I noticed that the login URL for 28 Degrees recently changed from https://28degrees-online.gemoney.com.au/ to https://28degrees-online.latitudefinancial.com.au/ which raised my suspicions that GE had sold off 28 Degrees.
After doing some investigations I found a statement that seemed to be only available via Google Cache:
https://webcache.googleusercontent.com/search?q=cache:w8Uh2d…
GE Consumer Finance business becomes Latitude Financial Services
MELBOURNE – 26 November 2015: Värde Partners, Deutsche Bank and KKR have completed the acquisition of GE Capital’s Australian and New Zealand consumer finance business, now called Latitude Financial Services.
Latitude’s CEO Sean Morrissey said, “Latitude Financial Services is a world-class financial services provider with more than 2.5 million customers and long-standing partnerships with major retailers in Australia and New Zealand.”
“While our customers and partners will see no immediate change to the best-in-class service and solutions we currently deliver, we are excited about the opportunities ahead. Värde Partners, Deutsche Bank and KKR bring a wealth of global and regional expertise to the business and together we are committed to building on and investing further in our range of innovative consumer finance products and solutions. The entire Latitude team looks forward to their support as we grow the business,” Mr. Morrissey added.
The acquisition is one of the largest private equity transactions ever in Australia and New Zealand and demonstrates the strength of the consumer finance market in the region.
About Latitude Financial Services
Latitude Financial Services is a leading consumer finance business in Australia and New Zealand, offering 2.5 million customers a broad range of finance products including personal loans, credit cards, insurance and interest-free promotional and retail offers. Across Australia and New Zealand, the Business currently employs more than 2,200 staff and services its customers through a network of retailer partners, brokers, phone and the internet. The company offers a full suite of financing solutions for retail partners, managing credit applications, credit authorisation, billing, remittance and customer service processing. Its products include Gem Visa, GO MasterCard, 28 Degrees Platinum MasterCard, Myer Card and Myer Visa.
As with any change of ownership of a product, this made me worried that the new owners may attempt to negatively change an existing and working product.
Low and behold I get a survey this week canvassing the options for implementing annual fees and international transaction fees on our 28 Degrees cards.
So what do people think about this. Will you cancel your 28 Degrees card if they try implementing either either an annual fee or an international transaction fee?
The previous round of changes where they introduced international withdrawal fees was preceded by a survey which I got one of. So it remains to be seen what changes they will make, if any. Currently I only really use it for international credit purchases so I would be looking for a new card if they started charging. Also if they introduce an annual fee.