28 Degrees -- Changes to Shoppers Protection Insurance

endotherm on 11/09/2018 - 17:16
Last edited 11/09/2018 - 17:17

Just got an email warning of pending changes to the 28 Degrees shoppers/price protection policy on my card. Thinking it was going to be changed for the worse, and wondering how I was going to get screwed, I got a pleasant surprise. Seems they have actually increased the cover period, benefits and limits, and most notably you can now compare your price protection policy to other retailers. Of course they doubled the price for all this, from 0.5% to 1% of your balance, per month. I still aim to pay off my card in full each month so it costs nothing :)

I hope my Coles Mastercard gets similar changes (they are both insured through Latitude Finance).

Effective from 24 October 2018

Cover changes:

Price Protection

  • Increasing the period of cover from 6 months to 12 months for each item.
  • Extending the benefit to cover lower prices and not just price reductions.
  • Extending the benefit to lower prices available at any other Australian retailer.
  • Increasing the limit per item from $600 to $1,000.
  • Increasing the limit for all items in any 12-month period from $2,000 to $5,000.

Merchandise Protection

  • Increasing the period of cover from 6 months to 12 months for each item.
  • Increasing the limit per item from $1,000 to $2,000.
  • Increasing the limit for a single event from $4,000 to $5,000.
  • Increasing the limit for all items in any 12-month period from $8,000 to $10,000.

Involuntary Unemployment

  • Removing the exclusion for ceasing casual or temporary employment

Other changes:

What it costs

  • Increased the premium from 0.5% to 1% of the monthly closing balance of your account.
Financial 28 Degrees Credit Card Latitude Finance Australia MasterCard Merchandise Protection Shoppers Insurance

Related Stores

Latitude Financial
Latitude Financial

Comments

  • Godric on 11/09/2018 - 17:21
    +2

    Look at that a buff

  • Shadowsfury on 11/09/2018 - 17:29

    Very nice - kind of sad I took it off my 28D card now (when I got the Coles MC a couple of years back). From what I've heard it can't be reenabled but I haven't tried myself.

    The biggest benefit IMO is the "any retailer" category - now don't have to plan as hard about which retailer will have the lowest price in the future.

    • endotherm on 11/09/2018 - 17:39

      I thought it wasn't offered to new customers any more, but you might be lucky if you wished to re-enable it on that existing card. Worth asking.

    • SmiTTy on 30/11/2018 - 13:11

      FYI , I've "re-enabled" it on my card. had to call up to do it (cant do it online like usually) but had no issues.

  • JimB on 11/09/2018 - 17:29
    +3

    'Increased the premium from 0.5% to 1% of the monthly closing balance of your account.'

    'I still aim to pay off my card in full each month so it costs nothing'

    Just because you pay your card in full each month and don't pay any interest doesn't mean that you don't have a closing balance. To have a closing balance of $0 means the you have a zero of positive balance at the end of the billing cycle.

    • poboy on 11/09/2018 - 17:36

      Correct - to explain in another way, when you get your statement it should read "$0 payable" - as you have completely settled the account before the end of the cycle. If you have to make a payment, then the percentage will be calculated from that base.

    • payton on 11/09/2018 - 17:36

      not that hard, just credit the account each time I make a major purchase

    • endotherm on 11/09/2018 - 17:37
      +1

      That's what I meant. I pay it off in full a couple of days before the statement date so my balance is zero when they calculate how much I owe them.

      • peter05 on 12/09/2018 - 11:27
        +1

        yes but to be pedantic, you're still missing out on the balance of the interest free days :D

  • payton on 11/09/2018 - 17:35

    Thanks for posting!
    I was gonna cancel my card this week since prior to the change, coles MC killed it in almost every way (except for purchases on overseas retailer eg Amazon), not anymore!

  • psyren89 on 11/09/2018 - 17:54

    This makes me so happy.

    Only question I have is whether this covers items bought before the changeover date…

    • endotherm on 11/09/2018 - 19:57
      +1

      I'd like to know that too.

      And also what this part means:

      • Extending the benefit to cover lower prices and not just price reductions.
        (isn't that the same thing?)
      • kindshibe on 11/09/2018 - 20:18

        I haven't read any documentation on this, but I assume it previously only covered you if an item temporary went on sale (i.e. a store discounting an iPhone by 10% for a week) but did not cover you if the price of an item permanently dropped (i.e. a store reducing the price of an iPhone 7 permanently by $100 due to the iPhone 8 coming out).

        Now I assume it covers both of those scenarios.

        • epicttiimm on 11/09/2018 - 22:22
          +1

          Been doing this for the past 3 years with iPhones and the Coles MC. Buy new phone on release, claim on price reduction insurance of old model, sell old phone. Repeat. Lets me get the new iPhone every year for around $200-300

        • star-ggg on 12/09/2018 - 16:58

          @epicttiimm:

          What proof do they require of the lower price? Eg. If Myer had a one day flash sale, by the time they process your application the online link to the reduced price will probably be gone.

          • annimali8559499 on 27/11/2018 - 13:18

            @star-ggg: I have made several claims all been accepted the next day, with no proof required. ( I screenshot and save on onedrive just incase I need it in the future)

            • chromium on 27/11/2018 - 16:13
              +1

              @annimali8559499: Yeah I made my first ever claim yesterday. Got approved today. Maybe small amounts get approved with no fuss. I got $25 back

        • endotherm on 12/09/2018 - 18:09

          @star-ggg: A screen grab of the website, or a photo of the in-store price tag usually works.

        • sssx on 12/09/2018 - 18:54

          @epicttiimm: I'd have been doing the same thing if I knew about this! Surely they'd have clued on an excluded items like this by now though?

        • epicttiimm on 12/09/2018 - 23:50
          +1

          @sssx: works great, just claimed my iPhone X with the JB deal posted here yesterday.

        • endotherm on 14/09/2018 - 18:15

          @sssx: It's not an "excluded item", a phone is a tangible item. A "plan" or other digital or intangible goods are excluded, as is groceries etc. It's not a scam or deception to claim on these items, it is the purpose of the insurance, and is provided by the card issuer as an incentive to attract customers. The idea is that you spend without having to worry too much about the price at the time and claim the difference back later. It is useful for time-poor people who can't spend hours hunting down the cheapest price at the time. It is so you can buy that shiny new 1024GB microSD card at $500 now, in the smug knowledge that it will drop in price to $49.95 in a years time.

      • BargainShopaholic on 11/09/2018 - 20:36
        +1

        From what I can understand, the policy previously covered items that have reduced in price at the same retailer. Now the new policy also covers lower prices at different retailers.

        • leeroys_dad on 12/09/2018 - 15:05

          Yes lower price is just talking about lower prices at other retailers.

          Price reduction is defined as reduction in price at the same retailers where you purchased

    • bleckyL on 21/10/2018 - 14:26

      Did you find out if this covers items before the changeover date? I just found out about this and called them today, but their insurance division isn't open and the rep couldn't give any answers.

      I only ask as it's my wife's birthday tomorrow and I need to know if I can come up with an excuse for not getting a present on time.

      • leeroys_dad on 22/10/2018 - 08:15
        +1

        Yep it applies to everything, essentially the old policy never existed

        • ljvicara on 22/10/2018 - 09:12
          +1

          I called them and the reply is that if u want to claim with the new policy, wait after 24/10

  • TheGhost on 12/09/2018 - 06:03

    Was it a complimentary insurance/protection or did one had to opt-in for it??

    • endotherm on 12/09/2018 - 07:53

      You had to opt-in. Not sure if they offer it any more.

      • TheGhost on 12/09/2018 - 08:09

        too late then :(

        • AliensStoleMyMoney on 12/09/2018 - 14:42

          still shows it on signup page give them a chat :)

        • TheGhost on 12/09/2018 - 17:51

          Ok. Thanks mate. Will do

        • TheGhost on 12/09/2018 - 17:59
          +1

          @AliensStoleMyMoney: Thank you for heads up and "endotherm" for this post.

          Opt-in option is still available. I just went to my account and clicked on insurance tab. It asked me to opt-in, which I did and now it says I am covered under shoppers protection. :) Happy days.

        • AliensStoleMyMoney on 12/09/2018 - 18:20

          @freakunow:
          glad to hear that now the real Question is does it include previous payments cause there are a few items I could get some $$$ back from by comparing to ebay au local stores :).

        • TheGhost on 12/09/2018 - 18:31

          @AliensStoleMyMoney: haven't bought anything significant with this card as of yet. But now with the shoppers protection, I might in future.

  • georgegates5 on 12/09/2018 - 06:37

    So just to clarify it does support any retailer now?
    "Extending the benefit to lower prices available at any other Australian retailer."

    Eg:
    Previously:
    1. If purchase from Jbhifi & other retailers lower it price, it won't honor the claim. Only if JBhifi lower its price.

    • divineiniquity on 12/09/2018 - 10:50

      It also supports eBay stores now, but again only Australian retailers.

      • AliensStoleMyMoney on 12/09/2018 - 18:21

        any confirmation on that divine? guessing also amazon?

      • fLaMePrO on 18/09/2018 - 12:48

        I have found that they don't monitor this too closely, I have been able to make claims on grey imports before as long as it was purchased via Ebay Australia. Had less luck claiming on something from Ali Express, mind you the reason they declined it wasn't anything to do with location (they wanted proof of the reduction and I couldn't provide it).

  • georgegates5 on 12/09/2018 - 06:53

    I have always wondered as well, does the price protection works if you use it on a 24 month phone contract plan with optus/telstra/voda ?

    • lakers1222 on 12/09/2018 - 07:18

      Doesn’t apply. I tried to claim it on kogan recharge voucher and was told it only applies to physical goods

      • georgegates5 on 12/09/2018 - 07:40

        Hmmmm I thought it would as you get a new phone with the phone plan (physical good)

  • Kib33 on 12/09/2018 - 10:10

    If I pay the balance in full a couple of days before the end of the month, and therefore not charged an insurance premium, can I still make a claim?

    Has anyone does this?

    • divineiniquity on 12/09/2018 - 10:49

      Yes this is the smart way of getting the price protection for free.

    • endotherm on 12/09/2018 - 16:37

      Yes you can still make a claim,I do it like that all the time. Be aware, you pay the balance in full so that it clears before your statement date (the date your statement is printed, it is the same date each month), not the end of the month.

    • ntb on 12/09/2018 - 16:38

      Yes that is what I usually did. But it's not the end of the month, it's the end of your billing cycle so you have to note which day they would send your statement and pay a few days before that. I would always pay extra (like $50 or $100 above which appears on the web to cover the purchases that would be cleared on the last day).

  • chromium on 12/09/2018 - 16:03

    What's this Coles MC people are talking about that is better than 28 Degrees? I got a Coles MC a couple of years ago for a free $100 or something sign up bonus. I only use it for Coles purchases. Still using my 28 Degrees for overseas online shopping

    • endotherm on 12/09/2018 - 16:45

      It will be the same card you have. It would be smart to use it for local online purchases and those online purchases that are charged in Australian dollars. You will get Flybuys points as well, particularly if you use it for eBay and activate it. It is better than the 28 degrees because the insurance coverage was better. Back when you got the card it had the option of enabling the price protection insurance, the same as the 28 degrees card. The Coles card was bought out by a new bank and they stopped offering the optional insurance to new cardholders. Seeing that your card was issued under the old system, you might be eligible to activate it. Worth contacting them and finding out

      • wfdTamar on 14/09/2018 - 07:55

        The Coles card has 2 years coverage and good flybuys points (particularly the rewards one), but it had to be the same retailer. Now with the change to 28 degrees that’ll be the one to buy items that are bound to reduce within a year. Just use Coles Mac for regular items for the flybuys (which can add up to a significant amount).

  • grasstown on 13/09/2018 - 19:57
    +1

    Great summary, they didn't give that kind of summary with the email I got, thanks

  • Chippy47 on 14/09/2018 - 07:59

    Looking at getting this card now that the price protection is going to be extended. Do many of you use this feature a lot? I was never aware of this before today! Can you still get this feature on new Coles MC applications?

    • endotherm on 14/09/2018 - 17:56
      +2

      There was a time when nearly everyone on OzBargain had this card, it was a de-facto OzBargain membership card. Amazing how quickly the membership changes and how common knowledge is lost over time with new people joining. Aside from having no currency conversion fees for purchasing items overseas in foreign currencies, the price protection was the other big feature attracting customers. Most use the price insurance all the time. It even extends to times when you lose or damage the item in the first six/(12) months, or if you lose your job. The worst thing about it is that they charge you for most methods of repayment — e.g. bpay used to be free, but now they charge 95c (though bank transfers are still free).

      From reading the above responses, it seems the 28 Degrees card still allows you to elect to have the protection insurance activated. I'm pretty sure Coles withdrew the insurance offer for new customers once they sold it off to the present buyer (Citibank?). If you are an old Coles customer, you might be lucky in getting it activated.

      • boomersgold on 23/09/2018 - 00:10

        Still new to using credit cards so this might be a bit of a silly question. If I don't use the card, do I still need to pay some kind of fee (maybe an annual fee) to keep the price protection feature on my 28 degrees card? It sounds like there should be a catch to having the feature. Why else would someone have to "opt in" or decide to "opt out" of the price protection?

        • endotherm on 23/09/2018 - 02:02
          +1

          There is no annual fee for this card. The price protection insurance feature is charged monthly though. The amount due per month is 1% of your balance that month, but it is capped at $50. From their notification:

          Shopper's Protection will still be capped at $50 per month. The following table gives some examples of the new premium:

          Balance owing at the end of the monthly statement cycle || Monthly premium
          Nil || Nil
          $500 || $5
          $1,000 || $10
          $1,500 || $15
          $4,000 || $40
          $6,000 || $50
          $10,000 || $50

          If you don't use it, or pay it off in full before the due date, you will pay $0. If you are the sort of person that constantly rolls over an outstanding balance each month, you will be paying a fee each month. That is the "catch".

          Why would you have to opt in or out? You may decide that the protection feature isn't worth the monthly premium, e.g. you use it mainly to buy groceries (which is an excluded item). Conversely, you might buy lots of electronic items which typically goes down in price over time, potentially making them eligible for a claim in the future. It is up to you whether you want to risk paying a monthly premium against any potential benefit.

      • mmd on 27/09/2018 - 22:28

        There was a time where you could load AUD onto this card, then you can go overseas and withdraw cash without incurring any fees/cash advance. However they stopped that a couple of years ago, so many ppl move to other products.

      • Autonomic on 03/05/2022 - 13:06

        The shoppers protection insurance on the 28 degrees card is no longer available to new customers right?

  • ljvicara on 16/09/2018 - 13:49

    How about online retailers such as Kogan for items not Australian stock (eg. iPhone), will they honour their price ?

    • leeroys_dad on 17/09/2018 - 14:23

      I'd say so, they are an Aussie retailer

  • Chippy47 on 17/09/2018 - 19:47

    Sorry for the OT but I just applied for this card purely for the 12 month shoppers protection insurance. Is there an app to manage the card or is it just managed via online banking?

    • endotherm on 18/09/2018 - 20:29

      No app that I'm aware of, just online banking.

      • Chippy47 on 18/09/2018 - 21:35

        Thanks mate

  • isthisreallife22 on 17/09/2018 - 23:23

    I'm in the market for a new tv so figured I should look into this.

    Few qstns for those who use it:

    • Can the initial payment be via paypal or similar?
    • Do promotion codes (e.g. eBay 20% off sales) satisfy the "cheaper price" check for a claim?
    • Can an item only be claimed once, or does every price drop offer the opportunity for another claim?
    • Shadowsfury on 18/09/2018 - 11:57
      +2

      1) yes can be via paypal
      2) yes it does
      3) multiple times

      • isthisreallife22 on 18/09/2018 - 12:03

        Amazing!

        I think I'm going to buy a tv :)

      • F-22 on 19/10/2018 - 19:49

        If 3 is true I've been missing out. I've always been under the impression you could only claim once.

        • lakers1222 on 19/10/2018 - 20:03
          +3

          Can confirm. Multiple claims allowed on the same item

      • isthisreallife22 on 25/11/2018 - 23:53

        Based on some of the recent comments, (2) doesn't look to be the case :(

        • endotherm on 26/11/2018 - 01:01

          But it is the case. They will pay 80% of the price reduction. I have had many cases of this being paid when a discount was used. We have heard a lot about one case where it was disputed. It shouldn't have been unless there is something else that the poster isn't sharing. They compare the full price you paid (before discount, the amount invoiced) to the full reduced price. If there is a discount used or store credit used or a part payment made in cash etc, then they will apply a pro-rata benefit.

          • chromium on 26/11/2018 - 08:43

            @endotherm: I got an NVIDIA shield for $198 less eBay code bringing it to $168.

            Kogan have it advertised for $168, no codes needed.

            Can I claim pro-rata and get 85% of $30 back?

            • endotherm on 26/11/2018 - 18:40
              +1

              @chromium: Yes.

              • chromium on 26/11/2018 - 19:41

                @endotherm: Thanks. Just submitted a claim.

                I said the item was $197.95 and I paid $168.26 of it with the card and now I've seen it for $168

                Expecting $25.45 back

                My first ever claim, so we'll see how it goes :)

                • chromium on 27/11/2018 - 16:17
                  +1

                  @chromium: Got it approved already! They didn't ask for any proof either

          • nadan on 26/11/2018 - 13:04

            @endotherm: Make that two, I am having an exact same issue right now. It is a phone purchased from allphones ebay and the price is lower than it was back then. Though in both cases a 20% coupon was used. Latitude has refused and is now under review with their escalation.

            • endotherm on 26/11/2018 - 18:51

              @nadan: Forget "coupons" for the moment. They only serve to reduce the amount you are paying on the card towards the full advertised price that you bought the item for.

              What was the full invoiced price that you bought your phone for?
              What is the lower advertised price (before coupons)?

              The price drop = the difference between your full purchase price and the full lower price.

              Now the coupons kick in. If you only used to card to pay for 80% of the full price, then your benefit is 80% of the difference.

              What may be happening here is that people are applying the 20% discount on top of the lower price and claiming that as the lower advertised price. Latitude might be having a problem with that. Unless there is a lower price shown somewhere that takes into account the extra 20% discount, they might be arguing that there is no advertised lower-lower price. eBay, for example, sometimes include a banner on the item picture which quotes the lower-lower price after the percentage discount is applied. In that case I would argue that is a published price.

              • isthisreallife22 on 26/11/2018 - 19:04

                @endotherm: I think the moral of this story is always buy things using a 20% coupon even if that price is higher than you might get elsewhere, as any subsequent price you see using 20% will not be honoured

              • nadan on 26/11/2018 - 19:48

                @endotherm: The issue is that I bought the phone for $1191 and reduced price is $1048. Their issue isn't working out the difference which is for the 80%. They see an issue with using a coupon and claiming it constitutes a special deal between seller and ebay. I told them that is non of my business or yours as long as it meets your T&Cs. And they are claiming it is not.

                • endotherm on 26/11/2018 - 20:13

                  @nadan: I assume you bought a ~$1500 phone for ~$1200. Your receipt should show the full ~$1500. You paid ~$1200 on the card and the rest of the ~$300 was a gift from uncle eBay. No different than if you had your friend next to you and emptied their pockets and paid the difference in cash for you. The transaction is between you and the vendor. Latitude's only interest in the matter is how much of the payment was made on their card. As you say, they don't have any problem with the full price, the amount you paid, the lower price and the difference. They are trying to impose a condition on this transaction that doesn't exist. Especially if it is a sitewide coupon, the vendor did not engage in any special agreement with ebay to provide that price, it would also apply to any backyard seller selling any of their junk who also did not make any special agreement with eBay. It's just a bonus for buying using eBay, much like CashRewards or FlyBuy points would be. You chose to only spend 80% of the price on their card, you made other arrangements to pay off the balance. That is where their involvement should end. I'm not sure if they just have new staff or it is a head-office directive, but they never used to view similar transactions that way. I'd dig my heels in and stand your ground on this one.

                  When you made the claim, did you say you bought the item for ~$1500 or ~$1200? Is the $1048 before or after applying the coupon?

                  • nadan on 03/12/2018 - 22:41

                    @endotherm: Am update on my case, got a call and their escalation that I spoke to have approved my claim.

              • capslock janitor on 06/08/2019 - 12:44

                @endotherm:

                Latitude might be having a problem with that. Unless there is a lower price shown somewhere that takes into account the extra 20% discount, they might be arguing that there is no advertised lower-lower price. eBay, for example, sometimes include a banner on the item picture which quotes the lower-lower price after the percentage discount is applied. In that case I would argue that is a published price.

                I submit a screenshot to them

          • Averell on 18/09/2019 - 20:25

            @endotherm: Do you have experience with Samsung's EPP discount? Do they show the full price in the invoice?
            Thanks.

            • endotherm on 18/09/2019 - 23:27
              +1

              @Averell: I don't, and I have no idea. I was commenting on the way receipts should work, not sharing any specific knowledge.

  • zrmx on 20/09/2018 - 13:44
    +1

    It seems like pretty much reverting back to the old times (before it got changed to 6 months from 12 months, and to same retailer from all AU retailers). Except for now of course increasing the 'fees' to 1%.

    It'll be the card to purchase high price technology items again lol (TV, phones, computer parts like graphics card).

  • rysith on 20/09/2018 - 20:54
    +2

    Anyone know if Coles MC is following suit?

    • rysith on 24/10/2018 - 15:41

      Re-added this Price protection on my 28 Degrees card.

      While I had them on the phone I asked about Coles and they said that because Coles is now managed by Citibank and not Latitude I would have to contact Coles for more info about any changes to their PDS.

      So I would say only 28 degrees for now.

      So now you have to compare for purchases - would you rather 2 yrs protection for a single Aus retailer or 1 yr for any Aus retailer?

  • Highster on 01/10/2018 - 11:15

    Anyone know if it's possible to claim price protection more then once?
    I.e
    1) Make 1st claim two months out from purchase for a 15% off sale
    2) Make 2nd claim 6 months later cause it goes on sale again for 30% off

    • Shadowsfury on 01/10/2018 - 12:18
      +1

      Can make multiple claims. The 2nd in your example will be for the difference between the 15% off and the 30% off.

      • Highster on 02/10/2018 - 14:50

        Awesome! Thanks Shadowfury!

  • isthisreallife22 on 23/10/2018 - 09:20

    Looking forward to tomorrow. Have been waiting patiently since this was posted

    • fLaMePrO on 23/10/2018 - 12:15

      Haha yep me too, was gonna buy that 1TB SSD today but looks like it'll be worth waiting til tomorrow. At the rate things are going, in 12 months it could be half the price!

      • endotherm on 23/10/2018 - 12:34
        +1

        Don't be so sure! I bought a Samsung 850 Pro 1TB SSD a couple of years ago for about $600, from a major retailer, confidently expecting the price to drop significantly. I was relying on the Coles 2 year policy, not the 28 Degrees policy, but it is the same insurer. Despite checking back regularly, the price didn't drop for the whole 2 years. Coincidentally I didn't see the price drop at other sellers either. Then the newer 860 model came out for a couple of hundred dollars :( Breaks my heart every time I see the newer model dropping in price week after week.

        • fLaMePrO on 23/10/2018 - 12:59

          Yeah true, there's always the danger of the part being replaced and even though the new model might be cheaper, you won't be able to claim on it. But hey, it's just a bonus if it does drop. Nothing I'm gonna rely on.

    • ljvicara on 23/10/2018 - 12:51

      So can we use the new policy ON the day of 24th? Or is it safer to wait till 25th?

      • isthisreallife22 on 23/10/2018 - 16:52

        I plan on calling them tomorrow to find out

    • RtN on 23/10/2018 - 16:31

      Wait… so it has be purchases made on the 24th onward? It's not just insurance policy change to existing purchases?

      • RtN on 24/10/2018 - 09:33

        it's alright guys, I held off buying until midnight.

  • AliceDShealey on 23/10/2018 - 19:07

    There are so many exclusions with this insurance that it is hard to see it being worthwhile. It has already been noted that only items purchased in Australia are eligible so, if you are like me and only use it for foreign transactions it is of no benefit.

    However, if you used it solely for bigger ticket items (e.g. TVs, Laptop computers etc.) then it might be worthwhile. It would definitely be worthwhile if you paid your balance off in full before your statement date as the premium would be zero.

  • isthisreallife22 on 24/10/2018 - 09:26
    +2

    PDS now says $1000 / any retailer / 12 months

    https://pds.28degreescard.com.au/shoppers-benefits/price-pro…

  • isthisreallife22 on 24/10/2018 - 15:04
    +3

    Ok I called and confirmed that the new terms have taken effect today, and it doesn't matter when you bought the item, as long as the new price is observed from today onwards

  • itslittfam on 25/10/2018 - 18:27

    A bit confused on the 1% premium. If i have direct debit on and rely on paying the full closing balance on the direct debit date,do i still get charged the 1% premium?

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