GE Capital sells off 28 Degrees to Latitude Financial, latest survey canvasses implenting annual + INT transaction fees

Cobalt_ on 29/04/2016 - 12:46
Last edited 29/04/2016 - 12:46

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?

Poll Options

  • 181
    I will cancel my 28 Degrees card if they introduce any new fees
  • 6
    I will cancel my 28 Degrees card if they implement an annual fee
  • 5
    I will cancel my 28 Degrees card if they implement an international transaction fee
  • 1
    I will continue to use my 28 Degrees card even if they introduce new fees
Financial

Related Stores

28 Degrees Card
28 Degrees Card

Comments

  • retiredfeline on 29/04/2016 - 12:51
    +2

    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.

  • Cobalt_ on 29/04/2016 - 13:05
    +3

    For me both annual fees and international transaction fees are a deal breaker. It will be a real shame if they decide to introduce either

  • twodollah on 29/04/2016 - 13:17
    +16

    If they introduce these changes, there is really no reason to keep the card anymore.

  • tomsco on 29/04/2016 - 13:21
    +2

    I'd imagine most people on the 28 Degrees bandwagon would be OzB/WP users (ie. fairly switched on people).

    If they start adding charges, I'm sure they'll lose a great chunk of their customers if they do.

  • ilikeradiohead on 29/04/2016 - 13:38

    This is a good example where competitive markets are good. If 28 Degrees introduces and AF or INT transaction fee, you can do a direct switch to the Bankwest Zero Mastercard (or a couple others if you're willing to pay an AF).
    I didn't vote because I already have a BZM, but if the fee increased or INT transactions ceased I would definitely switch.

  • mskeggs on 29/04/2016 - 13:43
    +1

    The ATM fee changes prompted me to open a Citi account, but I didn't bother cancelling the 28deg card, and occasionally use it with Amazon etc.
    Won't pay a fee for it, however.

  • scotty on 29/04/2016 - 13:52

    Plenty of credit card without annual fee, and having no international transaction fee is 28Degree's only redeeming value. Unlike @mskeggs I haven't got a Citi account yet as I haven't travelled much. Maybe time to get one.

  • mitty on 29/04/2016 - 14:01
    +2

    Bankwest Zero Platinum Card is essentially the same as 28 Degrees now, no Foreign Conversion fees. I switched to that ages ago when the started charging for Overseas ATM Withdrawals. For cash Withdrawals overseas I use a Citibank Plus Everyday Account which has fee free overseas withdrawals and also no conversion fees.

    • Cobalt_ on 29/04/2016 - 15:48

      The last time I looked at the Bank West product there was an annual fee. Now it's free. Is this a recent change? I'll definitely jump ship to Bank West if 28 Degrees decides to mess with fees.

    • Paul Atreides on 29/04/2016 - 16:13

      whats the min credit limit on the 28 degrees card? I know I had mine at 1k before I cancelled it.

      Bankwest is 6k, so might not be available to some

    • BigTed on 29/04/2016 - 16:27

      Many/most of us here have the 'travellers combo' of cards - 28 Degrees for credit purchases, Citibank Plus for ATM.
      I do too - however, I just had an unfortunate experience with Citibank that is causing me to reconsider.
      I only use the Citi card when I am travelling overseas for ATM access so it has been about a year since I have used it.
      I am going to Bali in two days so I called up Citibank to let them know.
      Turns out as I hadn't used my card in 6 months they had deactivated my account. However, they could reactivate it in a day.
      Fine.
      When my wife went to do the same thing, she realised that our cards had expired last month. No contact from Citibank, no new cards issued. (I assume this is because the account was 'inactive').
      That was a problem. Citibank tells me that it will take about two to three business days for new cards to be issued. Unfortunately, I will be in Bali in two days… What can we do to fix it? Absolutely nothing.
      Two things really p*ss me off about this:
      1. Why didn't Citibank contact us before our cards expired, and
      2. In 2016 is it really impossible to get overnight delivery of a credit card from Sydney to Perth? Really?
      I remember decades ago Comet promised 'when it absolutely has to be there - overnight'. Have we really regressed so far?
      Argh - just wanted to vent. Citibank has been terrible for customer service though.

      • kylebb on 29/04/2016 - 18:09

        This is in the terms and conditions of the account. Which you obviously read. Do you have any other products with citi?

        My plus account is generally inactive but has never been clsoed

      • CletusDB on 30/04/2016 - 20:29
        +2

        I think a lot credit cards are outsourced so they have all the new chip and payway tech.
        Sorry to say they don't have a card with your name printed on it ready to overnight to you when you call them, then need to get the card made
        Cards a made on a just in time basis to prevent fraud

        I understand your frustration but it would be the same with any bank

  • Mad Max on 29/04/2016 - 14:03

    If they introduce a fee, first I will ask them to waive it. If they don't I will close the account there and then. Only one phone call needed.

  • chill on 29/04/2016 - 14:35
    +2

    I don't think they could charge a annual fee.

    I can think of no other financial institution that has online banking down as often as they do.

    They have just bumped the interest rate up to 21.99% plus they make more interchange fees being platinum and the ATM fees.

  • fruit on 29/04/2016 - 15:17
    +1

    Fees = I'm gone. It's the only reason I have the card

  • akd on 29/04/2016 - 15:27

    It is bad news. i just got my card approved last week ago after 2 dis-approvals. I should have been suspicious when they increased the limit in couple of hours after approving. i haven't received card yet.

  • altomic on 29/04/2016 - 16:22

    noticed this today when I logged on to the site to see how much money I owed them :(

  • kylebb on 29/04/2016 - 17:50

    It's not exactly a secret that this was sold - almost the entirety of GE capital has been sold off in some form now.

  • modsec802 on 29/04/2016 - 18:33

    If they have any fees I'll close it fast. The only reason I have the card.

  • wildbill on 30/04/2016 - 07:37

    Any fees and I will also cancel both mine and the wife's.

  • SydneySwan on 30/04/2016 - 10:27

    It defies belief that they would send out a survey asking their customers if they would like to pay an annual fee or international transaction fees. This card has always been a secondary card for me and I suspect most others as well to be used overseas only. It was great when you could draw cash fee-free overseas but that is now gone. If international tx fees or annual fees are introduced then their busiest department will be cancellations.

  • robertbruce on 30/04/2016 - 10:44

    any fee and I wont get one of these cards…

  • Mad Max on 30/04/2016 - 11:03

    One additional benefit is that sometines they send offers like spend $400 get $20 bonus.
    That is 5% rebate, so it is better than points on any other credit cards and also better than ING's 2%. Also not limited to the paywave $99 maximum per transaction.

    • lainey13 on 30/04/2016 - 21:57

      I've had the card since 2008 and only had an offer like this once, and that was in the last few months!

      • BargainShopaholic on 01/05/2016 - 01:44

        Same. I've had this card since 2010 and never had an offer like this.

        • Mad Max on 01/05/2016 - 09:03

          Had the offer 3 times so far. I am now waiting for the $20 for spending $500.
          The spending required has been going up by $100 every time.
          $300 1st time, $400 2nd time and $500 last time. It takes 60 days to get the bonus.
          Edit. They send the offer in an email that you have to activate.

  • WT on 30/04/2016 - 16:19
    +1

    Someone should send the new company the poll results

  • momov3 on 30/04/2016 - 23:41

    So then it's back to PayPal's dodgy conversion rates again for international transactions on Ebay? Not happy.

  • tomsco on 06/05/2016 - 09:14

    On a different note, does anyone know if the BPay details will eventually change? Or stay the same?

    • Cobalt_ on 06/05/2016 - 09:40

      Good question, would be worth contacting them to find out.

      According to BPAY code finder (http://www.bpay.com.au/Personal/Find-Biller-Codes-or-Financi…) there are two distinct codes:

      150615
      28 DEGREES MC
      Biller Code
      150615
      Biller Short Name
      28 DEGREES MC
      Biller Long Name
      28 DEGREES MASTERCARD
      Location of the Reference Number
      BOTTOM OF STATEMENT ON LAST PAGE
      This Biller accepts
      Cheque, Savings or Debit Card

      293076
      Latitude MasterCard
      Biller Code
      293076
      Biller Short Name
      Latitude MasterCard
      Biller Long Name
      Latitude MasterCard
      Location of the Reference Number
      BOTTOM RIGHT ON PAGE TWO
      This Biller accepts
      Cheque, Savings or Debit Card

      I suspect that the BPay codes won't change unless the name/branding of the cards are changed at some point

  • Mad Max on 17/05/2016 - 15:49
    +1

    First fees coming…
    They introduced a fee to pay your account via BPay from your bank. $0.95
    To avoid the fee you have to pay from the 28 degrees website logging in your account and using the "pay your account" feature giving them your bank account details (account number and bsb) to take the money out. It is still a BPay but they initiate it.

  • saty1296 on 20/05/2016 - 13:14

    Where is it mentioned that for Bpay payments they will start charging a an immediate fee? I have received my 28 degrees credit card statement on 06 May 2016 and in the bpay payment method, they have not made any mention of Bpay payment fee.

    • lainey13 on 21/05/2016 - 21:33

      Look a bit closer at your statement. If not it may be in your next statement. But it was there in mine..

      • Craze on 23/05/2016 - 13:45

        Interesting will take a closer look at the statement when I get home tonight. What's the driver in introducing the BPay fee paying from bank account rather than their feature?

    • mightyhawks23 on 26/05/2016 - 12:34

      just got my statement dated to 24/5 and it's on the page after the list of transactions
      Fees are effective from 11th July 2016

      First instinct is to cancel as I'm sure I'll forget to pay it from the 28 deg site at some stage and get slugged the 95c fee
      But then, i'll need pre load my citibank card with funds before making purchases

      Gotta weigh up which one's more inconvenient

  • 33725 on 23/05/2016 - 20:19

    Saw it on my statement too, closing this soon

  • [Deactivated] on 26/05/2016 - 15:38

    I just got an email saying that
    "We're here to assure you that your current 28 Degrees MasterCard will work exactly the same as it did before. You don't need to take any action."

    Let's see if this is true!

  • [Deactivated] on 26/05/2016 - 17:33

    I can't see any difference?

    https://www.latitudefinancial.com.au/credit-cards/?gemid1=Ma…

    • nickxau on 27/05/2016 - 10:25

      I do… this is their new fee structure: http://imgur.com/hmq7Xal

      • [Deactivated] on 27/05/2016 - 18:59

        cheers, I never got that info in the cheery email they sent me…….
        might as well cancel, kinda lost it's benefit

  • CodeXD on 27/05/2016 - 10:37

    Just checked my statement, looks like they're sneakily adding it to the statements at the end

    https://files.ozbargain.com.au/upload/54474/39729/img_201605…

    • Cobalt_ on 27/05/2016 - 10:57

      Had to read it twice, it's like they're going out of their way to make the statements as confusing as possible. Looks like I'll be moving to Bank West Zero Platinum sometime soon.

  • Cobalt_ on 27/05/2016 - 11:04

    For those thinking of dumping 28 Degrees, here is a list of alternate products which offer similar features:
    https://www.ozbargain.com.au/wiki/cards_with_no_overseas_tra…

    Bank West Zero Platinum appears to be the closest competitor

  • bluesky on 20/06/2016 - 03:09

    11 July is approaching, when $0.95 fees will be charged if account is not paid via the Online Service Centre. There is a message at the Online Service Centre payment page, that says it takes 3 days to clear. Need to take this into account in planning the payment date, in order not to get hit with late payment fee. Essentially, this will reduce the number of interest-free days.

    • CodeXD on 20/06/2016 - 08:35

      Isn't this the same with bpay anyway? When I bpay to 28 degrees, it leaves my account straight away and I see it in my 28 degrees statement about 3 days later. This new method means for the duration of the wait, it is still in your account.

      • bluesky on 20/06/2016 - 10:45

        There could be a difference, and granted, I am being careful.

        With bpay, I have assurance that the day of the bpay payment is considered the payment date. That is the rule of bpay, as far as I know. It may take a while to reflect on the account, but when it does, that is the payment date.

        With this online payment, when we submit the form, it is 28 Degrees backend which will initiate the payment. If we assume they will act in good faith, then yes, it should equate to us doing the bpay on that date.

        On the other hand, if they initiate it on day2 or day3 and take that as payment date (if that is how their backend operates, we have no grounds to argue), then it may result in late payment, if we have not accounted for it.

        Having said that, I never ever cut it that fine when paying, I was just alerting others who may. Will monitor next time I use it, to see which is the case.

  • rickb on 20/06/2016 - 06:49

    Will I get slugged with a 95 cent fee if all I am doing is paying the previous month's 95 cent fee?

    For example; My July statement comes in at 148.67. I pay it via BPAY and I'm hit with a 95 cent fee. No purchases next month and I get a statement for just 95 cents. Will paying the statement by BPAY generate another fee for 95 cents. It could be a continuous cycle.

    • leeroys_dad on 20/06/2016 - 08:59

      appears that way

    • bluesky on 20/06/2016 - 10:50

      I cannot remember precisely which card, but some cards consider small payments as not needing to be paid by the next cycle. And there is no penalty. Perhaps this applies for the 28D card.

    • bluesky on 20/06/2016 - 12:12

      Oh yes, I checked, Coles Mastercard does not require payment for small amounts. Total due is 0 for amount owing of $2.21. Not sure what is the cut-off point.

      Coles Mastercard used to be owned by GE as well, and uses a similar interface. Good chance the same applies.

  • leeroys_dad on 20/06/2016 - 08:57

    why are people looking to close their card, just because they have introduced a 95c fee for bpay? lighten up…it's not like they are charging 95c for every payment method… just use their online service centre to make the payment then there's no skin off your nose.

    the card is great as it is and this is such a trivial change you are all way too precious :-)

    • bluesky on 20/06/2016 - 11:10

      I think the many voting to cancel card if any fees were introduced - did not mean this type of fee, which can be avoided. Perhaps they were thinking of other types of fees :-)

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