Latitude 28 Degrees $8 per month starting September 2024

[Viridis]

Most of this is <redacted> is not included in, or has any way of being known by the credit bureau. After tax incomes, past loans and mortgages, annual fees, direct debit payment arrangements, issuance as part/parcel of loan/mortgage or applied standalone are not things the credit agencies know <redacted>.

It may yet get to this sort of granular detail, but it's not there yet.

Harsh

Without wishing to speak for @RAM the message I took from his/her post was that the more that you successfully participate in the credit system, the better your credit score is going to be.

I have no personal knowledge of how the system works but this seems pretty reasonable and reflects my personal experience. In the same way that your post

This is why the rule of thumb recommendation is only one credit application per 3 month period. Any more than that and the reporting agencies will likely get hit with multiple application request reports all at the same time, which on the surface looks a lot worse.

does not reflect my experience.

There's only a couple of groups of people that the know the truth (finance companies and credit ratings agencies) and they don't seem to be sharing.

 

[burmans]

Actually what is known by the credit bureaus is known, you just need to request a credit report from them (which you can do once a year or if you get rejected for finance). You can also get this info from places like Credit Savvy. Credit Bureaus are required (by law) to disclose what they know about you, so you should have a reasonable degree of confidence that this report covers what they know about you, so Legoman was correct (if somewhat rude) in his response.

 

[Viridis]

Actually what is known by the credit bureaus is known, you just need to request a credit report from them (which you can do once a year or if you get rejected for finance). You can also get this info from places like Credit Savvy. Credit Bureaus are required (by law) to disclose what they know about you, so you should have a reasonable degree of confidence that this report covers what they know about you, so Legoman was correct (if somewhat rude) in his response.

Sorry, I probably wasn't clear in my reply.

I subscribe to Equifax so I understand what they know about me. I guess, what i was trying to say - if rather incoherently - was that we don't really understand (well, I don't anyway) how they interpret that information and our credit activity to generate a score. We can make assumptions (based on the one, two or three arrows up and down in the report) but there will always be someone that pops up and 'breaks the rule'

Similarly, we don't really know how the credit providers use the info either but we can aggregate information from forums like this to make assumptions - such as the change in Amex policy to subdue 'churners' garnered from another AFF thread. But again, there are exceptions .

All tangential stuff in the grand scheme of things I guess

 

[burmans]

Too true. I managed a couple of programs for implementing Comprehensive Credit Reporting (both for a major bureau then a credit provider). This included being on the Working Group for ARCA (the association for retail credit providers and bureaus). While the factors for credit decisioning were well known, the actual weighting and decision making process was extremely tightly held and as noted elsewhere differs across credit providers. Most staff genuinely don’t really have any idea why an individual application is rejected, one of the reasons given to me about this was that we already have people trying to game the system, if the decisioning system was less opaque this would make their job easier!

 

[Jleno]

Anyone else receive an sms saying they’re waiving monthly fees for 12 months?

 

[Austman]

Just received. A txt and this email:

"With the busy shopping season around the corner, we wanted to recognise you as a valued Latitude 28° Global Platinum Mastercard customer and waive your monthly credit card fee for a year - that's a saving of $96!

You don't need to do anything; it'll automatically be waived from your account."

 

[SYD]

Text message just in: "SYD, we're waiving 12 months of the monthly card fee on your Latitude 28º Global Platinum Mastercard....."

I suspect someone in Corp has had an "Oh, fu$k moment".

 

[Pushka]

Text message just in: "SYD, we're waiving 12 months of the monthly card fee on your Latitude 28º Global Platinum Mastercard....."

I suspect someone in Corp has had an "Oh, fu$k moment".

I just signed up. Wonder if I'll get one

 

[RooFlyer]

Going to wait to cancel until I get back from O/S until September. Who knows, if there has been a decent backlash, by then they might be offering some 'incentives' to stay.

And so it came to pass. Just got a text from Latitude ( yes, is from them) with a reference to an email I haven’t looked at yet, that they’re waving the monthly fee for a year.

 

[luckypierre]

And so it came to pass. Just got a text from Latitude ( yes, is from them) with a reference to an email I haven’t looked at yet, that they’re waving the monthly fee for a year.

It certainly works for me given forward bookings for 2025.
Power to the people for voting with their feet, thank you all

 

[Maisy33]

Yep, I got the email this morning too...

 

[stm1sydney]

Yes, received 12 mth fee waiver text message 30 minutes ago. So will be keeping it for now. They must be losing massive numbers - the guy at Bendigo Bank said they have been receiving 20,000 applications per day for Bendigo Ready card. He instantly knew what I was in there for!

 

[lakeman]

Yep, I got the email this morning too...

Ditto

 

[ellen10]

No email, no text yet

 

[Zinger]

Both text and email received.

 

[bdl]

...I suspect someone in Corp has had an "Oh, fu$k moment".

Either that, or it took Latitude two months to authorise the (20c x 10 remaining customers on the product) = $2.00 recharge on the Latitude internal prepaid SIM card so they were finally able to send the text out

 

[Coops1]

Lol, me too. Thanks Latitude...and....

1. this will reduce the burden on Bendigo Bank

2. They just gave me $50 back for $2000 overseas spend in June.....forgot all about it

3. I can safely wait for chemist warehouse rebate and not have to pay a fee to pay the $65 off.

 

[bdl]

As an aside, I've found Bendigo to be great so far.. two transactions (one - updating San Francisco Clipper card payment info, the other - a purchase online) haven't been accepted (for both the Bendigo Ready and up cards - most likely Bendigo's fraud detection kicking in given they both most likely share the same system), so for those I've used my ex-Citi NAB debit instead.

Latitude can go jump. They are sending me statements with $0.67 credit balance for my ex-28 Degrees card but not sure if I can't be bothered trying to get that from them. I think it's interest I've gained because I paid my final statement early so I could jump ship ASAP.

 

[Flashback]

Erm

As an aside, I've found Bendigo to be great so far.. two transactions (one - updating San Francisco Clipper card payment info, the other - a purchase online) haven't been accepted (for both the Bendigo Ready and up cards - most likely Bendigo's fraud detection kicking in given they both most likely share the same system), so for those I've used my ex-Citi NAB debit instead.

Latitude can go jump. They are sending me statements with $0.67 credit balance for my ex-28 Degrees card but not sure if I can't be bothered trying to get that from them. I think it's interest I've gained because I paid my final statement early so I could jump ship ASAP.

... credit cards don't earn interest? They accrue it.

 

[bdl]

Erm

... credit cards don't earn interest? They accrue it.

I know, crazy huh. No idea how I received the credit, just Latitude being Latitude.