28 Degrees Price Protection Is Just Too Good to Be True, How Long Can They Continue It? (I Love It)

LNullVoid on 16/07/2020 - 11:19
Last edited 16/07/2020 - 11:20

I love using price protection, my partner and I aim to use it on everything we buy, we are likes hawks searching for sales on our existing products.

I often feel like it's too good to be true. We pay off our balance before it's due every month and hence never get hit with the 1% fee, so for us it's incredibly helpful with saving us money on stuff we would already be buying.

How long can they possibly keep this up for? How many people forget they have it and get slugged with the 1% fee, versus the ones who claim like we do? Do you think they are only doing it during this period of them trying to sell the company and will remove it once they successfully list and need to tighten up expenses?

EDIT: Hope this doesn't read like an ad, it certainly isn't one. I just feel like I must make the most of this insurance while it lasts and am seeking opinions.

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Comments

  • wallet72 on 16/07/2020 - 11:27
    +3

    I don't think it's offered for new customers anymore, it's only for existing customers that signed up when it was a thing.

    But I agree, it's fantastic - saved me heaps since I got it :)

    • NullVoid on 16/07/2020 - 11:29

      Oh that makes sense!

      Any guess on how long until we get kicked off?

      • Shpox on 17/07/2020 - 13:17
        +3

        Don't give them any ideas.

    • Ezekiel2320 on 16/07/2020 - 12:07
      +1

      It's still in the PDS but I don't see it mentioned anywhere on the sign-up page. I guess they just don't want new people to know about it?

      • follow on 16/07/2020 - 13:44
        +2

        i asked recently and they said it's not offered

        • Ezekiel2320 on 16/07/2020 - 13:55
          +1

          Yikes, do they know that their PDS says otherwise?

        • financialminimalism on 21/07/2020 - 22:00
          +1

          Pretty sure it is… still listed on the web site as a “not to be missed” feature of the card… #2 here… and listed in the PDS still.
          https://www.28degreescard.com.au/travel-inspiration/7-things…

          • Shekster on 22/07/2020 - 12:20

            @financialminimalism: Not to new customers, only for their current policyholders. Even though that site you linked doesn't actually say it is being offered to new customers, I can see how it might confuse some who are reading about 28deg for the first time since it sort of implies it will be available if you ask about it.

            • financialminimalism on 23/07/2020 - 02:17

              @Shekster: K thanks. I think they need to update their site - pretty misleading to have it listed as a feature of the card and listed in the PDS without any disclaimer to say that it’s offered anymore (that i could see?)

      • capslock janitor on 27/07/2020 - 22:12

        I wonder if a new customer submits a claim would it be approved? Has anybody tried?

  • contrafibularities on 16/07/2020 - 11:31
    +7

    28 degrees don’t do reward points so it saves them heaps. They have to have a point of difference in a crowded credit card market with lots of big big sign up bonuses. So along with no annual fee and no OS transaction fees they also offer this.

    • salmon123 on 16/07/2020 - 11:36
      +6

      Their payment options suck …

      • Mechz on 16/07/2020 - 13:10

        They're really not. All your payments must come from an account at some point so just login and tell 28deg how much to take from that account to pay.

        • EightImmortals on 16/07/2020 - 13:40
          -3

          And they charge you a dollar every time you do. :)

          • MeesusEff on 16/07/2020 - 13:50
            +3

            @EightImmortals: Not if you pay from their page, only BPay gets charged

          • nomoneynoproblems on 16/07/2020 - 13:51
            +3

            @EightImmortals: Only for bpay

          • Mechz on 16/07/2020 - 13:58
            +2

            @EightImmortals:

            Payment handling fee

            $2.50 (in person), $0.95 (online).
            You can avoid this fee by making your payments via mail, direct debit or via the Online Service Centre.

            So even if you're living in the past you can mail a cheque for free.

        • tebbybabes on 16/07/2020 - 14:19
          +2

          Just an FYI, their online service centre that facilitates fee free payment is down for updates between 10.30PM and 4AM every day. - at least that's what the support agent explained to me. I've been a customer for years and have only run into that issue recently. Which is strange because I usually do my banking late at night and if what the agent said was true for a long time, then I should have experienced it far more often.

          Another thing to remember is that that online portal won't allow you to make consecutive payments close together. By my recollection, it wouldn't let me make another payment within 2 or 3 days of my last one. I learned this the hard way when I had already paid off the balance for that cycle and had to make a big purchase before the next bill gets generated. In that case, I just paid off the new purchase via Bpay and swallowed the $0.95 fee.

  • spiff on 16/07/2020 - 11:32
    +2

    I would think they would want to scrap it before listing, as this is one financial drain that can't be viewed positively by prospective investors. I thought they already canned it for new cardholders but maybe that was only the Coles credit card.

    Anyway yeah I've forgotten to pay it off at the end of the month sometimes so been slugged with the fee, but I just chat to their customer service to get the fee reversed.

    It's an incredibly lenient process and I definitely hope it doesn't end anytime soon.

    • NullVoid on 16/07/2020 - 11:34

      but I just chat to their customer service to get the fee reversed.

      Damn, I once got hit with the fee on an 8000 balance because of bad timing and never thought about this, wouldn't have imagined it would even work haha.

      • spiff on 16/07/2020 - 11:54
        -2

        Dam that must hurt… I've only been charged maybe $3 at most. Once when I asked for it to be reversed they reiterated that it was charged because I had an unpaid balance. I just asked them to waive it again out of goodwill and they did.

  • [Deactivated] on 16/07/2020 - 11:41
    +2

    It's super good, I haven't had the opportunity to claim shoppers protection yet though because the things I buy seem to be already the best price for 12 months.

    • spiff on 16/07/2020 - 11:55
      +6

      Where it can be useful is if you need something delivered fast (e.g. something on Amazon) but it's not the cheapest price. You can buy then claim the difference straight away.

      • [Deactivated] on 16/07/2020 - 12:18

        Great idea!

  • Orico on 16/07/2020 - 12:02
    -1

    Need to claim on my macbook. Any sales going on now?

  • garetz on 16/07/2020 - 12:31
    +3

    They are probably making a profit from alot of people forgetting to pay the balance when needed, and being charged the 1% fee. So i doubt they will be cancelling it any time soon.

    • netjock on 16/07/2020 - 12:44
      +3

      People seem to forget OzBargainers are an exception rather than the rule. Top Ozbargainers are probably 5% of the population, the rest of the Ozbargainers make up another 5% at most. Just like the fact that most people are up to their eyeballs in debt and probably paying a tonne load in credit card interest.

      • dust on 16/07/2020 - 14:11

        Top Ozbargainers

        Top Ozbargainers you say? How do we become one of those? Is it like Ozbargain premium?

        • netjock on 16/07/2020 - 14:12
          +1

          Self certified. Just like those who confess to making $250k+ a year on here. Just don't let people find out if you're a NINJA (No Income No Job Applicant)

          • dust on 16/07/2020 - 14:14
            +1

            @netjock: According to the big short, ninja stands for "no income, no job, no assets".

  • dust on 16/07/2020 - 13:17
    +6

    For every customer like you there must be 10 who don't pay off the balance before the due date who are funding your price protection claims!

    • isthisreallife22 on 16/07/2020 - 14:50
      +1

      You would probably need about 1,000 customers to cover my claims

  • follow on 16/07/2020 - 13:47

    if you're not paying for the product, you are the product

  • nomoneynoproblems on 16/07/2020 - 13:53
    +3

    I'm pretty sure it's capped at a certain amount, so once you hit that threshold you're unable to make any further claims.

    • tebbybabes on 16/07/2020 - 14:07
      +2

      I believe it's capped at 5k a year, and at 1k per item.

      • Shekster on 16/07/2020 - 14:18
        +4

        And $20k for lifetime

        • tebbybabes on 16/07/2020 - 14:20

          I did not know that. Thanks for sharing.

        • isthisreallife22 on 16/07/2020 - 14:50

          $20k for lifetime? wow I had no idea

        • 0FoxGiven on 17/07/2020 - 00:14
          +1

          Really?! Didn't know that. I have the Coles Credit card. Save about $700-$1100 every year in price protection claims.

  • tebbybabes on 16/07/2020 - 14:13
    +1

    I use it all the time too. But that being said, I've really only had 10-15 claims over the life of my card. Most of the stuff I buy is already at the lowest price anyway.

    It's a reasonably simple way to claim the price protection too and they pay out the claim reasonably quickly. Huge win and hugely beneficial. It allows me a to purchase something without having to agonise about the lowest possible price.

    Funny thing is, even with those 10-15 claims, I doubt that I've claimed more than a few hundred $$. I think the biggest drop I had was for a mobile phone. Most of the price drops that I've claimed were within $10-15. My wife's shopping on the other hand, which she only started using the 28° card for only recently, has already racked up $100 on just 2 claims. She doesn't really hunt for bargains and when some clothes go on discount, the drop is huge!

  • modsec802 on 16/07/2020 - 18:51
    -3

    I think ANZ’s one year extended warranty is better imo

  • lgacb08 on 16/07/2020 - 22:10
    +1

    coles credit card is better if you're still on account cover plus, you get your point and price protection

    • rysith on 17/07/2020 - 07:19
      +4

      There are differences between the two and advantages for each:

      Coles:
      - Flybuys points on all purchases
      - 2 years price protection from same Australian vendor

      28 Degrees:
      - 1 year price protection if price drops from ANY Australian vendor

      So you have to weigh up if it is a specific item (eg Kogan branded item) sold only from one vendor that would then be better to use the Coles card to get 2 yrs coverage, vs a generic item (eg a video card) which will likely have many sources for a price drop compared to your original vendor.

  • SgtBatten on 17/07/2020 - 13:46

    I've had this card for a long time but didn't realise it was an opt in insurance until they took the option away. very sad

    • jimbler on 20/07/2020 - 19:24

      I don't remember opting in for it, but I have it. Never used it….always forget. I've been with them since it was a Wizard card, so maybe I opted in then, but that was years ago.

      "Great news! Our records show that your Latitude 28 Degrees Global Platinum Mastercard already has Shopper's Protection insurance."…

    • Franconian on 27/07/2020 - 06:13

      Same for me, had the card for almost 10 years, but never opted in. Damn

    • Gazpacho on 07/08/2020 - 09:14

      Had any luck opting in?

      • SgtBatten on 07/08/2020 - 09:36

        No, its not available and has not been for a long time.

  • reactor-au on 17/07/2020 - 17:08
    -2

    Don't forget there is a lifetime limit of like 6,000$ on the policy, once it's reached there is no more.

    • MeesusEff on 24/07/2020 - 17:34

      Pretty sure that's the yearly cap on the price protection, but $20k lifetime.

      • capslock janitor on 27/07/2020 - 22:23

        Wonder if anyone has reached the Lifetime limit. Then they refused or just kept approving..

  • leeroys_dad on 19/07/2020 - 05:39

    I don't know about the lifetime limit. If there is one is definitely more than 6k, I've gone through 15k of claims. I vaguely remember 20k limit?

    • reactor-au on 19/07/2020 - 08:16

      I wonder if there are different policies for people who signed up at different times

      • leeroys_dad on 19/07/2020 - 08:21

        Usually everyone is moved to the new tcs

    • capslock janitor on 27/07/2020 - 22:24

      Keep us posted when ya reach 20k and if they keep approving (or not).

      How are you keeping track ??

  • ieatcrackers on 25/07/2020 - 22:15
    +1

    What method do you guys use to keep track of price drops? Currently I'm sorting through a backlog of purchases looking for the best price on OzBargain for each product, and adding it to a spreadsheet, but if there's a better way to keep track I'd love to know. I'll probably set up some more CamelCamelCamel or Price Hipster alerts, but these also just get lost in a sea of emails.

    Also, are they gonna look at me funny when I submit 30+ claims? Or is this standard operating procedure for hardcore OzBargainers?

    • reactor-au on 28/07/2020 - 17:28
      +1

      I don't think you can retrospectively submit a claim unless the new lower price is still available at the time you submit the claim.

      • ieatcrackers on 29/07/2020 - 00:54

        With claims I've previously submitted, I was able to provide evidence of the lower price, even though it had increased in the meantime. This is with a Coles MasterCard, rather than 28 Degrees, but the insurance is both through Latitude so I'd assume a similar process would be in place.

    • Shekster on 29/07/2020 - 13:18

      I once submitted a claim for $1 and had it approved the next day, there is no shame don't worry.

  • Janko on 26/07/2020 - 11:26
    +3

    I love this feature - saves so much time not having to look around for good prices, and makes it feasible to purchase multiple items from the same vendor to reduce postage. I just have Ozbargain notify me - just then claimed $70 on the 1TB NVMe SSD from SE I purchased last week.

    Is there any alternate card for new users? Trying to recommend it to a mate.

    • capslock janitor on 27/07/2020 - 22:28
      +1

      Last time I checked (maybz a year ago) Citibank or HSBC had it, but was only 3-6 months claim frame. Dunno now tho

  • Gazpacho on 07/08/2020 - 09:15

    I'm also interested if there are any cards out there that offer this feature (that don't have large annual/ongoing fees)

  • oldmate78 on 20/08/2020 - 14:59

    Question around the 1% premium.

    OP you mentioned you pay the balance in full prior to due date (for me 17th). However I'd read elsewhere they pay balance in full prior to new statement issue date (23rd).

    Which is correct?

    • reactor-au on 21/08/2020 - 15:58
      +2

      Your statement date, not the date they send the statement.

    • oldmate78 on 21/08/2020 - 19:59

      Cool, so pay in full on due date and no premium? This card has been sitting in the closet.

      Now with covid only flybuys is worth collecting… finding the insurance tacked on is a bonus.

      • reactor-au on 22/08/2020 - 17:16

        When you login on the website it says statement as on 22 Aug or whatever. Next to it it says min due 16 Sep or whatever. The earlier one on the left is when you need to settle by to avoid the insurance premium.

  • NullVoid on 22/12/2020 - 14:36
    Merged from Got an email from 28 Degrees saying I'd hit the $5000 yearly price protection claim limit

    So this came out of the blue, I knew I'd claimed a lot but can't believe I've hit the threshold.

    I'm going to have to go back and calculate every payout from them to confirm this, has anyone else had a similar experience?

    On another note, when I signed up for it and read the PDS I laughed at the 20,000 payout over the life of the policy thinking how impossible it would be to get there, well looks like I'm well on the way!

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