[oz_mark]

I hunted through my financial tables and conditions of use, and can't find any reference to this.

[abcde]

i emailed ray hadley on radio 2GB(sydney radio station) about this..
he wrote back and told me to report it to the Banking Ombudsman on 1300 78 08 08.
he wouldnt dare read my email out on air.. because his good friends with gerry harvey.

[mileagemax]

Looks like GE is making amends. As they get bigger and more well known in Australia, they will get more attention. I hear they will become a bank soon, like they have overseas, so they will need to watch these things closely in the future.





GE to refund card fee

August 30, 2006 02:45pm

Article from: AAP


GE MONEY is refunding a $25 establishment fee to 2500 of its GO Mastercard customers, after the corporate watchdog claimed a statement advertising the product was likely to be misleading.
The local financial services arm of US-based General Electric agreed to provide the refund in response to concerns raised in March about one of its internet advertisements by the Australian Securities and Investments Commission (ASIC). A statement in the advertisement said: "There is no annual fee for your GO MasterCard. That means it costs you nothing to have it – pay nothing and make it your card of choice year after year."
ASIC said the statement was definitive of the product and likely to mislead consumers, despite the $25 fee being disclosed in other GE Money advertising material.
"The fact that an investigation of all available material will provide customers with a thorough understanding of the product does not excuse representations that are on their face likely to mislead," ASIC head of consumer protection Greg Tanzer said.
ASIC said it welcomed GE Money's decision to refund the establishment fee.
GE Money said it did not believe the statement in its advertisement was in breach of the ASIC Act, and it was therefore legal, but it was committed to working with ASIC in a cooperative manner.
"We take our compliance obligations seriously, and have worked constructively with the ASIC to develop a solution to address their concerns," GE Money chief executive Tom Gentile said.
GE Money is one of the largest providers of consumer finance in Australia with a network of 114 branches.
In March, GE Money gave ASIC an enforceable undertaking to change its life insurance sales practices and compensate affected customers after an investigation found it had provided inappropriate advice when selling life insurance products.

[splotgem]

hey,

Just wondering if anyone could help with this question I have regarding my go mastercard.

I'm wanting to use it, but possibly not for the big ticket items so it probably wouldn't qualify for the 6 or 12 months interest free. I'm finding the website unclear with how long I have to pay the money off - it says that you have up to 62 days* interest free.

When is it less than 62 days? and what is the interest rate after the 62 days?

Hope you can help!

[Cynicor]

Credit cards have 'up to' X days interest free because of when each month's cycle date is. The cycle date is when the your statement is issued and the due date for payment is set. In a card with 62 days the due date for payment would be about 1 month from the final date of the statement.

For example- your cycle date is 1st of the month. If you buy an item on the 1st your statement will be issued on the first of august and sent. It will ask for payment by the due date of August 31, giving you approx 62 days interest free.

if you buy an item on the 31st of july however, your statement still comes out on the 1st of august and is still due on the 31st august, giving you only 31 days interest free.

A quick google shows the card rate to be 19.99% and 28.99%, so it's not a cheap card.

Jon