
Yeap, have to agree and that's why I'm getting one. This card is effectively worth $550+ back in my pocket with the travel insurance and $250 rebate. :) Thanks OP!
so sad that I just upgraded my CC to low fee gold. a week before this post.
I click on the link to apply as new customer and its broken. Not sure how long it has been broken for but I can't apply for a card at this point.
WTF…i got one of the highest credit rating in Aust. $2M morgage home with $200,000 left..full-time work…Application UNsuccessfully
Approved! Took just under 3 days. Current CBA client. Asked for a 2k limit and got it!
Hoping the other half was successful with her application too! Will update if that is the case (conditional approval was given!)
I've been stuck at "We're looking at your application now." for an hour.
Tried closing my browser and logging back in twice but still getting stuck at the same place.
I just tried applying with the credit limit they offered me; previously I was reducing it to $500. Then the application went straight through.
I don't particularly want the higher credit limit, oh well…
was this on the 'card options' page?
I got through the 'looking at your applications' page the first time round. But after selecting the credit limit I've been stuck too… i was offered $5,000 and reduced it to $1,000. Not sure if it's going to go through eventually, i might leave it for 30 minutes and if it doesn't work i might have to do the same as you.. although not really wanting a $5k limit.
It was on the 2nd last page.
The problem could be that when you reduce the credit limit below $4000 the card offered changes from Low Rate Gold to Low Rate.
Can I ask what you ended up doing/ how to fix it? Mine is stuck at the "looking at you application page" for 1 hour. Tried "save and exit" and logging in again but still have the same issue when clicking submit.
Got offered $10,500 Gold card, but only wanting $4000 limit… Dont really want the full $10,500 :(
Nah it only offered me the low rate to begin with. I got the application to go through - see my comment below at next person, it may have been becuase I was using firefox at home?
With the required documentation, there's a drop down box - i'm assuming it's a choice? i.e. I uploaded 2 payslips, but if you drop down box you can choose financial statements from bank and 'other' - i assume they don't want all of these sent/uploaded through, but just whichever one you select? Sorry silly question I know!
Just realised I quoted my gross salary (correct) but that's inclusive of the 9.5% super, i only took a $1,000 limit out of the $5,000 offered though? Surely ok? Would suck if they knocked me back on the discrepancy as super takes 9.5% off that figure. not a materially huge amount per month repayment wise on a $1k credit limit though.
Hey @Pepsii - when I used firefox at home last night it kept getting stuck. I don't know if it was becuase it was late at night (surely traffic on webpage would be less then) but when I resumed the application in netbank on internet explorer at work, it thought for only 10,15 seconds and went through to the documentation section.
Perhaps try using another web browser, let me know how you go? if so firefox doesn't seem to be liked by the online application form.
I got a $4k or $5k limit offered, but only took $1k haha, so you got a fairly good offer. No gold card, just low rate ;(
With the required documentation, there's a drop down box - i'm assuming it's a choice? i.e. I uploaded 2 payslips, but if you drop down box you can choose financial statements from bank and 'other' - i assume they don't want all of these sent/uploaded through, but just whichever one you select? Sorry silly question I know!
I don't work for Commbank so I have NFI.
But I only uploaded one document. The heading in that box simply asked me to prove one of my declared income streams.
Just realised I quoted my gross salary (correct) but that's inclusive of the 9.5% super, i only took a $1,000 limit out of the $5,000 offered though? Surely ok? Would suck if they knocked me back on the discrepancy as super takes 9.5% off that figure. not a materially huge amount per month repayment wise on a $1k credit limit though.
Depends on how bureaucratic their system is. If there's a reasonable person somewhere along the line, that should be fine.
@SaberX: Thanks for your reply. I just login again today (via Explorer) and it already went through the next stage by itself (Guess it already went through their system yesterday.
Anyway I've also only uploaded the 2 payslips (cant be arsed getting the financial statements or PAYG summary). Fingers cross that's all is required. Got the Gold card on 4k limit.
Edit: No "Finish" button for me either. Only a "Save and Exit" button. And a reminder on Netbank popup message telling me to finish the application…
yeah let me know how you go. I also just uploaded 2 pay slips for last two months given the 'financial statements' and the like were only shown if you select the drop down box for other document s- so I assume its one or the other in terms of choices.
No other option but to exit the application so I assume it is up to them to 'finalise' the application once sighted docs. But be great to hear if and when you hear back with your final approval and credit card, just so I know to chase up mine if I hear nothing?
Just got a netbank mail saying that my Gold low rate card is on its way. Yeah didn't do anything else other than uploading the 2 payslips. My 'in process' application also seem to have disappeared from netbank now. Guess you just need to wait for them to look at the payslips.
ok thanks!! Did you get an email notification that a netbank msg was received ?? If so then I haven't received mine yet, or did you have to login netbank regularly to check for msgs?
Hopefully mine gets approved too given I mixed up and stated my income as the amount gross of superannuation included.. only realized when I manually x 12 my monthly income per the payroll statements… given I was only taking a fraction of the credit limit offered I would hope they're still cool.
@SaberX: Got an email notification then went to check netbank. I kind of overstated my weekly income as well as my payments is slightly different each week lol (but stable).
Anyway I bank with CBA, my pay goes there, got a loan with them and a Gold low fee card. Those bastards have been sending me credit increase invitations on my low fee card (to 10k) these last couple of months so not really surprised that they're happy to give me another credit card. Funny thing is, I'm gonna cancel the Low fee card and use the Gold Low rate instead now. Half price PS4 PRO here I come!
haha nice. I have the first run ps4, birthday gift, so I couldn't bear to buy the ps4 pro and not feel guilty. Hoping I get this credit card soon anyway as lots of bills and things to pay soon! haha.
got my email that my card is on the way too!! no gold card so no free insurance for my upcoming holidays, but oh well!!
2 months now to spend the $500! at least now I have incentive to goto all the cheap fuel stations that won't accept amex and pay with this :)
Shame as I just paid the $600 bill for insurance on Friday - that would have been very handy!
@SaberX:
Haha congrats. I'm sure your own purchased insurance is probably more comprehensive than the card anyway lol.
I thought the cards inclusive travel insurance was generally fine? I think I recently had been using the amex included free insurance, but if failing the fact that you need to buy tickets in/out to Australia to qualify, I then resort to TID's insurance.
It's hard with these things - you get som epolicies which are double or more the cost, and you always wonder what the cheaper one such as TID is missing… you never know because you never need to use it/make a claim! touch wood!
@SaberX: Sorry what I mean was, because I assume that you're willing/prefer to pay money for your own insurance, I just assume that it might be more comprehensive/better than what the card offer. I'm not advocating that the CBA Gold Card cover is bad!
In fact I think CBA GOLD covers are quite good ever since they switched to Allianz as their provider (a couple of years ago). I Remember reading the PDS quite a bit before I signed up to the GOLD LOW FEE Card last year and finding the cover is generally quite good for my need at least!
Oh btw, correct me if I'm wrong but IM PRETTY CERTAIN with the GOLD LOW RATE/FEE card, is that you DON'T actually need to use their cards to purchase airline tickets etc to qualify for insurance. Just need to hold one. It was a requirement years ago, but this was changed in recent years with their policy review. That was one of the main recent why I still want to hold a Gold card (Never paid a single cents on interest to date).
To receive full cover , you simply just need to activate your cover by logging in net bank and register your travel plan and they'll issue you a certificate of insurance. If you forgot to activate, you'll still receive base cover.
Its all on here. https://www.commbank.com.au/personal/insurance/travel-insura…
But you're right,most will never know exactly how good or more importantly, how easy and flexible these insurance cover are until you actually need to make a claim!! (and I don't ever really wanna find out please)
On and you'll get extra additional 1 year warranty on purchases. Apology for the wall of text.
EDIT: Haha just as I finished typing this I saw a post in the deal explaining about the CBA Gold insurance https://www.ozbargain.com.au/node/272233. cover. What a coincidence! Yeah just as I have thought, its been like this for quite a while since they switched insurance provider/underwriter.
THanks! I saw the link and it looks great if you don't have to make any payments? Someone there (andrew81??) posted that their claim required evidence they paid the airfare though on their CBA card? Abit confused if it is or not…
But if you can get away with just registering your travel details and getting the insurance - that's pretty good! I am sure there are minor things such as the rental car excess which people prefer buying other insurance coverage that provides better terms - but for your main items that you want to be covered I think most card are similar/decent I.e. your medical expenses, accommodation etc should the worst happen to you.
I am pretty bummed though that I got a low rate credit card and no offer for the gold.
I wonder what I skimped out on to not be able to get the invite to upgrade? Maybe I didn't make the cut due to my existing credit card or mortgage. It's funny as I am sure I could upkeep the credit cards - I never max them out or pay interest, but I am sur ethey calculate your 'notional' repayment ability if you maxed out all your credit cards.
Either way, my low rate card is on its way, so I guess I will get the cashback and then see if I can or ever get offered an upgrade to a gold card!
Given Amex isn't accepted everywhere I've been looking for another decent rewards point mastercard or visa as they're usually accepted without the amex style surcharges. Wondering if perhaps there is a gold or diamond CBA card with decent rewards system that offers this great travel insurance complimentary without any spend?
Did you receive any documentation on your $250 cashback btw? I assume you just spend $500 and the system automatically detects and processes the $250 refund?
@SaberX: Don't have any rewards point card as I don't really use credit card much so can't be bothered to be honest. Only keeping it for perks like insurances and cashbacks hehe.
Didn't get any documentation or whatever so regarding the $250 cashback so I just assume it'll be automatically applied. I'll say you'll most likely get a gold + credit increase invitation sometimes in the future provided you maintain some sort of activity on the card? Cheers.
thanks. I did not receive my credit card despite receiving the notifications it would be sent out in the mail shortly. I have rang up, deactivated and had one resent. abit of a pain.not sure if anyone else had any issues.
I've never had anyone snoop through my mail before - at least I haven't noticed ? Given I'd received all credit cards as needed… hopefully no correspondence being taken!
scrap that - I rang up, and guess what I saw when ig ot home last night! the card!! so now it is useless and I am awaiting another one to be resent.. great - another week or so of wait haha. oh well, at least I know some shady character isn't lurking around for my mail to be delivered!!
@SaberX: now what you need to worry about is how you will spend the $500 on the card when it arrive. I already clock up to $250 on dinner and clothes. Will be well and truly over when the Ps4 pro is released. Too easy.
I've been looking for a points or insurance complimentary card for when Amex isn't accepted and have been trying to find a decet visa or mastercard therefore(have the 28 deg for foreign fee free transactions) - does this card have any points perks? Or would taking this up affect any other CBA 'offers' for better cards that have good points or rewards systems and are offering any enticing specials for joining up as a first time CBA CC holder?
If none then I guess no harm me applying, getting the rebate etc. and bailing out. As some were mentioning earlier - YES of course applying for a credit card hits your credit card history. Applying and holding it auotomatically by definition is a hit on your report for applying. Obviously if you don't default and pay on time the whole balance before cashing out it wont' look negative i.e. a default logged onto your credit report - but yes, it wil show up if your hopping from CC to CC month after month for rebates. How much it affects I don't know, but yes it does show up ony our credit report.
does anyone know if you need to have a transaction account with CBA to open this?
You do not.
Thanks OP. Applied took only 5 mins, got conditional approval emailed straight away.
LOL Declined! Probably too many credit cards anyway…
I just applied through Netbank. It gave me a maximum of $10,500 credit limit option based on info provided in the CARD OPTIONS stage but only gave me a $10,500 normal Low Rate card option . I wanted a GOLD Low Rate for travel insurance (4000 credit) but cant find the option anywhere.
Would it still count as a credit inquiry if I cancel the credit card application now? It's still in progress and haven't reached documents check phase yet.
I would firstly call them tomorrow and request the gold card. If they can't do, just cancel the application if credit application records bother you. Maybe enquire about that too as I doubt anyone could clearly answer that here. Let us know how you go.
I just canceled my "in process" application and applied again. This time I specifically click on the "Gold Low Rate" credit card links rather than the normal one. Entered same details and got offered $10,500 limit again but this time its the GOLD low rate card option.
I lowered the limit to $4000 (still gold card). Clicked on submit and now its been stuck for 40 minutes (We're looking at your application now…..) ZZZZ
see my response to your question above - use another web browser if you're using firefox. it worked for me in internet explorer at work today.
Sorry if this has been asked but where does the $250 cashback go? Does it go into the "credit card account" or would it go into another one of my commbank accounts?
Just called CBA. The guy on the phone said that since additional card holders qualify because they:
- have not applied for a CC in the last 12 months
- is not the primary account holder