Criteria for 28 Degrees card by GE Money

[Isochronous]

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

Of their own volition or did you complain first?

 

[oz_mark]

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

GE seem to have a different target market than the big 4, and from what I have seen, very few people are given much of a credit limit first up.

 

[kpc]

GE seem to have a different target market than the big 4, and from what I have seen, very few people are given much of a credit limit first up.

Back in 2006, they gave me 10.5K...2 years ago, I had a bit of a fight with them to increase it to 15K, and i had to send in a copy of my ATO assessment:shock:

 

[cove]

We tend to use the 28 Degrees card for UK and European cash plus a bit of Internet shopping. It certainly is a card we enjoy using to avoid our Big Four banks or Amex getting unduly enriched with their 3 or 4 per cent charges on everything you buy.

 

[cdchi1]

Well this is my post on these forums (other than intro) so what better way to have a got at GE Money about my being rejected for a card.

I recently applied for the 28 degree card and was rejected online. I rang up and talked to a customer rep and explained my circumsntances and he said that obviously my situation was fine, just send in my ATO tax statement and assets statement and I should get approved. (His understanding of English was not up to scratch admittedly so I expect he was reading a 'canned' call centre transcript.

Two days later I received a letter saying my application was again not successful.

Now how that is possible i have no idea...admittedly I do not have a stable income since I do not have a job as I look after my elderly mother full time. But here are the good facts that surely should have meant approval:

- have never missed a payment on my investment home loan since inception
- have never missed a credit card payment due date which is a CBA platinum card with $40K limit
- paid my car loan off well within timeframe
- my rental income exceeds my interest on the home loan
- have substantial assets in both property and equities (as I explained to the person on the phone, if I need money I sell a few shares here and there)

Pretty disappointed (and annoyed).

 

[cove]

You would need about $35,000 taxable income to get any Australian credit card and about $60,000 to get a premium credit card.

 

[Aussie_flyer]

having $40k limit on existing card would be a problem i think.... if you have no job/stable income

 

[wxxnxs]

Well this is my post on these forums (other than intro) so what better way to have a got at GE Money about my being rejected for a card.

I recently applied for the 28 degree card and was rejected online. I rang up and talked to a customer rep and explained my circumsntances and he said that obviously my situation was fine, just send in my ATO tax statement and assets statement and I should get approved. (His understanding of English was not up to scratch admittedly so I expect he was reading a 'canned' call centre transcript.

Two days later I received a letter saying my application was again not successful.

Now how that is possible i have no idea...admittedly I do not have a stable income since I do not have a job as I look after my elderly mother full time. But here are the good facts that surely should have meant approval:

- have never missed a payment on my investment home loan since inception
- have never missed a credit card payment due date which is a CBA platinum card with $40K limit
- paid my car loan off well within timeframe
- my rental income exceeds my interest on the home loan
- have substantial assets in both property and equities (as I explained to the person on the phone, if I need money I sell a few shares here and there)

Pretty disappointed (and annoyed).

If you don't have a stable job for at least more than 6 months, then you are almost impossible to get a credit card from GE. Try to open a Citibank plus account if you are only after FOREX purchase.

 

[cdchi1]

Thanks all for the replies. With the Citibank Plus card is there a 2% charge on FOREX purchases? I had a look at their rates and charges section but it was so confusing I could not understand whether this was right or not.

dazz...have had that card limit for a while now. Did have job at the time they gave it to me though.

Bit of good news at least, my mate is Turkish and just happens to be in Turkey right now. And coincidentally I just happen to be including Turkey in my trip this year. He's generously agreed to bring me back a whole bunch of Turkish Lira for me

 

[DeKa]

Thanks all for the replies. With the Citibank Plus card is there a 2% charge on FOREX purchases? I had a look at their rates and charges section but it was so confusing I could not understand whether this was right or not.

No. Citibank Plus has no forex fees at all. I suggest everyone who is contemplating a 28 Degrees Card for cash withdrawals instead gets the Citibank Plus card, and uses the 28 Degrees Card as it was designed, as a credit card (for purchases).

Citibank Plus Transaction Account - Citibank Australia

• 
  [*=left]Fee free use of your Citibank Visa Debit Card around the globe to make in store purchases or withdraw cash at ATMs[SUP]2[/SUP].
  [*=left]2. Non-Citibank and non-Partner* ATM owners may charge you a fee for use of their ATMs. *Partner ATMs include Westpac branded, St. George, Bank of Melbourne and Bank SA ATMs within Australia.

(this means if you can find a Citibank ATM at your destination, you pay no ATM fee at all. If you find some other bank ATM (eg HSBC) you may pay $1-$5 ATM owner fee. This would be the case with any 'other bank' card).

http://www.citibank.com.au/global_docs/pdf/Feesandcharges.pdf
See page 2

Local & International Payments and Foreign Currency Services5 (Excludes Citibank Plus Transaction Accounts)

Therefore, no forex fees.

 

[kpc]

No. Citibank Plus has no forex fees at all. I suggest everyone who is contemplating a 28 Degrees Card for cash withdrawals instead gets the Citibank Plus card, and uses the 28 Degrees Card as it was designed, as a credit card (for purchases).

Citibank Plus Transaction Account - Citibank Australia

(this means if you can find a Citibank ATM at your destination, you pay no ATM fee at all. If you find some other bank ATM (eg HSBC) you may pay $1-$5 ATM owner fee. This would be the case with any 'other bank' card).

http://www.citibank.com.au/global_docs/pdf/Feesandcharges.pdf
See page 2

Therefore, no forex fees.

Agree. I recently obtained a Citibank Plus Visa debit card, and have used it without problems in Sth Africa and Sth America to withdraw cash. I continue to use the 28 degrees Master card for all FX credit card purchases...makes life a lot easier when travelling OS, than worrying about putting the 28 degrees card into +ve balance to withdraw cash.

 

[cdchi1]

Thanks Deka I'll definitely take another look at the Citibank Plus.

 

[cdchi1]

Just had another look...yep definitely better than my CBA credit card (and CBA savings account) for o/s withdrawal purposes. The only real 'penalty' is the exchange rate used which builds in a margin on the withdrawal, but looking at the Citi exchange rates the margin is only around 1.3% (for the Euro) if from a Citi ATM. The only caution is that if you use another ATM you obviously cop not only their fee, but also the XR that bank uses which could be different from Citis.

Will be getting one of these for sure! Thanks for the headsup.

 

[Cynicor]

Just had another look...yep definitely better than my CBA credit card (and CBA savings account) for o/s withdrawal purposes. The only real 'penalty' is the exchange rate used which builds in a margin on the withdrawal, but looking at the Citi exchange rates the margin is only around 1.3% (for the Euro) if from a Citi ATM. The only caution is that if you use another ATM you obviously cop not only their fee, but also the XR that bank uses which could be different from Citis.

Will be getting one of these for sure! Thanks for the headsup.

Sorry, but this reply is incorrect in many ways.
The card is better than your CBA card I agree but almost everything else is wrong. (and more in favour of the card, so you should still get one.)

There is no margin on the XE rate. The rate used is set by Visa and corresponds to the previous days rate, unlike mastercard which uses current daily rates. If it was 1.6% out on a day that means there was a lot of movement in the price overnight. This is balanced out by those times the $ moves in the other direction.

Next, many ATMs do not charge for withdrawals, so if you use a non-citi ATM you will frequently be fine.

Lastly, the exchange rate is not set by the bank, it is set by Visa/MC/Amex unless you opt for the DCC option which is always a rip off (that's the screen that says "do you want us to change it or rely on the provider's rates ...". The FX rate you get at any atm will be the same for any given time.

 

[greenfrog86]

Sorry, but this reply is incorrect in many ways.
The card is better than your CBA card I agree but almost everything else is wrong. (and more in favour of the card, so you should still get one.)

There is no margin on the XE rate. The rate used is set by Visa and corresponds to the previous days rate, unlike mastercard which uses current daily rates. If it was 1.6% out on a day that means there was a lot of movement in the price overnight. This is balanced out by those times the $ moves in the other direction.

Next, many ATMs do not charge for withdrawals, so if you use a non-citi ATM you will frequently be fine.

Lastly, the exchange rate is not set by the bank, it is set by Visa/MC/Amex unless you opt for the DCC option which is always a rip off (that's the screen that says "do you want us to change it or rely on the provider's rates ...". The FX rate you get at any atm will be the same for any given time.

Completely agree with this response...

It is also worth noting that sites like XE quote the interbank rates which are used for large institutions who transact millions and millions every day, not for retail services like cash, telegraphic transfers, or credit cards, all of which have costs involved and so the issuer will build some sort of profit in usually.

In the case of Visa and MC they transact like large banks and so can get close to interbank rates but that won't be exactly what you get as a customer.

Banks don't set their credit card rates and that is why they charge fees - that is their profit source... Citibank (and GE) have made decisions to make their profit in other ways which then makes the products very attractive to people like the frequent travellers on AFF

 

[cdchi1]

Cynicor

No need to be sorry for correcting me I'm pretty new to all this so perhaps my understanding is wrong, but here is why I posted the comments. Perhaps my understanding of what was said by Citi is incorrect.

Regarding the exchange rate used on withdrawal here is what I was told my Citi when I queried it:

"For general information, please note that overseas transactions through the ATM/EFTPOS network will be subject to the prevailing foreign exchange rate for the day by the machine's issuing bank."

When I further queried what XR rate would be used by Citi if I withdrew from their ATM, I was provided with a link (provided in next post as I'm one short of post number requirement)

Now I'm not sure if those are rates set by Visa or not, I juast assumed maybe not since the response seemed to imply that each issuing bank has their own rates. Feel free to correct my there.

Greenfrog's response helped me out there re his comments about XE.com, which is what I was using as a base.

Regardless, I'm pretty happy with this outcome.

 

[cdchi1]

Link as per last post:

http://citibank.com.au/global_docs/onlinetools/ci1.htm

 

[DeKa]

Link as per last post:

http://citibank.com.au/global_docs/onlinetools/ci1.htm

Citibank Plus does not use those rates. It uses the Visa rates:
http://corporate.visa.com/pd/consumer_services/consumer_ex_rates.jsp

 

[cdchi1]

Thanks Deka...I was given that link by Citi customer service though. Hope that their account reliability is a bit more reliable than their customer service if they can't get that info right Do you think its right for me to then assume their comment that 'other banks' ATMs will have their own rates is probably incorrect too then and that Visa rates used regardless of ATM used?

 

[DeKa]

Yes. The 'other rate' that Citi have no control over is ATM owner fees... Just like if you put a NAB card in an ATM in a pub and they charge you $5 to withdraw cash, but if you put a NAB card in a NAB ATM there is no ATM fee.