Just noticed LatitudePay had some offers on again for new and Exisiting Customers so thought I should let everyone else know, enjoy :)
To redeem $15 off, select LatitudePay at checkout and discount will be deducted at LatitudePay Payment Schedule. Single use per retailer. Offer available to new and existing customers. Minimum spend $60. Offer ends 11:59pm 15/07/2021.
Well to be fair, its a pretty decent deal :p
here we go again…
at least they don't bump up the price like eBay, doubt the offers would be around for long … so buy buy buy
only wish they had ratios for bigger item spend ..
whoever negged, I didn't mean it negatively.
Tough crowd :/
Tradition I guess lol
Respect your elders
These guys banned me after paying off balance immediately. Asked them to close my account, no response. Their support sucks and they seem to be based offshore.
Yep.
I joined when they were offering $20 off for new customers a few weeks ago. They rejected my purchase, and sent me an email saying my credit rating was too low! I replied to the email showing my high credit rating, but so far no response from their slack support!
How does one show high credit rating in Australia?
Edit: ignore me… Seems like I'm getting old. Didn't even know about credit score…
Yep, all checks out. You're not their type. I mean who pays off their debts, right?
I have always paid off payment plan immediately after purchase and only use Latitude Pay when there's promotion. They haven't "banned" me or anything.
You've been lucky. "Derek" from their customer support now knows me as the guy who calls in everytime a promotion is launched, to get his account unblocked after making a purchase and paying it off within one day. True story. They haven't banned me, but I kinda get the feeling they're not too fond of me either.
@ForTheGreaterGood: That sounds bad lol. I haven't encountered any issue with Latitude Pay / Klarna / Afterpay and the only times I used them is for promotion with immediate full payment.
Lost opportunity to charge the customer for missed payments.
AFAIK, Afterpay doesn't seem to have such predatory practices, i.e. no penalty if you pay off your purchase in full.
I'm not trying to accuse you of anything, but how did you find out they banned you from paying the full amount?
Everything is fine until you have to contact customer service. Not just LatitudePay, same with Afterpay and others. I decided to close my afterpay account after sh8t experience with their call centre based in Manila. Those guys are not well trained. They are probably not paid well so they don't care at all. Now I don't use any of these after pay services unless it's good saving and I absolutely need something.
Same happened to me. I emailed them and they told me they automatically suspend new accounts if you pay off balance immediately. You just ask them to reinstate account.
I did. First one acted like they would do it after I sent them my details. Did that, another support responded and told me to ring up. I refused and asked to close account, no response. Rude and incompetent service.
they rely on you forgetting a payment and getting $10 late fee
They declined my application a few weeks back, have minimal debt and they didn't even ask for income etc. Waste of a credit enquiry.
Denied me with a 800+ credit score, no debt or bad repayments. Weird!
Looks they have good business sense profiling for Mugs that will give them the biggest profits . Bit like Bookies profiling and limiting Professional Gambler's .
Might have to look into if public or not .
From my anecdotal observations in these comment sections, it seems like people who don't have existing debt often have a hard time getting approved for things (maybe lack of credit history?)
That said, pretty weird as I assumed all these bnpl companies just accept literally anyone
I tried applying for an account a couple of weeks ago for the JB Hi-Fi offer but was denied. My credit rating was probably too good. But judging by the reports that they just ban people when they pay off early I am glad that I didn't get an account because I don't want a shady company with my personal and payment details.
I miss $20 off $60 deals
Funny enough they banned the users who paid off the debt. If you don’t wanna people to pay off why would give option to customers.
I didn’t pay mine off immediately because my purchases were preorders. Not paying for something I don’t have in hand.
can this apply to The Good Guys Commercial account?
Also interested in this
just checked, they take only visa, mc, amex and paypal.
I would pay $15 not to use Latitude - worst experience ever
what is wrong? 10x repayment is good and no interest.
That looks like a fantastic deal!
Does 'Existing customer' means you can still get $15 off if you have used previous $15 off offer with the same retailer?
I was able to with the good guys. I think if you try to get it a 2nd time during this offer period though it then wont work from the same retailer.
"*To redeem $15 OFF, select LatitudePay at checkout and discount will be deducted at LatitudePay Payment Schedule.Single use per retailer. Offer available to new and existing customers. Minimum spend $60. Offer ends 11:59pm 15/07/2021."
Does Latitude Pay automatically direct debit your credit card on a weekly bases provided there is enough credit on the card?
So would that mean there would never be any fees unless the card runs out of credit?
Yep
how would they make money? Just gamble on people not having enough credit to meet a repayment?
"shrug" selling our info or getting paid a % by the retailer I guess
They charge merchant fees.
@zzyss: So the thing with these BNPL services is that they often forbid the merchant from charging a surcharge for the use of this payment method.
The key here is that BNPL services charge MASSIVE fees to cover their risk - Latitude 3%, Zip 5%, Afterpay a whopping 6%!!
In comparison, credit card fees now range from ~0.5%-1.5% - but the merchant is allowed to surcharge cards if they want.
As BNPL market share (as a method of payment) increases, merchants will be forced to increase the prices of everything they sell to offset the fee.
In effect, consumers with responsible spending habits will be forced to subsidise the default risk of financially irresponsible consumers.
@tekisei: BNPL rates are the worst. Wouldn't recommend any of them even to the worst enemy. With the net effect passed on to everbody, we could question if it is indeed conscionable to use or advocate them in knowing this.
@chyawala: the only right way to deal with this is through market competition - with more competitors coming in, the fees will inevitablly decrease
@Maxxjet: I though there is usually a virtual card linked in all the BNPL apps/wallets. It may be possible to purchase with this, perhaps having standard credit card rates for the merchant and still allowing the customer to pay off in four installments. Any thoughts on this?
@tekisei: On the flipside, BNPL increases sales (at least in the short term) as people buy things they want now rather than not buying it as they dont have the funds. Its predatory in nature.
In effect, consumers with responsible spending habits will be forced to subsidise the default risk of financially irresponsible consumers.
Those people subsidise themselves by being charged "fees" that are in effect even higher than credit card interest, or personal loans from the bank.
BNPL companies are the new finance gravy train, which is why all the banks are getting in on it:
https://themarketherald.com.au/aussie-banks-take-on-afterpay…
Commbank seems to be the first cab off the rank (sorry if paywalled):
https://www.afr.com/markets/equity-markets/cba-to-fire-up-co…
@zzyss: Thanks for the articles! Did read through the first one - wasn't aware the big 4 were piling in.
For merchants who take no surcharges, C/C fees of up to ~1.5% are already priced in, while higher BNPL fees are not priced in. Yet.
I feel like the "savers" amongst us perhaps should not go out of their way to help BNPL increase their market share, barring substantial deals like this in the OZB spirit of course.
@tekisei: Businesses incur costs when customers use debit cards too. Not to dilute your point but Merchants accept all these payment types to maximize their sales by giving the consumer more options. A lot of Stores offer gift cards at 5% anyway that you don't get on BNPL. Paypal has BNPL and all Banks are aligning or creating one, so the playing field might level out in near future for what they can charge merchants too.
@Pricetaker: Yes as the number of players increase in this space there will be:
i) higher competition, where either the overall fees decrease, or perhaps to improve merchant uptake to shift some of the costs to the consumer. I just looked up the CBA product again and it is fundamentally still a credit card, at least for merchants anyway. and,
ii) stronger pressure for regulation (hopefully - no one seems to be interested in regulating this space at the moment).
Do they do credit checks on every purchase?
Nope. Just when u sign up
https://www.latitudepay.com/content/uploads/2019/07/facebook…
Only I was thinking about this https://static.boredpanda.com/blog/wp-content/uploads/2015/0… ?
Would it work if part payment with gift card and part with Latitude pay?
AFAIK, it depend on the merchant. I think, as I can remember one of this merchant can do split payment either TGG or catch and one of them need to pay the total amount with Latpay.
@Sonic, thanks I was thinking GG and catch too. I have already paid deposit on one item online for GG, now thinking to pay the rest with Latitude to take advantage of this offer. I have a $50 gift card with Catch from post offer and thinking of using that to make part payment and then use Latitude again to pay the balance. Just not sure whether this will be allowed for this Latitude offer?
got a 9kg weighted blanket bamboo cover
Can anyone tell me if it's possible to use a Kogan Gift Card and still receive the $15 off $60+ purchase? (I plan on spending approx. $86). TIA
Might be in your best interest to try and figure it out on your own. For your own personal development and growth.
Here's a hint though, latitude pay is a payment method. The promotion is $15 off $60 via latitude pay.
For my own personal development and growth, I will ensure that I ignore all sarcastic comments that are posted by other users on forums. Do I detect a hint of 'trolling' going on?
Most likely it'll work. I did similar with kogan pts and Amex offer.
Hmmm have had this work before no worries with good guys but just bought a $120 sim plan through the catch website and they charged me full price even though selected lat pay.
Was trying to use it with the $120 sim too but I couldn't get the $15 didn't apply in the payment schedule too. I wonder if it's an exclusion.
I emailed but no reply. I'll call them tomorrow. It shouldn't be an option if it's excluded
Sent off an email with a screenshot. They have now manually applied the $15 discount.
Oh nice!
I didn't go ahead with the purchase since I'm just bit too ceebs chasing them for it at the moment if it didn't go through. Good on you =)
plenty of $60 usefull items to be had at Harvey Normans and JB you don't even have to look that hard to find.
So what did you get?
meaning nothing in sight
Cheers. got a slab of pilsner urquell ($45) and a blitz blender ($60) delivered from this deal.
Had my order cancelled from Kogan/Dick Smith. Pre-ordered switch game and they cancelled just now saying not in stock, when they are still selling them on pre-order and still allow LatitudePay during check out :(
Dammit, every time this promo is on I always buy something