Latitude 28 Degrees $8 per month starting September 2024

[Flashback]

That's incorrect, both wise and revolut have an Australian banking license, operate as a bank in AU jurisdiction, and the money is equally guaranteed as any other bank.

Interesting, Revolut only just got their banking licence in the UK. Must have been easier for them in AU then.

 

[BJReplay]

As a retiree, it makes it almost impossible for me to get another credit card

For those retirees (I'm one too), I used to think it was impossible to get a credit card, but what I think is the case is that it is very hard to get one in the first couple of years after you've retired, because you've gone from a regular salary to not yet proving a regular retirement income.

However, I'm now in my third-year post retirement, and with two post-salary tax returns and two years of bank accounts showing regular investment income - and being prepared to share those to get credit cards, and it turned out that roughly 180,000 Aeroplan points have been earned between sign up bonuses and regular earning for two HSBC star alliance cards between Mrs BJReplay and myself.

I did have to agree to reduce some credit limits (e.g. 28 Degrees went from $25,000 to $5000 - because I was never going to use the full limit), so it wasn't just a submit application and get instant approval, but it wasn't impossible either.

My situation is that I have my investments structured so that they pay me a regular monthly income out of the cash management account for the investment into the personal account, so it makes it clear that I'm getting a regular income to make payments to credit cards, so YMMV, but I guess what I'm saying is that if you're retired, but have a retirement income, and can demonstrate it, don't think that you can't apply for new credit.

180,000 Aeroplan points are worth the trouble

 

[SCM]

Still not sure about that ? Can’t see wise included in the ADI listing:

List of authorised deposit-taking institutions covered under the Financial Claims Scheme | APRA

The authorised deposit-taking institutions (ADIs) listed at the bottom of this page are all covered under the Financial Claims Scheme (the FCS).

www.apra.gov.au

Irrelevant.

Revolut for example:

The electronic money in your Accounts is protected by a bank guarantee (the Bank Guarantee). The Bank Guarantee is issued by an Australian authorised deposit-taking institution (the Issuer) in favour of Global Loan Agency Services Australia Nominees Pty Ltd (the Trustee or GLAS) who holds the benefit of the Bank Guarantee on trust for all Account holders. At any point in time, the amount guaranteed under the Bank Guarantee will be larger than the aggregate electronic money account balances of all Account holders, In the event of Revolut Australia’s insolvency, you will be able to make a written demand to the Trustee for the payment of the electronic money balance held in your Account.

You can argue semantics all you like, but both revolut and wise keep money in liquid securities and within the country, it is simply not possible to lose any money with them, in addition to it being highly unlikely that anything will happen to these services. If you think that's not good enough, by all means pay more for a useless credit card.

 

[Scarlett]

Guess Mrs Scarlett and I will also be both cancelling. I have the BW plat as my main os spend card now. (replaced Coles card)

Timing is poor as we go os on 27 Sep. Might have to wear the first months fee, just to keep the card as a back up for this trip.

 

[Bundy Bear]

I used this as my overseas card for small purchases that way the westpac card was for hotels and flights.
The cancellation rate is going to be huge.

 

[luckypierre]

Irrelevant.

Revolut for example:


You can argue semantics all you like, but both revolut and wise keep money in liquid securities and within the country, it is simply not possible to lose any money with them, in addition to it being highly unlikely that anything will happen to these services. If you think that's not good enough, by all means pay more for a useless credit card.

As previously mentioned I have a wise account and use it overseas, but I’m wary about how much I store in the various currency accounts. Whilst like many people I’m not happy to pay the fees for the as you say “ useless “ CC, I will have to consider my needs; which of course is my choice.

 

[oz_mark]

What is the foreign exchange rate, a good one? Or is it one of the "no fee, but we make up for it by giving you a bad rate"
I have the BW Platinum.

The BW World and BW Platinum cards both use the Mastercard rate.

 

[SYD]

You can argue semantics all you like, but both revolut and wise keep money in liquid securities and within the country, it is simply not possible to lose any money with them, in addition to it being highly unlikely that anything will happen to these services. If you think that's not good enough, by all means pay more for a useless credit card.

But fundamentally, it’s your money - no different to a DC. So not really good for using checking into an Hotel or picking up a rental card.

Personally, I’d rather pay with CC and have the added protection to dispute incorrect charges before my money is taken.

 

[MEL_Traveller]

Not sure about that. I also use wise, but don’t store too much £€$, With wise you have to be in credit and these monies are not guaranteed by the Australian govt, unlike traditional bank accounts. I think for $96 /year(+ online payment fees), I’ll probably keep the 28 degrees credit card for now.

I just do direct payment from my bank account… avoids the online payment fee. Takes three days to process, but saves money!

As others have mentioned, I’ve had this card for more years than i can remember. It’s been good going and saved me thousands of dollars. The initial ability to pre-load and withdraw overseas was a huge benefit. The mastercard lounge entitlement for delayed flights kicked in a couple of times, Boingo wifi was good, back in the day when it was a ‘thing’.

I’ll probably sit this one out for a while, fork out the $8.

I also have a raft of future bookings secured against the card, which can be in jeopardy if the card is cancelled.

 

[Cynicor]

What is the foreign exchange rate, a good one? Or is it one of the "no fee, but we make up for it by giving you a bad rate"
I have the BW Platinum.

There’s no such thing. All the rates are set by visa and MC. All foreign exchange fees must be detailed in the pds. I’m really tired of this misinformation still going around, esp on an FF forum.

 

[Cynicor]

The issue with wise is they set the rules for their card. Notice 2 days ago they just introduce an immediate yen volatility fee at around 3% extra.

Also it’s not a credit card, so no idea why people would compare this to wise. A better comparison/alternative in that case would be Macquarie transaction account.

A better direct comparison would be the Bankwest 0 platinum, which is probably the main alternative on the market right now. It’s a no fee card with no Fx fees.

 

[MEL_Traveller]

There’s no such thing. All the rates are set by visa and MC. All foreign exchange fees must be detailed in the pds. I’m really tired of this misinformation still going around, esp on an FF forum.

True, but… many cards will add a 3% or more foreign conversion fee. So you might get annual fee free, but *end up with* an overall really bad conversion rate.

 

[Cynicor]

True, but… many cards will add a 3% or more foreign conversion fee. So you might get annual fee free, but *end up with* an overall really bad conversion rate.

Yes, I know. But they can’t advertise it as no foreign exchange fee and must show the level of fee in the pds.

Post automatically merged: Aug 8, 2024

Otherwise, show me a card that says no foreign fees but gouges on the rates.

I do believe Mastercard scheme rules allow the issuer to set their own rates but haven’t seen any examples of it

 

[MEL_Traveller]

Yes, I know. But they can’t advertise it as no foreign exchange fee and must show the level of fee in the pds.

Post automatically merged: Aug 8, 2024

Otherwise, show me a card that says no foreign fees but gouges on the rates.

I do believe Mastercard scheme rules allow the issuer to set their own rates but haven’t seen any examples of it

The only examples aren’t credit cards… it’s the pre-loaded travel money cards. They advertise no fees, no transaction fees, ‘no overseas fees’… but hit you with a dreadful conversation rate at the time you load your card.

 

[Cynicor]

The only examples aren’t credit cards… it’s the pre-loaded travel money cards. They advertise no fees, no transaction fees, ‘no overseas fees’… but hit you with a dreadful conversation rate at the time you load your card.

Absolutely, but they are a different product and the rate is shown at time of conversion, up front, of course.
The big “no commission” is one that gets me laughing.
But with debit and credit transactions in the fly, it’s always the scheme rate plus whatever is in the pds

 

[luckypierre]

I also have a raft of future bookings secured against the card, which can be in jeopardy if the card is cancelled.

Same issue here for travel in 2025. At the end of the day, when the dust settles, the $8/month is cheaper than buying 1pint of beer or equates to about 1.5 coffees. Of course there’s always a chance that they increase the fees in future.

 

[Coops1]

Thoughts on this as an alternative? Seems the same as 28 Degrees

Bendigo Bank Ready Credit Card​

Just heading to Ampol to buy a $75 gift card and get the $10 cashback before I close 28D .

 

[grandir]

Bankwest World MC...no Fx fee but AF of $270 but get 1 Qf pt per $1 spent up to $5000 per month then unlimited 0.5 Qf pt per $1 spent

I used to have the BW World MC but with BW points instead of the Qantas. The Rewards Points version earns you 2.5 points per $ uncapped and comes with 10 complimentary lounge entries, so the lounge entries themselves pay for the $270 annual fee if you're a frequent flyer given that each lounge entry is around USD $50. But the points value is pretty bad around 0.25 cents per point. Shame I had to cancel it to get a home loan, but now I use Macquarie's CC which also comes with no FX fees but sadly no lounge visits, but AF is waived with my home loan and their points are worth aroudn double that of BW points. I've recently opened up a BW Zero Plat with the minimum credit limit and have thrown it in my draw for the inevitable "we're making changes to your product" email from Macquarie.

What is the foreign exchange rate, a good one? Or is it one of the "no fee, but we make up for it by giving you a bad rate"
I have the BW Platinum.

From memory BW uses the MC daily rate.

There’s no such thing. All the rates are set by visa and MC. All foreign exchange fees must be detailed in the pds. I’m really tired of this misinformation still going around, esp on an FF forum.

Not always. I used to hold the complimentary Diners Club card with my Citi Prestige card. Purchases made on my DC also had "No FX Fees" but the exchange rate was "the exchange rate determined by Diners Club" as per the T&Cs. The DC rate was around 2-3% worse than the Visa/MC card so while yes, DC didnt technically charge you a FX fee, you were essentially getting shadow charged it by their uncompetitive exchange rate.

Likewise, I suspect Amex's base exchange rate would differ from the Visa/MC rate before they slapped you with their 3% FX fee.

 

[zig]

I’m canceling. I’ve had the card for many many years, but it’s just a back up option and one that I’m not prepared to pay for. I avoided using it because of the online payment handling fee, so the monthly fee is the cherry on the cake!

 

[zig]

I’m canceling. I’ve had the card for many many years, but it’s just a back up option and one that I’m not prepared to pay for. I avoided using it because of the online payment handling fee, so the monthly fee is the cherry on the cake!

Turns out I have 27c credit on my card, so I have had to request a refund for that amount before the card can be closed. 5 days for the refund to be processed. Let’s see.