How to Avoid 28 Degrees Price Protection Fee?

boomersgold on 30/11/2023 - 01:32

I've got a 28 degrees card with the price protection feature activated but every month they manage to get me with the fee (0.5% of the monthly balance).

I've tried to follow the advice posted here to pay the balance early so the balance is 0 before the statement comes out. But the "Pay my account" option says your "account balance is zero" and won't let me pay off the balance or pending transactions early. It only lets me pay it off when the statement is released and they slug me with the fee every time. I've tried to call them to ask if there is a way I can pay it off early but obviously, they weren't too helpful.

Does anyone know a way around this? How do you guys manage to avoid the fee?

Financial

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Latitude Financial
Latitude Financial

Comments

  • Free Fall on 30/11/2023 - 01:39
    +4

    use bpay

  • garetz on 30/11/2023 - 02:53
    +1

    28 degrees have changed their payment portal and alot of their backend. The price protection has been phased out and they want to get rid of current customers that use it.

    This might be one of the ways they are doing it.

    before you could frontload the card by putting in cash to create a positive cash balance. I think you cant do that anymore.

    • Naigrabzo on 30/11/2023 - 10:08

      u can't front load.

      • CodeXD on 30/11/2023 - 10:23

        You actually can but the pay my account only works if you actually have a balance to pay off.

        They allow you to do up to $200 more than how much you current owe.

        • Naigrabzo on 30/11/2023 - 10:53

          Interesting! I didn't know that.

    • chromium on 01/12/2023 - 01:29

      I rarely pay price protection fees and if I do it's usually under $1 when a payment comes out just before my statement is generated. It's a small price to pay for the nearly $7k I've claimed i the last few years. I only use it for things that I think might drop in future and always pay off the balance 3 days before the statement is generated. How do you know they want to get rid of customers that use it? Why don't they just get rid of it? Also, they often send out emails reminding me that I have it and how to use it!

  • relentless on 30/11/2023 - 03:48

    Coles Mastercard also keen to suggest dropping price protection.

  • Porker on 30/11/2023 - 06:45

    For my card, it too won't let me pay off the transaction immediately after purchase. It takes a few days to change from 'pending' status, like 2 or 3 business days.

    However, I certainly don't need to wait for statement cycle to pay thr balance.

    Just cofirming my card does have price protection and I use the latitude app (android).

    Best contact Latitude customer service and/or use bpay, but note bpay incurs a transaction fee too.

    Update: Now that I recall, I did receive an email to say that the 28 degrees website and/or the earlier app was migrating to Latitude. I initially didn't change because I could still access my account the normal way, but I now do recall it didn't let me pay the transactions early - so I changed the login method to Latitude app and website

    Which app or website are you using to attempt to pay early?

  • Jimothy Wongingtons on 30/11/2023 - 07:33
    +3

    I make it a rule for myself now purchases 1 week before statement date.

    And full payment of account within 4 days of statement date.

    Been doing this for years.

    If you use bank there’s the .95c fee too so I use the app to make the payment debit request.

    • Jimothy Wongingtons on 30/11/2023 - 08:33

      No **

    • netjock on 30/11/2023 - 10:36

      This is the smart thing to do

    • boomersgold on 30/11/2023 - 11:42

      Takes some discipline but definitely a good tactic!

      • Jimothy Wongingtons on 30/11/2023 - 12:02

        Yeah I usually put 99% of my standard purchase on amex anyway. Stuff that I know 100% will price drop I’ll still put on 28degrees

  • EBG on 30/11/2023 - 08:09

    I make sure I do a payment debit request via the app a few days before the statement date and avoid purchasing when it is about to be issued. Usually avoid the fee and on the odd occasion I have had to pay I figure off I’m still a long way ahead with the claims.

    • Jimothy Wongingtons on 30/11/2023 - 08:34

      have had to pay I figure off I’m still a long way ahead with the claims.

      This

      At $800 worth claim this year.lovin it

  • Mechz on 30/11/2023 - 09:06

    Next time you get the statement and go into the app to pay, select to pay 'current balance' instead of the closing statement amount.

  • CodeXD on 30/11/2023 - 10:18

    I got lucky with mine as I had a $1k payment on my card with the same issue.

    My statements are captured on the 24th of every month. I checked every day to see when the transaction moved from pending luckily it did on 23rd, which is when I paid it off from the latitude portal. I received the statement on 26th with nothing left to pay.

    You either need to be careful about buying anything too close to the statement due date, or need to be diligently checking when it moves away from pending to actual transaction and then pay it off.

    You can also pay via bpay as others have suggested but that will cost you a fee and you need to take that into consideration too. You will need to weight up how much the price protection fee will end up being (0.5% of monthly closing balance) vs $0.95 fee (however much you pay back + $0.95 to cover this fee).
     
    I have a monthly reminder to check a week before statement due date as well as on the 23rd now.

    • boomersgold on 30/11/2023 - 11:25

      Thanks! I'll need to constantly check the account a few days before the cycle end to see if the transactions have moved from pending and are available to pay.

      How does the BPay option work? You BPay to your 28 degrees account as the payee before the cycle ends and just keep credit on there? So when the transactions are moved from pending (a few days before the shoppers fee is charged), you quickly pay off the balance?

      Those guys definitely aren't making it easy =(

      • CodeXD on 30/11/2023 - 11:27

        Yep that's how BPay works. I don't use it as I don't want to pay the $0.95 fee lol so not sure how much you can overpay by.

        Pay my account you can overpay by $200 but it requires you to have a balance to use the function.

  • Pecan on 30/11/2023 - 10:40

    Look at the date the shoppers protection fee is charged. You need to be zero balance on this date in order to avoid paying the fee. For me, it’s the 3rd of every month so I make sure to pay off the full balance around 1st/2nd.

  • burningrage on 30/11/2023 - 10:56

    Heh?? since when there is a Price Protection Fee in 28 degrees? I know this is a thing in GoMastercard but not expecting this in 28 Degrees.

    • zonra on 30/11/2023 - 12:43

      The correct question is since when has 28 Degrees stopped offering Price Protection.
      It’s been phased out ages ago and you can’t opt in anymore.
      Only those that had it activated prior to the change got grand-fathered in.

      • burningrage on 30/11/2023 - 15:13

        I think I better check my credit contract. Maybe it's still there. :-)

        • zonra on 30/11/2023 - 17:18

          Have you been paying a % fee on each monthly statement? It’ll be there if you’ve opted in Shopper Protection (price protection).

          • burningrage on 30/11/2023 - 22:44

            @zonra: Oh. No I haven't been paying any fee at all. Most of the times balance have been zero but recently have got some balances and no fee being charged at all.

  • saitaris on 30/11/2023 - 11:00
    +1

    I just use Bpay. Yeah there's a 0.95 fee, but this is absolute peanuts compared to the many thousands I've gotten back in PP claims.

  • itsfree on 30/11/2023 - 11:16

    If there's a pending transaction, does this count towards the balance? E.g. I paid for something today (pending), and tomorrow is the date they use to calculate the price protection fee.

    • CodeXD on 30/11/2023 - 11:26
      +1

      If it is pending transaction when they calculate it, then it does not count.

  • Austin 316 on 30/11/2023 - 13:32
    +1

    I pay out all balances within 4 days of my statement date. And no new purchases on the card in the last 4 days.

    My statement gets generated on the 6th of every month, so I only use my card upto the 2nd. After that, I pay out the current balance on 2nd, and any remaining pending payments balance on the 5th or 6th.

    The price protection fee doesnt get charged if you have already initiated a payment. My last payment generally lands on 7th or 8th, but as long as I do it on or before 6th, I don't get charged.

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