New 28 Degrees Mastercard $8 Monthly Fee

Latitude Financial Services will introduce an $8 monthly fee (adding up to $96 per year) on its 28 Degrees Global Platinum Mastercard from 17 September 2024.

On the same date, Latitude will also raise the interest rate on purchases made using the 28 Degrees credit card to 27.99%. This is among the highest credit card interest rate in the Australian market.

This card had been popular with AFF members for almost two decades due to its lack of international transaction fees. It previously had no annual or monthly fees.

Latitude becomes the latest of several Australian credit card issuers to start using monthly fees.

New Latitude Rewards program and insurances

To soften some of the blow, Latitude is adding a few new benefits for 28 Degrees Mastercard customers as well.

One of the new features is a “Latitude Rewards” program. Under this program, cardholders will get a $10 e-gift card for each month that they spend at least $1,000. That could help to offset the $8 monthly fee for customers who regularly use the card.

Latitude is also adding complimentary purchase protection insurance and e-commerce protection insurance. See the Latitude website for details.

Reaction from AFF members

With no international transaction fees and no annual fee, Latitude’s 28 Degrees Mastercard was once one of Australia’s most popular travel credit cards. But many AFF members say they will now cancel their cards.

Here’s what a few members had to say:

I think this credit card has become redundant thanks to revolut/wise, and this is their latest iteration of trying to find meaning. I will close mine, I think it’s in no way worth it now, and already the highest interest rate by far of any card I have.

I’ve had the 28 Degrees card since 2005 when it was the Wizard Clear Advantage MasterCard. It is a backup card which I barely use since it doesn’t earn points, so I think I’ll cancel it.

That new fee is a shocker, so will cancel.

From the mid-2000s, AFF members would even use this card to withdraw cash from overseas ATMs without fees. The free cash advance benefit was removed in 2014.

Over the years, the card’s ownership has changed hands from Wizard, to GE Money, and finally to Latitude. The card benefits have also evolved. For example, cardholders gained access to Boingo Wi-Fi hotspots in 2018. This provided free on-board Wi-Fi on many airlines, but that benefit was removed in 2022.

The card now comes with free lounge access if your flight is delayed and a complimentary eSIM, which continue to be available.

Alternative credit cards without international transaction fees

Over the years, many other banks have introduced their own credit cards without the 3% international transaction fees that you see on most cards. If you’re looking for an alternative to the 28 Degrees Mastercard, the good news is that there are now quite a few options. Some of them even award frequent flyer points.

Two of the other forex fee-free options – Bankwest’s Zero Platinum card and the Bendigo Ready card – have no annual fees. Bendigo Ready even comes with complimentary overseas travel insurance. (Unfortunately, Bankwest is removing the travel insurance on its Zero Platinum card from 3 September 2024.)

See our article on the best credit cards for overseas travel for more.

Matt Graham

The editor of Australian Frequent Flyer, Matt's passion for travel has taken him to over 90 countries… with the help of frequent flyer points, of course!
Matt's favourite destinations (so far) are Germany, Brazil & Kazakhstan. His interests include aviation, economics & foreign languages, and he has a soft spot for good food and red wine.

You can connect with Matt by posting on the Australian Frequent Flyer community forum and tagging @AFF Editor.