28 Degrees Mastercard to start charging $4 or 3% fee (the greater) for each cash withdrawal

petestrash on 01/10/2013 - 12:03
Last edited 01/10/2013 - 13:59

28 Degrees has just announced a new fee.
http://www.28degreescard.com.au/faqs/cash-advance-fee.html

From the 1/1/2014 any cash withdrawal will be charged a new fee of $4 or 3% whichever is greater (capped at $30 per transaction).

This closes a loophole with the card where people loaded the card with a positive balance before travelling overseas and getting free withdrawals.

From the FAQ:
"Will I be charged a cash advance fee if my card has a positive balance?
Yes, you will still be charged a cash advance fee if you withdraw cash from your 28 Degrees MasterCard even if the card has a positive credit balance. We do not recommend that you load your card into credit as this is not the intended purpose of the card."

The fee also applies to withdrawals and cash transfers within Australia.

The new fee does not apply to regular credit purchases (in person or online)

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Comments

  • porsche26c on 02/10/2013 - 12:12

    So you can still load it up and use it as a credit card. That's fine with me as I always transfer cash here at ozforex and credit where ever it takes it.
    carrying cash is no biggie as most gets left in hotel safe and take daily amounts.

    • snvl on 02/10/2013 - 12:21

      why load it up? don't you use the 55 days?

      • porsche26c on 02/10/2013 - 13:47

        i only keep a 1000 limit on it as i have a rewards westpac Cc with my very high limit. especially when looking for loans they count how much your credit card limits are etc. so i just load it up when need be, only really using it for overseas travel or purchases online.

  • Baa on 02/10/2013 - 12:12
    +1

    I use Citibank plus while overseas and works a treat, it was a pain in the ass to get it set up and their online banking is terrible to navigate, luckily using the card itself works fine.

    Picked it up right before I went to Japan and am glad I did that rather than preloading that currency on a card (which we get decent rates for as wife works at a bank, so less fees). Right before I left the conversion rates were some of the best they had been (early this year).

    • DealzEddy123 on 02/10/2013 - 13:26

      Hi Baa, what did you do instead of than preloading currency on card?
      I thought the Citi Plus card is a debit card, meaining you would still have to deposit money into the account?

      So either way, money would have to be deposited whether it was into Citi or 28deg??

      • Baa on 02/10/2013 - 13:29
        +1

        It is a debit card so it is all your own money that you use (which is why I steered away from the 28 degrees so I was not tempted to go over). I had my money sitting in a high interest account at citibank (which I think is still about 3.25%) and moved money across to the plus account when I needed to draw it out.

  • snvl on 02/10/2013 - 12:28
    +3

    bad for 28D, good for Citibank.

    price protection
    coles mastercard >> 28D

    ATM withdraw:
    citibank plus >> 28D

    Only benefit is overseas payment. I hope they don't change it or it will be complete useless for me.

    I hope Citibank plus wont change their T&C any time soon.

    • j4ck on 02/10/2013 - 23:47

      Interesting. But what about online purchases? Is the 28D card still alright for that?

      • fchis on 04/10/2013 - 21:45

        The new fee does not apply to regular credit purchases (in person or online)

  • lisss on 02/10/2013 - 17:07

    Thanks OP for posting, I didn't get any email from 28 degrees advising me of this impending change…

  • grasstown on 02/10/2013 - 18:10
    +4

    Loophole ? I thought it was a selling point.

    • [Deactivated] on 03/10/2013 - 14:49

      It was a loophole if you were pre-loading the card.

      • matt_will_fix_it on 04/10/2013 - 09:48

        No it wasn't a loophole. It was a valid scenario abiding by their terms and conditions.

        • altomic on 04/10/2013 - 11:36

          which 28 degrees/GE were well aware of.

  • IdBuyThat4aDollar on 02/10/2013 - 18:31

    I have both the 28 Degrees credit card and Citibank Plus debit card. Previously I've always used the 28 Degrees to withdraw money overseas, but on a recent trip to the US I used the Citibank card and had no dramas, although their online banking system is one of the most frustrating ones I've ever used. No big deal though since its not my everyday account.

    One advise I would give about the Citibank card if you have 2 linked accounts to it, is load up the everyday transaction account (not the high interest savings account) with money before you depart. Reason being is you may not be able to login online overseas to move money across between the 2 accounts since they send you an SMS verification code to do this online (which you won't get unless you have mobile roaming). Alternatively you can set up your android or iphone with their app to provide the verification codes, which once your device is authorised can generate the code without a data/mobile connection I believe. However best to err on the side of caution if this doesnt work.

    • tanoshiiki on 02/10/2013 - 22:44

      Whoever decided that mobile sms verification was required to even login was a bit too risk-adverse. It's such a pain. Citibank online has the worst banking experience I've ever used, but I keep it for travelling.

  • ofey on 02/10/2013 - 21:03
    -1

    Where's the 28deg card rep?
    If you're here, YOU people SUCK!!

  • j4ck on 02/10/2013 - 23:39

    Oh that's atrocious…such a disappointment!

  • kingofduck on 03/10/2013 - 01:24

    I also thought it was a feature rather than a loophole too. This remind me that the Virgin money also adjust it's rule to make sure their platinum members cannot claim the eligible buy one get one free flights easily.

    I might get Citibank saver package because with my new business, will need to do lots of oversea transaction. Does anyone know I can open this under a business name or it has to be personal account only?

  • peterpeterpumpkin on 03/10/2013 - 07:32

    Speaking of Citibank net banking, I find the virtual keyboard even more insecure in public spaces since all my password clicks are on a big screen. Considering there are worms that target virtual keyboards now as well I wonder what the net benefit would be.

    Another frustration is waiting for an SMS before your session times out. They improved speeds after I complained but that may have been a co—incidence…

    Otherwise, I couldn't travel without it - but I always carry a fee-charging card along with me as backup. For those that don't know, debit card customers are treated like crap in Australia and most(?) don't offer cash transfers of your own money when you lose your card overseas.

    Citibank also loses a point for no POLI support when I book airline tickets, and no chip and pin (apparently changing).

  • meong on 03/10/2013 - 09:30

    correct me if I'm wrong, i thought you wont get any Cash Advance fee if you withdraw some cash overseas then immediately BPay (top-up) the difference from your bank. That way the available credit never goes down and it wont count as a cash advance fee.

    I mainly use 28 Degrees as a way of getting cash from ATM easily. I can just get money from banks overseas. Then when I get to the hotel, I just top it up using NetBank.

    • retiredfeline on 03/10/2013 - 10:38

      It depends on the order in which those transactions get processed. You may get away with it or the top up may happen after the withdrawal and it gets charged as a cash advance.

    • gimme on 03/10/2013 - 11:23

      Yes you're both wrong RE The definition of cash advance according to 28D.

      "Will I be charged a cash advance fee if my card has a positive balance?
      Yes, you will still be charged a cash advance fee if you withdraw cash from your 28 Degrees MasterCard even if the card has a positive credit balance. We do not recommend that you load your card into credit as this is not the intended purpose of the card."

      • retiredfeline on 03/10/2013 - 12:01

        I've never been charged in the past. Or maybe you are reading the new rules. Of course this is moot after 1/1/2014.

        • gimme on 03/10/2013 - 12:21

          I'm talking about AFTER 1.1.2014

        • retiredfeline on 03/10/2013 - 12:48

          Then you'd understand why people here are upset.

        • gimme on 03/10/2013 - 13:10

          what's that got to do with anything?? I was simply answering his question regarding what's a cash advance. Being upset or not wasn't his question.

        • retiredfeline on 03/10/2013 - 13:15

          It was not clear whether he was writing about now or after 1/1/2014. We are both right. You and I both understand the upcoming change in regime. I was merely pointing out the new terms are exactly what will make it impossible to avoid a fee with or without preloading and people know this.

  • neonlight on 03/10/2013 - 11:19
    -1

    I can see a wave of people cancelling their 28degrees card, its no longer good for ATM withdrawal overseas

    • retiredfeline on 03/10/2013 - 12:01
      +5

      It's still good for overseas CC purchases. And it's still a good no annual fee CC for general use.

    • OzBrogains on 04/10/2013 - 19:13

      What incentive would we have to cancel our cards? It's still free, I get free buyer protection/insurance, AND most importantly allows transaction-fee free overseas purchases.

      On the other hand, it takes time/effort to actually cancel the card. I benefit in no way whatsoever to cancel my card other than to try make a statement to GE Money.

  • retiredfeline on 03/10/2013 - 12:05

    I was wondering when they would get around to this. About a year ago I participated in an online survey where they were testing various charging options. All of the scenarios I was presented with were less favourable than the soon to be removed loophole so I guess they've decided to lose part of their customer base rather than lose earnings because of the loophole.

    Oh well, just as well I have the Citibank DC.

  • gimme on 03/10/2013 - 12:20

    I'm not convinced they'll lose any existing customer base.

    It's a FREE card so I doubt people will cancel just for the sake of it. Considering they can still get the benefit of no fee CC transactions.

    The Cash Advance was probably losing them money anyway.

    It's a nice feature but ultimately this is a CC so not that surprised they closed it off.

    • retiredfeline on 03/10/2013 - 13:11

      They'll certainly lose future customers, but I suppose they no longer want that kind of customer.

  • d3ft on 03/10/2013 - 14:29
    -6

    I never got charged a cash advance fee for withdrawals before.

  • bohn on 03/10/2013 - 14:56
    +1

    lol @ people saying card is useless now.
    If you want a debit card/visa debit/wahtever then get one.
    This is a credit card.

    • gimme on 03/10/2013 - 15:17
      +2

      yeah exactly. someone who gets it. As it's been pointed out, there's Citybank for that purpose.

      Also having 2 cards (one CC one Debit) is a much better option anyway as using the 28D as an ATM withdrawal card simply meant you always had to have a zero or debit balance and can't really use it as a CCard unless you load it up significantly over the limit which defeats the purpose. You can make/save more money utilizing the 28D interest free period rather than having to keep a + balance to be able so use it for Cash Advances.

      One of each makes a lot more sense.

      It's just hysteria over nothing really. If (some) people take a deep breath and actually THINK they'll figure it out.

    • j4ck on 03/10/2013 - 15:43

      I have a debit card for withdrawing cash.

      The problem here is that when I go overseas, I would use my 28D card to withdraw money that I had BPay'd to the card (positive balance). I guess I'll have to look into the Citibank card for doing that now.

  • donbot on 03/10/2013 - 15:49
    +1

    I'm pretty pissed off that cash advances using credit (as opposed to pre-loading the card) now attract fees. I never pre-loaded it when I used it - but paid it off every couple of days.

    Oh well - come end of November after my next overseas trip I'll be cancelling mine as with a Bankwest Platinum card, there is nothing that the 28 degrees card offers me that Bankwest doesn't.

    I'll just periodically pre-pay amounts of funds onto the BW card and use cash advances to withdraw from an ATM - cash advance fee free. By doing this I'm forgoing an interest free period, but whilst overseas it is cheaper to do that than paying overseas transaction fees and cash advance fees, and its not hard to manage your credit card balance.

    • gimme on 03/10/2013 - 15:56

      Not too sure I'm following you.

      Cash Advances (not preloaded) always attracted fees (interest).
      Cash Advances (preloaded) - Didn't attract fees but will now from 2014.

      BW Platinum - Well for starters 28D is free, BW is not. You're comparing apples with bananas.

      • IdBuyThat4aDollar on 03/10/2013 - 16:20

        He probably meant that cash advances (not preloaded), didn't attract the withdrawal fee in addition to the interest.

      • tonester on 03/10/2013 - 18:14

        BW Platinum - Well for starters 28D is free, BW is not. You're comparing apples with bananas.

        bankwest zero mastercard platinum is free :)
        http://www.ozbargain.com.au/node/109784#comment-1494846

      • donbot on 04/10/2013 - 09:03

        in my circumstance the BW more platinum (the card I have) is a sunk cost - I wear the annual fee knowing that I han make it back in coles vouchers three/four fold with my normal annual spend.

        If annual fees are an issue - there is the zero platinum (which I've also held for a number of years before upgrading to the rewards card). I got this card back in 2008 or 2009.

        28D was a second card that I solely used as a cash advance card overseas as it was cheaper to access cash. Prior to BW waiving forex fees, it was used to purchase from overseas without a 2.95% fee, but since they waived the fees, it has solely been used in overseas ATMs.

        Now, to compare the pair on cash advances:

        Forex Fees on Purchases/Cash Advances:
        BW: 0%
        28D: 0%

        Even playing field.

        Cash advance fees:
        BW: Greater of $4 or 2% of transaction value if using credit, $0 if drawing pre-loaded funds (I believe so - havent done it for a few years)
        28D: Greater of $4 or 3% of transaction value

        BW Wins this hands down. Even moreso if Cash Advance fees dont apply to preloaded funds.

        Cash advance interest rate:
        BW: 21.99%
        28D: 20.99%

        28D win here - but in my eyes, its a moot win as difference is negligible on a function that is seldomly used a lot.

        Time taken to 'view' transactions made on it:
        BW: can see authorisations almost instantly via netbank.
        28D: can take upto a week for transactions to show up via netbank.

        Time taken to 'load' funds onto it:
        BW: Instant with a bankwest account attached. Given their Zero Transaction account is probably the best in the market for day to day domestic use (any big 4 ATMs for free), you'd be nuts not to if you have this card.
        28D: In my experience, 2-3days via BPAY.

        To me, this is a big win for BW. It would allow me to manage my cards balance very quickly, easily and avoiding cash advance fees while overseas. I can login first thing in the morning, transfer $xxx onto the credit card to put me in credit balance - then walk to the ATM and draw those funds out straight away. I can't do that on a 28D card - it takes 2-3 days for funds to show up, and even if its pre-loaded with cash, they still charge me a cash advance fee.

        28Degrees card has its merits still with overseas purchases if thats all you use it for and dont have the BW card. But given its lacklustre performance compared with a BW card - I can't see the value in me holding onto it.

        I dont understand the benefit in me holding onto more cards for the sake of it. Even as a back up card overseas… compare it to the zero transaction account:

        Overseas ATM fees:
        BW: $5 per transaction
        28D: $0 per transaction

        Cash Advance Fee:
        BW: $0 (as its a withdrawal from a savings account)
        28D: 2.95%

        Forex Fee:
        BW: 2.95%
        28D: 0%.

        So, worst case scenario I pay $5 more using my ordinary transaction account than I do if I were to use 28D as a seperate card. Again - this is backup access to money whilst overseas… this is avoidable if you use the citibank account.

        Not affiliated with either 28D or BW, but just putting my thoughts up.

    • illumination on 04/10/2013 - 01:03

      I'm pretty sure the BW Platinum (Zero Mastercard right?) has a $4 fee for cash withdrawals. I called them up to ask, because I was considering getting a BW Platinium instead of a 28D seeing as there seemed to be nothing better about 28D vs BW Platinum.
      The only thing better about 28D was the fact that you were able to withdraw cash with no fee which is now changing.
      BW Platinum is probably harder to get though, as you need to be approved for a credit limit of $6000+. BW also gives free travel insurance*

      *obviously conditions apply and I will not type them up.

      PS. Just remembered. 28D is better for price protection, but when you have the Coles MC, you realise how amateur the 28D price protection is.

      • tonester on 04/10/2013 - 01:46

        I'm pretty sure the BW Platinum (Zero Mastercard right?) has a $4 fee for cash withdrawals.

        or 2% if greater

        BW also gives free travel insurance*
        *obviously conditions apply and I will not type them up.

        http://www.ozbargain.com.au/node/109784#comment-1494838 :)

        PS. Just remembered. 28D is better for price protection

        costs 0.5% of closing balance or max $50
        http://www.ozbargain.com.au/node/73372#comment-928306

        but when you have the Coles MC, you realise how amateur the 28D price protection is.

        coles charges 1% or max $50

        imo $50/mth is too much for purchase protection (with no extended warranty) that is free in a more limited form with bankwest zero

        • illumination on 04/10/2013 - 17:22

          And if your closing balance is $0, it costs $0 on both Coles MC & 28D.
          And my closing balance is always $0, so the insurance costs me $0 on both 28D and Coles MC.

          I prefer $0/month for the purchase protection than the one offered by BW :)

        • tonester on 04/10/2013 - 18:17

          i prefer to have at least 25 days (55-30) interest-free credit :)

        • illumination on 04/10/2013 - 22:44

          That is indeed the main drawback.
          But I realise the extra 30 days interest-free is not as valuable (purely from a monetary point of view) as paying off your balance in full before the statement gets released.
          On the balance of things, I definitely think it is worth foregoing the interest free days when you think of the benefits you get.

        • tonester on 05/10/2013 - 03:58

          But I realise the extra 30 days interest-free is not as valuable (purely from a monetary point of view) as paying off your balance in full before the statement gets released.

          depends upon your monthly spend :)

          On the balance of things, I definitely think it is worth foregoing the interest free days when you think of the benefits you get.

          28d and coles don't give extended warranty :(

  • Bossfan on 03/10/2013 - 17:58

    Just got approved for one yesterday :S

  • eddie3330 on 03/10/2013 - 22:03
    -1

    Well now this card is useless, time to cancel.

    • tonester on 04/10/2013 - 01:48

      surely wait until year end?

  • RockyRaccoon on 04/10/2013 - 05:29
    +4

    Really some of the comments here are so juvenile.

    1. The card is free and has no annual fee
    2. There is no fees if used as a credit card
    3. It was a loophole that got closed.
    4. The loophole was only good if you never used it as a credit card, once you used it as credit card, it started to get difficult to manage the balances so the money you took out wasnt seen as a cash advance. (If you overspent your preloaded funds)

    Yes it is inconvenient and a bummer that the loophole has been closed.

    But to cancel the card and lose the fee free credit card and the better exchange rate for OS purchases is frankly pointless. Its a case of cutting off nose etc….

    You can still use this card for
    1. Paypal purchases in OS currency, better exchange rate and NO fees
    2. When traveling, booking Hotels, cars etc Prepaying for cheaper rates
    3. Direct purchases on OS shipped products
    4. In some countries you can even use it for small purchases like take out food etc, and with no transaction fee it simpler and easier than cash. Eg In my last 4 week trip to the US and Canada, I had no cash for the 3 days in Canada and spent $200 in the US mainly on cheaper fuel which was less if you paid cash. Even in Vietnam (Saigon) excluding the ripoff junk stalls, using the credit card wasn't a disadvantage in a surprisingly large number of cases. (Yes Cash was still needed - hence the Citibank card)

    All for no fees and a good exchange rate conversion, plus you get some sort of fraud protection and upto 55 days to pay.

    And there is probably no one to "bluff" with the outraged comments by many as GE money probably isnt even aware of the comments being made here and if they were they would see how silly so many of the NOOOOOOO comments are.

    Move on and find the alternatives for cash withdrawals eg Citibank. Who yes are are terrible bank to deal with when it comes to credit cards. Try closing your Citibank CC, they make it sooo difficult, as they still collect fees while it remains open, but the debit card is a savings card so if they wont close it, just leave the balance at zero theres no fees.

    Move on get both cards 28 degrees for credit use, Citibank for cash advances.

    And no relative, friend neighbour or myself works or has worked (that I know of) for any of those institutions

    • retiredfeline on 04/10/2013 - 07:32

      I agree with you, giving up the card is cutting off one's nose to spite the face. I'm certainly keeping mine. But this:

      The loophole was only good if you never used it as a credit card, once you used it as credit card, it started to get difficult to manage the balances so the money you took out wasnt seen as a cash advance. (If you overspent your preloaded funds)

      isn't true if you knew what to do. CC purchases only deduct from the existing credit balance on the day payment is due. So say you needed $5k for ATM withdrawal, and you have a credit bill of $2k due on the 20th when you'll be overseas. Just schedule a transfer from your bank account of $2k a couple of days before so you will continue to have $5k balance.

      But this is moot come next year. I'll have to use another card as backup for ATM use, probably IngDirect.

      • RockyRaccoon on 04/10/2013 - 08:29

        Correct, I just didnt go into all the "technical" details, it was meant to be an overview. Thanks for pointing that out.

  • jaybo on 04/10/2013 - 06:47
    +1

    damn, i just got back from 2 weeks overseas and used this feature about 10 times.

    • ATD on 04/10/2013 - 06:48

      same here :(

      • [Deactivated] on 04/10/2013 - 08:10

        Relax

        From the 1/1/2014 any cash withdrawal will be charged a new fee of $4 or 3% whichever is greater (capped at $30 per transaction).

        • ATD on 04/10/2013 - 09:52

          I am relaxed, I quite enjoy paying fees to banks on top of the high interest rates they get out of me.

    • gimme on 04/10/2013 - 09:37

      10 times in 2 weeks?? Why don't people withdraw an appropriate amount to last them at least a few days. That's probably the reason 28D changed the conditions. Probably costing them too much.

      • ATD on 04/10/2013 - 09:51
        +1

        Because there are caps to how much you can take out. 1 year ago a trip to Thailand I could take out 30,000 baht which was just under $1,000AUD at the time being the limit here in Aus. Just back from there and most ATM's would only let me take 15,000 baht out with some exceptions letting me take 20,000 baht. That alone effectively doubles the number of transactions required as I was expecting to be able to take out somewhere between 25k to 29k baht per transaction.

        You are also paying a fee to use the local ATM of between 150 - 180 baht per transaction. I could live with that at 30k baht but not at 15k. So add local fee plus the new 28deg fee and you just wouldn't do it anymore. All it means is that if I want access to extra spending cash is to live off my credit card a few weeks before and bank my wages and take over as cash or open a new account and transfer to the other options mentioned above.

        • GreatWhiteHunter on 04/10/2013 - 19:46
          +1

          You were lucky. I lot of the Thai ATMs I used a couple of months back had a 10,000 BAHT limit - around $250 AUD at the time… And a 180 baht fee imposed by the ATM owner on top.

          Fortunately Thailand wasn't an expensive place, but still….

      • SBOB on 05/10/2013 - 10:15
        +1

        Why don't people withdraw an appropriate amount to last them at least a few days.

        when I've travelled to locations where ATM's are readily available I prefer to get out what I need for that day(or 2). No need to carry around large amounts of cash which could be lost/stolen when its available from an ATM on the next corner when I need it

  • ethan16 on 04/10/2013 - 16:01

    They have a Facebook page if you want to vent your spleen
    https://www.facebook.com/28DegreesMasterCard

  • GreatWhiteHunter on 04/10/2013 - 19:20

    All you guys saying the Citibank option is the best replacement for 28 Degrees

    http://www.citibank.com.au/aus/packages/saver_package.htm

    Consider that the Citibank option does require you to deposit at least $3000 every single month into your Citibank Plus transaction account. Yes you can do this by setting up a monthly transfer or whatever, but if it doesn't work one month, fees hit you….

    Surely there is another option that doesn't involve such fee risk??

    • RockyRaccoon on 04/10/2013 - 21:00

      I think the $3000 option is to qualify for the $100 cashback that has been discussed. No requirement if you dont go for the cash back option

      • GreatWhiteHunter on 04/10/2013 - 21:22

        You are right, the $3000 only matters if you go for the package with the Platinum credit card.

        The annual fee on the credit card is $199.

        From the Citibank page:

        $0 credit card annual fee when you deposit $3,000 into your Citibank Plus each month, you'll save $199

        Also the Citi credit card is not fee free for cash withdrawals at all:

        http://www.citibank.com.au/aus/static/feesandcharges.htm

        Cash advance (local) = 3.5% of trx amount
        Cash advance (OS) = $5 + Mastercard fee (3.4%) or Visa fee (3.3%)

        It is the Citibank Plus transaction account (debit card) that offers you fee free ATM withdrawals OS.

  • GreatWhiteHunter on 04/10/2013 - 19:22

    Oh and is there a moneybackco or similar bonus on Citi card openings?

  • SonGHosT on 06/10/2013 - 10:25

    Hi guys, where can I find the information saying that there is no fee for international ATM withdrawals for Citibank Plus Account? I cannot find it on their website. I found "The international VISA transaction fee is 2.5%", is it correct?

    Thanks!

  • bin555 on 06/10/2013 - 23:45

    Also, does anyone know how good is Citibank with currency conversion rate? I noticed they actually allow free overseas transfers which is usually $25 from other banks. However, I wonder how is their currency conversion n whether its better of going with them?

    • ATD on 07/10/2013 - 19:58

      I opened a citibank account for this purpose (free OS xfers). Tried to do it once and gave up. With Westpac, if I transfer before noon, it will go in same day OS.

      With citibank, they have to "verify" the request by phoning you. Took them a week to phone to verify it and told me this would be the process everytime. Seems a highly inefficient process and I'd rather pay the $20 Westpac fee then getting dicked around with such a process and delay everytime. Didn't proceed with it and withdrew the money and never used the account again which has now been closed by them. I'm still in disbelief of how they do their OS transfers - surely a sms code could deal with any concerns of your account being hacked.

  • kadlugan on 31/10/2013 - 06:30

    Hi All,

    Following this conversation with interest.

    I went to citibank site http://www.citibank.com.au/plus3/

    And Just had a look at the Citibank T&Cs and it seems to me like there is a charge for OS transactions on debt card. Is this correct, or is there anther way to get no fees on OS withdrawals?

    I am using these docs as reference
    https://www.citibank.com.au/global_docs/pdf/Feesandcharges.p…
    https://www.citibank.com.au/global_docs/pdf/OnlineCash_Manag…

    In the first link, fees and charges, it states, at bottom page 3 the following fee
    Local & International Payments and Foreign Currency Services5 (Excludes Citibank Plus Transaction Accounts)
    Fees || Amount || When is the fee charged?
    Citibank Visa Debit Card / Citibank Debit Card – overseas transactions5
    International Transaction
    Fee 2.50%6 Charged for all overseas ATM and electronic point-of-sale transactions made in a foreign currency using your Citi
    Visa Debit / Citi Debit Card. For Citi Visa Debit transactions, this amount includes a 1% service and assessment
    fee payable by Citibank to Visa.

    Does this indeed exclude citibank plus DEBIT cards?

    • tanoshiiki on 01/11/2013 - 11:12

      "Local & International Payments and Foreign Currency Services5 (Excludes Citibank Plus Transaction Accounts)"

  • IrishPete on 24/11/2013 - 21:43

    As others have pointed out, there is no cost to keeping this card, so I will probably keep it and use it for PayPal purchases of goods from overseas, where it saves me just a few cents each time but makes me feel better.

    I will also TRY to continue to use it in the UK and Ireland for purchases, but that's been a fairly frustrating experience, as its chip and PIN don't work over there, and the retail staff then look at you like there is something wrong with you. They don't use signature verification much any more. I once had a shop take a photocopy of my drivers licence, and write down the address I was staying at (unverified, but maybe it made them feel better) - this in the town I spent my first 22 years in. Embarrassing, eh? I even have the right accent! From then on I withdrew cash from the ATM right outside their door and paid with cash.

    [In the 1990s I had a credit card in the UK with my photo on it (RBS I think). It was a great idea, but it never caught on.]

    The 28 Degrees card always worked flawlessly with Irish and British ATMs, so much so that I would withdraw cash to buy things because I knew trying to pay with credit card would be so awkward. Perhaps if they had fixed that they wouldn't need to be withdrawing this very popular feature? (They'd be making money from the retailer and MasterCard, instead of possibly losing money from the cash advances.) I'd often revert to my ANZ Platinum just for the sake of avoiding an argument.

    The good exchange rate remains attractive, but I don't think I'll be withdrawing cash using this card again. And if it remains difficult to use in retailers, I'll just use my ANZ Platinum and wear the cost. No point in the admin of getting another card.

    Pete

  • lilkid28 on 08/04/2016 - 23:46

    Hi, sorry for bringing up such an old thread… as I'm travelling overseas in a few days.

    Might have a big purchase overseas on my otherwise 3k credit limit now. Is it possible to say deposit 5k onto the card, i.e it will be in 8k balance?

    If I used it for a 8k credit purchase (no cash withdrawals as i know that attracts a $4/3% fee now), is there any fee on this?

    • chill on 09/04/2016 - 02:48
      +4

      No that is fine.

      The only issue is if it gets stolen/fraud. 28 degrees will only cover the 3k.

      • petestrash on 09/04/2016 - 12:13

        Yep, I agree. I do it all the time.

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