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Wizard Clear Advantage Mastercards!! Grr.....
- 60 responses so far
do they have a card like this wizard card in new zealand??
hey guys thanks for the info re. the wizard credit card – this was one that i was planning on applying for before my tour in less than 2 months.
I got really curious after reading all your comments so applied hoping to get an answer straight away. in stead i got the “we will contact u in 5 – 10 days” so dont know what that means but i aint holding my breath!!!
I applied for the wizard card a couple of weeks ago and got knocked back too. I’ve got loans that I pay off and another credit card. I just got my limit increased with comm bank too on my current card and am just thinking of applying for another back up card with them before I go with a smaller amount on them. Plus I’ll probz get some money loaded onto that traveller’s card thing they offer. At least that all makes it easier being through the one account on netbank!
i have got a wizard one.. fortunatly i got an auto approval.. although the process of actaully get the card from start to finish was about 3 weeks.. so quite a while.. another good thing that is out there is the cash passports.. you load your money on to it into what ever currency you want.. i think it cost you about 1.5 pounds each time you withdraw money.. but the good thing about it is that it locks in the exchange rate when you put the money on the card.. so even if the exchange rate falls later you will still have the rate at which you loaded the money on to the card.. plus it is your own money.. so you don’t have to pay it off when you get back from the holiday!! <!--graemlin::)-->
in my opinion, the simple thing is, the banks want as many people as possible in debt.
so if you have a car and credit card paid off, they know that you will probably pay it off quickly, therefore they make LESS interest off you.
if you are already in debt from other cards/loans, they know you have other committments and have a higher risk of not paying them back quickly, therefore MORE interest.
maybe that is cynical of me, but in the end of the day, they are there to make money!
i have applied and i think have been approved, that was for a $10,000 credit limit.
i was planning to load $10,000 on it prior to departure to use as a debit card, then have the credit facility as a back up.
question is…. if i only use my own money as debit, and pay back my credit purchases in 55 interest free days, i should not have to pay the bank a cent?? as in there are no withdrawl fees, currency conversion fees or interest if it is paid back immediately.
can they change this without warning?
i dont want to put all my faith in this card to get screwed afterwards with extra fees !!
I was wondering if anyone could help me… I have just recently applied for A Wizard Clear Advantage Mastercard too, my application has been approved, I just need to show my ID.
They could not tell me my limit over the phone. I read on some other forum that if you load your own funds onto it, you can only withdraw your credit limit in a month (also unsure if this is a calender or statement month?).
Therfore if I was to receive a limit of only $500, and i loaded $4000 of my funds onto it, i still would only be able to withdraw the $500 in a month?
Has anyone come across any problems like this? If so, I’ll apply for a credit increase before I leave in 6 weeks to avoid this?
I appreciated your help <!--graemlin::o-->)
you should have received an email from GE (wizard) telling you what your limit is.. if you have had previous credit before and you want to up your limit then you just have to send 6 months statments to them, and they will increase the limit.. i got a $2700 limit which isn’t much at all, buti am going to just keep transering money from by bank account to pay it off and keep on top of it so i don’t come back to massive debt!!
one quuestion i had was what is the exchange rate like when you are getting money out overseas.. i know that there are no fees ect.. but is the exchange rate at a decent price.. as it wouldn’t be worth it if it was at a higher exchange rate.. even if there are no fees..??
i have just received the paperwork… got a $3500 credit limit, and i can load the card with extra money prior to departure.
there are definitley no fees, but after reading through the paperwork, there is no attached information regarding the exchange rate. how can we find this out?
im happy im approved, but in the back of my head, it sounds too good to be true. and my father always taught me that it usually is !!!
i just rang up wizard then.. apparently whne you are overseas what ever you buy is converted into US dollars (at a cost to wizard) and then converted back to Aussie dollars and we are charged for the convertion rate at which is charged from the US dollars.. i hope that makes sense.. they did say it was a normal rate at which is it converted from the US to the AUD dollars..
it does sound too good to be true.. which is why i checked.. i don’t know if anyone else wants to ring and conform the answer that i got..
i hope this helps anyway.. <!--graemlin::)-->
Hi guys i just applied online but got a wierd message.
It basically said
"Your application has been referred for review and we will contact you in 5-10 working days to confirm our decision.
Did anyone else get this message?
I’m hoping someone that has used this card overseas can help me.
Is it true that you can only withdraw your credit limit in a month?
Therefore if i was to have a limit of $500 and loaded $4000 of my funds onto it, I still would only be able to withdraw only $500?
Can anyone clarify this up for me?
well when i applied on line on sunday night i got the
‘we will contact you in 5 – 10 days" i hadn’t heard anything but yesterday in the mail i got a letter with the card saying i was approved for just over $5000 – unbelieveable!!
i really dont know about putting your money on the card – not too sure how that works………….
im thinking this card could be too goo too be tru – is there a hiddn catch??????
you should be able to use as much credit as you like up to the limit.. eg, if you buy seomthing for $400 on one day but pay the $400 off the card the same day you should be still be able to use whatever credit is avaiable.. this is what happens with most cards.. so you should be able to spend as much as you like on the card as long as you keep paying off the card so that u are below the limit.. hope this makes sense.
What about this example… I have a card limit of $500.00
If I was to pre-pay $4000 on the card (making my available credit $4500) and brought something for $3000 one day and $500 then next.
I should have $1000 available credit left.
Have you tried this before…? I need to know for sure. I know most cards you can, but on other forums, someone claimed you could only withdraw $500 in a month with the Wizard Clear Advantage. I know it sounds strange, but I want to clear this up before I go and activate this card… as it may not be right for me!
I want to know if anyone had this problem or didn’t have this problem?
your best bet is to call the people direct.. that way you will know for sure..
i asked them directly, and i think i got someone in australia!
basically you can pay additional off before you go. therefore with a $1000 limit, if you add an extra $4000 on it, you will have $5000 in total to spend. but your credit limit is still $1000. and ATM’s have a maximum of $1000 per day. and you can withdraw $3000 maximum per day over the counter in europe.
you can add $$ to the card by B-Pay or via post offices. They confimed all this on the phone with me yesterday. and when you add your extra $$, you are in credit with them, so you use that money up before you actually use the “credit” they lent to you. hope that makes sense !!
So if all works out as we hope, it will be cheaper, but not necessarily free, as there is a conversion charge. but how much is that when you may spend $10,000 in total? 2.5% still adds up!
Anyone got an update about the cash withdrawal limit? I’m only approved for a $2000 credit limit and if the cash withdrawal limit applies on a per month basis then that’s pretty crap <!--graemlin::(-->
I applied for the Wizard Clear Advantage card and received my card in the mail without even a phone call. I found the general process okay, however to have a limit increase I needed to provide 6 months worth of bank account statements!
We just applied for the NAB Gold Account. No fees for withdrawals from ATM overseas! You get a Visa Debit Card also that you can use as an purchase card in the stores for your goodies!
I did the application over the internet and they lost it. Just go into the branch. All we needed was a drivers licence and medicare card! Done in 20mins, recieved the cards 5 buisness days later.
I just spoke to my partner who works in retail and with GE Money Finance alot (the largest lender of money in Australia, including the banks!). Higher purchase, interest free Myer one cards are all financed by GE also.
The Wizard account is also backed by GE Money. They have a reputuation of giving money… but also taking it back again more quickly. It is recommended to really understand and follow the terms and conditions. If you only make minimum repayments expect to get a higher rate of interest!
They have a reputation of refusing people who dont meet certain criteria… Unpaid fines, not living in Aust for more than 6 months with steady payments of utility bills, Centrelink benefits, steady tenancy history etc etc.
Lol I know i will be watching mine now. Still a great card, but I think that it is not one to keep if you dont intend on paying back in full asap <!--graemlin::)-->
Hay just wondering if anyone has used this over in Europe? Was there any unexpected charges? Were you able to load it with more money and was there any withdrawal limits on it? I have just applied for one of these cards (my application was referred last night then when i rang this morning just “to check it had all gone through” they told me I have been approved for $6,000) I certainly do not intend spending the full $6,000 because there interest rate is sooo high, but it’s still the best one i can find to take overseas. Also anyone know what the conversions were like?
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