28° Mastercard Cash Advances while overseas [No more free cash advances from 1/1/14]

[lovetravellingoz]

NO!!!...that's the great thing...I have now used the card in NZ, Malaysia, Singapore and Germany. I put money in prior to going OS, and use it like a debit card whilst overseas. It gives excellent exchange rates with no fees

I have been using the technique of prepaying CC as my source of funds while on overseas trips for many many years....as relying on bank withdrawls from an account was not always reliable or easily avaialable.

I have always made sure I have card just for this...and an CC purchases are on another card.


I have adopted the Wizard as this make this system even better by totalling avoiding fees.

 

[bits]

I have a Wizard Mastercard with a credit limit of $1250. Last week I put my card $3000 into credit (for the purpose of withdrawing cash from ATMs fee free).

Last Fri 9/3/07 I withdrew $1000 from ATM - no problems.
Then Mon 12/3/07 I withdrew $1000 from ATM - no problems.
Today Wed 14/3/07 I try to withdraw $1000 from ATM - however, problem occurs now as the ATM says insufficient funds (this is not the case as the account is still in credit by $1469).

I call the service centre and they offer the following explanation:
They say that as my credit limit is only $1250 the system will only allow me to withdraw a maximum $1000 from ATMs per statement. Apparently a monthly statement was sent out on 9/3/07, and as I have already withdrawn $1000 this cycle on 12/3/07, I would have to wait until next month to withdraw the remaining cash. However, I am still able to use the credit for purchases.

If the system is set up like that, doesn't it sound a bit stupid?

Having some spare time on my hands at lunch time today (16/3/07), I decided to go to the ATM to try to withdraw another $1000. Low and behold, the ATM spits out $1000.

So it appears the above explanation given by the service rep re per statement cash withdrawal limit is complete and utter bullsh*t.

 

[straitman]

Not sure if I believe anything the banks say any more.

 

[moa999]

Would also note that the Card will not work at machines that have been programmed to accept Cheque/ Savings transactions only (like most pub machines)

Had a bit of extra credit left over from my last trip and tried withdrawing it in a few pub ATMs. No Credit option and rejected when I tried either Cheque or Savings...

 

[gekko]

post deleted

 

[lovetravellingoz]

Does your 5.8% allow for the rise in the AUS$??

ie that the $ may have been worth less in Baht than it now is??

 

[serfty]

Does your 5.8% allow for the rise in the AUS$??

ie that the $ may have been worth less in Baht than it now is??

With the calculator you need to enter the date of the transaction; XE.com has a database of industry exchange rates that existed on any given day.

Having posted that, gekko, do you have details of you transaction? ~6% seems quite out of the ordinary. :shock:

 

[gekko]

post deleted

 

[moa999]

Gekko,
According to those numbers -- Wizard has given you a BETTER rate.

ie.
On 7-Mar.
5000 THB should have charged you $196 (based on UCC data)
Actually charged you $182.

 

[gekko]

Sorry guys, probably I still not sober after my hollidays...

 

[spa]

Could someone possibly point me to where the conversion rates for the Wizard Clear Advantage are listed? Are they online somewhere? I can’t seem to find them anywhere… :shock:


thanks,
chloe.

 

[Thudd]

What limits has Wizard given everyone.

We applied recently and they gave us a $13,000 limit :shock: It took some haggling through their overseas call centre but we got it reduced down to $500. We only want it for o/s cash withdrawals.

 

[NM]

We applied recently and they gave us a $13,000 limit :shock: It took some haggling through their overseas call centre but we got it reduced down to $500. We only want it for o/s cash withdrawals.

Yes, that is typical bank ploy to try to lock all your potential borrowing with them. If they give you a big limit, then the next bank may not be so keen to lend you quite so much. I believe they should ask the customer what limit they would like, and only work up to that as a maximum. But that does not suit the bank's predatory nature so they won't do it.

 

[lovetravellingoz]

Why did they lock the card in the first place?

I think that I had the same experience...or similar anyway....when I went to Indonesia..

I had had the card for about 9 months....

I had given it originally to my 15 year old to use while she was in France on a Student Exchange to take out cash adavances (she was too young for her own...so I got one in my name with this in mind....as at ATM she could easilly use it with the PIN).


All went smooth...so far so good

Next trip overseas...this time for me. This time to Bali.


We land and geta cash adavnace at ATM. all is good.

A few days later cash runs out....and we cannot access funds. Initially we think it may be just that ATM...but try a few different Banks including the same as we had originally used.

The card was not recognised...I cannot remember the exact message nwo...but it was a standard one.


So we go inside a bank and talk to somewone to discover that Wizard itself had blocked it....but not with a clear reason why.

We then ring Wizard..and after a series of calls, faxes and emails discover that there was some new form that had been introduced that needed to have been filled in.....since we had obtained the card for overseas cash advances...but which they had not told us about and which their response was that once the card did not work that they thought we would contact them then!!!!!!!!!!!!!!!!!!!!!

Which was real handy considering that we were in Indonesia with no cash.

Now luckilly we had been prident and so had a Plan B in an ATM card with access to our Auastralian Bank...so we could gain cash by another means.

In addition the new form for Wizard required a referree.....who was not a relative & had knowbn you for an extended period of time....which again was reall handy as we did not know soul that would qualify.

 

[kpc]

We applied recently and they gave us a $13,000 limit :shock: It took some haggling through their overseas call centre but we got it reduced down to $500. We only want it for o/s cash withdrawals.

You may strike problems if you try and withdraw more than AUD$500 in local currency as a cash advance in one credit card statement cycle.....this is despite having deposited extra funds into your account prior to going away. Happened to my sister in law who had a $500 limit on her Wizard Mastercard, and no matter how much you argued with Wizard (over the phone from OS), they would not be flexible on this.

Warning....

 

[mileagemax]

Anybody know how their currency coversion rates are? Do they use standard Mastercard rates or add a surcharge? Do they convert first to USD and then to AUD (ie. convert twice)?

 

[Mal]

And has anyone convinced GE Capital to transfer another card to the Wizard card with no or little paperwork?

Currently have a Source card looking lonely in my wallet. It doesn't get out much Looking to trade it up for a Wizard card, but not wanting to go through the application process...

 

[Thudd]

You may strike problems if you try and withdraw more than AUD$500 in local currency as a cash advance in one credit card statement cycle.....this is despite having deposited extra funds into your account prior to going away. Happened to my sister in law who had a $500 limit on her Wizard Mastercard, and no matter how much you argued with Wizard (over the phone from OS), they would not be flexible on this.

Warning....

I think we might dump the card anyway, it's just been too much hassle. First, after we activated the primary card, the secondary card wouldn't activate. Then, we sent in the identification forms for both primary and secondary cards separately - they lost them both, we had to redo them and fax them in. Then we did a test bpay of a small amount onto the card - several days later it still hasn't appeared and they can't say what has happened to our money. So it hasn't filled us with confidence!

And of course it hasn't helped by having to deal with Indian call centres, although I did discover that if you insist on being put through to the "Australian Department" they will eventually put you through to someone with an understandable accent.

 

[kkfan]

hi,

I will be traveling to Asia in the coming months, I was wondering if anyone had any experience using the wizard card in Japan, Singapore or Taiwan? thanks.

 

[moa999]

Had no issues with the card in Singapore, Hong Kong, Thailand and Sri Lanka at various times over the past 18 months