Wizard Mastercard Clear Advantage rejection?

[Tortuga]

I read the AMEX thread on credit card rejections, maybe Wizard do things different?

I have never had a credit card before, I'm 21, earn ~$55,000+ after tax, pay really low rent, lived in property for over 1 year, no mortgages or loan repayments and I applied for the quick online Wizard Clear Advantage MasterCard test. And it says I do not meet the requirements. Am I right in thinking it has to do with the fact I'm 21 and I have never had a credit card before? I wanted this to be my first credit card due to my impending travel and oversees purchases rates. I know everyone says it but I am smart with my money and would never buy something I don't already have the money for. Should I do an actual application rather than the quick online test and see what comes up, or is that answer going to be the same?

*EDIT* Just changed the classification for my job from "Other" to Professional with the time I have worked there and now it says to wait 5 days for a decision. Pretty crazy if that is what was making the online thing reject me considering my job classification is a bit weird.

Thanks

 

[Starship]

GE Money, who own Wizard are getting hit by the same credit issues as everyone else (so i am not sure whether they have adjusted their software recently) - or your change put you in a category that was not associated with taxi drivers etc. etc.

Do not be disgruntled about the 5 days - most Financial Institutions want some time to check out who you are. Whether they do or not is another matter.

Be aware they [GE] are very quick to follow up if you miss a payment date.

 

[Tortuga]

Alright, I will wait the 5 days and see what they have to say. I'm pretty certain it had to do with the job occupation label. "Other" could include many things, they should really ask what it is you do and the time you have done it for the "Other" category. Not just shut you out straight away. Thanks

 

[serfty]

Initially it's all done by an algorithm programmed into a computer.

Each answer gives +'s and -'s at varying degrees.

At the end the +/- are tallied and a <yes>, <no> or <wait 5> is ascertained.

I presume your change from "other" bumped the score up to the <wait 5>.

 

[JohnK]

I did not automatically get approved for the Wizard Clear Advantage Mastercard when I applied online. I got a message that someone would get back to me within 10 days. One needs to take into consideration that I am on a relatively high income but would have failed on the 5 credit cards or more question.

Got a call a couple of hours later while I was shopping in Woolworths and as I was a customer of GE money in the past I was approved right away.

 

[SeaWolf]

I think it has some fairly odd traps that if you trip the wire it rejects you outright. I got knocked back the first time and I'm fairly sure the sole reason was because I'd only been with my current employer for 2 months.

 

[Tortuga]

Just got a knock back letter Must be the length I have been with my employer.. This sucks. Rather than starting a new thread can someone recommend another credit card that is good for overseas travel. I'm not really interested in reward points; all I care about is exchange rates and withdrawal fees, basically something closest to the services the Wizard card offers.

Thanks

 

[kamchatsky]

Just got a knock back letter Must be the length I have been with my employer.. This sucks. Rather than starting a new thread can someone recommend another credit card that is good for overseas travel. I'm not really interested in reward points; all I care about is exchange rates and withdrawal fees, basically something closest to the services the Wizard card offers.

Thanks

NAB is looking to take over Wizard from GE Money. Maybe this card offer will be stopped soon, or even moving us to another NAB credit card?!

NAB tipped to be buying Wizard Home Loans | The Australian

Business Spectator - NAB to buy Wizard within days

 

[Starship]

Just got a knock back letter Must be the length I have been with my employer.. This sucks. Rather than starting a new thread can someone recommend another credit card that is good for overseas travel. I'm not really interested in reward points; all I care about is exchange rates and withdrawal fees, basically something closest to the services the Wizard card offers.

Thanks

Depending upon where you are travelling (Europe?) and how you want to use it, - you may wish to add another selection critieria: the presence of a microchip => look at ANZ or Citibank.

In Europe, ATM's are generally ok with a mag stripe card, but there are many ticket vending / other machines ie new installations on the German rail system, where your card will not be accepted if it does not have a chip.

[I was caught out one evening standing on the railway platform at Langen (The DFS / German Air Traffic Control station south of Frankfurt) with 3 cards none of which were acceptable - NAB Visa & debit, CBA Mastercard, Citibank Mastercard prechip and the smallest note in my wallet being euro20 which was not accepted as it was greater than 10euro more than the fare. In the middle of trying to translate the machine and buy a more expensive ticket beyond where i wanted to go - one of the few people on the platform recognised my frustration and ended up breaking my note for me, so i could pay in cash.]

I know this does not overcome the credit issues associated with no credit history. Suggest you go into a bank branch and talk to them (preferably a bank you already have accounts with so you are known) - or think about how a debit card will work for you. ie Celcius

 

[Tortuga]

I will be travelling to America, and the only real thing I will be using it for is to pay for things like hotels and airfares. I have opened a HSBC account which I am getting paid into so I will be using that for cash withdrawals (although I don't think America has many HSBC atms which sucks). I will go and speak to a few banks in person, better than being a random number on the internet. It does suck though, but I do realise they have to have these procedures in place for idiots who spend what they don't have.

 

[Chicken]

I have opened a HSBC account which I am getting paid into so I will be using that for cash withdrawals (although I don't think America has many HSBC atms which sucks).

HSBC had a Visa debit card which is quite acceptable. They don't tell you they have it, you need to ask a staff member to give you the form.

 

[Tortuga]

As you know I got rejected, so my mum ended up applying and got an extra card for me since they wouldn't allow guarantors. They gave her a $8000 which is crazy and not needed, so I'm telling her to get them to put the limit at $2000, can this be done?

Thanks

 

[Alanslegal]

As you know I got rejected, so my mum ended up applying and got an extra card for me since they wouldn't allow guarantors. They gave her a $8000 which is crazy and not needed, so I'm telling her to get them to put the limit at $2000, can this be done?

Thanks

Most definitely.

 

[JohnK]

They gave her a $8000 which is crazy and not needed, so I'm telling her to get them to put the limit at $2000, can this be done?

Absolutely. You can request to change the credit to whatever you want although some credit providers may have a minimum credit limit, like $500 or $1000, imposed.

 

[Tortuga]

Got the credit limit decreased, and the card arrived today. Where abouts in the contract does it say that there is no interest paid on cash advances if the card is in credit? Basically using it like a debit card like so many people here have

 

[mech]

Got the credit limit decreased, and the card arrived today. Where abouts in the contract does it say that there is no interest paid on cash advances if the card is in credit? Basically using it like a debit card like so many people here have

Don't think it does but I wouldn't worry about it. A lot of people on here (including me) have done it.

 

[Tortuga]

Don't think it does but I wouldn't worry about it. A lot of people on here (including me) have done it.

Yer I believe you, I just expected they would advertise it.. Its a pretty good selling point. Why don't people just use this as a debit card in Australia as well and save on ATM fees?

 

[mech]

Yer I believe you, I just expected they would advertise it.. Its a pretty good selling point. Why don't people just use this as a debit card in Australia as well and save on ATM fees?

I do exactly that sometimes

 

[Danger]

Does anybody have any experience with the actual exchange rates used for foreign transactions on the Wizard MC? I know there is no foreign transaction fee but I'm curious as to how GE's exchange rates stack up against the rate of the day (at least according to xe.com and oanda.com).

 

[serfty]

My recent experience was quite good. No time to dig that post up ATM.