Criteria for 28 Degrees card by GE Money

[Isochronous]

I've had the card since last year and got a $4,000 limit no troubles. Now advising a family member about to travel overseas to do the same, but they got rejected - does anyone have insight into the criteria?

They've been living at the same address and with the same employer for over 10 years, after-tax income is about $150000 with partner earning about $48000. They have a whole heap of other cards - MC, Visa, AMex, Diners etc and have had them for ages, never been rejected for a card until now. They told me they listed total credit limits of about 25k, current ballance 5 k, with monthly investment loan liablity of 1500 and a 3000/mth mortgage. Not sure what they put for monthly share of living expenses.

 

[Cynicor]

Their criteria are plenty low, you can get a card with an income ~<16000/year.

My guess is that the number of other cards and combined limits (monthly, I assume) have put them over the edge. Maybe try again with the other partner, listing a much lower income if that's how they work, but maybe with very few debts or credit limits?

 

[kpc]

Their criteria are plenty low, you can get a card with an income ~<16000/year.

My guess is that the number of other cards and combined limits (monthly, I assume) have put them over the edge.

I concur with this. I recently applied for a credit limit increase from $10500 to $15000. After faxing in my most recent pay slip, I was then asked to send in my last ATO assesment. I felt like asking them to go to hell, but their lack of Fx fees made me bite my tongue...

 

[Isochronous]

I'd be surprised if this person was classified as a credit risk - long-term employment at the same address with very high income and assets. I've also heard suggestions that with this card they like to target people on lower incomes to earn money off interest etc. What are people's thoughts?

KPC - I thought about getting a limit increase - I found it ironic that the limit increase required more paperwork than getting the actual card initially!

 

[cove]

28 degrees wanted my 2010 income tax assessment before they would issue my card. Having lots of income does not automatically qualify an applicant because many are maxed out with monthly payments and high living costs. When you apply it is best to have cleared all of the cards to give you the lowest monthly payments at the time of the application.I have started reviewing the cards that I have and this year I will be dumping credit cards that earn points at uncompetitive rates like half a point a dollar on Visa and or MasterCard to make my life simpler. The 28 degree card folks told me that I can BPay up to $5,000 in advance to add to my $5,000 limit and that is what they will currently allow travelers to do. That advice was given last week.

 

[oz_mark]

When you apply it is best to have cleared all of the cards to give you the lowest monthly payments at the time of the application.I have started reviewing the cards that I have and this year I will be dumping credit cards that earn points at uncompetitive rates like half a point a dollar on Visa and or MasterCard to make my life simpler.

Same here - and my Earth card is the next on the list to go, especially after Westpac wrote to me advising of an annual fee increase on my card (I was on an old fee structure, not the current one). The only thing I will lose out on is the bonus point on Qantas bookings, but I am toying with getting one of the Amex cards to deal with that!

Then, I need to look at getting one of these fandangled 28 degrees cards

 

[Nigelinoz]

I've had a 28 Degree card since last December,$3000 limit,always pay in full each month,last week I had a letter offering an increase to $5000,rang the
number on the letter and the increase was granted automatically without having to provide any further documents,perhaps they increase limits automatically
up to a floor limit which is why kpc has been asked to provide more documents.
Cheers
N'oz

 

[travelislife]

Have had this card (Wizard/28 degrees) for about 5 years now. Originally got a $3000 limit when I was earning SFA when finishing Uni before heading OS no problems at all. Got an offer to increase to $6500 on the online banking system so took that up, no need to provide paperwork or anything. Now have an offer sitting there for $9500 but no need to take it up, but again is just tick a box on the front page of the 28degrees online system so no need to provide further information. I guess it is just when you actively go and ask to increase your limit you are basically applying again. Great card, has saved me heaps!

 

[Travel Guru]

Same here - and my Earth card is the next on the list to go, especially after Westpac wrote to me advising of an annual fee increase on my card (I was on an old fee structure, not the current one). The only thing I will lose out on is the bonus point on Qantas bookings, but I am toying with getting one of the Amex cards to deal with that!

Then, I need to look at getting one of these fandangled 28 degrees cards

I got the same letter and my Earth card is going the same way yours is...$195 a year for an Earth card, who are they kidding?

TG

 

[cove]

Yes I thought I was an orphan with Westpac but clearly not! The only Westpac card that is worth using now is their Amex Kris Flyer one.I will keep sending them requests for more competitive points on their cards or goodbye messages apply.All of our international travellers at work are getting 28 degree cards now and a $5000 limit plus a $5000 cash advance is fine for short trips we do overseas.

 

[legroom]

Pathetic (Stingy) Criteria for 28 Degrees card by GE Money

Have had this card (Wizard/28 degrees) for about 5 years now. Originally got a $3000 limit when I was earning SFA when finishing Uni before heading OS no problems at all. Got an offer to increase to $6500 on the online banking system so took that up, no need to provide paperwork or anything. Now have an offer sitting there for $9500 but no need to take it up, but again is just tick a box on the front page of the 28degrees online system so no need to provide further information. I guess it is just when you actively go and ask to increase your limit you are basically applying again. Great card, has saved me heaps!

Thanks to AFF, I applied for one 28 degrees MC last week.

The credit offer of $3,000 was really an insult to me - reading this thread.

I am out of uni now for 22 years, been a medical consultant for 16 years and my current CBA card has a limit of $40K - always paid in full.

In fact, none of my cards are in arrears - always paid by the due date.

I won't reveal my income here but it is rather pathetic that having seen my ATO assessment, all they could "offer" is $3K.

Banks are always lined up to invite me to take out loans and to increase limit on their cards but this GE group seems to have adopted a completely different approach.

Not sure why ?

Two weeks ago, I applied for and was given approval for CitiBank Select card within 3 days after providing the same information.

Needless to say, the Select Card limit is a lot more than the $3K the GE mob has "offered" me.

Any explanation here ?

Thanks

 

[cove]

Re: Pathetic (Stingy) Criteria for 28 Degrees card by GE Money

Ours is only $5k so we put in $4900 and go travelling. We both have Amex Ultimates and Citi Selects.
Use it for overseas cash at true rate as it still works great. I use it in London over the road from our flat seeing there is a "free of charge" ATM across the road outside Tesco Express.
When I need more cash we BPay in a bit more of our money but never in credit beyond the $5k.
It is a great card really!

 

[Cynicor]

Take the insult and just bide your time, increasing the credit limit every 6 months by 50% of the previous limit. Within 2 years you should have at least 10000 limit.

Get a second account for a partner if possible and get a supp for both so you can use one for credit and one for cash.


Sent from AFF Mobile Edition

 

[legroom]

Take the insult and just bide your time, increasing the credit limit every 6 months by 50% of the previous limit. Within 2 years you should have at least 10000 limit.

Get a second account for a partner if possible and get a supp for both so you can use one for credit and one for cash.


Sent from AFF Mobile Edition

Thanks, guys

I know - from reading AFF - that it has a particular purpose / application.

What irked me was the irrational basis of their decision making.

The previous posts in this thread made it clear how variable the "credit offers" could be.

It should not be the case at all as numbers do not lie.

Your advice is appreciated

I had rang GE to seek an explanation but would not hold my breath waiting for a 21 year old to advise me of "GE procedures".

 

[moa999]

legroom, I suspect part of your issue may be the limit on other cards.

Most have a rule of Total Limit - Income for example.

The more limits you have on other cards the less likely to get approval/ lower limit you are likely to get.

 

[legroom]

legroom, I suspect part of your issue may be the limit on other cards.

Most have a rule of Total Limit - Income for example.

The more limits you have on other cards the less likely to get approval/ lower limit you are likely to get.

I should have explained that I applied for the CitiBank Select and the 28 degrees on the same day.

If one bank could have an offer of XYZ while GE could only offer 3K, I suspect something more is at play than the usual income/expense equation.

 

[Isochronous]

I should have explained that I applied for the CitiBank Select and the 28 degrees on the same day.

If one bank could have an offer of XYZ while GE could only offer 3K, I suspect something more is at play than the usual income/expense equation.

Maybe they think because you're so financially secure that you'd always pay on time and so they'd never get to profit from charging you interest.

 

[legroom]

Maybe they think because you're so financially secure that you'd always pay on time and so they'd never get to profit from charging you interest.

To be fair, GE called me today at 5pm

1) Apologise, blaming the decision on 'automated systems'

2) Ask me whether I would be happy with 8K or 10K to start with

The point is such a 'systems' is loaded with negative assumptions leading to erroneous outcomes.

It is not as one would expect from any of the big fours or CitiBank (my recent experience)

Just wish to share my (negative) experience with AFF

 

[awilcockson]

Re: Pathetic (Stingy) Criteria for 28 Degrees card by GE Money

T
Banks are always lined up to invite me to take out loans and to increase limit on their cards but this GE group seems to have adopted a completely different approach.

Not sure why ?

It's possible that they take the same approach as the JQ mastercard, which is to only offer the card to people who have a low chance of paying the card off each month, thereby ensuring high profit margins from their ridiculous interest rates.

 

[greenfrog86]

To be fair, GE called me today at 5pm

1) Apologise, blaming the decision on 'automated systems'

2) Ask me whether I would be happy with 8K or 10K to start with

The point is such a 'systems' is loaded with negative assumptions leading to erroneous outcomes.

It is not as one would expect from any of the big fours or CitiBank (my recent experience)

Just wish to share my (negative) experience with AFF

Glad to hear a positive outcome as GE has pretty poor customer service by most accounts...

I got a small limit to begin with as well, and to be honest haven't cared as I'm like many who travel often enough to have the card but not often (or luxurious enough) to need a high limit.

Many people would have the card to use once or twice a year and having significant limits sitting around doing nothing won't be good for their book...