At risk of upsetting the holier than thou: 'I pay my card off every month using bitcoins via cashrewards made of recycled eneloops" crowd…
here's a good deal for scumbags like me who have lived in the moment at some point and bought something without having the pennies in the bank.
Better than any other deal going round in terms of annual fee and length by at least $50 and/or a few months.
In case you were wondering I bought myself drugs and loose women.
Worth it.
I have heard this from other ozbargainers - it sounds awesome. Next time I call up citybank to close my account I will try to get them to do this.
It looks like citibank is clearly the best card to start the process off with because you don't need another card to transfer the money to (as they will do cheque to self or simply pay a BSB).
On an unrelated point I just remembered: 28 degrees did say that they are able to transfer credits to a bank account instead of issuing a cheque but you need to verify the account or something (I then decided to choose the cheque option because I thought it would be faster but it took ages so maybe the bank account option was a better way to go)
This might work with some card issuers but others it definitely wont work for - credit cards have a special flag on their biller codes that tell other banks that they are a credit product (also I'm pretty sure lots of card issuers keep lists of valid credit card bpay biller codes).
Citibank seems like the best card to go with to start the process as they don't seem to mind where the balance transfer goes to - that makes sense to me. The banks are basically betting that once the 9 months or 18 months or whatever is up that you wont be able to pay the money back and will be stuck with them for years paying 20% interest.
It's pretty satisfying knowing that the banks are losing money on me.
What if you do a Cheque to Self BT from Citibank via their 6 month 0% intro offer?
So the process is…
Do you think this will work? Obviously you would stop using both cards so that you don't incur interest.
@abc:
That will work but only if the coles 18 month deal is around in 6 months time - it may not be. That said there are plenty of other cards you could move the balance to at the moment (not as good as $0 for 18 months though)
It's the outstanding amounts on your credit file which you're being denied for. Lenders won't even talk to you on the phone until you clear those up mate.
true, luckily I've borrowed enough for now. but yeh, definitely need to clear for any future lending.
Also, it's your total liability, if you can borrow another 20k by maxing out your existing cards, that is taken into the calculation too. If you don't need so much on some, you can lower your limits to help in that aspect. Outstanding debts are not totally bad, as long as something is paid, ie., interest, the banks are happy, if not happier, with your custom.
@TheG1000:
Any reason you couldn't just BT to a credit card linked to your savings, then just transfer between them (move credit card surplus straight into savings/offset/loan etc)? I would assume so, but not done the BT dance yet myself … keen though, with this or the citibank one.
@Wimma:
In most cases I believe that does incur a fee, transferring a positive balance from CBA card to CBA transaction account via Netbank would incur the cash advance fee. It's down to the specific banks T&Cs/Fee structure, check with them first.
(Calling the CBA to get it sorted over the phone however can be done without incurring the fee, so just find the way the works for you/your accounts)
Noob here. Can you bal xfer to the coles card from, for example, my anz card, as many times as you want? Ie- each full statement balance?
You transfer your current balance.
You can only balance transfer when you apply for the card. The amount you transfer in wont get charged interest for however long the promo period is.
Any insight to what kind of limits people are getting? Enquiring for a friend (legitimately, not like when I enquire for a friend about a rash he has downstairs) - trying to alleviate some pressure with a $6k balance transfer on $50k a year salary, but don't want to burn his credit rating by applying and getting too low of a limit.
I was scored as 'good' using the citibank pre check thing from a previous deal (didn't end up applying for the citibank signature card thou) and have been approved for 7k.
Get your friend to look up the citibank sig deal on here and see what he/she scores.
Using that check doesn't effect your credit score.
Legend, thanks!
i notice they will give me at least 10% of my annual salary. then each half year they start sending invites to increase limits to twice or more…. which can get quite scary if you aren't disciplined enough.
I am sure the law states that you can tell them [any provider] to not send you invites to increase the limits.
So you have full control over the "invite to increase" problem.
I think there may be a "tick the box" item on the application form?
they can't send you the invites directly, but nothing is stopping them from telling you that there are invites available and you can logon online to give consent for them to invite you.
laws are always rigid;people often find ways around them (for good or bad causes)
it's probably a small hurdle for someone who are used to saying 'yes increase my limits to the moon!'.
perhaps another analogy, ice cream shops sending you a letter saying "we've got new flavours today, login to our website and give consent so we can tell you what flavours they are and how many scoops you can get…"
Is it possible to transfer my personal loan into this credit card? Ive heard that citibank & virgin do allow personal loan to credit card transfers but i cant seem to find much information on it
Some come here for the bargains, others come here for the lame-ass puns, and now I've discovered the rare breed that come here for the loose women!
Haha….a + for the description alone. No interest in the card though personally having just taken up the ANZ 16mth offer.
applied and approved, but was only given 8000 limit, a bit disappointed as I apply for this card mainly for BT
We're hearing it's normally 10% of your wage, was this the case in your instance?
less than 10% in my case, it may vary among banks, citibank usually gives much higher credit limit in my experience.
I would only try for this one if I needed a Credit Card. However anyone who wants cheap cash and has a Citibank CC should ring Citibank and ask them for an '80% of limit' cheque to self. They are absolutely throwing money at you. I tried to close a ready credit account and they sent me a $12,000 cheque 0% for 9 months instead. They inferred it was readily available, and all you need to do is ask.
So can you continue using the remaining 20% of your credit card balance normally without affecting the 80% balance at 0% interest?
You can continue to use the remaining 20% and that will show up on your statement separately, but how the interest on that and how payments are applied is very unclear. There are lots of conflicting opinions on that. To be sure, I just stop using it.
Thanks, sound advice.
Interesting you bring this up about Citi. I was told getting the balance transfer would not affect my interest free period. However, it did and they charged me interest from the moment a purchase was made.
I complained and told them to listen to the recording of me with the person selling me the balance transfer after which they refunded my interest.
Hence, once you get the balance transfer you cannot use your credit card without incurring interest.
@bargain_knight:
that's one of the sting in the tail :)
what most people i know usually do is balance transfer, and then use the previous card for purchases. clock the points up, then transfer to another or fully pay the new card.
you won't recieve any interest free days whilst a balance transfer is active on the account so, as you mentioned, do not use it!
I was told the same thing, and had the same issue - was not happy when I got charged a heap of interest from Citi. I complained and got my interest refunded. But can no longer use the card without incurring interest because of the BT on there.
I will now BT that to Coles, and then I can start using the Citibank card again without paying interest.
I just literally rang Citibank to tell them I am closing my Ready Credit. Was transferred to a "customer liason" team who then offered me 9 months 0% cheque to self
Is the 80% referring to 80% of your credit limit? And does this mean that this portion will be interest free?
Edit: ok saw the answers above. If you lose the interest free portion then it is no good.
just wondering, can you do a BT from someone else's credit card ie your partners?
I can't speak from experience with this card but looking at the T&C's it says they may refuse to accept a BT if you are not the primary account holder of the other card/account.
thank you.
If you are both joint account holders and the new card is a joint account too. Otherwise, primary to primary only.
Depends on the card. I have done at least 2 BT's in the past couple of years to a completely different name. Not sure about this card though.
Which companies were they through?
Anyone got a limit >$10k on this? With interest rates this low it's probably not worth the effort to apply for this card just for the 0% balance transfer for placing in a high interest account.
what gave you the idea that credit card interests will fall according to the deposit/rba interest rate?
typically cards are around 20-24%pa on balance excluding fees.
I'm not talking about credit card interests, but rather deposit/rba interest rates. I don't have a mortgage or outstanding credit card balances, so the deposit interest rate is what interests me when there is a 0% balance transfer opportunity.
i see. i've not got into a situation where i don't have a mortgage, so it was a bit odd when you said what you did in the earlier post. :) especially in this country with silly tax rules.
Hi Forumninja, thinking the same but it is not as good as you put the BT to offset you mortgage. If you put it in high interest online will get 3.5-4% on which you have to pay tax (35 - 48% depending on income) so if you get $10000 credit and BT 80% you are about $170-200/year ahead after tax. And you have to remember to pay minimum payment on that credit card every month.
Worth doing???
@maxi: The minimum payment can be achieved by direct debit. Assuming you put it into UBank USaver, you can direct debit from the linked Ultra account without having to worry. You can then schedule a payment for the rest of the balance on the 18th month (or set a reminder to change direct debit for the full balance the last month).
From what I hear and from my experience with GE, they offer ridiculously low limits, so in my opinion for $170-200/year after tax, that is not worth the effort plus the Veda score hit, when you can easily get more from ANZ FF or Rewards card.
I would hold out for more lucrative offers from other banks where they give higher limits, so that you can score more than $200 for this Veda score hit.
BTW, if you already have a few cards, depending on your spending pattern it's probably better to get more AMEX as you'll definitely benefit a lot more than $200 a year from the AMEX offers from time to time (e.g. Shop Small, spend $X for $Y statement credit, etc.).
Also, do you find out your credit limit only after step 5 - submitting the application?
yes, only after your application is approved
Signed up to this last year. Pretty good card (the black one), I pay all my bills with this card and get 1% back from flybuys at coles. I also signed up to the shoppers protection which means to avoid paying the fee I have to pay off the balance each month. This effectively means the 18mo interest free is useless. I wish I had applied when they were doing the "$75 off your coles shop" promo :P
The only other CC i have is also from GE money, which is the 28º card. Been thinking of replacing that card with the Bankwest zero platinum that comes with travel insurance.
Great deal OP…….not sure if i will pass credit check..had to negotiate with NAB Yesterday..result was permanent 7% discount and last months interest wiped off
Nice, care to share how you negotiated this?
Best way to negotiate discount is to wait a few days after it is due and then ring them and mention financial hardship and you can only pay a little amount per week. i told bank that my wife had broken her shoulder and couldn't work which is true. I did not tell them she wasn't working in the first place.
"It's Coles no annual fee MasterCard time…"
upvote purely for the drugs and loose women.
Ongoing 0$ fee? I might recommend this to someone
Applied but didn't get approved in, 60 seconds… Boooo! Hahahah
ref "Offer only available for new applicants approved by 28th February 2015" i closed mine down a few months ago i wonder if i still qualify for this offer?
Don't think anyone has mentioned it but if spend over $100 at Coles online with this card your delivery fee is waived.
I have a Coles Cc but all the fine print said that stopped -9.12.14. I wonder if it's been extended.
In finally can "afford" to buy my Leica…
Are they still offering free delivery when you spend over $100? They did last year but not sure if it has stopped?
Its still on
http://www.colescreditcards.com.au/cards-and-features/no-ann…
Receive free delivery each time you spend $100 or more with a Coles MasterCard at colesonline.com.au. Offer can be withdrawn at any time. Offer excludes tobacco and tobacco related purchases and remote delivery orders. To see if we deliver to your area, visit shop.coles.com.au and enter your postcode.
I suspect that only the standard card is $0 annual fee. Can anybody confirm that? Or is there a special offer for an introductory $0 annual fee for the rewards card that I'm missing?
So um how does one make the most of this deal?
Only approved for 3k limit which isn't enough for BT purposes. Would it be wise at this point not to send in the required documentation (ie. payslips) so the application is effectively cancelled? Or I have already 'done the damage' on my credit rating and may as well accept the card?
Done the damage I'd say
If Coles does not excites you then try Virgin Money credit card zero (0) annual fee for life and 18 month 0% balance transfer available, it is by Citibank
14 months you mean. Can you balance transfer from a Citibank card to Virgin at 0%?
ME bank Low rate Mastercard
$0 annual fee. Lowest interest ATM of 9.99% and 55 Days interest free.
Not sure if Citibank No annual fee for life is still active but they got very high interest rates and high fees.. just in case you went over board :)
Thank you @Chiefbodge!
I have applied for the Citibank Credit Card and this Coles credit card too.
No annual fee- nothing to lose right? And if I can get the "free money" from both cards as a cheque to self and put it in my home offset account, I can save a lot of interest.
Does anyone know if Coles Credit Card will let me do a cheque to self, or do I have to balance transfer to Citibank Credit Card and get Citibank to write a cheque ?
Also, the promo period is until February 2015 - does that mean the interest free ends in Feb 2015 or is the latest time that my application for the credit card and balance transfer has to be approved?
What does the bank gain by giving out this "free money"? I mean there must a risk involved if I can't pay it back, right?
Thanks!
Looking at the form that comes with the Coles card it doesn't appear that cheque to self is an option - It could be worth calling and asking though.
Transfering the balance to a citibank card if you have it is definitely the way to go - citibank might even transfer it directly to your bank account instead of a cheque (according to other ozbargainers).
I assume the 18 month BT offer ends in February (so you have to have signed up by then).
Banks have obviously run the numbers and realised that enough people who get balance transfers end up not paying off their debt by the end of the 0% period and then they make a killing on charging 20% interest - if you ask me it's really unethical.
Really appreciate your help @chiefbodge
Now that I can understand it, I'm sure everybody who reads this thread will be fine :)
If I transfer $5000 from Coles to Citibank, can I choose to not pay off the debt with Citibank and do a cheque to self? Assuming there is an existing balance transfer amount of $5000 owing already.
You'll need to clarify - if you transfer $5000 from coles to citibank then citybank will be in credit, not debt - so you'd simply ask citibank for a cheque for the amount your card is in credit by (or ask for a bank transfer instead of a cheque).
Maybe this will assist below - with the balances at each step:
1. You sign up to coles ($0), you also have a citibank card ($0)
2. You ask coles to balance transfer $5000 to citibank: Coles (-$5000). Citibank (+$5000)
3. You ask citibank for a bank tranfer or a cheque to self: Coles (-$5000), Citibank ($0), You: ($5000)
Can you really do a balance transfer to a card that has a zero balance on it?
I thought there would be some checking by the paying bank?
Or, is this why citibank cheque to self is so useful?
Yes, you can do a balance transfer to any card that has zero balance (provided the cards are with different banks) - the banks can't share details like that because it would be a breach of their privacy policies.
I have also read lots of balance transfer terms and conditions and have never seen conditions that forbid this either so I assume the banks are fine with it (they're just happy to have you in debt with them I think).
Most banks will give you a cheque to self if you credit card has a positive balance. Citibank is good because they will give you a cheque to self on their own balance transfer promotions so you don't need to transfer the balance to another card first - they will also apparently do bank transfers instead of cheques.
Got $10000 credit, as requested.
Seems higher than previous applicants, are you 100k+ range if you don't mind me asking?
I got 10k on a 90k wage
How do u know the approved credit limit? All i have got is the approved email and cc number.
Found it - after registered … I got $10k limit too on $85k wage
2 questions if anyone knows:
1 - Is there a fee for the balance transfer either fixed or %age?
2 - Can a balance transfer from a card in another persons name?
On the balance transfer form it says "Name of Account holder (must be Coles MasterCard or Coles Platinum MasterCard Primary Cardholder)"
has anyone rang them and tried to get the $49 annual fee waived by telling them you want the card cancelled because you don't want to pay the fee?
There should be no annual fee… Do you have an old card with a fee? They might say the new deal is only for new customers, if that is the case, I'd cancel and then sign up again next month or so.
I was referring to the rewards card. It gives an equivalent of 1% cashback while the no annual fee only gives 0.25% back.
I know that you can switch between the two cards (points earn rate) by giving them a call. I wonder if it'll work if I call them a few days before the annual fee is due and change again a few days later…
Following this cos I think you are referring to the Rewards card that I just applied online for. Would like to find a way to waive the $49 fee too
Got the card last year and asked them to waive it, since they were giving a promotion to new customers and what does a loyal customer get. Pretty much told that you can have it waived in the first year but not subsequent years. Was told that they have a no annual fee option.
Loose women..I can't work out where to swipe the card. Tap & go did not work either.
Had a look at the first page of application and couldn't see it, but has anyone been through and verified if this allows a joint application?
pfft lame $1000 limit … 100+k salary wtf…
you sure you filled in 100+k, rather than 10+k, when completing the application
i know the difference between 10k and 100k. application stated 100k+ … meh :/
time to check your credit file….
My credit file is very good on Veda
how about the other one?
and there is no point telling me it's good on veda, i'm not the one approving you and assessing your risks.
i've seen people who have 40k income but have 20k credit limit, because capital rich.
so 1k on 100k, anyone smart enough can tell it's not the norm and only one side of the story.
Citibank will even deposit into a bank account (no need to deposit cheque)
I gave them a BSB and Account number and they put it straight into the account.