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

[Wildthingz]

It's definitely only happened since 2.00pm today because I checked the wizard site before I posted my comments about the CBA etc,that was at 1.48pm so it's only been updated in the intervening two hours.

They must have an eye on this forum! Weird coincidence that it's only happened a couple of hours after the posts today :shock::shock:

 

[pongie]

My most recent statement (dated 18/2/09) states:

"Use a Westpac ATM with your Wizard Clear Advantage Mastercard and you will not be charged this (ATM direct charging) fee."

Strange... would of thought it would be CBA atms.

 

[anat0l]

Ok this is weird - it appears the main wizard website now diverts to a joint Aussie Home Loans / Wizard page.

I can still access the Clear Advantage online banking screen but it appears that the main wizard page is now gone and new registrations have been closed :S

I only checked this morning and the old wizard site was working as normal....

I noticed the same thing - and I was thinking to apply for this credit card! If only for the no annual fee and no surcharges on overseas transactions (of which I've been told are exchanged at fairly competitive exchange rates, so no "counterbalancing" factors in play here....)

The Aussie Mastercard advertised on the "new" page is a low-fee run-of-the-mill low-interest credit card - not very exciting.

I've managed to find a similar site with information and an application form (and also what appears to be the online application form) by going in via GE Money. The site still states no fees annually but does not say anywhere that there are no fees for overseas transactions. So I'm wondering if it's the same card. I'm going to call the number on that site to find out.

 

[kdser]

Just to report that Wizard Clear Advantage Mastercard has been moved to the GE website. What's interesting is that GE doesn't say whether the card charges for foreign currency transaction. I copied its fee schedule from the GE website below.

Charges

Below is a summary of your charges. For a more detailed explanation, please refer to your Contract Documents.
Overview – Wizard Clear Advantage MasterCard
Standard Annual Percentage Rate
The interest you pay on purchases and cash advances.

18.49% p.a.​

Interest Free Days
The number of days no interest will be charged for the Wizard Clear Advantage MasterCard purchases you make.

Up to 55 days​

Cheque Dishonour Charge
This is applied if a cheque payment is rejected by the paying bank.

$10​

Direct Debit Dishonour Charge
This is applied if a direct debit is rejected by the paying bank.

$2.50​

Australia Post Payments Charge
The cost incurred from making your payment at Australia Post.

$1.50<​

Late Charge
This applies if you do not make whole of the minimum payment by the due date shown on your statement.

$35​

Over-limit Charge
This is incurred when a purchase takes your balance over your credit limit.

$30​

Statement Reprint Charge
This is charged if you request a copy of your statement (the charge is waived if you did not receive your original statement).

$7​

Voucher Retrieval Charge
If you wish to dispute a purchase, you can request a copy of the purchase receipt. No charge will be applicable if you did not approve the purchase.

$7​

Trace Charge
If you move, you need to let us know your new address. If your monthly payment is late and we have to trace where you've moved, you'll be charged a Trace Charge.

$30​

 

[Wildthingz]

My most recent statement (dated 18/2/09) states:

"Use a Westpac ATM with your Wizard Clear Advantage Mastercard and you will not be charged this (ATM direct charging) fee."

I'm going to give this a whirl tonight. I came back from my holiday with $320 of extra credit on the card so would rather it in my pocket then sitting on the card ;-)

Given the description of the new ATM fee system, I'm assuming that no charge will come up on the screen when I do the transaction. Either way I'll report back tomorrow

 

[FL360]

I think under the AFSR, if therea are any fee changes the provider is required to notify the customer and give them some notice before it becomes effective...

Wizard was and still issued by GE money, that's no change.

So I think in the future if we receive "something new" in the mail,
then it is time to find out what's the change !

 

[JohnK]

Given the description of the new ATM fee system, I'm assuming that no charge will come up on the screen when I do the transaction. Either way I'll report back tomorrow

My last statement mentions no ATM fees when withdrawing from Westpac ATMs.

I was at a Westpac ATM yesterday using my Citibank Readycredit card, no ATM fee charged, and noticed the sign next to ATM with a list of the cards in the partner alliance. Right next to the Citi logo was the GE Money logo so I guess this means no ATM fees for Wizard cards when used at a Westpac ATM....

 

[anat0l]

I've managed to find a similar site with information and an application form (and also what appears to be the online application form) by going in via GE Money. The site still states no fees annually but does not say anywhere that there are no fees for overseas transactions. So I'm wondering if it's the same card. I'm going to call the number on that site to find out.

Just confirmed with Samantha from GE Money that there is no fees/surcharges for using the Wizard Clear Advantage Mastercard for international transactions.

The only main charge she mentioned to me was (apart from the list of charges that appear on the website) the fairly new charge where "rival" banks can charge for using their ATMs. I'm not sure whether this extends to overseas ATMs, or non-bank branded ATMs.

 

[Diesellife]

My last statement mentions no ATM fees when withdrawing from Westpac ATMs.

I was at a Westpac ATM yesterday using my Citibank Readycredit card, no ATM fee charged, and noticed the sign next to ATM with a list of the cards in the partner alliance. Right next to the Citi logo was the GE Money logo so I guess this means no ATM fees for Wizard cards when used at a Westpac ATM....

I believe Citi has alliance with Westpac - Hence no fee
But I'm not sure about GE - I don't think GE has any alliance with anyone

 

[Flashback]

The only main charge she mentioned to me was (apart from the list of charges that appear on the website) the fairly new charge where "rival" banks can charge for using their ATMs. I'm not sure whether this extends to overseas ATMs, or non-bank branded ATMs.

That's alright, overseas ATMs do their own thing anyway, e.g. in Japan at NRT airport I was changed an ATM fee; but using a Citibank ATM in Roppongi I was not charged an ATM fee.

 

[Wildthingz]

Just confirmed with Samantha from GE Money...

Hmm was anything mentioned regarding using Westpac ATM's to avoid withdrawal fees? I know its been mentioned on account statements but would also be good to have a verbal confirmation!

Cheers

 

[JohnK]

I believe Citi has alliance with Westpac - Hence no fee
But I'm not sure about GE - I don't think GE has any alliance with anyone

I am only reporting what was on the sign next to the Westpac ATM. A partner alliance list with Citi and GE Money included.

 

[Wildthingz]

Well I used the card to withdrawal my remaining holiday funds from a Westpac ATM last night. During the transaction there was no mention of a fee and nothing appeared on the screen to suggest I was going to be charged for the transaction.

Looks like it's all clear with Westpac ATMs! Funnily enough I didn't see the GE logo on the partner list hehe

 

[Christine_Melb]

Ok, so there has been a lot of discussion on the credit limit and whether that limits the amount you can withdraw in any statement period from an ATM using a wizard card when you have loaded additional funds onto your card.

I have had the unfortunate experience of finding out for myself what is the case.

Here is my experience.

I have a Wizard Clear Advantage card with a credit limit of $1500.

Successfully used it on last overseas trip where I loaded on a sum of money and then withdrew cash advances against that to a sum of $5,000 plus over one statement period.

Am going overseas in a few weeks so put in a sum of around $8,000 AUD into my Wizard Clear Advantage account.

Read about the problems some people have had on here regarding only being able to withdraw cash up to their credit limit (even when drawing against their own funds!)

This concerned me greatly so contacted enquiries line. Was assured by two staff (including one who is a "supervisor") that it is possible to withdraw as much as you like against whatever money you have put into your account and the credit limit doesn't come into play as it is your own money. The only proviso was a max of $1000 per day from an ATM.

I also asked whether they would increase my limit and told no (even though I have always paid off the entire amount on all my cards and have been in ongoing employment on a very good salary for 10+ years and have been offered increases up to $5000 in the past).

Still wasn't 100% confident so proceeded with experiment of withdrawing $1000 each day. Discovered on second day that it declined transaction and told me no more available credit.

Phoned up Wizard again. Different call centre person. Explained problem. Told, "sorry - only possible to withdraw up to credit limit, regardless of whether you have funds in the account." Advised her that this was unacceptable and contradicted advice previously provided. Asked how I go about getting back MY MONEY. She said I would have to write to them to request. Made it clear this was unacceptable and demanded to be put through to GE Money in Australia.

Phonecall transferred and picked up by someone else. Asked whether they were in Australia and told yes. Explained problem. He confirmed that only possible to withdraw cash up to credit limit regardless of whether you have additional cash in the account. However, he was much more helpful when asked how I can get MY MONEY back and proceeded to organise for a cheque for the sum of MY MONEY in the account to be dispatched to me.

Now I just have to wait for it to arrive and then be cleared by my bank - very frustrating.

And I want to share this story to hopefully save some others the frustration and distress it has caused me. That said, much better I discovered this here is Australia than overseas.

And for those of you who may not be aware, Wizard Clear Advantage is not covered by the Australian Government's Bank Deposit Guarantee scheme so if they were to go bust then you would lose any money on your card. Something else to keep in mind.

I used to be a very loyal user of Wizard Clear Advantage and recommended it to all my friends but not I feel I have no choice but to recommend people avoid it like the plague. I know I will!

 

[doc]

I also asked whether they would increase my limit and told no (even though I have always paid off the entire amount on all my cards and have been in ongoing employment on a very good salary for 10+ years and have been offered increases up to $5000 in the past).

Don't ask over the phone - mail in the new credit limit request form.

I asked over the phone after they gave me the standard $1000 limit and they refused to change it.

A few days later I sent in the form requesting a $7500 limit and it was approved a week or so later.

I've had no problems withdrawing thousands of dollars within a week period overseas, but I presume that's due it to being less than my credit limit. There is still a A$1000 limit per day, regardless of your credit limit.

 

[Alanslegal]

Christine_Melb; IIRC Wizard's T&C indicate a maximum of $1,000 cash withdrawal per day regardless of credit limit or available credit.

This is a common feature with most ATM cards, where some cards even have a $500 per day policy :shock: regardless of how much $$$ there is. I guess its all about risk management to impose such a limit for cash transactions - both to the lender and to the cardholder.


Another note; I just received a call from the Fraud Team at Wizard because I made some hotel bookings >US$2K and they thought that those could be fraudulent. Anyway its good to see that Wizard are looking out for dodgy transactions.

 

[moa999]

Wizard is typically very diligent wrt overseas sales. Best off calling in advance and getting a record added to the card.

 

[Thudd]

What I'm curious about is whether or not the Wizard-but-now-GE Clear Advantage still has the no international fee structure that made it such an attractive card for o/s use in the past. I'm not such a frequent overseas traveler that I can easily test this out so am hoping some of the more frequent flyers will know (or can test?)

 

[FL360]

I have made an overseas transaction on the 10/March of for about 2k AUD value, and the exchange rate they have used is still within the interday high and low of the date of transaction (I have used yahoo finance
for official rates).

So it is still good. Much better tha other cards !

Too bad I made the transaction before the AUD jump...should I wait until
now I would have save myself about ~100 AUD...

 

[serfty]

Wizard (Cash) From March 6th:

Date on transaction receipt:  	March 6, 2009
Amount on transaction receipt: 	43.25 USD
Mid-market rate for USD to AUD on 2009.03.06:
(Excluding bank charges) 	1.56074
Value of transaction in your currency:
(Excluding bank charges) 	67.50 AUD
Amount shown on credit card statement: 	67.80 AUD
Your "hidden" fee estimate: 	0.00 AUD ( 0.000% )
ACTUAL BANK FEES for this purchase: 	0.30 AUD ( 0.441% )

AMEX (Purchase) on March 7th:

Date on transaction receipt:  	March 7, 2009
Amount on transaction receipt: 	20.00 USD
Mid-market rate for USD to AUD on 2009.03.07:
(Excluding bank charges) 	1.56130
Value of transaction in your currency:
(Excluding bank charges) 	31.23 AUD
Amount shown on credit card statement: 	32.00 AUD
Your "hidden" fee estimate: 	0.00 AUD ( 0.000% )
ACTUAL BANK FEES for this purchase: 	0.77 AUD ( 2.479% )

ANZ Visa (Purchase) on March 8th:

Date on transaction receipt:  	March 8, 2009
Amount on transaction receipt: 	20.00 USD
Mid-market rate for USD to AUD on 2009.03.08:
(Excluding bank charges) 	1.56115
Value of transaction in your currency:
(Excluding bank charges) 	31.22 AUD
Amount shown on credit card statement: 	32.27 AUD
Your "hidden" fee estimate: 	0.00 AUD ( 0.000% )
ACTUAL BANK FEES for this purchase: 	1.05 AUD ( 3.353% )

Source: www.xe.com/ccc