Just had this offer emailed through.
0% Balance Transfer for 18 months - Reverts to usual rate of 19.99% after.
No annual fee for first year - $49 after.
$150 Woolworths Gift Card when you make a purchase by 31st March 2016.
Plus $10 off every time you spend $100+ @ Woolworths online shop using an ongoing discount code.
Seems a great deal on the whole considering its possible to save 10% off if you regularly spend that kind of money at woolworths online.
How and why would they do that?
1) Yeah it's MacBank for starters.
2) They seem to only want those who earn under $70k/yr (those with a higher income appear to be rejected - reflecting on your credit score - just search previous offers)
Your comments are BS. Probably many folks here on over $70k/year who applied and got approved. They have no incentive to reject anyone.
If you say so boss, plenty of comments on previous WW money CC offer talk about rejection for higher incomes.
I earn over $70K. My application got rejected. Got rejection letter after 2 weeks. When applied online, their system said you are approved. Their whole process is BS.
Ive signed up for two cards today already…….can we sign up and get the gift card then cancel the card? Or will this ruin my credit rating?
Nothing at all stopping you from signing up for one, making the eligible purchase then cancelling once you receive the $150 gift card. Would I do this just for the gift card after already applying for 2 today? Probably not. That's going to look a little strange on your credit file on future applications. Too many applications for credit in one year can have a detrimental effect on your credit score.
I like to keep mine at no more than about 4 to 5 a year.
it's the rejection that ruins your credit score
Don't see how that is possible, a financial institution would not record the outcome of a credit application on your credit file, only the initial enquiry is recorded which is what their decision is based on.
Too many applications from a result of rejections could have an effect though.
Institution make a credit check, it's lodged on your file. When your account is open or closed its also lodged on your file. If there's a credit check, but an account isn't opened, that's an indication that credit was refused.
Not all lenders use the same credit reference reporting agency and not all accounts whether open or not are recorded.
Have a look at this - https://www.creditsavvy.com.au which is based on info from Experian. Gives quite an in-depth analysis of your credit file and helps to you better understand what affects your rating and keeps a track of your continuing credit score.
Careful with applying as they may not approve your application without and explanation.
Reading through some of the comments on previous deals from these seem to suggest that if you have an unblemished credit record, and are unlikely to utilise the credit facility/balance transfer then they may see it as low chance of making any financial return and therefore reject your application.
May not be the case but would make sense.
That is not the case. From personal experience.
That is the case from personal experience.
I wonder if you can balance transfer from an existing Citibank "cheque to self" balance transfer? :)
I applied for a Jetstar Mastercard (another deal on here) which is also handled by Mac Bank . I asked for a Platinum. I have an income of $150K with no mortgage and a 900K home. They declined as they said I had too much credit (currently have a total of $27K of unsecured). Mac Bank are just looking for those people who will not pay off the min balance in time I think.
$$$
Your debt is already 18% of your annual income which is quite high. I assume that you havent maxed out those credit cards so you can rake up even more debt. I suspect that you are too high risk for them to accept?
Im not sure about the application process for it but I dont think they include the value of your home.. If you have to sell your home to pay off your credit card debt or use it as collateral then you shouldnt be applying for more credit cards..
BTs are treated as a Special Promotion under your Account
Conditions of Use. Repayments to your Account are applied to
Balance Transfers that are in a promotional interest rate period last,
in descending order of Annual Percentage Rate. Balance Transfers
will attract interest from the date of transfer.
https://www.woolworthsmoney.com.au/content/dam/woolworths/do…
It's better not to apply for credit card from these bastards as they will spoil your credit score and still deny the card….guys stop posting offers from these bastards