How to payoff your Credit Card with Commission Rebates

Information verified correct on September 28th, 2016
Discover how to get commission and use the commission rebates to pay off your credit card bills. Discover how to get commission and use the commission rebates to pay off your credit card bills.

How to Claw Back Commissions on your financial services and Have Them Refunded to You to payoff your credit card

Thousands of dollars in trailing commissions are generated from your financial products each year and chances are you didn’t even know trailing commissions existed on your accounts. Of course unless you read the very finest of fine print on your superannuation, allocated pension, insurance policy and managed investment fund contracts, it is not a fact that your account provider or financial planner is going to alert you to. This is because they want to keep receiving those trailing commissions generated on your account, and they don’t want you to know you can actually have the commissions refunded to you. Luckily, Commission Rebates is ready and willing to show you where the trailing commissions are hiding in your finances, and how to have your commissions refunded to you.

What Are Trailing Commissions?

The trailing commissions are not paid from your financial products without reason. They are technically generated to be paid to financial planners who offered ongoing advice and service to customers they had already sold investment and insurance policies to. However, most Australians are having little to no contact with their financial planners once their account is finalised, yet the financial planner still receives the automatically generated trailing commissions from your account.

A trailing commission appears to be such a small percentage of your account balance that even if you did notice it there in the fine print of your account contract, you’re unlikely to question it. Trailing commissions are usually around 0.5%, but can be as much as 1% of the balance of your superannuation or investment fund. If you think for a minute about the balance of your own accounts, a seemingly small 1% commission can really add up over the life of the product.

How Can You Claw Back Commissions?

Be registering for a refund with CommissionRebates.com.au you can see those trailing commissions which were being paid to an inactive financial planner, being refunded back into your own pocket. There is no way to stop trailing commissions being generated, and they can only be collected by an institution which is operating under a financial services license, and so Commission Rebates meets these criteria and are willing to act on your behalf to reclaim your trailing commissions.

Commission Rebates is able to collect trailing commissions from insurance companies, fund managers and banks, which are then deposited into a refund account and held for you. At the end of the year CommissionRebares.com.au will mail you a cheque for the amount of commissions collected on your behalf and you can spend your refund on luxuries, bills, wiping out credit card debt or a relaxing family holiday – it’s now your choice.

To register with CommissionRebates.com.au is as simple as completing a one page form with the details of your policy name and number, and Commission Rebates can start collecting your commissions. The amount of your commission refund cheque will vary depending on the number and the balance of your financial products, however, the average refund is around $3,000 a year.

Are Trailing Commissions Paid on Employer-Nominated Superannuation Funds?

If your employer has nominated a super fund on your behalf, it is possible the fund is paying commissions to financial planners. If you are currently invested with an industry super fund, you are not being charged ongoing fees or trailing commissions so you cannot receive a refund from an industry super fund. However, if you are not with an industry super fund, you are likely to be paying commissions to agents or brokers.

For example, if you are in an employer-nominated superannuation fund like AMP, your employer is likely to have utilised the help of an agent to set up the account. As a result, this agent is receiving trailing commissions from every single employee invested with this employer-nominated super fund. So you can see how financial planners, agents and brokers can become very rich from trailing commissions which are being generated from your financial products, and for which you are receiving little to no assistance or advice.

With more financial consumers becoming more financially savvy, CommisssionRebates.com.au allows you to enjoy the free money being generated from your superannuation and investments, rather than the brokers. There are thousands of dollars currently being paid to financial planners and when you can receive that money refunded to you, your finances can receive a significant boost each year from CommissionRebates.com.au.

How to use your refunds to pay your credit card?

Once you have successfully completed your refund application use your commissions to repay your credit card. Simply transfer the money from your nominated account with the commissions over to your credit card.

How to Request a Refund

You can request a refund by registering now at Commission Rebates. The registration process will take just minutes and could see thousands of dollars refunded to you each year.

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