28° [Wizard] Mastercard Cash Advances while overseas

[JohnK]

This has also been my experience. Using the account number is quicker than using the credit card number.

I am confused. Why is it quicker? Does anyone have a logical explanation? The banking software should not discriminate between an account number or credit card number. Each has a link in a database table that would take a millionth of a nanosecond to access. It is not like it is a manual process where someone has to cross reference the account number to the credit card number.

I have got nothing better to do so I will do an experiment today. I will BPAY a small amount from my CBA streamline account to Wizard Clear Advantage Mastercard at the same time using the account number and the credit card number.

[creeno]

Hi guys,

My brother is travelling to NZ tomorrow and has transferred money over on to his credit card to give it a positive balance, with plans to use that positive balance for purchases and cash withdrawals.

He called Wizard last night to advise them of the dates that he will away.

The following then occured:

* Wizard rep commented that "your account is in credit - you are not allowed to do that and it is against our terms and conditions to be putting excess money on your cards. This is a credit card, not a debit card. You are not covered if the card is stolen etc etc"

* Rep then went on to say that "We will need to make a decision on this and will most likely send you a cheque for the money you are in credit and close your account down".

Needless to say, my brother was pretty shocked and this could potentially have an interesting effect on his finances for his holiday.

Can anyone else here verify this stance taken by Wizard? Have you encountered similiar feedback? Or was it simply an error on the part of the Wizard rep?

Any feedback is greatly appreciated.

Cheers

[Baysider]

I would call their bluff. They make the same amount of money in merchant's fees whenever you make a purchase using the card, regardless of whether the card is in credit or debit. If you always pay the card in full at the end of each month, then the amount they make from you is the same either way.

Ask them for the clause number in the T&C's that states the card cannot be in credit.

[MEL_Traveller]

I would call their bluff. They make the same amount of money in merchant's fees whenever you make a purchase using the card, regardless of whether the card is in credit or debit. If you always pay the card in full at the end of each month, then the amount they make from you is the same either way.

Ask them for the clause number in the T&C's that states the card cannot be in credit.

This is right - except of course for the interest on cash advances.

But i do see Wizrd's point. This is a credit, not a debit card. I've never had a problem with the card in credit - but I have never made it obvious this is happening.

I have heard of this before though - I know in the UK, for example, they are keen to refund the money if it is in credit and you haven't used it for a while. They kept wanting to sennd me a cheque for an outstanding credit!

[Flashware]

This is right - except of course for the interest on cash advances.

But i do see Wizrd's point. This is a credit, not a debit card. I've never had a problem with the card in credit - but I have never made it obvious this is happening.

I have heard of this before though - I know in the UK, for example, they are keen to refund the money if it is in credit and you haven't used it for a while. They kept wanting to sennd me a cheque for an outstanding credit!

AMEX are known for doing it in Australia ; the reason is due to trying to stop money laundering, as this is one way it can be done.

[kdser]

Hi guys,

My brother is travelling to NZ tomorrow and has transferred money over on to his credit card to give it a positive balance, with plans to use that positive balance for purchases and cash withdrawals.

He called Wizard last night to advise them of the dates that he will away.

The following then occured:

* Wizard rep commented that "your account is in credit - you are not allowed to do that and it is against our terms and conditions to be putting excess money on your cards. This is a credit card, not a debit card. You are not covered if the card is stolen etc etc"

* Rep then went on to say that "We will need to make a decision on this and will most likely send you a cheque for the money you are in credit and close your account down".

Needless to say, my brother was pretty shocked and this could potentially have an interesting effect on his finances for his holiday.

Can anyone else here verify this stance taken by Wizard? Have you encountered similiar feedback? Or was it simply an error on the part of the Wizard rep?

Any feedback is greatly appreciated.

Cheers

I happened to read my David Jones credit card's terms and conditions two days ago, which says unless due to a refund, the card holder must not in any ways to make the card to have a credit balance.

[oz_mark]

AMEX are known for doing it in Australia ; the reason is due to trying to stop money laundering, as this is one way it can be done.

It may also relate to whatever authorisations and licenses they hold in Australia. GE Capital is, for example, a specialist credit card institution. Taking deposits,as a bank can do, brings with it a whole raft of requirements that some institutions may not want to take on.

[JohnK]

Needless to say, my brother was pretty shocked and this could potentially have an interesting effect on his finances for his holiday.

Can anyone else here verify this stance taken by Wizard? Have you encountered similiar feedback? Or was it simply an error on the part of the Wizard rep?

I was told by an Amex consultant once that if my credit card was in credit there was a possibility it would auto cancel and be redunded the amount in credit. I was shifting money around at the time to take advantage of a balance transfer.

I would call their bluff. They make the same amount of money in merchant's fees whenever you make a purchase using the card, regardless of whether the card is in credit or debit.

I wonder how much money Wizard makes from cash advances when the card is in credit?

No wonder the interest rate on the card increased 3.75% recently to 19.24% pa. So suckers like me can subsidise those taking advantage of the system where Wizard makes nothing from them. Personally I would like to see all Wizard credit cards cancelled and money refunded if they are in credit.

[Quando Quando]

Hi any have any experience of using this card in Greece or Egypt?

[Fifa]

Hi any have any experience of using this card in Greece or Egypt?

I have used it in Greece with no issues.