Have Anyone Dealt with GEM Visa before?

trzzzrt on 07/03/2019 - 13:36

i am about to purchase a lounge set from Amart furniture as well as a refrigerator from Harvey Norman. Given that they are promoting a interest free payment plan.

I am aiming to pay off both of the transactions in 12 months (so that i only need to pay for the annual fee of $99 once then i will cancel the credit card)

Been reading and browsing on the net for the past couple of days and theres different opinions about this credit card.

Would anyone able to share their personal experience with me ? or even shed some advice if possible ??

Thank you so much!! Any advice would be very beneficial for me

Financial

Related Stores

Latitude Gem Visa Card
Latitude Gem Visa Card

Comments

  • PAOK11 on 07/03/2019 - 13:47

    This is GE money now latitude. I would give them a miss if you can avoid them. They charge a $5.00 a month account fee and the interest rate is very high

    • ThithLord on 07/03/2019 - 16:09

      I don't get a $5 monthly account fee - are you sure?

      • PAOK11 on 07/03/2019 - 16:22

        this was four or 5 years ago but ye

        • ThithLord on 07/03/2019 - 16:51

          lol, well, as I stated - I'm a current user, and I don't get a $5 charge (I have a balance still, too)

  • Topdog on 07/03/2019 - 13:54
    +3

    they also charge you .95 cents to pay your bill via BPAY

    • trzzzrt on 07/03/2019 - 15:32

      thank you for the reminder!!

    • jimbobaus on 07/03/2019 - 18:38

      You can avoid this fee.
      Go gem website
      Request payment
      They direct debit amount from your linked bank next day (no fee)

      • Topdog on 07/03/2019 - 20:47
        +1

        You can, i just think it's a joke, is only .95c but it's beside the point, no other of my billers charge me to use BPAY

        • WreckTangle on 07/03/2019 - 22:03

          And then theres the surcharge to receive a paper bill. Ie youre being billed to get the bill

          • Topdog on 08/03/2019 - 09:45

            @WreckTangle: I guess thats how they make money of the people that always pay it off before the interest fee ends.

  • chumlee on 07/03/2019 - 13:58
    +1

    As long as you pay it off before the interest free expiry and dont mind the fees, go for it.

    I've used interest free before to get what i needed during a reno when expenses were increasing.

    • trzzzrt on 07/03/2019 - 15:33

      have you experience any issue when closing the account once you pay the account off ?

      • chumlee on 07/03/2019 - 16:02

        Still got the card. It wasn't GE/Latitude though it's HSBC as it has no annual fee for life back when they had the offer

  • pantsparty on 07/03/2019 - 14:04

    Can you afford to pay for these items straight away? If so you may as well pay for it on a credit card which earns frequent flyer points and get some benefit for your spending instead of paying fees for the luxury of delaying the expense.

    If the answer is no, and you do need the financing, than I think the option you have proposed is ok. Make sure you fully understand the terms so you don't end up paying any additional fees. Lets assume you are spending a total of $2,000 - paying $99 in total charges equates to an interest rate of 5% which isn't crazy (I know you aren't actually paying interest but you get the jist of what I am doing).

    • trzzzrt on 07/03/2019 - 15:30

      Thank you for your explanation!! that is really helpful :) I dont actually own a credit card - i usually use visa debit or afterpay at most.

  • Baysew on 07/03/2019 - 14:06

    Been reading and browsing on the net for the past couple of days and theres different opinions about this credit card.

    What exactly are your concerns?

    • trzzzrt on 07/03/2019 - 15:28

      It sounds silly - Despite i been reading those terms and conditions, I am just worry i might get caught up with any other charges or hidden interests. I read some review that some customer are having difficulty closing the account or credit card…

      On Amart website it was advised to apply in store - i just want to know more in-hand experience before i finalise my purchase this week.

  • jsheroes on 07/03/2019 - 16:13

    We got 2 years interest free on a large furniture purchase, then cut up the card when it arrived. Cancel paper statements as they charge you for those. No dramas cancelling. Worked out well for us, as 10k in my offset for 2 years vs upfront = about $800 better off.

    • trzzzrt on 07/03/2019 - 16:48

      Thank you for sharing your experience! thats exactly what i am planning as well - cutting up the card :)

  • i37 on 10/03/2019 - 07:52

    These guys are super evil. I requested account closure in 2017 and the payout figure they gave was 1c less than the required to payout.

    Once the account was closed I no longer received account statements. Fast forward to September 2018 and they are hitting my credit file with an open account. I call them and go back and forth over 1 cent.

    The overseas call centre didn’t understand the issue as the account looked closed. Finally got someone to close off the 1 cent outstanding (couldn’t pay via BPay due to the 95c fee).

    Fast forward to March 2019 and they still say I have a $10,000 open account dispute having a closure statement from them from November 2018.

    I’m glad to be free of these crocks, they still call me trying to sell me personal loans tho so I got to figure out how to get off their marketing list as they call from private.

  • RoseK on 11/03/2019 - 02:53

    Gem Visa’s 0% Interest Payment Plans give you flexible payment options that allow you to enjoy the things you need now. Whether it’s travel, technology, fashion or more, Gem Visa puts you in charge.

    You have the flexibility to make extra payments at any time to reduce your balance, and interest is only calculated on any remaining balance at the end of your 0% interest period – and is not backdated.

    From travel, to shopping, or treating yourself with something amazing, you’ll receive 0% interest on any Visa purchase over $250 – anytime, anywhere.

    Plus you’ll enjoy 0% interest for up to 55 days^ on every purchase under $250, all for an annual fee of $99.

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