Kogan Energy offers $300 off electricity to new credit-card customers

Kogan Energy’s latest electricity promotion could score you $300 off your energy bills – but you’ll have to fork out five times that amount to get the discount, then wait several months before receiving it.

Kogan Energy’s ‘$300 Offer’ is a variable rate energy plan that spruiks a conditional discount of $300 for customers who sign up to the offer, which requires also taking out a Kogan Money Black Card, before 30 September 2021.

The catch is that to qualify for the $300 discount, householders must spend $1,500 on eligible purchases using the new credit card within the first 90 days of holding the card.

For customers simply seeking cheaper energy, the minimum-spend requirement may make Kogan’s $300 Offer unattractive. But for those in the market for a new credit card provider or a credit card that offers no annual fees, or who’d already planned to make a large purchase, the offer may stack up.

So, let’s see what you stand save by switching to Kogan Energy’s $300 Offer.

What is the $300 Offer?

The $300 Offer is Kogan Energy’s latest market offer, available in New South Wales, Victoria, Queensland and South Australia to new and existing Kogan Energy customers. This plan offers variable usage and supply rates at similarly competitive prices as seen on the retailer’s flagship Market Offer. There are no exit fees, lock-in contracts or credit card fees on the $300 Offer and, as the name suggests, the plan gives customers that chance to earn a $300 credit on their energy bill if they adhere to certain conditions.

Kogan Energy Plans

Here are the Kogan Energy electricity plans, available in each state, according to our database. To see plans in your state, click the relevant tab below.

You can see how the $300 Offer plan compares to other plans in your area via the links below. Remember to use our comparison tool for a specific quote in your area.

• Cheapest Power Prices VIC
• Cheapest Power Prices NSW
• Cheapest Power Prices QLD
• Cheapest Power Prices SA

How to earn $300 off your electricity bill with Kogan Energy

To earn the $300 bill credit on the $300 Offer, customers will not only need to sign-up to the new $300 Offer plan, but also to a new Kogan Money Black Card before 30 September 2021. While the electricity plan itself is open to all customers, it is important to note that any existing Kogan Energy customer who currently holds or has previously held a Kogan Black Money Card will be ineligible for this discount.

Once both the energy and credit card accounts have been approved, bill-payers will then need to spend $1,500 on ‘eligible purchases’, using their new card, within the first 90 days of holding it. Balance transfers, cash advances, refunds and charge-backs, purchases of foreign currency and traveller’s cheques and other miscellaneous fees and transactions aren’t considered eligible purchases in Kogan Energy’s T&Cs.

If all the requirements are met in the allocated timeframe, Kogan Energy will then award the customer with a one-off bill credit of $300 to their energy bill within 10 weeks of the qualifying period ending – essentially up to 160 days or about 23 weeks after they first signed-up for the offer.

Is Kogan Energy’s new deal right for me?

While Kogan Energy’s latest deal does offer a generous discount on energy bills, it isn’t necessarily the most accessible discount out there. Unless you are an avid credit card user who is in the market for a new card, it may not be worth the hassle of opening a credit account and subsequently spending $1,500 for a $300 discount.

That’s in addition to the fact that the discount itself is worth only a fifth of what you must spend to receive it so unless you’d already intended to make that expenditure, you may end up with a loss rather than a gain. Plus, with the usage and supply rates on this offer almost identical to those on Kogan Energy’s Market Offer, this is a short-term saving only.

Though conditional discounts like this one can be appealing, it’s always important to take into consideration the conditions of the discount. If it’s unlikely that you’ll meet the discount conditions or if failing to get the discount isn’t something you can afford to accommodate within your budget, it’s probably best to look for a deal more suited to your financial situation.

But for those who can make this deal work for them, there is a big saving to be had. And the Kogan Money Black Card does offer a $0 annual fee. By signing up to the $300 Offer, you’ll also be signed up to Kogan’s reward program via Kogan.com.

If you’re looking to learn more about credit cards, you can visit Canstar, Australia’s biggest financial comparison site, and check out its free, easy card comparison tool. If you’re in the market for a new energy deal, however, stay right here because you can see a range of prices and providers using our free comparison tool below.

Image credit: Zivica Kerkez/Shutterstock.com