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Commonwealth Bank Low Rate Mastercard Offer - $200 Cashback after Spend $500 by 31 October 2019 ($59 Annual Fee)

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Commonwealth Bank Low Rate Mastercard Offer - $200 Cashback after Spend $500 by 31 October 2019 ($59 Annual Fee)
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T-man on 01/05/2019 - 15:49 commbank.com.au (2955 clicks)
Last edited 01/05/2019 - 16:40 by 1 other user

Copy and paste from CBA website:

$200 cashback offer. Apply by 31 July and spend $500 by 31 October 2019.*

  • Offer applies to new personal Low Rate, Low Rate Gold, Low Rate Business Credit Cards (personal liability) applied for between 01/05/2019 to 31/07/2019 only. Offer not applicable to CommBank Essentials credit card.

To be eligible for the $200 cashback, you need to spend $500 on eligible purchases using your new card by 31/10/2019.

Offer excludes all existing cards, switches from other card types and is not available to customers who currently hold, or have held, any Low Rate card types in the 12 months prior. Offer only available on one credit card per customer, can be withdrawn at any time. Cashback will be credited within 60 days of you meeting the spend criteria and will appear on your statement as 'CASHBACK $200'.

You will be ineligible for the cash back if your account is closed, switched to another card, or in default at any time prior to the cash back being credited to your account. Applications are subject to credit approval. Full Conditions of Use will be included in our Letter of Offer. Fees and charges are payable.

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closed Comments

  • reg401 on 01/05/2019 - 16:36
    +2

    The gold variation
    https://www.commbank.com.au/credit-cards/low-rate-gold.html?…
    costs a bit more ($89), but provides free international travel insurance, which some may find as good value.
    Also has the $200 cashback.

    • sli on 01/05/2019 - 16:45

      Take a look at the horror stories about people trusting their credit card included travel insurance… probably worth just taking out proper insurance to make sure you're eligible and able to contact insurance when you go away.

      • Viper8 on 01/05/2019 - 16:55
        +7

        Or just read what you are and aren't covered for, and by how much…
        I used mine and got over 4k back when a holiday got cut short.

      • macrocephalic on 01/05/2019 - 16:55
        +7

        As long as you've read the requirements then I don't see a problem with it. Your credit card insurance is underwritten by the same underwriters as the major retails travel insurers.

        I damaged a rental car last year on a domestic travel trip, I was able to claim the costs against the ANZ Black card travel insurance.

      • SelfMade on 15/05/2019 - 16:54

        Worked for me! Got my phone replaced without much hassle through CBA credit card free travel insurance after my phone got stolen.

      • theblake on 21/06/2019 - 17:43

        There are no horror stories. The insurance is provided by the same companies that you will pay for a policy, and there is little to no difference.
        Any horror story will be based on policy, nothing to do with the fact that its complimentary insurance

    • Gandalf the Thrifty on 01/05/2019 - 17:05

      Also has extended warranty and purchase damage insurance in first 90 days, which to me is more useful than travel insurance.

  • [Deactivated] on 01/05/2019 - 15:54
    +15

    Technically $141 profit… Probably not worth taking a credit check hit.

    • Azoo on 01/05/2019 - 16:10
      +5

      New to credit cards here. If you're someone who pays off credit card usage appropriately and doesn't pay any interest then is there anything negative about applying for different cards for rewards?

      • POSITIVEVIBESONLY on 01/05/2019 - 16:37
        -2

        If you are looking for a home loan, it will severely lower your borrowing limits. That's all I can think of now and of course applying for other credit cards.

        • sween64 on 01/05/2019 - 20:19
          +7

          Total available credit will affect the loan. Previous credit card applications and any that have since been closed won’t.

          • RocketSwitch on 02/05/2019 - 01:51

            @sween64: Yep, I had 6 credit cards closed within 2 years when applied for loan. Not a single issue.

      • murkywater on 01/05/2019 - 18:05
        -2

        Credit card applications impact on your credit score for 24 months (though I think the impact does decay over the period).

        As such, applying for lots of credit cards for a benefit of $150 may mean you will be rejected when you apply for cards that are netting you $700 or so.

        I agree with clse, it's not worth the hit.

        • Basic1 on 01/05/2019 - 20:31
          +1

          And which credit cards have $700 profit? I've never seen one - can you please share…

          • Realdee on 01/05/2019 - 22:49

            @Basic1: I suspect raven didn't mean $700 of cash profit, but rather $700 of value as there are many frequent flyer cards that offer big signup bonuses. And depending on how you redeem these points, you can easily derive at least $700 of value.

            • sween64 on 02/05/2019 - 09:37
              +1

              @Realdee: Bonus points plus travel credit and lounge passes. Some of those could total $700 value.

      • Justaddgrum on 02/05/2019 - 18:16

        I've only ever had an issue with Commonwealth. Its the lending potential and card application number that is the issue from my experience.

    • Viper8 on 01/05/2019 - 16:33
      +3

      New credit check system means that when you close the account the effect it had on your rating is undone.
      I've gone through about a dozen CC's over the last 3 years and my rating hasn't changed in the long-term. Still sitting much higher than the average.

        • Viper8 on 01/05/2019 - 16:40

          You Sir, are wrong.
          "Previously, your credit report may have included information like when you applied for credit products and any defaults you’ve had.
          With CCR your credit report includes additional information like the dates you opened and closed your personal credit account, account type, credit limits you have and up to 24 months of repayment history."
          https://www.commbank.com.au/support/credit-reporting.html

          • dirkgonnadirk on 01/05/2019 - 16:46

            @Viper8: yes, i'm well aware that comprehensive reporting exists.

            you can't just say it's 'undone'. you simply have absolutely no idea what the positive/negative impact of the original credit check is, and what the positive/negative impact of the account being closed is.

            • Viper8 on 01/05/2019 - 16:53
              +1

              @dirkgonnadirk: I have a chart with 12 such example showing exactly these effects. I apply and my rating drops a little, I close it and my rating goes back up a little. In the long-term it doesn't change notably despite ploughing through cards.
              I did simplify it a lot, but in essence there is no meaningful negative implications that I have ever experienced nor heard of since the new reporting. And this is what the OP comment posted about.

              • Trishool on 01/05/2019 - 18:29

                @Viper8: What service do you use to check your rating?

                • Viper8 on 01/05/2019 - 19:10

                  @Trishool: creditsavvy

                  • Trishool on 01/05/2019 - 23:48

                    @Viper8: Ok thanks, I use that too.

                  • enigma48 on 21/05/2019 - 11:32

                    @Viper8: There's the issue - CreditSavvy (Experion). Go sign up for CreditSimple (uses Illion) - look at your rating there. The number of card applications does have an impact (https://www.homeloanexperts.com.au/credit-score-home-loan/cr…, https://www.creditsavvy.com.au/learn/credit-faqs/what-are-cr…) but the agency themselves decides how big that impact is and how long it lasts wrt their score.

                    Illion (was D&B) is used far and wide - my rating is Fair. My CreditSavvy score (rarely used in AU) is Very Good. Good income, no adverse events, etc. My understanding is once you are at Fair or higher this will hurt you for small loans (you get 15% offers instead of 8%) but not as a big a deal for a home loan (once you are "fair" or better, once you pass the income/expenses checks there's a small difference in interest rates - you might miss out on one 3.6% offer but you'll get 3.8%)

                    tl;dr lots of enquiries = negative impact in short term. Short term could be 6-24 months.

                    • Viper8 on 21/05/2019 - 12:18
                      -1

                      @enigma48: That was in the old world. Today they also record when you close the account. So it doesn't have anywhere near as large of an impact.
                      I just got accepted for the 15k Citi CC that 90% of people are being rejected by despite all of my applications in recent years.

                      • enigma48 on 21/05/2019 - 12:38

                        @Viper8: It's the current world - look at the links. Go get a ratesetter quote, they'll look at your live score. You'll be given a quote for a loan with best-case scenario. If you have a lot of enquiries, they'll add a higher risk charge and give you a higher interest rate.

                        You're right in that all of this has limited impact on credit card applications though. If you're under the limit (3 enquiries in the past few months I think?), satisfy the income/expense check, pass the other rules (some companies are rejecting for unknown reasons) and don't have bad stuff on your report, you should be fine. But a bad rating will impact housing/loans and takes longer than a few months to reset. I'd suggest checking your CreditSimple score if you have any loan/mortgage plans.

      • Numpty21 on 01/05/2019 - 16:38
        +1

        good to know.
        maybe a dumb question but how do you check your credit rating?

        • Viper8 on 01/05/2019 - 16:42
          +1

          You get one free check by law with providers each year, but there has been deals on OB for free credit check accounts which publish monthly score updates.
          Search OB or contact your bank.

        • K-Daddy on 01/05/2019 - 16:44
          +4

          you can register with GetCreditScore or Credit Savvy. They will give you update of credit score every month.

          • UncommonName on 01/05/2019 - 23:35

            @K-Daddy:

            you can register with GetCreditScore or Credit Savvy. They will give you update of credit score every month.

            Is it free forever?

            • K-Daddy on 02/05/2019 - 09:14

              @UncommonName: not sure about that but it has been free for me since I signed up about nearly a year.

              • enigma48 on 21/05/2019 - 11:32

                @K-Daddy: Go with CreditSimple - CreditSavvy will give you a nice number, but very few companies use it.

      • 2002gts on 01/05/2019 - 20:50

        Your credit score and future lending will be affected by the number of applied for credit cards, which stay on your file for 5 years…

      • profane01 on 01/05/2019 - 22:28
        +1

        I went through 6 cards in 12 months and dropped 250 points. Never missed a payment and closed them all. 6 months later the score hasn't gone back up…

        • Jimmycfc on 01/05/2019 - 23:58

          Pretty sure thats way too many, an estimate i heard was 2-3 a year and credit score should remain even but if anything go up.

    • mitch21 on 01/05/2019 - 17:35
      -2

      Isn’t it $241 profit?

      • nahkk on 01/05/2019 - 17:40
        +1

        They give you $200 but you have to pay card fee $59 in advance. So net profit = 200 - 59

        • mitch21 on 01/05/2019 - 18:34
          +6

          Haha yeah my maths is f$@ked!

    • 2002gts on 01/05/2019 - 18:55
      -3

      Came here to say this. Don't go applying for credit cards for a small profit like this deal, your score is much more important and it will stay on your record for 5 years. Only apply for a credit card if you actually have a long-term need for it and no immediate plans to get a home loan / personal loan.

  • CyberMurning on 01/05/2019 - 16:03
    +1

    Got it less than a year so I won't be eligible for now but yeah next time around I will be reapplying for sure. Easy $141 money.

  • Numpty21 on 01/05/2019 - 16:12

    I've just cancelled my WestPac credit card with the same offer.
    Will constantly applying for CCs affect your credit history?
    I cant see why it should but perhaps someone can enlighten me.

    • JohnyEnglish on 01/05/2019 - 16:16

      doing the same. I dont think it affects ur CC history. how did u cancel westpac one? I need to do mine. how long does it take?

      • Numpty21 on 01/05/2019 - 16:21

        if you're set up online just log on, go to services and select close credit card account.
        That's it.
        If your not set up online a quick call should suffice.

        • JohnyEnglish on 01/05/2019 - 16:24

          Thanks just did it from my mobile app!

    • Viper8 on 01/05/2019 - 16:33

      No. New reporting means that when you close them this info is taken into account.

    • [Deactivated] on 01/05/2019 - 16:34

      If they see that you're constantly getting pinged by banks they'd think that you're
      A credit card hopper, which some banks would reject.

      Or, a credit card abuser.

      Even if those cases may be untrue you can't change what banks think so reducing the risk is probably the way to go.

      • Viper8 on 01/05/2019 - 16:38
        -1

        I have about 12 applications to my name in about 3 years. Yet to be knocked back…

        • endolphin on 01/05/2019 - 17:19
          +2

          20 in 21 months. Yet to be knocked back.

          • enigma48 on 21/05/2019 - 11:34

            @endolphin: I assume you mean credit cards. But were you knocked back for a home loan? Were you offered a crap car loan rate?

            Credit card companies won't care. When you go for a house or a car, then it'll hurt if you've got 6 recent enquiries. (not buying a home or car? not a problem.)

            • endolphin on 21/05/2019 - 14:51

              @enigma48: I have a home loan, and I was recently preapproved for another. My credit scores (experian and equifax) are both higher now than before I went on my great big churn run.

        • wellzi on 01/05/2019 - 19:52
          +1

          I take advantage of these deals whenever I possibly can… got approved for a home loan no questions asked.
          My bank was only concerned with current credit limits across all cards.

          I have notifications turned on for when my credit file is accessed, and for half of the credit cards / phone plans I've signed up for, I've not received notifications for.

          EDIT: ok I just logged in and yeah there's a few accesses there! haha… not that I'm worried. Not planning on buying another house for 3 years.

  • AussieDaddy on 01/05/2019 - 16:15

    Applications are subject to credit approval.

    What if I never had a credit card (although I am with CommBank)?

    • Gandalf the Thrifty on 01/05/2019 - 16:25
      +3

      If your pay goes into commbank they'll have an idea already based on accounts in/out. But will probably check your income vs debts (part of application) and maybe do credit checks to.

      • blighst on 01/05/2019 - 17:31

        Yeah my income is very patchy (contract/casual) and despite being financially stable, couldn't get approved except by Bankwest (my former bank) who offered me a better credit limit than I wanted. I presume they must have looked into my accounts.

      • AussieDaddy on 01/05/2019 - 18:41

        Apart from HECS, I have no other debts. I wonder how they do other credit checks if I never took a credit card.

        • Gandalf the Thrifty on 01/05/2019 - 19:58

          Think paying (and not-paying) any bills eg utilities & rent counts towards credit rating also. I assume an automated credit check is only done for the accepted in 60sec bit most banks advertise. As full approval comes couple days later once they check the rest of your application.

          Good income with no debts (hecs won't count) should be easy approval, as they checking you can make repayments.

  • Rajserp on 01/05/2019 - 16:24

    $50 less than last time :(
    https://www.ozbargain.com.au/node/413125

    • Numpty21 on 01/05/2019 - 16:27
      +3

      $141 more than $0

  • Aerith-Waifu on 01/05/2019 - 17:01

    Do this card have the FREE Travel insurance?

  • pHyR3 on 01/05/2019 - 17:14

    Anyone know if you can ask to have the annual fee waived? I did that with the Westpac equivalent offer.

    • reg401 on 01/05/2019 - 18:50

      For the first year, it is waived in some sense, as you're being paid to get it.
      You do have to spend a bit for that to happen, but..
      After that, it depends on how much CBA wants to keep you using the card. I had success in the past waiving higher fee cards with them. But the last time I tried, a couple of years back, they wouldn't waive the annual fee. YMMV.

    • enigma48 on 21/05/2019 - 11:36

      If you spend a lot, I think they will. From memory, $2000 spend over a year was enough to void the annual fee for a low fee card, $10000 was enough to cover the Gold, so I imagine $5000ish would waive the fee here.

      Otherwise - it's Commonwealth bank, I doubt they'll do it out of the goodness of their hearts.

    • askbargain on 01/05/2019 - 17:39
      +2

      You just invited everyone to look through your profile. Have fun.

    • Blurem on 01/05/2019 - 19:09
      +7

      lol saying its for poor people and then asking if a student can buy student discounted tickets for you and use them.. irony is real

    • freakatronic on 02/05/2019 - 06:51
      +1

      …that's why I come to ozbargain.

  • xiabonan on 01/05/2019 - 19:07

    What's considered a good credit score? Just checked mine, it's 663, is it good?

    • DarthLord on 01/05/2019 - 21:20

      About median according to the chart..

    • niknah on 02/05/2019 - 01:14

      Don't worry about the score, it's just a number they make up. I've got a completely different score on creditsimple to the score on creditsavvy.

      • enigma48 on 21/05/2019 - 11:38

        The number is used heavily for small loans - I could get 7% interest offers with a good score, or 14% offers (same company) if I had a 'fair' score. You'll miss out on some of the best home loan rates too with a 'fair' rating.

  • Blurem on 01/05/2019 - 19:13

    looking to apply for my first credit card, is this considered a good offer and a low annual fee? I'm in the early stages of researching credit card options, so any advice besides the usual warnings about how "bad" credit cards are are appreciated. I'm with commbank for my savings acc

    • endolphin on 01/05/2019 - 19:29

      Credit cards are great, I effing love them, but this is one of the worst sign up deals around. Net profit $141 is poor. The lowest return I have gotten from a cc is net $380, which was scraping the bottom of the barrel when all other options had been exhausted.

      • WhyAmICommenting on 01/05/2019 - 19:43

        Ok, shoot.

      • Blurem on 01/05/2019 - 19:45

        thanks for the advice, any deals I should look for that may come back up or are active at the moment?

      • Basic1 on 01/05/2019 - 20:34
        +1

        which cards gave you net profit greater than $400?

        • endolphin on 01/05/2019 - 22:55
          +2

          Many. St George. ANZ. Westpac. Qantas Premier. Virgin Flyer. Macquarie. Citibank.

          I will give a non frequent flyer example because they are easier to explain.

          https://www.finder.com.au/citi-rewards-platinum-credit-card-…

          That was one of the poorer deals I took up last year. Those citibank points can convert to ~$530 in Woolworths Gift cards, which is valued at about $500. Less $49 annual fee.

    • sween64 on 02/05/2019 - 09:45
      +1

      If you want a credit card to keep rather than churn consider 28 Degrees, Bank West Zero Platonim (both Zero annual fee and zero international transaction fees, great for travelling and foreign currency purchases online).

      Also get an AmEx. The statement credit deals aren’t as good as they used to be but there maybe something there for you. I’ve got the Qantas Discovery as it earns FF points but has no annual fee. OzBargain’s referral link

      • skuzy on 03/05/2019 - 13:31

        28 degrees used to be KING for overseas travel, until they introduced the 'cash advance' :/

        • sween64 on 04/05/2019 - 01:06

          Now you just need to combine it with Citibank

    • AssociatedCatabolic @ Commonwealth Bank on 02/05/2019 - 10:04

      If you're going to pay your credit card off in full every statement then low interest has no benefit. CBA has a low fee card that if you spend over $1k/year on the standard or $10k on the Gold or the annual fee is waived. I've had one of these since I turned 18 (9 years) and have never paid interest or an annual fee.

      Award cards are only worth it if you spend at least enough each year to offset the annual fee. I used to work in credit cards for CBA and this was rarely the case for most people. The annual fee for a standard award card at CBA is $59. This works out to be ~$13,452 in spending in a year. For the Gold with and annual fee of $249, it works out to be ~$52,500 a year.

      I don't know how they compare to other banks but I think awards cards are rarely worth it.

      • Rodo on 03/05/2019 - 09:20

        But then to get the annual fee waived do you have to contact the bank or will they automatically waive the fee? Highly unlikely the bank would just waive it without any contact from you.

        • AssociatedCatabolic @ Commonwealth Bank on 03/05/2019 - 10:57
          +1

          It's automatically waived if you spend over the required amount every year.

          Unlike some other cards they still charge an international transaction fee though.

  • engin3chas3r on 01/05/2019 - 19:20

    is the annual fee charged straight away? i am thinking of cancelling the card after getting the cashback.

    • cloudie9 on 01/05/2019 - 19:32
      +1

      In most cases, yes, charged towards your credit card.

  • dlakers3peat on 01/05/2019 - 19:40
    +1

    If you have a cba home loan and sign up for the wealth package, all credit cards fees are waived.

  • FatGPT on 01/05/2019 - 19:50

    Darn, still within the 12 months since I churned their last cashback offer. Still a good deal for anyone eligible

  • TomGum on 01/05/2019 - 20:55
    +2

    Got the last deal.
    My net outcome was a 10TB WD My Book Hard Drive + 12 months of Amazon Prime all for $8.
    It was great timing.

  • Decoy Builder on 01/05/2019 - 21:50

    What sort of income and savings do you need?
    I'm a uni student with a part time job so this will be my first credit card.
    Sorry if this sounds stupid, I'm new to the credit card game

    • Formula12020 on 01/05/2019 - 23:37

      normally with a entry card, around $30,000 is benchmarked.

      savings you can just put any reasonable number as they don't normally check.

  • SomeBooy on 01/05/2019 - 21:53

    Does anyone else get constantly hit by Commbank's debit excess fee? It's usually 2-10c at a time. I don't get what it's for.

    • WhyAmICommenting on 02/05/2019 - 07:16
      +1

      It's supposed to be for overdrawing your transaction account. A quick google says they've had many issues with this. I'd just change banks.

      • SomeBooy on 02/05/2019 - 11:03
        +1

        Yeah I would never be able to withdraw my account because it is debit, not credit. But that's a good idea. Commbank does nothing other banks can't do.

        • WhyAmICommenting on 02/05/2019 - 13:20
          +1

          Checkout ING.

          Also "Up" if you want to be on the cutting edge - cloud based banking with lots of money management features in the pipeline. (Targeting gen z or whatever the youngest adults are.)

  • jonagrah on 01/05/2019 - 22:03
    +1

    I signed up when it was $250. Would it be better for my credit score to keep it for 11 months before cancelling?

    • sween64 on 02/05/2019 - 09:46

      Nah

  • bailbondsh on 02/05/2019 - 09:23

    i have a feeling they're going to make more than $140 per person that gets one of these, just a hunch.

    • sween64 on 02/05/2019 - 09:47

      Not on everyone. It’s feasible to use this deal and only make two transactions. $500 purchase. Wait. Then a $200 purchase. You might even be able to get the $200 credit as a cheque and skip the second purchase.

      • bailbondsh on 02/05/2019 - 11:25

        yeah i agree, they hate us ozbargainers lol

  • DealDevourer on 02/05/2019 - 10:28

    If you cancel the card within 30 days of paying the annual fee then you can ask them to refund the fee. This is achievable if you spend $500 quickly. I've taken up these offers the last 2 years and cancelled the cards shortly after and my credit score is still excellent so not sure how much credit enquiries actually affect it.

    • sween64 on 02/05/2019 - 12:26

      Can you get the $299 credit within 30 days of paying the annual fee?

      • DealDevourer on 02/05/2019 - 16:59
        +1

        My cashback came through 11 days after spending $500. The annual fee appeared 12 days after opening the account but I think you get up to 55 days to pay it on the monthly statement plus another 30 days to cancel and claim a refund.

        • sween64 on 02/05/2019 - 22:51

          I’ll certainly give it a go. Gotta make sure I have a $500 bill lined up or maybe I’ll just put $500 on my electricity bill and put it in to credit…

    • whey4000 on 07/05/2019 - 09:51

      How do they refund it after you have closed the credit card, send the refund to your bank account or send a cheque or something?

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