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Woolworths Everyday Platinum Visa Credit Card - 0% Balance Transfer (14 Months), No Annual Fee 1st Year ($49/Yr Thereafter)

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Woolworths Everyday Platinum Visa Credit Card - 0% Balance Transfer (14 Months), No Annual Fee 1st Year ($49/Yr Thereafter)
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MathNerd on 08/04/2018 - 10:54 cards.woolworths.com.au (2556 clicks)
Last edited 08/04/2018 - 12:22 by 1 other user

I was searching far and wide for a balance transfer offer (minimum 12 months) with no upfront fees and no annual fees. Stumbled across this beauty and it's too impressive to not post it as a deal.

The Woolworths Everyday Platinum Credit Card is the only card I could currently find offering two very important things - No Annual Fee (at least just for the first year), and a 0% Balance Transfer Fee (for 14 months).

From the site:

Features

  • $0 annual fee for the first year Saving you $49. Apply by 30 June 2018
  • 0% p.a. on balance transfers for 14 months from card approval. Apply by 30 June 2018 (reverts to the variable cash advance rate)

There are other features too, such as "Get a $50 Woolworths eGift Card when you apply by 30 June and make an eligible purchase by 31 July 2018", and "Up to 55 days interest free on eligible purchases".
However, if you're using this card for its best purpose, i.e. its Balance Transfer, then these two features should be moot.

In the interests of Full Disclosure:

Please take into account your personal situation before applying for credit.

Financial Credit Card

Related Stores

Woolworths Money
Woolworths Money

closed Comments

  • Whatisthatvelvet on 08/04/2018 - 11:04
    +1

    Balance transferred to this card a year ago. Best deal then. Looks like best deal now.

    • MathNerd on 08/04/2018 - 11:06

      Thanks :)
      How long did approval take, can you remember? I applied for this card on Friday and am still waiting.

      • Whatisthatvelvet on 08/04/2018 - 11:10
        +1

        Took about a week IRC. Then the card just appeared in the mail.

        Also got $100 eCard back then only $50 now. Just had to make a purchase with card to receive it. Bought a can of coke for $2.

        • MathNerd on 08/04/2018 - 11:12

          Ah I see, it's a "stealth approval", haha.
          What about the interest when purchases are made on a card with a BT? I thought you're then up for the full 20+% interest p.a. on the entire card balance when a purchase is made, hence a $50 eGift card won't actually help much?
          Or have I just got the concept of a BT all wrong (first time doing this, btw)?

        • Becsavers on 08/04/2018 - 11:43
          +3

          @MathNerd: There’s a legislated payment hierarchy that banks have to use. They must apply your repayment to the charge with the highest amount of interest first (purchases, cash advances), so you can make a purchase, pay that full amount off by the statement due date, and the rest of the balance will remain at 0%. Just make sure your minimum repayment is higher than the amount of purchases you’ve made and you won’t pay any interest.

        • kancha on 08/04/2018 - 11:51
          +2

          Same here, about a week. Approval was about less than 2 business days. Online Application approved straightaway but they probably do a bit of human checks.

          Applied 29/03 Thurs 3pm, the day before Good Friday. Got the final approval at 12:30pm on 3/04 Tues. Card came on Fri 6/04.

          I actually got a call from them before the approval came through in an email. They called at my work and reception forwarded the call to me.

          The guy on the phone said they were from Woolworths Credit Cards and wanted to confirm I was the applicant. The usual name, DOB & address check. I thought it might be a longer call but it was just an awkward pause before he repeated he called to confirm details. The email came soon after

        • MathNerd on 08/04/2018 - 11:52

          @Becsavers: Oh I see, thanks for the explanation.

        • MathNerd on 08/04/2018 - 11:53

          @kancha: Thanks for the info, really helpful!

        • Whatisthatvelvet on 08/04/2018 - 12:05

          @MathNerd:

          Nah. Interest only charged on purchase after interest-free period (up to 55 days)

          BT interest free for 14 months.

        • vash12 on 08/04/2018 - 12:41

          @wheresthebeef:

          Is this a good way to buy a car ?
          Buy a car using exisitng cc and bt to this cc and paid the balance within the 14months period ?

        • MathNerd on 08/04/2018 - 12:44

          @vash12:
          Makes sense actually.
          Existing CC gets a $20k transaction (for example). If you're playing the game right, that entire 20k is due in a month or 2 (depending on your statement period).
          However, when you BT to this CC, you've effectively 'stretched' out your payments over 14 months, and not getting charged for the privilege.
          You're using someone else's money and borrowing it at 0%.

        • vash12 on 08/04/2018 - 13:02

          @MathNerd:

          Thanks mate.

          This method seems less complicated as compare to refinancing my home loan and toping it up to buy a new car.

          Alternatively I can just buy a new car with cash but than my saving account will take a hit.

          Ummmmm hard to decide….

        • Whatisthatvelvet on 08/04/2018 - 13:07
          +1

          @vash12:

          When I bought car, the cc I used had 0% interest on purchases for 18 months. When that period ran out I transferred balance to this card. Will be paid off by end of interest free period.

        • Whatisthatvelvet on 08/04/2018 - 13:08
          +1

          @MathNerd:

          Correct. Better than using my own $$

        • MathNerd on 08/04/2018 - 13:09

          @wheresthebeef: Which CC was that? And did you get charged a surcharge for the car purchase for buying it with a card?

        • Whatisthatvelvet on 08/04/2018 - 13:12
          +1

          @MathNerd:

          Think it was a NAB card. I'm sure there might be a card out there with 0% on purchases.

          Yeah had to pay a merchant fee which worked out to about $200. So far that's the only fee I've ever paid for the car

          Edit. I'll get hit with the $49 annual fee soon though

        • MathNerd on 08/04/2018 - 13:14

          @wheresthebeef: Ah okay so about 1% on a $20k purchase.
          Not bad at all, especially since you're paying off over a long time :) Game well played :)

        • vash12 on 08/04/2018 - 13:21

          @wheresthebeef:

          Awesome!
          But was it a smooth process? Did you get hit with any hidden fees or surcharges?

        • Whatisthatvelvet on 08/04/2018 - 13:27

          @vash12:

          Nope. Only what I mentioned above.

        • vash12 on 08/04/2018 - 13:38

          @wheresthebeef:

          Did it affect your credit score?

        • Whatisthatvelvet on 08/04/2018 - 13:39

          @vash12:

          Haven't checked in a while. Wouldn't imagine so.

        • h4zey on 09/04/2018 - 10:13

          @MathNerd: can you keep transferring it from one CC to another and perhaps you will never need to pay your debt?

        • MathNerd on 09/04/2018 - 11:04

          @h4zey: that's certainly possible, yes, but to avoid interest you'll need to keep posting the minimum each month, so eventually the balance will get to zero :)

        • polstralian on 26/04/2018 - 19:43

          @wheresthebeef: hmmm… Ts&Cs say: You will not be eligible for interest free days until the balance
          transfer (BT) amount is paid in full.

        • Whatisthatvelvet on 26/04/2018 - 19:52
          +1

          @7es7ash:

          Haven't been charged any interest because I haven't used this card for purchases (except can of coke).

          Just about to finish off the balance transfer then will cancel the card

        • tunzafun001 on 16/05/2018 - 11:52

          @Becsavers:

          So using the $2 example above, if you repay your monthly repayment obligation + $2 you are good to go? ie no charges?

  • pistachio1 on 08/04/2018 - 12:04
    +1

    Someone pls confirm, I can't adult: if you transfer balance and DONT pay it in 14 months, the balance transfer starts having interest of the variable cash balance rate ? Can you then, say, transfer that remaining balance to another 0% interest balance transfer card?

    • Whatisthatvelvet on 08/04/2018 - 12:07

      Correct.

      If still have a sizable balance on card, transfer to another card which has a similar deal to this. Have done this a few times. Bought a car with credit card.

  • brokenglish on 08/04/2018 - 12:15
    +14

    searching far and wide

    the credit card to understand. the balance that's insideee

    • MathNerd on 08/04/2018 - 12:20
      +2

      Can't plus vote this enough.

      • sss333 on 08/04/2018 - 14:04

        I can't upvote at all currently because of the upvote limits :/

    • buckster on 08/04/2018 - 13:00
      +7

      OZ BAR GAIN! Gonna buy them all

      I'll buy some Xiaomi,
      Cash rewards is my destiny,

      OZ BAR GAIN! Broden bought all the stock again,
      Full price…? Never Again!

  • dp1 on 08/04/2018 - 12:26

    Numpty question. The terms and conditions say that the transfer can be requested to any financial institution. Could I put $20k into a share trading account or a term deposit as a "balance transfer"?

    • MathNerd on 08/04/2018 - 12:28

      I wish it could actually. During the application, when you elect to do a balance transfer, it asks you for a credit card number, no bank details etc. I'm guessing that if you try a debit card they'll decline it.

      • sj2can on 08/04/2018 - 21:19

        Your other CC should have a policy around 'positive' balances, read it. One bank charges around ~ $3 to move a credit card with a surplus [i.e. positive] balance into a transaction account.

        I did this with my CitiBank, and have the balance now sitting in my offset account.

        Have been tempted to move another $5k from the CC into shares [blue chip]… but its high risks. Am keen to here other peoples thoughts on who have done this.

      • Boshait on 09/04/2018 - 15:21

        I successfully did a BT from a citibank debit card to westpac a couple of years ago.

    • h4lcyon on 09/04/2018 - 11:12

      If you have a credit card and bank account with the same bank.

      a) Clear the bank credit card balance (or maybe not if you want to use the transfer to pay the current balance).
      b) Balance transfer to the bank credit card.
      c) Do an internal transfer of surplus funds from your bank credit card to your bank account (usually $0 fees for doing this, but always check before starting).
      d) Use the funds as you like, ensuring you pay the minimum repayments each month to avoid interest, and the full balance before end of the $0 interest period.

      Some uses are;

      a) Reducing principal on a loan, e.g. put it into your home loan and redraw the minimum repayments each month (assuming no fees for redraws). Before the interest free period ends, either find a new offer or redraw enough to payout the original balance transfer.

      b) Making more money with it, obviously higher risk but might work out better depending on your financial situation.

      Hope that helps :)

  • ego22 on 08/04/2018 - 12:39
    +1

    ive never balance transferred a credit card before..how does it work? like i order this card and when i get it… how do i put the debt onto the new one?

    • MathNerd on 08/04/2018 - 12:49
      +6

      They ask, in the application, for your other CC's details, to which it'll transfer a balance.
      Say, for example, you currently own CC 1, and the Woolworths card is CC 2:

      • You apply for CC 2, in the application you tell Woolworths (rather Macquarie), that you have a debt of $10k on CC 1 and you give Woolworths/Macquarie the number of CC 1.
      • When you're approved for CC 2, Woolworths/Macquarie sends $10k over to CC 1, which pays off the $10k debt on CC 1, so you've now paid CC 1's debt.
      • Now your debt is to CC 2, but because the BT is a 14 month BT, you pay the $10k spread out over time (14 months without any fees), rather than in one big lump sum as would be the case with CC 1.

      I hope that helps?

      • shani123 on 08/04/2018 - 16:24

        That's an excellent explanation.

        Just to clarify the last dotpoint - Is it correct that the 10K would not be spread out over time (ie, you have to make instalment payments) but instead, the 10k would be payable at the end of month 14 (ie, you have no instalment payment obligations but rather, the lump sum is due at the end of 14 months)?

        • haru on 08/04/2018 - 16:50
          +2

          Typically for BTs you have to pay the minimum monthly amount.

        • MathNerd on 08/04/2018 - 17:01
          +1

          See what haru said above.
          There's a minimum amount per statement, so you can pay the minimum for 13 months and then the rest in the 14th month, and you'll avoid BT interest.
          However you can also spread out your payments equally over the 14 months, up to you.

  • Munki on 08/04/2018 - 12:47

    What's the max % of the balance can you transfer? I think most places are like 85%. I can't see it on the link.

    • MathNerd on 08/04/2018 - 12:51

      They don't specify. I think it's an internal decision that varies for each person? Especially when you don't know the credit limit they'll give you. They just ask you for the amount you want to balance transfer and ask you for the CC details of the CC you're transferring the balance from.

      • Munki on 08/04/2018 - 13:14

        That'd be awesome if it is.

  • zan5hin on 08/04/2018 - 12:49

    Haha, I just paid my private health cover in March in full before the price rise, so I put that and a few more things on balance transfer so don't have to worry about that for a while now. Thanks OP!

    • MathNerd on 08/04/2018 - 12:52

      Great stuff. Is this the card you used for your BT?

      • zan5hin on 08/04/2018 - 18:26

        I used the 28 degrees card for the health cover which I BT

  • dnutter on 08/04/2018 - 14:01
    +1

    Can also BT for profit on this. ie.
    $0 on CC1
    Tell Woolworths there's $10k on it
    BT sends 10K to CC1
    Close CC1, transferring out cash
    Invest 10K for 12 months

    • MathNerd on 08/04/2018 - 14:07

      That's the plan.

      Close CC1, transferring out cash

      Is this normally easy to do?

      • dnutter on 08/04/2018 - 14:11
        +1

        yeah, i try not doing it more than once a year though.
        Doesn't seem to impact credit score anyhow. for some reason i've never been in the top score, yet banks always give me whatever I want.
        The whole scoring thing is a bit of a scam IMO, maybe its good for flagging people with shitty history ?

        edit: oh and make sure you don't use a bank that has considers withdrawing a credit balance as a cash tx, and charges you. I'm not even sure they allowed to do that any more

    • bizarredeal on 08/04/2018 - 21:07

      Do you have to close cc1 though?
      Is it possible to simply transfer the positive balance to another transaction account?

    • DogGunn on 08/04/2018 - 14:52

      Won't be able to do that anymore soon as they're now reporting how often you and open and close a credit card account.

      • vash12 on 08/04/2018 - 17:01

        Can you elaborate on this ?
        Who is reporting to who ?

      • keithality on 09/04/2018 - 08:00

        How would this additional reporting requirement affect the ability to perform the trick?

        • DogGunn on 09/04/2018 - 09:44

          Opening and closing accounts will affect your credit rating dramatically. Lenders won't be interested in someone who is opening accounts just for the bonus.

    • fuzor on 08/04/2018 - 16:34

      Damn if only I learned of this sooner lol

  • DaTa on 08/04/2018 - 16:00

    Have this card and used it for a balance transfer, and use the 10% off once a weekend at woolies which is a bonus of the card. I also got support to credit me a free year on the card too but I'll probably cancel this time around.

  • coolsteps on 08/04/2018 - 16:05

    beware "this Card product's Credit is provided by Macquarie Bank" they reject lots of people so I avoid them now

    • tajid on 08/04/2018 - 16:33
      +1

      Ditto to this. Macq & citibank are the worst.

      • Briefcase Mong on 08/04/2018 - 16:40

        So true I got rejected by Qantas money provded by Citibank met all requirements income etc.

        • Kewjonson on 08/04/2018 - 17:35

          yep, happen to me also

        • Charity on 08/04/2018 - 19:10

          Why do you think they rejected you?

          Are you they type of ozbargainer that has a history of claiming bonus points, never paying interest then canceling? Any savings account history with them? Not judging, was thinking about applying to Citi at the moment.

        • tajid on 08/04/2018 - 19:11

          @Charity: haha pretty much. No explanation from them.

        • John678 on 09/04/2018 - 07:46

          @tajid:

          The tricky thing is, if you apply and are rejected it makes it harder each time to get approved.

          I’m keen to do a CC transfer but maybe the big 4 better chance at being approved?

  • muncan on 08/04/2018 - 16:55

    Finally closed my Woolies card last week after receiving the $100 gift card, and 7k of bonus points for agreeing to stick around when attempting to close the card. Had to wait another 2.5 months for another $35 gift card (~7k points) to be sent before eventually closing.
    The things we do for $$ 😛

    • GOCAT9 on 09/04/2018 - 11:58

      That's interesting. It seems that there are different 'classes' of card holders and you were in a higher class than me! When I went to close my account last week, they did NOT offer me points or a gift card, they just closed my account. I did get a pro-rata refund of my annual fee however, but only after asking. I must admit, I was not a big user of the card though!!

      Maybe it was because I told them that they had 'enhanced' the rewards points program just once too much and it was the straw that broke the camels back. (they devalued earn from 1:1 to 0.5:1).

  • ash2000 on 08/04/2018 - 18:24

    No travel international insurance with this card?

    • serpserpserp on 08/04/2018 - 21:21

      You usually only get that on good credit cards.

      • ash2000 on 08/04/2018 - 21:59

        Obviously Platinum by name only.

  • cheapfab on 08/04/2018 - 23:32

    What does this mean in the T&Cs
    "You will not be eligible for interest free days until the balance transfer (BT) amount is paid in full"
    My understanding is that if you BT and then use the card to purchase other stuff, you will be charged interest on those purchases from date of transaction?
    Is that how Im reading it?

    • MathNerd on 08/04/2018 - 23:38
      +2

      That's right.
      When the BT card arrives, cut it up, the only business you have with it is to pay the minimum amount monthly until the last month of the promo period, at which point you pay off the rest of the balance.

  • LordSydney on 09/04/2018 - 01:44

    Trying to figure out how I could use this to my advantage.
    Currently have a Qantas Amex Discovery CC with 5k limit (just received an offer to up it to 8k) and a Woolies Everyday CC with a 3.8k limit.

    I also have a personal loan with NAB with around 25k still owed.

    Would it be feasible to withdraw 8K cash from the Amex CC or 3.8k from the woolies CC and deposit it into my account & then transfer to the personal loan account, then apply for this Woolies Everyday Platinum CC - balance transfer to either of the CC’s I withdrew cash from & save paying ~13% interest on the personal loan for the next 12-14mo?

  • GrunkStrap on 09/04/2018 - 10:45

    my woolies points card is linked to generate Qantas points - i can't read if there is an impact on that if I grab one of these cards?

  • islask on 12/04/2018 - 21:50

    Can anyone who got approved tell me the limit they approve? Could not find the min max limits on the card in the fact sheetz

    • gadgetguy on 12/04/2018 - 21:57

      I had to submit evidence so I'm still waiting. I requested a 20k balance transfer and was "approved" so I'll let you know.

      • islask on 13/04/2018 - 09:14

        By evidence you mean proof of income or evidence of balance on another credit card?

        • gadgetguy on 13/04/2018 - 09:25

          Proof of income

        • islask on 13/04/2018 - 17:37

          @gadgetguy: cool thank you

        • gadgetguy on 13/04/2018 - 17:39

          @islask:

          Chased them today and even though I provided the docs two days ago they say its still going to be another 5 business days and they can't tell me my limit. Very slow.

          Hope their service is better once i get the card.

        • gadgetguy on 19/04/2018 - 15:26

          Now these idiots want me to go and verify my identity at Auspost.

          I called them and they can't tell me why this is, why they are only just requesting this now nor what my credit limit, basically nothing except that it will not take at least another 5 business days from when they receive the identity information. What a joke.

  • Planky on 16/04/2018 - 17:29

    I was approved and received my card today. However they have not done the balance transfer. While it has the option to do so in the portal it states "you can benefit from our special balance transfer rate of 1.99%pa for 9 months", which is not what I signed up for.

    Am contacting them.

    • Planky on 16/04/2018 - 17:36

      I need to learn to read:

      "Please allow 5 days from the date of your request or the date
      your Account is activated (as the case may be) for transfers to be
      processed. You should continue to make payments on your other
      accounts, in accordance with their terms and conditions, until
      you receive a statement from them confirming that your account
      has been credited. We will not be responsible for any payments
      (overdue or otherwise) or any interest incurred on your other
      accounts. Any remaining balances on those accounts after the BT
      are your responsibility."

      • gadgetguy on 16/04/2018 - 17:54

        What date did you apply?

        Do you mind posting your credit limit?

        Still waiting here…

        • Planky on 16/04/2018 - 18:15

          Applied the day this deal was posted, I left it set to maximum available and they gave me 23k.

        • gadgetguy on 16/04/2018 - 19:05

          @Planky:

          Thanks

        • hongd on 18/04/2018 - 20:19

          @Planky: they gave 2.3K only by ignoring BT request. What a joke! Damn bad!

        • gadgetguy on 18/04/2018 - 20:25

          @hongd:

          That's ridiculous. Still waiting for my application to be finalised.

  • gadgetguy on 03/05/2018 - 14:10

    Can't quite believe how long this application took - they only just confirmed my application today (from April 11th).

    Now they say I have to wait til June 1st for the cards and balance transfer. This outfit is a joke. With Amex I applied and had the card within 3 days.

    I got enough for my 20K BT though - just!

    So if I want to get my $50 gift card I need to make a purchase then immediately pay off the balance as there are no interest free days whilst on a BT, right?

  • 2racha on 23/05/2018 - 21:16

    For the question 'What are your total credit limits on existing credit cards', does anyone know if it's better to put the same limit amount as the balance transfer we are requesting? (E.g. 15k) or is it better to put a lower amount?

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