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*
the more simpler response to @gime's below is yes, it should go against your credit card as a 'cashback' against the credit card. How you make it back out is up to you - i don't know who is right about 'withdrawing' off your credit card, I would just buy $250 worth of more stuff if it doesn't bother you before paying off any balance and closing it (if you don't plan to use it past the rebate).
cheers OP, conditionally approved. Only wanted $500 limit for the $250 cashback.
Applied and got approved $2k ta op
Has anyone successfully applied for this who also applied for the same deal earlier in the year with the low rate card? https://www.ozbargain.com.au/node/244164
My credit limit is $14000 wtf. lol
Also, I didn’t even need to upload any documents. Pretty happy with that and the process was relatively easy. Had to use internet explorer as somone explained earlier to progress pass the checking phase.
This might already be explained/covered somewhere but I wasn't able to find it - does this $500 need to be spent all in one go? Their page says "Spend $500 on eligible purchases by 31 December 2016 using your new card." The plural 'purchases' seems to imply that to be the case, but I couldn't find confirmation on the matter.
no
Are online transactions considered as 'eligible transactions'?
Why wouldn't it?
Got my card today - Ripper! Be a sinch to rack up $500 on it with some rego's due. Easy!
My application was an interesting affair.
I applied and uploaded 2 payslips, they replied that my payslips are "too basic" and they'd need a letter from my employer stating my role, employment status and how long I've been employed on an official letterhead to proceed (which was odd, as my payslips met all their requirements and have been used successfully at other institutions previously), as well as a copy of my employment contract.
I responded I wasn't prepared to do this as it wasn't a requirement of applying initially, so could they please cancel my application. I also asked if they could stipulate why my payslips weren't adequate.
Just checked my Netbank and have a message about my credit card being on the way.
So in the end, successful.
Quick question: To use the travel insurance, are there any requirements that need to be met (ie do I need to buy the tickets with this credit card etc), or are my family and I automatically covered just by having this credit card?
You will need to purchase your ticket with your Card. You are covered but I am not sure about family member
OK, thanks mate.
No use of credit card requred for CBA (Zurich) travel insurance. You need to activate the insurance through Netbank otherwise higher excess…
My wife's is going similarly. She was approved and card is in the mail. Then she received an email that the card has been placed on temporary hold until she does additional verification like that was requested of you.
Gonna get her to tell her to cancel it as well.
How'd your wife go? Did she end up getting approved after requesting they cancel the application as well?
We're on holidays at the moment so we haven't done anything with it but we received a notification after a week saying the hold was removed
got the email confirming that my card was on the way! it took them around 4-5 days to review and approve the application.
Same here. I sent the limit to $500…
I wonder if I pay someone for goods through paypal, whether that would count as the $500 ?
Yes
Awesome!
Card arrived and activated. Does the $500 need to be in one transaction?
Very unlikely, in fact Im almost certain it doesnt
Arrived, Activated, and spent $1200 on a new stove/oven at the masters sale this weekend.
No documentation about the $250 cashback received however :-/
Got mine yesterday. Kept limit low at $1k to not overly affect credit rating. Will see how long it takes for the $250 cash back to arrive after spending. Thanks OP!
Got refused for a card on Monday, applied again on Wednesday with the same info and was accepted.
Weird process, but will be happy with the free $250!
What was your refusal reason? I'm thinking I should reapply…
No reason, got the same refusal notice mentioned earlier in this thread ("we are responsible lenders and you don't satisfy our criteria, blah blah blah"). They even sent me a letter in the mail saying the same thing, although the letter arrived AFTER I'd reapplied and been approved for the card a few days later.
But either way, I think the promotion is over now?
Edit: Nvm, looks like it was extended. Try applying again!
Thanks mate, will do! I think I'll cancel my ANZ Black card first and then reapply.
Have been conditionally approved. Still waiting after 4 or 5 days…
I re applied without declaring my illiquid assets and got conditionally approved (I got rejected before when I included my IP and mixed investments). Email said to call a local branch to further clarify a few details.
Couldn’t be stuffed for a whole week after notification, logged into netbank today and almost instantaneously received an email saying my credit card is on its way.
Very shoddy process with inconsistent compliance requirements, considering they are targeting students – low income earners that run a higher risk of defaulting on payments.
Also it seems no one has gotten their cashback yet? Any success stories?
Cashback can take up to 60 days…
Ok, so I applied and I got approved for $14k but reduced that down to $500 purely just for the cash back. I already have their diamond card and shares with Commsec. Had to upload two pay slips. Let's see how long it'll take for the card to come.
If i apply for a card, and the wife applies for a card. We goto purchase something for $1000 and put $500 on each card, i assume we would each get the $250 back? anyone had success?
You spend $500 on the card, you get $250. The rest of your story is really irrelevant.
If I already have CBA MasterCard/Amex Platinum cards with rewards, would I be eligible for this?
Does the $500 purchase have to be made in Australia?
Was thinking about purchasing something for $500+ overseas
What's the catch of $250 cash back offered by commonwealth bank on a credit card?
Generous credit card deals are the norm.
Catch is, some people with not much self control take up these cards and get into a lot of debt, which funds everyone else's sign up bonus.
Another catch is the annual fee if you don't cancel it within 12 months.
which is what I love about the world. People's stupidity/ignorance/laziness pays for my 'perks'. Imagine if every person on earth was an ozbargainer, there'll be NO DEALS.
Did anyone have to physically go into a branch to idenfy themselves after completied a successful ID check online with CBA?
No. sent the requirements by email only
Cheers! Thought that was weird, mine got through ok, but my partner got told to go into the branch…. weird!
received my card, took awhile to process
Just noticed this in the T&C of the commbank website:
“èOffer applies to new personal Low Rate, Low Rate Gold and Interest Free Days Business Credit Cards (personal liability) applied for between 1 November 2016 and 31 January 2017 only. To be eligible for the $250 cashback, you need to spend $500 on eligible purchases using your new card by 31 March 2017 (excludes balance transfers, cash advances and any purchase that is reversed or refunded). Offer excludes all existing cards, switches from other card types and is not available to customers who currently hold, or have held, any of the above card types in the 12 months prior to 1 November 2016.”
1 November!?!? Did they change the date? I’m sure if you applied for a card on the date this was posted on OZB, which was back in early October, you would still be eligible. Unless the offer extension also affected the starting date and this is a different offer altogether?
LOL… obviously we're now in November and they have extended the promo. It always looks better when something is for a finite period otherwise people think … oh this thing has been running for a while, I'll look into it again at some stage vs creating a sense of urgency,
it's all LOL, fun and laughter until the ambiguity of the fine print becomes a worry.
I read the PDS of bank products for a living and i'm definitely more in tuned when banks are trying to get the better of you. I have on various occasions asked the bank to modify their PDS or tailor it to our institutional needs, because they can really bite you in the hind if you just shrug it off.
It's fine if the product I signed up for in October is a DIFFERENT product/offer, otherwise everyone else who rego'd in October is out in the cold:
"Offer excludes all existing cards, switches from other card types and is not available to customers who currently hold, or have held, any of the above card types in the 12 months prior to 1 November 2016.”
I also read PDSs (not for a living though - just as a smart consumer) and at the time of applying for the card I checked that it was current. It's the same deal that's just been extended (i.e everything is the same except from the dates). If that technically makes it a DIFFERENT offer then so be it.
Sneaky buggers
I have had that offer in netbank for a while
But I closed a gold card in march
So I assume if I applied in good faith cashback would be denied
OK, they've extended the offer but what were the old dates? I applied 23 October and only got my card today. So I fall under the previous offer which probably had different dates of when you had to spend the $500 by. I think it was 31 December? Anyone confirm?
yea
surely by now some people from the old offer would've gotten their cashback? I feel uneasy spending on the card unless I know there's at least one confirmed credit lol. I would otherwise earn more points to the dollar on a different card.
I don't understand why people feel uneasy about a promo that's clearly advertised on an Australian major's bank website. Surely they're not doing it for kicks, just to backflip and annoy customers? Not to mention the legalities. If only people performed this much due diligence about what they shove down their gobs, the health system would be in stellar shape.
Haha yeah. If it's some international Nigerian or Chinese bank advertising the promo, then yeah I'll probably be a bit worried. But this is the Commonwealth Bank of Australia advertising the promo in big letters on their main page and putting out their terms and conditions quite clearly (compared to some insurance policies lol) so I'm pretty confident they're not preparing to pull a shifty move.
What you should be worried about is whether you want the credit enquiry on your credit record from applying which some people already discuss and is pretty valid.
More afraid of the eligibility of some retailers. Will any business with an ABN suffice? I was hoping to see more reports stream in for a peace of mind.
Anyway I just bought something from lenovo Australia, I'm sure that's a huge enough retailer to be recognised.
CBA is not having this promotion in conjunction with other Australian retailers. Just need to use their credit card to 'purchase' (not cash advance transactions) $500 worth of goods at shops that accepts credit cards as payments and you'll be fine. For all they care, you can buy $500 worth of food at your local Chinese supermarkets or restaurants on credits and it'll still be an 'eligible purchase'.
Mate you could spend the $500 on escorts and as long as you selected 'Credit' CBA would not give a rat's.
got email that card is on the way on Monday. still have not received it yet…
sucked in to all that didnt read the fine print
Applied and got it. But so many hoops..I am a CBA customer. Have cheque, savings and another CC. Yet they asked for payslips, offer letter etc but they already have these details. After a long annoying wait, got approved.
I got it just for this bonus. :)
Question.
How do we get the cashback? I don't have a netbank with commbank. I am thinking just paying using BPAY from another bank.
Does the cashback get credited into our netbank? but the problem is, I don't have a transaction account with them?
Anyone can clarify this ? Thanks
The credit gets applied to you CREDIT CARD. You can spend it OR you can do a cash advance by paying a fee of $2.50.
Has anyone received their cashback yet?
If so can you post your timeline?
I know it can take up to 60 days.
I am up to 14 days post-purchase of $500 or more.
Thanks.
It's based on the billing cycle… check a week after the balance is due. That's how it worked with ANZ.
8 days ago got email saying card is on its way, still waiting…
Got the card today.
How do you pay off the balance? BPAY, bank transfer? Do we have to wait for a statement before we're given the details?
BPAY code : 1818
Ref#: <enter credit card number>
Yeah, once you get the statement, it'll have Bpay details on it, as well as other ways of paying.
Took me around 11 days to finally get it.
They spent a week sending me a letter telling me they need docs which I already provided them. What a waste of a whole week. I was trying to get it in time for the ebay 20% off sale.
do centrelink payments count as income? i am a poor student and an extra 250 dollars towards my bills would really help.
I don't see why it wouldn't. Anything $$ you receive is income and CL is not an exception. Also with CL you would presumably have readily accessible evidence to share. Whether that changes your risk profile and therefore eligibility for a card is another story.
Not all CC companies are that lenient. I tried to apply for Coles Mastercards for my pensioner parents (to get the $100 gift card). Their pensions are worth significantly more income than Youth Allowance. They also own their house, have no debt, don't need to pay rent. Coles declined them both.
If CBANK are as strict as Coles, he won't get his card.
Yes. As I said, it qualifies as INCOME, however it affects their risk profile. So you can still get declined.
@gimme: It qualifies as "income", it just might not be enough income for them to consider giving you a card.
Someone who shines shoes in the street and makes $10 a day technically receives income, but I doubt they will get a credit card from a bank.
You're missing the point. He was asking if it was INCOME and yes it is income. There is obviously a min income requirement to qualify for a card. So if it's the ONLY income then it may not be sufficient but if he/she moonlights as a <insert suitable job> and makes additional income then it can be logically combined.
You're missing the point. He was asking if it was INCOME and yes it is income.
I'm not missing anything. Simply calling it income doesn't help anyone. As I said, a beggar makes income. This information isn't useful, and I doubt that's all he wanted to know. Centrelink is technically income. That would have been obvious even to him. Why would he even bother asking? You really think that was all he wanted to know? Whether his Youth Allowance is technically considered income by the dictionary definition of the word?
What matters is whether that income is going to get him a card. That's what he actually wanted to know. Why be so pedantic about dictionary words?
You gave him a dictionary definition of a word that he didn't need, and a non-committal answer to his real question (whether he can be granted a card). He wants to know whether you think the bank will give him a card based on Centrelink alone. "Whether that changes your risk profile and therefore eligibility for a card is another story" is a non-answer.
I think he won't get a card. What do you think?
but if he/she moonlights as a <insert suitable job> and makes additional income then it can be logically combined.
I somehow doubt he has another job, or he wouldn't have asked if centrelink counts as income. He'd have a job, and real income. "i am a poor student and an extra 250 dollars towards my bills would really help." doesn't sound like something someone would say if they were getting enough combined income to be issued a card. He would have at least mentioned his supplemental income.
That job would actually decrease his centrelink payment. Unless it's cash in hand under the table, in which case he wouldn't be able to declare it to CBANK.
Some credit card companies are lax about income and will give you a card anyway because they want you to spend on it, then charge you big interest when you can't pay on time.
My application for this card with CBANK tells me they are a lot stricter with it than AMEX or 28 Degrees. CBANK took a long time approving it, and demanded payslips and credit card statements. They are a lot more rigorous than I am used to. I get a feeling they will not grant you the card.
28 Deg and AMEX did not demand any proof or ask as many questions, and the card arrived in the mail only days after I applied for it. I think the approval was automatic and instant.
Have a try anyway. Go for low rate card.
This is incredibly odd. Got my low fee gold card, had it activated the day of receipt. Then proceeded to buy something off Lenovo Australia and netbank showed the balance being deducted the day after.
Order went through and got an estimated shipping date and all from Lenovo. Logged on to netbank today to see if my $250 credit has been processed, only to find ZERO transactions on my credit card. I thought it might be a billing period issue but nope downloaded all statements and apparently I have $0 spent on the account.
Is there something wrong with their system? I’ve been on BWA (owned by CBA) for most of my life and I’ve never had transactions go missing, if anything was under maintenance, the whole site would be down to prevent any confusion like this.
If it’s some kinda glitch and they cleared my credit card debt, I’d be happy to receive a free laptop courtesy of CBA lol.
Your $250 wouldn't be processed even remotely that fast. They have said to allow up to 60 days after spending the required $500.
Does anyone know if there are any hidden 'exclusions' ? As far as I am aware as long as you don't cash advance or a few select items, but in terms of 'eligible' items it could be anything: from food, to restaurant bills, to fuel, to paying thorugh paypal for an online purchase, correct?
has anyone received their cashback? how long after you spend $500 do you get it?
Bump to this question
nope they seem to be slower than ANZ.
not yet :P
it looks like they are waiting out the "60 days" :(
60 days after you spend the $500 you should get it. As for me, haven't received the cashback yet, but it hasn't been 60 days either.
All banks say around 60days to account for a couple of billing cycles etc but from my experience CBA has actually taken the longest. Having said that this comes under a first world problems, especially since most of us have simply signed up to cancel. I can't complain.
Has anyone received cash back, after having applied for the card with the promotion for the second time (within a year)?
Anyone else still getting the offer advertised to them in netbank even though they signed up?
Me too, still have it advertised on my netbank page. Honestly, after being spoilt by Amex's super efficient statement credits and cashbacks, the processing time for this is quite simply put, pathetic. And this is the biggest bank in Australia as well, sheez.
cashback rreceived
Yep, same here. Just checked and apparently came through 2 days ago. Definitely wasn't there 2 days ago :p
Likewise.
Payed statement off yesterday, got cashback this morning.
Same here, got it this morning :)
Spent $500 on 30/12, $250 cashback received today. All in all, a month's wait.
a) Think again about that question and you'll figure it out. Hint: Think of the MANY first time CBA applicants.
b) What difference does it make?? If you're CC is in credit, you can xfer the credit balance to any account you like without being charged any cash advance fees or interest.