28 Degrees Platinum Mastercard

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balance transfer
purchase rate
annual fee
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No international transaction fees on purchases.
No currency conversion fees.
$0 p.a. annual fee.
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21.99% p.a.
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Pros & cons

What's good?

What's not so good?

Save money on transactions made while overseas.
Great for shopping online from overseas stores.
$0 p.a. annual fee.
Up to 9 additional cardholders.
$0 to replace a card lost while abroad.
Complimentary worldwide concierge service 24 hours a day to help organise your holidays, book restaurants, tours and more.
No introductory balance transfer offer.
The interest rates on purchases and cash advances are up at the high end of the market.

Our review

Our review of the 28 Degrees Platinum MastercardReviewed by Yvonne Taylor

At last, a credit card that understands the way we live now, as global citizens on the move around the world, either in person or online. The 28 Degrees Mastercard is set to become the card of choice for travellers, online shoppers, and anyone with an international outlook. It has the big five this kind of card user is looking for:

  • No international transaction fees on purchases
  • No foreign currency conversion fees
  • No overseas ATM withdrawal fee
  • No overseas ATM account balance enquiry fee
  • No fee to replace a card lost or stolen while overseas

And if you’re looking for an important extra ‘no’, it’s there: no annual fee.

Let’s take a detailed look at what some of this really means.

Some cards charge foreign currency transaction/conversion fees of 3.5%

When you make a purchase in a foreign currency, whether while travelling or online, you are already at the mercy of a fluctuating exchange rate. It might seem that you are getting a bargain, but often you won’t really know how much it’s going to cost you in Australian dollars until the transaction hits your account.

Then, with most credit cards, there are the added fees that the bank charges for foreign currency transactions and conversion into Australian dollars, a combination of the bank’s own processing fee and a charge payable to Visa, AmEx or Mastercard. This combined charge is typically 3%, or more, of the purchase amount, and it can be as high as 3.5%.

So your bargain New York hotel room at USD125 per night may already be costing you AUD180, depending on what the exchange rate is doing. Add 3.5% to that amount, and you’re looking at USD186.30 before you’ve even had breakfast. Nasty.

If you make regular online purchases from overseas suppliers – and let’s face it, we do seem to pay very high prices for some consumer goods in Australia – then this card will be a godsend. EBay traders who source their stock internationally will be particularly happy with the ability to reduce their costs.

Use a 28 Degrees Mastercard and avoid that 3.5% fee altogether.

Some cards charge a fee for cash withdrawals from an overseas ATMs

When you’re on home soil you probably make a habit of using your own bank or card issuer’s ATM, in order to avoid the transaction fees that come with using another bank’s machine. Trouble is, once you’re overseas you won’t find any of your own bank’s ATMs. So, if you need to withdraw cash from your credit card account you may be stung for an overseas ATM withdrawal fee, normally at least $4. This is in addition to any cash advance fee payable (which for the 28 Degrees Mastercard is 3%, rather higher than the 2% fee many banks charge).

But if you use a 28 Degrees Mastercard, there will be no overseas ATM withdrawal fee.

But beware—an overseas ATM withdrawal is a cash advance

There’s no getting away from the fact that an overseas ATM withdrawal from your credit card is a cash advance, just like it is in Australia. It may be fast, convenient, open all hours and free of any requirement to speak a foreign language, but it’s still a cash advance. You’ll start paying interest on it immediately at the cash advance rate (21.99% p.a. for this card), and if you don’t do anything about it until your return to Australia, you’ll have racked up some hefty interest costs to take the shine off your trip. It’s best to find another way to access cash overseas, like a prepaid travel money card.

However…

Tip: You can use your 28 Degrees Mastercard to withdraw cash overseas and pay little or no interest. After you make the withdrawal, use your mobile phone or other internet-connected device to access your credit card account online. Once you see the cash advance amount in AUD in your account (this may take a day or two), simply transfer into your credit card account the equivalent amount from your Australian bank savings or transaction account. Provided you have no overdue balance on your credit card account, the cash transfer will be applied to your cash advance immediately and the interest charge will be a few cents at most.

Some cards charge an exorbitant fee for overseas emergency card replacement

Losing your credit card overseas, or having it stolen, is bad enough. Is someone using your card fraudulently? How will you check out of your hotel, with no means of payment? But if you have to add to that the pain of the $100 charged by some card issuers for an overseas emergency replacement card, you may begin to feel that you’ve been done over twice.

28 Degree Mastercard users can avoid that extra sting and get on with enjoying their trip, because overseas emergency card replacement is free.

Notify your card issuer if you are going overseas

While on the subject of emergency card replacement, it’s reassuring to know that this card is protected by a Falcon Fraud Management System and a skilled Fraud Solutions Team who contact cardholders by phone or SMS immediately they notice any suspect transactions.

This is a comforting level of security, but some users of the card have reported problems with using the card overseas, finding their card unexpectedly blocked. So the card issuer’s recommendation that users advise them before embarking on an overseas trip is probably better interpreted as a mandatory requirement.

Mastercard SecureCode, a system of security questions or a one-time password delivered by SMS, also helps to protect you from fraudulent online shopping transactions.

$0 p.a. annual fee

Since you won’t be charged any annual fee for this card, it’s possible to keep it on standby for overseas trips or online shopping, even if you have another card that you prefer to use when dealing with Australian retailers. You can also have up to nine supplementary cards on the account, which makes it perfect for a small business with trusted employees who need to travel or purchase internationally.

More benefits for the traveller

To underline the fact that this is a card designed for international travellers, there are more built-in advantages for people on the move:

  • Visa Platinum global 24/7 concierge service: Wherever you are in the world, if you need advice or reservations for travel, restaurants, entertainment or tours, the Visa concierge service is there to help, just a phone call, mouse click or screen tap away.
  • Optional international travel insurance: (Note that this is not complimentary insurance cover. You will have to pay.) GE Money, the card issuer, has made it easy for cardholders to get a quote for competitive overseas travel insurance. An annual multi-trip worldwide travel policy, for example, will cost $837 for a couple, $429 single.

(There’s also a range of ‘Shopper’s Protection’ insurance available, providing purchase protection, merchandise protection, stolen card protection, and account repayments in case of unemployment, illness, disability or death, for a charge of 0.5% of each month’s closing balance, up to a maximum payment of $50 per month).

No rewards points, no introductory offers, no low interest rates

While there are none of the usual overseas transaction fees, and no annual fee, some of the perks commonly associated with credit cards are also missing.

Although you’ll get Up to 55 days on purchases each month (provided you have no overdue balance on your account), there are no introductory zero interest periods on either purchases or balance transfers.

There are no rewards points or free insurance policies. The ongoing purchase and cash advance interest rates (both 21.99% p.a.) are at the high end of the market. If you are looking for low interest rates, this is not the card for you.

User profile for the 28 Degrees Mastercard

It’s pretty clear, then, that this card is ideal for someone who either travels overseas regularly or shops online frequently with suppliers whose charges are made in a foreign currency. This same hypothetical user is not concerned about the high purchase and cash advance interest rates, planning to always pay the account balance in full by the due date in order to benefit from Up to 55 days on purchases and never pay interest charges. Since there is no annual fee, it’s a no-brainer for this person to keep it in their wallet for when they are in overseas mode.

Q&As about the 28 Degrees Platinum Mastercard

Q: What is the foreign transaction fee?

The foreign transaction fee is a fee that some banks apply to each individual purchase made where the purchase is made overseas, i.e. outside Australia. The fee itself is typically worked out as a percentage of the purchase. It is usually around 2-3%. The 28 Degrees Platinum Mastercard does not charge international transaction fees or currency conversion fees on purchases.

Q: How much money can I save on international transaction fees and currency conversion fees?

Almost all credit cards in Australia charge a foreign exchange fee of 2-3% plus a currency conversion fee. On a $100 purchases that’s a $3 saving. So, a credit card like the 28 Degrees Platinum Mastercard really comes into it own if you’re travelling overseas or doing a lot shopping from overseas online stores and want to put your spending on a credit card.

Q: Does the 28 Degrees Platinum Mastercard come with free travel insurance?

No, travel insurance is an optional extra and is not complimentary for cardholders.

Q: Can I do a balance transfer to the 28 Degrees Platinum Mastercard?

No, this card does not allow new cardholders to transfer their balance from another card(s).

Q: Can I use my 28 Degrees Platinum MasterCard for international online shopping?

Yes, for example, if you are shopping at a US online store from Australia, you will not be charged a foreign exchange fee or currency conversion fee.

Q: Is the foreign transaction fee the same thing as the foreign exchange fee?

No. These are two separate fees. Not all banks charge both.

  • The foreign transaction fee is levied on transactions that originate overseas.
  • The foreign exchange fee applies to transactions that are billed in a foreign currency, e.g. GBP, USD, EUR, etc.

Check what you would be charged for either because it is possible that a no foreign transaction fee card may still charge a foreign currency exchange fee.

Even if a no foreign transaction fee card did charge a foreign exchange fee, it would still be cheaper than a card that levied fees on both.

User reviews

3.7 out of 5.0 based on 60 reviews90% of reviewers would recommend this card

Rates and fees
Rewards
Customer service
Convenience
Trust

Reviews from users

Great for overseas travel, annoying BPAY charge

Reviewed and recommended by Emma on 03 May 2017

This is one of the best cards for overseas travel. There are no ATM fees, and I’ve never had any issues using it in Europe, Asia or America.

It’s unfortunate about the newly-introduced BPAY charge ($0.95 per transaction). I can use the 'Pay my account’ function, but it takes longer for the money to clear and can only be done every five days.

Best travel credit card out there!

Reviewed and recommended by Kyria on 22 Sep 2016

After doing some research, I chose this card as the best option for use overseas while travelling, as (unlike most other cards) it has NO currency conversion fees.

The downside is that you can’t earn any frequent flyer/reward points, but I believe the advantages outweigh the disadvantages. Also, there’s no annual fee!

Good for foreign purchases

Reviewed and recommended by Andrew on 07 Dec 2016

There are no rewards or loyalty program, but good exchange rates and no fees.

It’s easy to set up and there are no annual fees, even for supplementary cardholders. We have used this card in France, UK, Switzerland, Hong Kong, Singapore, Fiji, New Zealand and Australia, all without any issues at all. I definitely recommend it.

No international transaction fees

Reviewed and recommended by M on 05 Jul 2016

This is a great card with no annual fee and no international transaction fees. It’s great to travel with or use when you shop online in other currencies. It also has the security of MasterCard. I highly recommend this card. The only drawback is that there are no reward points, but I still use it all the time.

No annual fees, accepted everywhere

Reviewed and recommended by Amanda on 22 Oct 2016

The 28 degrees Platinum MasterCard is a fantastic everyday credit card. There are no annual fees associated with this card and it is accepted everywhere.

The card has a stylish-looking design as well. The website allows for easy payment, with email reminders available to avoid paying late fees and interest. It’s a wonderful card that I have used for many many years.

Exchange rate not what I expected

Reviewed and not recommended by S on 20 Sep 2016

I read reviews and applied for the card for a Japan trip. But later I found that the exchange rate conversion date was not the transaction date, but the date when the record was posted into their system, therefore not the expected rate.

There is also a payment handling fee of $0.95 charged to pay online, which i think is too much.

Great card for overseas travel and security

Reviewed and recommended by Liz on 01 Oct 2016

This card is great for travel and buying goods online, as there are no extra costs associated with different currency transactions.

The security is amazing and so you feel reassured that you are protected. Their fraud squad are communicative and investigate and refund any costs that were not incurred by you. They also call you if they detect any activity that they think is concerning.

Useful for overseas purchases

Reviewed and recommended by Anna on 24 Aug 2016

This card is useful for overseas purchases (online and in-country).

There are some fees (e.g. when you add cash to your account not using their 'pay my account’ function). However, there are no account-keeping fees.

It’s very easy to use and has a clear online account layout and display. I would recommend this card.

Charge you for paying your account

Reviewed and not recommended by Unhappy on 30 Oct 2016

It was an okay card with no international transaction fees, but now they have chosen to force their customers to use their slow 'Pay my account’ feature via their website (taking a minimum of three business days to process, which makes it very inconvenient to wait so long). If you try to pay it normally (like via BPAY) they now charge you every time you pay from your own normal bank’s BPAY.

Brilliant for overseas travel!

Reviewed and recommended by Lynne on 29 Jul 2016

This is my favourite credit card to travel with. The exchange rate is fair and fantastic. There are no over-the-top international fees like most everyday credit and savings cards normally charge. Also, It’s a MasterCard so it’s accepted everywhere. In the past I’ve also loaded it up with my own money so I could withdraw foreign currency at a great rate.

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Disclaimer: The opinions expressed about credit cards are the reviewer's alone, and do not reflect the views of Credit Card Compare or the credit card issuer. Reviews have not been approved or otherwise endorsed by Credit Card Compare.

The basics

About this card

Card setup
Single
Card tier
Platinum
Card type
MasterCard
Card use
Personal
Credit rating
Good
Gambling transactions allowed
No
Joint application
No
Minimum age
18 years old
Minimum income
N/A
Minimum income for pensioners
$
Pensioners
N/A
Rewards program
None
Temporary residents
No

Cardholders

Additional cardholders
9
Additional card fee
$0 p.a.

Credit limits

Minimum credit limit
$6,000
Maximum credit limit
$20,000

Repayments

Interest charged from
Purchase Date
Interest free period
Up to 55 days on purchases
Minimum repayment
2.5%

Rates & fees

Ongoing interest rates

MonthlyAnnually
Cash advances 1.83% 21.99% p.a.
Purchases 1.83% 21.99% p.a.

Fees

Annual fee
$0 p.a.
Cash advance fee
3%
Dishonour fee
$0
Duplicate statement fee
$2.50
Foreign exchange fee
0%
Late payment fee
$20
Over limit fee
$5
Overseas ATM balance fee
$0
Overseas ATM withdrawal fee
$0
Overseas emergency card replacement fee
$0
Transaction verification fee
N/A

Minimum criteria for this card

What you need before applying

Be over 18 years old
You are a resident or citizen of Australia
Have a good credit history
You have your personal details ready to complete the online application
Have not applied for multiple credit cards recently
Joint applications are not allowed
Temporary residents are not eligible
Disclaimer: The minimum criteria pointers are intended only to be a guide. Your application may still be rejected by the bank even if you can answer 'Yes' to all the minimum criteria. The final decision regarding your application is up to the bank.
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