Latitude 28 Degrees $8 per month starting September 2024

Its a funny business choice from Latitude in my view - I wonder if they're looking towards a soft closure of the product altogether.

There is no longer anything compelling about this card - the provider is not a bank so isn't likely to get customers from vertical integration - people have to specifically go out and find this product and have some reason to want to hold it. With no points/rewards I can't see how they expect it to hold its own in the marketplace.

As with everyone else I used to front load this card and withdraw cash from ATM's whilst O/S - that didn't earn Latitude any money of course so they wouldn't have been too keen - but the card inevitably got used for other smallish purchases as well so I doubt I was a loss maker for them.
 
Scarlett said:
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.
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I also use the 28D card as a backup, and for car hire or similar when the pre-auth likely hangs around for up to10 days.

I hardly use the card in reality, and will probably consider cancellation when I get back from my OS trip in early December.
 
BJReplay said:
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 :)
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You're assuming that all retirees have that much income and mine is nowhere near that
 
So the months I don't use the card I will incur an $8 fee anyway and when I pay this I will also pay a $1.95 handling fee?

Can I pay this card in credit to avoid a monthly handling fee?
 
MEL_Traveller said:
I also have a raft of future bookings secured against the card, which can be in jeopardy if the card is cancelled.
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I'd doubt it.

I had 90% of the bookings for my last trip just completed secured against a cancelled credit card.

It made no difference.

I couldn't remove the card from AirBnB, even for fully paid bookings, even though it was cancelled.

I had a couple of hotels which asked me if I wanted to charge my bill (for a booked, but not paid for) booking to the cancelled card, and I said no, I'd like to use a different card, and charged my stay to a new card (tapped my phone).

Two hotels even asked for a physical card to take an imprint for a security deposit. On each occasion, I told them I didn't have one on me, but they could use the card they had on record (the cancelled card) and they were both happy with that.

So, I know that having had to cancel a card because it was defrauded, and having tried to change bookings against that card, and been unable (and worried), I need a) not have worried, and b) should have considered going all rock-star and trashing the TV, since they accepted their record of a cancelled card for a security deposit.
 
You can set up the
ellen10 said:
So the months I don't use the card I will incur an $8 fee anyway and when I pay this I will also pay a $1.95 handling fee?

Can I pay this card in credit to avoid a monthly handling fee?
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As long as you set up the payments from inside the app you don't incur the handling fee. If you choose to BPAY the balance from your bank then yes you incur the fee.
 
ellen10 said:
So the months I don't use the card I will incur an $8 fee anyway and when I pay this I will also pay a $1.95 handling fee?

Can I pay this card in credit to avoid a monthly handling fee?
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That’s exactly what I’ve just done.
 
VPS said:
You're assuming that all retirees have that much income and mine is nowhere near that
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No, not at all.

I'm just saying that having been through the process of being offered stupid credit limits from CitiBank when we all got their fee free for life cards back in the day - which I didn't need or want - when I was working, and having not arranged the right credit cards before I stopped working, I thought - based on stories from friends and families - I'd have much more difficulty than I had.

What I think is the case is that the big four banks CBA ANZ NAB and Westpac have automated processes that just say no to retirees - so as a result people think that retirees can't get credit, because most people bank with the big four.

Even when I was working - earning a stupid salary in the last few years - CBA wouldn't offer me a reasonable credit limit once I didn't have a mortgage with them, but other providers would.

Now that I'm not working, and fearing the worst, I've found that HSBC and BankWest (even that BW is owned by CBA) don't have credit decision processes that are entirely automated. They have real humans (who may make mistakes, make be difficult to deal with, may be a PITA), but can review a request, and make a decision.

I'm only one person - old man shouting at clouds - saying that in my limited experience, getting credit without a salary but, I'll admit, with some income, is possible, if you're prepared to talk to people who are not the big four banks.

If you want a CC without foreign currency fees, no holding fees, and a human being who will assess your application, talk to BancWest. Their minimum credit limit is $6,000, which suggests a low minimum income.

If you have little income, then your time is surely worth it to find out whether or not they can save you the money you'd otherwise spend on holding 28 Degrees?
 
I will be cancelling this card I’ve held for many years on return home in a week. I still haven’t received the notice yet but the hassle of paying the $8 monthly when not using the card will decide its fate.
Cheers
 
Another member of the dead wood brigade, I cleared out earlier today, and just got the email to confirm closure (no attempt to retain, so obviously targeted, as others have noted above). Member since Wizard.

(It will probably help someone's job metrics, to no longer have me with such high credit limit and not many transactions... of course, the alternative would have been to make the card more compelling for me to use... but hey, maybe they they have a large pool of potential new customers in the pipe line?)
 
SCM said:
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.
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Sorry, not true. Most of the international neobanks including Wise and Revolut are regulated in each jurisdication as payment processors. They don't have full banking licences, and their deposits are not protected by the respective government guarantees. I have checked this in a number of jurisdictions for a number of these operators. You can read about the Wise regulation here
wise.com

How is Wise regulated in each country and region? | Wise Help Centre

Australia Wise Australia Pty Ltd. is regulated by the Australian Securities and Investments Commission (ASIC) and holds an Australian Financial Services Licence (AFSL) and Australian Prudential Reg...
wise.com wise.com
 
BJReplay said:
No, not at all.

I'm just saying that having been through the process of being offered stupid credit limits from CitiBank when we all got their fee free for life cards back in the day - which I didn't need or want - when I was working, and having not arranged the right credit cards before I stopped working, I thought - based on stories from friends and families - I'd have much more difficulty than I had.

What I think is the case is that the big four banks CBA ANZ NAB and Westpac have automated processes that just say no to retirees - so as a result people think that retirees can't get credit, because most people bank with the big four.

Even when I was working - earning a stupid salary in the last few years - CBA wouldn't offer me a reasonable credit limit once I didn't have a mortgage with them, but other providers would.

Now that I'm not working, and fearing the worst, I've found that HSBC and BankWest (even that BW is owned by CBA) don't have credit decision processes that are entirely automated. They have real humans (who may make mistakes, make be difficult to deal with, may be a PITA), but can review a request, and make a decision.

I'm only one person - old man shouting at clouds - saying that in my limited experience, getting credit without a salary but, I'll admit, with some income, is possible, if you're prepared to talk to people who are not the big four banks.

If you want a CC without foreign currency fees, no holding fees, and a human being who will assess your application, talk to BancWest. Their minimum credit limit is $6,000, which suggests a low minimum income.

If you have little income, then your time is surely worth it to find out whether or not they can save you the money you'd otherwise spend on holding 28 Degrees?
Click to expand...
I tend to use Wise for os travel but with the Macquarie moving away from Qantas I will need to look at trying to apply for something else so will try HSBC and BW
 
The benefit which is worthwhile to me using the 28 Degrees card is the price and merchandise protection. Most of the time sitting in the drawer.
 
I have to chuckle. On my 12 months overseas trip since March and first had the Coles MC change T&Cs to bring in international transaction fees, and now the replacement Latitude card that I applied for to avoid those fees introduce a monthly fee 🤣 I'll keep it for now while still overseas, but review options when back in Australia in March 2025.
 
BJReplay said:
If you have little income, then your time is surely worth it to find out whether or not they can save you the money you'd otherwise spend on holding 28 Degrees?
Click to expand...

You've inspired me to try for the HSBC Card. I've been retired about 5 years and live off drawdowns on my (well performing) SMSF and dividends received, so nothing regular. I'm going to get my accountant to provide a letter and a package of tax returns of the SMSF showing amounts drawn off and value of the fund being maintained.

Can't see any Aeroplan bonus on their web site - hope that's still part of the deal!
 
RooFlyer said:
You've inspired me to try for the HSBC Card. I've been retired about 5 years and live off drawdowns on my (well performing) SMSF and dividends received, so nothing regular. I'm going to get my accountant to provide a letter and a package of tax returns of the SMSF showing amounts drawn off and value of the fund being maintained.

Can't see any Aeroplan bonus on their web site - hope that's still part of the deal!
Click to expand...
The HSBC Star Alliance card no longer has the 50,000 Aeroplan offer. I believe there is an offer for 20,000 United points around though.
 

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