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$250 Cashback after $500 Spend with Commonwealth Bank: Low Rate Gold Credit Cards ($59/$89 Annual Fee)

1700

EXPERIENCE THE JOY OF $250 CASHBACK.
Apply for a new Low Rate or Low Rate Gold credit card before 30 June 2017 and if you spend $500 by 31 August 2017 we’ll give you $250 cashback. Conditions apply.

CBA had this offer early this year and now it's back again? I have cancelled previous card after cash back, can we apply again???

"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 May 2017. "

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closed Comments

  •  

    Not for existing customers

    •  

      I'm an existing customer and mines accepted and being sent soon. Also soon to be canceled once I get my cash back 😂

      •  

        Just because you've been approved for a card, doesn't mean you qualify for the cash back…

        • +1 vote

          Confirmed over the phone, qualify for cash back. If they don't give it to me then I've got that phone record to fall back on.

        •  

          What makes you ineligible for the cash back?

        • -1 vote

          @squeeze: Being unable/too lazy to read.

  •  

    Yes you can, I did it earlier and got the cash back.

    • +9 votes

      It says not available for those cancelled within 12 months unless you've cancelled ages ago?

      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 May 2017

    • +1 vote

      No tried yesterday. Cancelled my old card less than 6 months ago.

      •  

        Were you able to apply successfully or manage to claim cashback second time?

        •  

          I'm guessing just apply, the cash back takes a while to be credited.

        • +1 vote

          @Saitake12: The cashback is quick. I got it on the next statement.

        •  

          @lostn:

          I am quite sure it gets credited every week for those that met the spend requirement in the past week.

    •  

      Pics or it didn't happen.

      •  

        It's not a too-mah

  •  

    Can I use this for weekly shopping or does that $500 spend need to be within 1 transaction or used within a month kind of thing?
    I know it says 31 Aug but don't know if it resets every month.

    • +3 votes

      It's just normal spending

    • +2 votes

      Cumulative before the deadline.

  • +1 vote

    Also Annual fee $59 Minimum

    •  

      Last time, the fee is waived first year. It should be again. That is normal with banks.

      •  

        Wasnt for me. YMMV..

        •  

          Guess you're right. It was an assumption on my part. Hard to believe they wouldn't do it.

  • +8 votes

    So really is $191 cashback.

  • +5 votes

    Better than 0 ;)

  • +3 votes

    Typical CommonStealth Bank - jacks up home loan interest rates to offer promos like this

    • +6 votes

      Switched to ubank. No regrets

    • +1 vote

      Not just that. They are reducing the Amex points/$ as well…
      https://www.commbank.com.au/personal/credit-cards/awards/changes.html?cm_re=Home%20PLT--Hero--AWARDSCHANGES

      • +1 vote

        I believe that all banks are/will be doing this anyway, since there were regulatory changes as to how much % of a transaction can go to a CC company / used for "rewards" - hence the death of ING 2% cashback, and lots of points.

        I don't know the specifics but I remember reading something about it.

    •  

      Typical tactics. 12 months ago they offered $1500 if you transfer your Mortgage to the CBA . Which I did, and then they backed out by arguing it didn't meet the criteria, and the new account was an offset account.

      •  

        if its not ni the T&C's complain to accc and fair trading

  •  

    Took up the last offer. Bought a Samsung 55" 4K HDR telly on special for $956 from the Good Guys, so $706 after $250 back. The card was better value with no annual fee for the 1st year. This deal is still worth the effort. Haven't used the card since.

  •  

    I already have a platinum commbank card as a part of my home loan. Can I take this offer?

    •  

      I had the gold MasterCard at the same time as I had the low rate for the offer, worked out.

    • -1 vote

      No.

      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 May 2017

    • +1 vote

      yes you can, it says excludes 'any of the above card types', which refers to the two cards listed on the website.

      last time i had a diamond card with my home loan and still applied/approved/cashbacked last offer of $250.

      still charged an annual fee though, as the wealth package of CBA only deducts annual fee off 1 card.

  •  

    My only income is $440 per fortnight youth allowance will get approved for this card?

    • -3 votes

      Just try, you might just get like a $400 credit limit.

      • +4 votes

        Not the best advice to give somebody mate..every application impacts credit score, especially a declined one. I'd want to be confident of being approved.

        •  

          With that kind of income, how important is a credit score? I'm just saying it might be worth it for the money.

        •  

          @Saitake12: Credit scores last a very long time, relatively speaking. Won't be on youth allowance forever.

        •  

          @Pharos5:

          But what can I do with a good credit score that I can't do with a normal one? I don't have any plans to buy a $80k car so the only thing I can think of within the next 10 years would be a home loan.

        •  

          @tony abbott: You assume you'll go from good->normal but if you're on youth allowance and have no credit cards you might be going from unknown->bad.

          Regardless of the downside, my problem is that you're risking it for nothing. You could just go in to a branch and they'll tell you with relative certainty if you would be successful or not.

        •  

          @Pharos5: Don't you need to get a credit card to establish a credit score to begin with? If he doesn't even have one yet, what harm can getting your first credit card do?

          All the advice I've heard is to get a CC as soon as possible to establish your credit score. After that, is when you take things carefully.

          Provided he intends to keep this card, I don't see the harm. But that is assuming he doesn't have an existing card. If he's asking whether he'd get approved on his income, I'm guessing he doesn't have a card yet.

        •  

          @lostn: Yes. However, we're speaking about the concern that he applies and is declined.

        •  

          @Pharos5: I don't know how it works, but if applying and being declined hurts your credit score, that is beyond (profanity) up.

        • +1 vote

          @lostn:

          I don't know the exacts of how credit scores work in Australia. Up until March 2014, we have only had negative things recorded on credit files (enquiries and late payments/default/bankruptcy). This would suggest that a completely blank credit report (i.e. no activity) should get the best score. However, I am quite sure that's not how it worked in reality.

          A very small number of banks have went to Comprehensive Credit Reporting (CCR) where they report open dates for accounts (so presumably, accounts that have been open longer and have been paid on time, would give better score) , but so few banks are doing CCR now. Right now, a credit enquiry is viewed as a negative. There is no positive side to applying (i.e. "building credit") until CCR is used by your bank and starts showing the account open date and payment history.

          But the impact of enquiries die off over time. Even if they are stored on your credit report for 5 years, they should have very little effect after 12 months have passed. And their impact dies with age (an enquiry 12 months ago takes away less points than an enquiry 6 months ago).

        •  

          @random12:

          Is it just me or does penalising consumers for credit enquiries seem like an anti-competitive practice?

        •  

          @Scrooge McDuck: it's more regulatory and also risk on the banks behalf. They can't be handing out credit without understanding your current credit situation. You walk in to a bank and ask for a credit card, any other credit cards? "No!" Then why do you have 5 enquiries for cards over the past 3 months.

          For all they know, this is your 6th credit card and you have 60k limit n total to default on

    •  

      Lol….

    •  

      Why not? I was making a grand total of $60.23/w when the CBA cold called me to offer me a card. I only had about $7000 in the bank at the time too. I'm sure $220/w is much better than $60.23/w.

      They also try to sign people up for student credit cards during O-Week. I don't see why a low rate card would get declined, they'd probably just offer you a pathetically low limit that's next to unusable. A mate had a $500 credit limit on his first card.

    •  

      Here's my unqualified bad advice. Commbank harass me and heaps of other people I know to sign up for a CC. I think they're desperate.

    • +1 vote

      $440, wow.

      When I went to uni with YA about 15 years ago, I think I was getting $167 a fortnight. I could get used to this.

    •  

      Just do the simple calculation. 440 * 26 = $11,400.

      The minimum income requirement is at least $25 000 (and even then, $25 000 does not gaurantee approval).

      Therefore, no point even applying. You will just get an enquiry on your credit report for nothing. IF you are lucky, maybe they have the online application set up to reject you based on income before they pull your credit report (so you might be able to get away without an enquiry).

      But no point applying.

  • +3 votes

    Last offer had the annual fee waived for the first year. This reminds me, I need to cancel my card.

    •  

      same

  • +1 vote

    What's the easiest way to cancel a card like this after getting the Cashback?

    • +4 votes

      Go to a branch and say you no longer want the card.

    • +7 votes

      Pick the phone and dial 132221. Last time I cancelled it took less than 5 mins. They didn't even bother asking why I am cancelling the card.

      •  

        did they ever send anything in the mail just conforming that is closed because i did mine in branch and the girl just told me it was now canceled and ask me if it was ok she could keep the card to put in the bin

        • +1 vote

          No they don't. You can check your Netbanking for confirmation.

  • +5 votes

    My application for the last cashback card was a nightmare that took several months. There was a technical issue with the online form that nobody seemed to be able to fix. At one point I was asked by a bank employee (during my second required visit to a branch) why I didn't just apply for a credit card somewhere else. By far the worst customer service from a bank I've ever experienced.

    •  

      Eh~ it says within 2 business days so I hope whatever you're saying has already been fixed, otherwise I didnt think handing in 1 payslip and 1 statement into a branch would be that big of a deal.

      • +4 votes

        i also had trouble…took about 2-3 weeks for me including going to a branch and them not attaching a document correctly. Only found out they did it wrong because i called for a 3rd time asking what was happening

        • +3 votes

          I had a similar experience. Visited a branch to provide documents and they were received by the verification team corrupted. Eventually they just cancelled my application.

          Infuriatingly horrendous service!

        •  

          Yeh that happened to my dad too

        •  

          They've fixed the issues or have upped up their game.

          I just got approved online within 1 day no dramas.
          Only took 10mins to fill and about 5 mins to find the correct documents to upload. I logged in and it says card is on the way, application complete, and no action required!

          I'm in abit of a dilemma though because I prefer 28 degrees 6 Month price protection and the no conversion fees~
          Think I'd just use this card on the next 2 months bills and grocery shopping.

    •  

      I get cold sweats when I see CBA credit card offers, after my experience

  • +1 vote

    I have a platinum card and just got a notice from combank that they are reviewing their points system and that AMEX is now 0.5 points for every dollar for any purchase which isn't in their store list. Maybe time for a downgrade.

    •  

      Just looked on their website. Same for Diamond Cards
      "Points are earned on eligible transactions and are subject to points capping. From 1/7/17, you'll earn maximum points per $1 spent when you use your American Express card for eligible transactions overseas and at supermarkets, department stores and petrol stations in Australia; and 0.5 points per $1 spent using your American Express card everywhere else."

    •  

      Commbank's award offerings were uninspiring even before the cut.

  •  

    so to confirm is it 12 months since you last cancelled or last applied for the card?

    i have a feeling ill meet the 12 months since last applied but not cancelled :(

    •  

      12 months since cancelled. key word is 'held'. you're still holding if you didn't cancel!

  • +1 vote

    I did cancelled last month and this time, my application is reject d

  • +5 votes

    Last time I used this deal they still quoted the $59 annual fee. However, I was paid the $250 before they took the $59 allowing me to cancel and get the full $250.

    •  

      +1

    •  

      Hohoho wouldn't have thought of this so it's basically 50% off a $500 purchase if I buy something and cancel in time.

    •  

      However, I was paid the $250 before they took the $59 allowing me to cancel and get the full $250.

      What are the relevant time frames here?

      • +1 vote

        They paid the $250 at the end of the billing month that I fulfilled the $500 spend and I cancelled as soon as I saw it so not sure how long it takes for the $59 to come out sorry.

      • +2 votes

        Checking my statements, I spent >$500 by the 6th of May and got the credit back to the card on the 19th of May. (They say within 60 days though).

  • +7 votes

    Took up the offer last time, it's paid for itself, thanks to the free travel insurance.

    For those who are unaware, if you have this credit card, you just need to register your trip with Commbank online here and you'll get free travel insurance for you and your family (you list everyone on the policy and they're covered). You don't need to pay for your trip/tickets with the credit card, just need to register the trip online and they'll send you your policy.

    •  

      Will they cover my elderly parents? Travel insurance for them normally costs a lot.

      •  

        I couldn't say. Might be best to give them a call and enquire?

        They covered my wife and young son without question, just had to enter their details (as well as my own) and the policy was emailed to me.

        Sounds like it'd definitely be worth asking about regardless in your case.

    •  

      Those perks seem so wonderful until something bad happens.

      Like everything, the devil is in the detail. 3rd party providers and/or going through policies individually​ is best practice. Read read read.

  • +1 vote

    ahh just got a gold card a week ago :(

  •  

    What are "eligible purchases" ?

    •  

      Almost anything:

      To be eligible for the $250 cashback, you need to spend $500 on eligible purchases using your new card by 31 August 2017 (excludes balance transfers, cash advances and any purchase that is reversed or refunded).

      •  

        except gambling transactions that can be treated as cash advance like purchasing lotto etc

  •  

    could i lie about my income?

    • +1 vote

      Sure. Then you would probably have to provide doctored/photoshopped payslips if they ask for them.

      • +2 votes

        Will they ask me who my daddy is and what he does?

        • +1 vote

          Will probably need to prove that he's blood related and not just a sugar daddy too, so be prepared.

        • +3 votes

          Yes, and you will answer them immediately.

        •  

          @lostn:

          What a wonderful game!

      • +1 vote

        When I applied for CBA card earlier in the year they did not ask for payslips.

        NAB did however.

  •  

    I currently net $748p/w, would I qualify for this card? I only ask because I applied for this card about 4 months ago and was declined. They told me the that my problem was I am causal and I have no credit history. I have now been in the job for 13 months and I am still casual. I really don't want to damage my credit record by getting declined again.

    Also
    Single
    Own my home (no mortgage)
    No dependants

    •  

      I'm in a similar boat but I've got a 28 degrees card which probably helped with the sign up process, I got an "conditionally approved" at the end of it.
      It'll ask for 1 payslip and 2 months of your credit card statement so you'd probably need another credit card with at least 2 months on it.

      •  

        Why would a 28 degrees card help with the process?