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CBA. Apply for a New Credit Card and Choose a $100 Reward

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CBA. Apply for a New Credit Card and Choose a $100 Reward
Go to Deal
Associatedthorpef1 on 27/02/2012 - 14:35 commbank.com.au (5731 clicks)

Declaration: I work for CBA.

I just received an email stating that:
"Between Monday 27 February and Saturday 7 April 2012, we are offering new and existing customers a $100 reward of their choice if they are approved for a new Credit Card and spend within 30 days of approval.
Customers can choose one of these rewards:
•$100 cash back on their Credit Card account
•$100 Coles Group & Myer Gift Card
•Commbank Kaching iCarte and $50 cash back on their Credit Card account

I believe this offer is only available through the Start website (Use link provided)

Please leave the bank bashing out of this, if you dont have anything positive to say, just close the tab.

Thanks

Financial Credit Card

Related Stores

Commonwealth Bank
Commonwealth Bank

closed Comments

  • the discombobulated… on 27/02/2012 - 14:43
    +1

    What's the yearly fee, interest rate, etc?

    • viggenn on 27/02/2012 - 14:45

      it depends which card you choose……..

      • the discombobulated… on 27/02/2012 - 14:49

        Web page wasn't loading for me and I thought there was only one (the ad is in the singular).

    • Cluster on 27/02/2012 - 16:22
      +3

      That's usually the key: these special offers often have annual fee waivers for the first year, but after that the bank recoups the sign up bonus (and more) within a couple of years. Nothing wrong with that, as long as people understand that's what the offer is all about.

  • Weird and Wonderful on 27/02/2012 - 14:48
    +2

    What is the minimum spend to receive the $100 reward?
    Is there a minimum term that you must keep the credit card or can I apply for the credit card, receive the $100 reward and then cancel the card?

    • Associatedthorpef1 @ Commonwealth Bank on 27/02/2012 - 15:10
      +1

      Taken from the "Important Information" down the bottom:
      Incentives will be fulfilled within 90 days from first spend… You will be ineligible for the incentive if your account is closed, transferred or in default at the time of fulfilment.

      I cant see anything stating minimum spend

    • he3at on 27/02/2012 - 15:14

      ^ what he said

      Cheapest annual fee is $24 (assuming no existing relationship with CBA), so you could still come out $76 ahead.

      • ohisee on 27/02/2012 - 15:55
        +3

        Note that the fee for students is zero.

        • dmc900 on 27/02/2012 - 16:59

          I think it free for those on a pension as well. But you'll have to ask in the bank after you've started up your account. They should refund anything you've been charged.

      • muzzamo on 27/02/2012 - 22:53

        Regarding coming out ahead, don't forget that this will count as interest and you may have to pay tax on it

  • kingsville on 27/02/2012 - 14:53
    +2

    application completed,submitted and conditionally approved. Thanks OP

  • Turd on 27/02/2012 - 15:18
    +1

    But I dont want another credit card! argh!

    • IVI on 27/02/2012 - 16:36
      +1

      Cancel & cut it up, ie, -after- you receive & withdraw your $100 cash-back.

  • superkieu on 27/02/2012 - 15:24

    as it is, the deal is not "sweet" enough
    throw more things in and we (true bargain hunters) will be interested.

    • Zeromus on 27/02/2012 - 15:56
      +10

      Huh? $100 for free isn't "sweet" enough? I did this last time they offered $100 cash back and it worked out great, got my cash and cancelled the card. I'd call this deal really "sweet", better than $12 off 2Tb drives at JB Hi Fi…

  • uncoelite on 27/02/2012 - 15:29

    I assume existing CBA customers can get this based on the small print which states "new account" not "new customer": Limit of one incentive per new credit card account

    • Associatedthorpef1 @ Commonwealth Bank on 27/02/2012 - 15:32
      +2

      Correct…

      …we are offering new and existing customers …

      • uncoelite on 27/02/2012 - 15:42

        If I'm an existing customer and already have an existing credit card with CBA, can I apply for the exact same credit card?

        • berger on 27/02/2012 - 16:04
          +2

          or apply for 2 more cards?! where is the limit!

      • ade123 on 16/04/2012 - 12:44

        I applied 3 weeks ago and they just approve me.. (which is after 7/4 )
        They are just too slow which I am a existing customer !!
        Am I still inside this offer?
        Someone please help!!

  • lusicul on 27/02/2012 - 15:35

    I had an account from this previous deal : http://www.ozbargain.com.au/node/46363
    But I've closed that account about 2 weeks ago. Reckon I can apply for this one and get $100?

  • impoze on 27/02/2012 - 15:39

    do I get the $100 if i upgrade my account into a rewards card from a low rate card?

    • cairnsn on 27/02/2012 - 16:11

      This is for new credit card applications only. Existing credit card accounts are excluded. Upgrading to a rewards card would be considered a product switch not a new application.

  • IVI on 27/02/2012 - 16:30

    Let's see… Given a choice of:

    1. $100 Cash, that I can spend ANYWHERE… and

    2. $100 credit to spend ONLY at a Coles-family store

    Q-1: WHO would choose anything -but- the cash?!?

    (What, do they -delay- the cash so - if you're "poor" you'll take Coles credit?)

    Q-2: Where are the annual card fees?

    Q-3: Is applicant going to be charged for first 90-days? for first year?
    full price?

    Too much hidden info for me…

    (I'll stick with No Fees "ING Direct" & their Debit Cards, that have paid me hundreds, over the years & continue to pay me - smaller amounts - each week… on -top- of interest. Wait for one of -their- great offers!)

    • muzzamo on 27/02/2012 - 17:24

      I wonder if the cash option counts as taxable income while the reward option does not.

      Last year I got a letter from the ATO saying I hadnt declared my income correctly. Turns out there were several I these $100 deals that were being counted as interest.

      • cairnsn on 28/02/2012 - 10:31

        I doubt it would be considered taxable income because you don't really "earn" interest on a credit card.

      • c64 on 28/02/2012 - 11:41

        did you use etax last year? you can download the ato's interest data has on you so your return will match

        • muzzamo on 28/02/2012 - 13:16

          It definately counted as taxable income. And the etax data is exactly the same data that the ATO would have used to send me a letter after the fact. The Banks have your TFN so are sending this data to the ATO. I went through an accountant who didn't populate his program with my interest data automatically so I declared it to him instead.

          Some people may have gotten away with it in the past because it was under a certain threshold (ATO would not necessarily send you a letter over a $30 discrepancy)

          Alternatively, the rewards I get from my WBC credit card don't count as taxable income (and neither do frequent flyer points) so its definately a grey area.

          In the context of this deal I would choose the rewards over the cash due to the tax benefit.

  • VBO on 27/02/2012 - 16:42

    'Incentives will be fulfilled within 90 days from first spend. Limit of one incentive per new credit card account. You will be ineligible for the incentive if your account is closed, transferred or in default at the time of fulfilment.'

    Just be aware there are some circumstances you may not receive the reward.

  • Turd on 27/02/2012 - 16:45

    So pretty much sign up. Get approved. Get your lending power reduced. Keep card for 3 months. Get reward. Cancel card.

    hmmmmmm Should I? All for $76

    • johndoe789 on 27/02/2012 - 16:54

      I'm debating as well haha
      It would really make my iPad 3 purchase $100 cheaper… hmmm

  • Oliver on 27/02/2012 - 16:54

    "•Commbank Kaching iCarte and $50 cash back on their Credit Card account"

    Why do the other rewards contain 100 bucks, but the 3rd is only 50?
    Does a Kaching (pronounced Ka-Ching?) Icarte normally cost 50 bucks?

    • manhinli on 27/02/2012 - 16:58

      The iCarte iPhone case costs $54.95, and basically does the job of PayPass contactless payments.

      Unless you're always in places where PayPass is available, I don't see why you'd get it.

  • POWERevolution on 27/02/2012 - 16:56
    +10

    3 lowest fee if you're not a student

    Annual fee:
    Low Fee credit card $24
    Low Rate credit card $78
    Low Fee Gold credit card $90

    • POWERevolution on 27/02/2012 - 17:16

      wow , post more information about the fees and got neg.

      • dealman on 27/02/2012 - 18:43

        Hey Power..
        Mate you spend too much time on Ozbargain ;-)

  • Lions44 on 27/02/2012 - 17:10

    I only applied for the Gold Rewards card last monday :( anybody know if I can cancel and reapply? I haven't received the card yet.

  • Pandabargain on 27/02/2012 - 17:11

    Does anyone know if the $100 cashback applies to international purchases?

    I'm looking at buying a $130 from http://www.bhphotovideo.com/ and this would help reduce the cost for a poor student like me.

    • muzzamo on 27/02/2012 - 17:26

      I doubt they would care about international purchases. The bank still earns interest and fees.

  • Cheness on 27/02/2012 - 17:14

    Great deal OP. First CC to ever be accepted into. Probably because I have my main bank account with CBA.
    Hopefully I can build my credit score with this =]

    • c64 on 27/02/2012 - 18:40

      Hopefully I can build my credit score with this =]

      credit score? you are confused with usa

  • d3ft on 27/02/2012 - 17:21
    +6

    A word of warning from someone who works in a credit risk area - signing up for a bunch of credit cards is not looked favourably upon should you want to apply for a loan in the future.

    By all means, if you need one - go for it. But signing up just to scam $100 from a bank will probably end up burning you in the long run.

    • POWERevolution on 27/02/2012 - 17:25
      +1

      signing up for a bunch of credit cards is not looked favourably upon should you want to apply for a loan in the future.

      even you pay off all?
      can a new CR card company check how many that you're had/using?

      • d3ft on 27/02/2012 - 17:30
        +1

        Yes.

        Think about it - would you want to lend money to someone who has a whole bunch of cards they could go on a debt binge with? If they get into trouble, they'll be paying off the high-interest credit cards before their other loans.

        • johndoe789 on 27/02/2012 - 19:17

          Unless you're working in finance, I doubt what you're saying.

          If you consistently pay off all your debt on time and never had one infraction for late/fail payment, most banks will look favorably to you.

        • tikei on 27/02/2012 - 23:16
          +1

          i think d3ft means that if you're holding MANY cards at the time of applying for a loan, then it's not looked upon favourably (the possible debt binge he mentioned).

          Cancelling other cards and holding only one card should be fine, as long as you've consistently paid on time.

        • cairnsn on 28/02/2012 - 12:14

          Your credit file does not show how many credit cards, loans, telephone accounts you currently have, only when u made applications for these in the past. So even if you closed the accounts they will still show up on your file (up to 5 years). That is why most banks will ask for the current details of your debt in the application form.

          And yes - even if you pay off your debts these will not show up on your credit file. The credit file only shows the bad things that you've done, not your good behaviour.

          The best way to be approved for a loan is to provide current account statements that show a strong savings history, minimise the number of applications for credit, minimise your total current debts, show that you have the ability to service your debts comfortably including the loan that you are applying for, and to ensure you do not default on any current or past debts.

      • Ryk on 27/02/2012 - 18:06
        -3

        NO, that's simply not correct.

      • Cluster on 27/02/2012 - 21:11

        http://www.webdeal.com.au/credithistory.php

        • Do not make multiple applications for credit in a short period of time.

        • You should be aware that a large number of inquiries on your credit report is the easiest way to spoil an otherwise good credit history. Potential lenders believe that a large number of inquiries is an indication that an applicant was rejected by other lenders.

    • mancs on 27/02/2012 - 17:28

      what if no default payments or outstanding debt and you've cancelled the cards?

      • d3ft on 27/02/2012 - 17:35
        +1

        It's the applications themselves which will show up on your credit bureau report and have a (potentially) adverse affect.

        • furythree on 27/02/2012 - 17:57
          -2

          stop scaring everyone
          you can take bank statements and referral letters and a whole bunch of other proof when getting your loan to show that you never use your credit cards or never had bad debts or late repayments.

          By your logic, even if i had $1m in cash sitting in a bank but 20000 credit card accounts open at the same time but i never use, i would be hard pressed to get a $100k loan.

          Also, if the bank you are gettin the loan from also hosts your credit card account, they have a better idea of your credit rating and history.

          the stuff you say really only applies when you are trying to apply for small loans or a in store department store credit card which they approve over the phone so use these measures as a quick and dirty guide of your rating.

        • CuteBirdy on 27/02/2012 - 19:42
          +3

          d3ft is telling truth.

          Do you really think credit providers are going to care or look at your "bank statements and referral letters" so they can disregard your bad credit rating?

          They follow guidelines, and the guidelines are fixed rules, like "no more than 2 credit requests in the last 1 year". You either meet the guidelines, or you don't. There are NO exceptions. No amount of sweet talk is going to change that, and they don't trust your referral letters because it takes time to verify that they are genuine and not faked.

          In short, applying for a credit card just to get $100 is a waste of your credit rating.

      • forkus on 27/02/2012 - 17:55
        +1

        Still looks quite sus from the view of the person doing the Credit Check.

        A lot of phone company's will decline your application for a contract if you have more than x applications for 'Credit' within x months. I know when I was working for 3 Mobile, it was something like 5 apps in 3 months.

    • [Deactivated] on 27/02/2012 - 18:12
      +3

      d3ft speaks the truth. My credit rating is great. But because I had been a bit "credit happy" with applying for - and being approved for - credit cards (5 over the space of a few years) it had a negative effect on my credit history.

      • tikei on 27/02/2012 - 23:24

        How did you know it had a negative effect? Were you applying for a loan and the company rejected you?

        • d3ft on 28/02/2012 - 09:25
          +2

          Thanks for the support guys. I was only trying to be helpful as I know credit ratings are a mystery to most of the population.

          To those who keep disagreeing - many credit applications in a short period of time can negatively affect your rating. It is a fact, plain and simple. There will be a rule in the credit scoring system saying "If customer has applied for more than X cards in the last X months subtract X points". There's no voodoo in how you are scored, it's all based on rules like this.

          @furythree - why would you be applying for a $100k loan if you had $1mil in the bank? That screams of a fraud attempt. Either way, your 20,000 credit cards would surely add up to more than your $1mil, meaning you could max them all out and be in a huge amount of debt. You wouldn't get a loan from any Australian bank, I am certain of that.

          You do make a fair point about applying at a bank with which you hold the card. I am mainly referring to loans with financial institutions who know nothing about you other than your credit history.

        • cairnsn on 28/02/2012 - 12:21

          @d3ft - actually applying for a loan when you already have the money in the bank can make good financial sense in some circumstances, for example, when you want to maximise your tax deductable debt. I'm sure a lot of banks will be jumping to lend money to you if you are willing to secure your debt with cash (that you will no longer have access to).

  • muzzamo on 27/02/2012 - 17:28

    Regarding the annual fee, isn't that normally charged at the end of the first year?

    • zzzsianzzz on 27/02/2012 - 18:29

      some banks will waive their cards for the first year. some wouldn't. it depends on the bank, the credit card type and the fine print.

    • ozb-442 on 27/02/2012 - 18:46

      Wow, just wow..

    • Ryk on 28/02/2012 - 16:04

      yes, lots of bank bashing until they're handing out a Monash.
      all of a sudden they have lots of friends.

  • Pandabargain on 27/02/2012 - 18:39

    Just got declined for the student card.

    I'm unemployed receiving independant youth allowance living at home rates, with 10k in the bank!

    Disappointing.

    • A Banana4scale on 27/02/2012 - 19:20

      I feel ya , bro

    • cairnsn on 28/02/2012 - 12:22

      Thats unfortunate but I guess the Bank is looking for a regular income stream for you to service your debts.

    • fLaMePrO on 28/02/2012 - 14:53
      +1

      Yeah, wtf. I got declined as well. Doesn't it defeat the purpose of a student card if you have to be earning a significant income? I put down 8k p/a, which is reasonable for working part time as a student..and apparently that's not enough :/

    • dak52 on 29/02/2012 - 17:01

      I'm in the same boat as you guys and I'm pissed off. $10k in the bank $23/year in graduate student stipend and another $5k/year from tutoring. Not to mention my other credit card has a $12,000 limit. Such bullshit. FUCK CBA Between this and the other crap I have had to deal with I am seriously considering switching banks.

      • c64 on 29/02/2012 - 18:00

        when it comes to credit, your other credit card with a $12k limit is a potential $12k liability.

  • boonanza on 27/02/2012 - 18:55

    I think these type of "deals" should be in the forums. Any deal with a bank always have too many clauses.

  • zombie hunter on 27/02/2012 - 19:46
    +3

    I will give this a BIG MINUS.
    I am customer of this so called bank.
    I apply for this deal last year. it took 6 MONTHS to process it due to BIG STUFF UPS like there is no tomorrow.
    After card was finally approved, the deal was void. I cancelled the card, week later they changed their mind, but I have to go through the whole process again.
    Average wait on the phone 30 minutes.
    Average wait time with local credit union 3-4 minutes and they open on Saturday, that is all branches.
    Support your local credit union, staff are friendly and their call centre is located HERE IN AUSTRALIA.

    PS Pandabargain, I hope you got your 10K in a credit union. The interest from a credit union will far outweigh the crummy $100 offer from this so called bank

    • I-like-cheap on 27/02/2012 - 19:58
      -1

      Bank basher!

    • Pandabargain on 27/02/2012 - 19:59

      rps I have my savings with ubank =)

    • Cluster on 27/02/2012 - 21:03

      Everyone seems to have a bad bank story. Mine involved a CBA home loan where the bank twice lost important paperwork, provided a non existent Australia Post tracking number, and overpaid two builder invoices ($3k total overpayment). CBA back office staff seem to have a problem reading basic invoices. But if you do have a problem go to the branch staff at your local CBA. They're always keen to help and are genuinely surprised by the bungles made at CBA's back office.

  • Chuckler on 27/02/2012 - 21:01
    +2

    I applied for a CBA credit card last year, and went through all the paperwork. Then went into a branch to verify my identity etc, which took over an hour. And then a week later I got notification that I had to go into a branch to verify my identity. I explained that I'd already done that, and they said they must've lost it.

    If they don't take care of my data, they don't get my business and nor should they get yours. At the very least, the massive wait time in the branch turned me off going through the process again, and I'd caution anyone thinking of applying just to get the bonus to value your time carefully and ask whether it's worth it.

    • ryantan1121 on 27/02/2012 - 21:13

      The other people seem go through well. It's not fair to make a conclusion just based on your case only.

      • gstfree on 28/02/2012 - 08:41
        +3

        i guess it's just comment based on personal experience.

    • [Deactivated] on 27/02/2012 - 22:51

      Yes I remember applying for a similar offer last year and sent in some info they asked for, then never heard another word from them!!!!

      • t25 on 27/02/2012 - 23:15

        Happened to me too. Only they called me up, asked for whole heap of details, approved me, then withdrew the approval. Sent me a letter 4-5months later asking me to contact them regarding my application.

        After driving to the bank, getting documents, and wasting time, it wasnt worth it.

        • Chuckler on 01/03/2012 - 00:51
          -1

          That proves it wasn't just me … more indicative of systemic problem within CBA for handling people's info. Thanks for your replies.

  • Daline on 28/02/2012 - 00:01

    its says that we have to "spend" on our card… but it doesn't say the minimum amount? is there a minimum amount for this? thanks :D

  • TravelKon on 28/02/2012 - 00:28

    Do you have to have $100 balance on your credit card to get the cash back? e.g. lets say you spend $10 on your card, will you get $100 cash back still? if so how? credit card have $90 worth of credit? lol

    • cairnsn on 28/02/2012 - 12:25

      Nah its pretty common for people to deposit money into their credit cards and push their card balance into credit, especially when they want to go on a spending binge overseas or use their credit cards to take cash out of an ATM.

      • TravelKon on 28/02/2012 - 14:58

        So they"ll deposit $100 into your card?

  • ja912son on 28/02/2012 - 11:54

    I took their offer from CBA last August and it went well. But I guess what d3ft could be very true, as no one would know the gimmicks unless he/she works in a relevant industry. Better be careful when taking the offer. It might not be worth it in a long run.

  • cairnsn on 28/02/2012 - 12:05
    +1

    Information for those of you who are concerned about the impact to your credit history…

    The credit reporting files in Australia is very much focused on negative reporting. It only lists the bad things that you've done. It doesn't not list your good behaviour. This means paying off your debt on time etc does not "improve" your credit score here in Australia (unlike USA). But failing to make payments on time will decrease your score.

    Note that constantly applying for credit will be looked as unfavourable by lenders. You may be percieved as a customer who applies for credit with different lenders because your constantly being rejected. Alternatively, they may view you as a disloyal customer and therefore not worth lending to. Credit files do not always show whether your application for credit has been approved, only when credit enquiries are made.

    For those who are interested, the information that is stored on your credit report includes:

    • Personal details:

      • Name
      • Address history (shows every time you move)
      • Date of Birth
      • Drivers License
      • Employment history

    • Credit enquiries and applications (5 years)

      • every time you ask for new credit. It does not always show whether it was approved or not.

    • Overdue accounts and defaults (5 years)

      • If you fall more than 60days behind your debt - even if you have paid your debts since
      • If you changed your address/phone number without telling your creditor (this can be viewed as you deliberately avoiding your debts)

    • Bankruptcies (7 years)

    • Court Judgements

    • Directorships and Partnerships (current only)

    The main credit bureaus in Australia do have the ability to verify your information with public information, such as telephone directories, electoral roles etc. Also, they have very sophisticated systems to match the details you provide on your credit applications with the details in their database.

    • xieyuanwei on 29/02/2012 - 15:04

      I totally agree above, I recently applied for credit card from credit union and have been rejected. Personally I never have any overdue accounts in my credit report, so I call the credit union loan officer and ask why because my assets & annual salary should much more than their requirements.

      Usually the financial instruction won't disclose the reasons why you application has been rejected, but the loans officer just told me there were 7 credit enquiries in my credit report in the last one year and after discussion with her supervisor, they think I have un-disclosed liability (maybe other credit card).

      • c64 on 29/02/2012 - 17:58
        -1

        so if you have sufficient income, why get a credit card at all???? surely a visa/mastercard debit card will suffice.

        • xieyuanwei on 29/02/2012 - 23:21

          that can improve your personal cash flow and get rewards points for using the credit card.

  • uncoelite on 03/03/2012 - 15:27

    Just received an SMS saying I'm approved and the card is in the mail. I was an existing cba customer and I applied for the exact same card I already had

  • [Deactivated] on 06/03/2012 - 23:47

    Received card in mail. How much do I have to spend to claim my $100?

    • kingsville on 07/03/2012 - 20:47

      $0.01

      • [Deactivated] on 13/03/2012 - 19:51
        +3

        I ended up buying porn.

  • mauxmee on 13/03/2012 - 14:58

    Applied & got my card & spent…

  • freemoneyhunter on 26/03/2012 - 13:30

    Well I just applied again, hopefully I will get the $100 this time. Last time was 6 months again and they declined me. This time it says conditionally approved so lets hope it goes well. I will be very angry if they decline me though

  • freemoneyhunter on 27/03/2012 - 00:47

    If i open a everyday account, I'll get an extra $50 too, since I am a student they wave the monthly fee for that if you choose student option. So $150, not bad.

  • fedex11 on 04/04/2012 - 19:31

    not happy with cba - applied for a student card and got declined despite having a part time job. what else do they expect from a student? obviously we don't earn as much as full timers and it's a student card after all. oh well, just venting.

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