I've seen reference to the '28 degrees' card on several posts, but I'm unaware what significance it has. Can someone please explain to me the general premise of the card and how it assists in saving money on purchases?
THANK YOU!
What is the 28 Degrees credit card?
max23 on 07/08/2014 - 01:30
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The main benefit relating to ozbargain is the feature that when you buy something for full price with this card and the product goes down in price within 6 months you can get a refund of the difference when you ask them
Ie mobile phone $800 now, in 5 months $650 get a $150 refund
Haven't got one myself so don't know how easy it is to get the refund but ozbargainers love it
Optional insurance, a fee of 0.5% of your statement due. Which can be avoided by paying your statement before it is issued.
The main benefit
I would dispute that assessment, as it's only advantageous if you can be disciplined enough as windsurfer says.
If you miss paying on time you pay up.
Basic benefits are.
NO Annual fee
Very favourable exchange rate vs paypal and other cards
No transaction fees on foreign exchange.eg
Buy a small item from say china $2,
use another credit card and get a $3-5 transaction fee. Item now costs $5-7Plus higher exchange fees adding another 1-2% $5.20 to $7.20
A few transactions like this a month and it adds up to much higher costs
Use Paypal (which isnt always available) and save the transaction fee, but pay the higher exchange rate.
Given that there is no annual fee, you can use it when you like and save some money. Then when you go travelling OS you can save quite a bit of money on credit card fees and transactions.
Most other credit cards have approx 3% fee on international purchases not $5-$7 fee lol.
The main benefit for ozbargainers is no fees on international purchases (online or overseas).
Lolmao
Maybe you really need read things clearly rather than laughing - now I am lol
the transaction fees I quoted were $3-5 (the 5-7 included the item)
Plus More eye opening info for you to save in the future…
Financial product comparison site RateCity.com.au says that, as February 2013, out of about 220 cards on its database only five don’t charge a currency conversion fee (or foreign exchange fee) for both cash advances and purchases.
Out of these five, only one has no fees at all for overseas transactions (both foreign currency conversion and international transaction fees). The other four cards charge an international credit card cash advance fee for ATM withdrawals of either $3 (Horizon) or $4.
Source
http://www.afrsmartinvestor.com.au/p/new-investor/how_to_avo…
So MOST have a currency conversion rate PLUS a fee. Record profits have come from somewhere and this is one of those sources.
:)
@RockyRaccoon: sorry i meant $3-$5 not $5-$7 but still.. the fees they are talking about are on ATM withdrawals and on purchases using a prepaid credit card, not for overseas purchases on a normal credit card.
As I said, most credit cards charge around ~3% currency conversion fee.
@RockyRaccoon: I don't know how or where you get the $3-5 transaction fee from. That's essentially 150% - 250% for a transaction fee.
So if i buy an $500 item from china with my credit card, do I pay $750 for a transaction fee and my original item will now cost $1250 ?
Unless you're talking about withdrawing cash using an ATM to buy that item ?
LOL at myself - Yes its 3% not $3 plus the exchange rate differential with can also add up
as for
@tomleonhart
So if i buy an $500 item from china with my credit card, do I pay $750 for a transaction fee and my original item will now cost $1250 ?
How do you calculate this from what I said? I said a fixed transaction fee - (which is wrong)
Using my statement then a $500 item from China would have meant $503 or $505.
Given that the fee is 3% then in reality it is $500 plus 3% so its $515 (plus a percentage with the currency conversion rate which is more than the 28 degrees rate)
"Buy a small item from say china $2,
use another credit card and get a $3-5 transaction fee. Item now costs $5-7"Sorry brah, the word "fixed" wasn't in the original comment and I know there's no such thing as a fixed transaction fee, so I work out the percentage that was implied on the original price.
But since you clarified that there's no such thing as fixed transaction fee, my calculation is less relevant. :-)
I personally have used the optional insurance.
It worked. NO questions asked.
Sent in original receipt and claim form, got a total of $350 refund from 8 different items. (all clothing)
I took photos of the tags and sales signs at the shops just in case they asked me to provide proof. But they didn't ask for anything.
I have never paid the fee for the insurance because I always paid out my balance 5 days before end of statement period (and I also stop using it for few days just in case).
I also use the card for online purchases because the exchange rates are quite good =)
So you can get a claim even if it's a limited sale price not just a permanent markdown? Awesome
I guess so. Since it worked with my clothing items. I mean clothes go on sale all the time, so I guess it will be correct to assume that the sale is legit? But just make sure to take photos in case they want proof.
Also works if you see the same item for sale on the online store of the same retailer too!! (I purchased a pair of Tony Bianco shoes in store for $150, 5 months later received an email from TB saying there's an online sale, same pair of shoes in same size now $50, sent in original receipt and claim form, got $100 back. I took a screen shot of the website with the item just in case but they never asked for it anyway)
So I guess if you see one of those awesome one-day 50% off sales and your item is there, take a photo of it and claim away :D
cant find any information on this on their web site , have the remove the feature
http://lmgtfy.com/?q=28+degrees
Essentially a credit card that gives you:
Suitable for: