Rebanne Posted February 19, 2011 Share Posted February 19, 2011 so I have been thinking about getting one of these, rather than keep paying for insurance. As I breed, things like frozen semen implantation, caesareans, etc are not covered and they can cost a lot of money. I would have spent more on breeding items, by at least double, then on anything else. Couple things I would like to know about? Can you pay into the card even if you don't owe money? I know you can on an ordinary credit card. My current vet isn't set up with GE, anyone have any idea how hard it is, how time consuming etc? Maybe I would be better off just having a dedicated dog credit card and pay into that every fortnight? But the card could be handy for things for me like the dentist. Link to comment Share on other sites More sharing options...
MolassesLass Posted February 19, 2011 Share Posted February 19, 2011 (edited) I'm not sure if you can put money on - most credit companies hate that and discourage it but I don't think they can actually stop you. I have used mine my regular vet and at a specialists. The specialist charged a 10% administration fee to pay using it so it wasn't actually interest free in that case (but still cheaper than credit card interest rates). ETA: I've just checked the online service centre and though my balance is at 0, I can still select to make a payment. They give you a BPAY id to pay with so you can pay anytime. Edited February 19, 2011 by molasseslass Link to comment Share on other sites More sharing options...
moonbaby Posted February 19, 2011 Share Posted February 19, 2011 so I have been thinking about getting one of these, rather than keep paying for insurance. As I breed, things like frozen semen implantation, caesareans, etc are not covered and they can cost a lot of money. I would have spent more on breeding items, by at least double, then on anything else. Couple things I would like to know about? Can you pay into the card even if you don't owe money? I know you can on an ordinary credit card. My current vet isn't set up with GE, anyone have any idea how hard it is, how time consuming etc? Maybe I would be better off just having a dedicated dog credit card and pay into that every fortnight? But the card could be handy for things for me like the dentist. Definately get the dedicated credit card with an interest free period. GE does have a monthly account keeping fee and a once off establishment fee (which I think varies dependant on the retailer, but is around $35) . I doubt you would be able to add more to it if you didnt owe anything and if you dont pay it back within the interest free period, it is either 27 or 29% interest. So having a low rate cc with 55 days interest free and then depositing money into it regularly would be the way to go in my opinion. Link to comment Share on other sites More sharing options...
dwynwen Posted February 19, 2011 Share Posted February 19, 2011 Maybe I would be better off just having a dedicated dog credit card and pay into that every fortnight? But the card could be handy for things for me like the dentist. If you believe you can put the money away and not dip into it for frivolous unplanned purposes - then perhaps a special bank account with attached Visa or Mastercard branded debit card. If the funds available are only likely to cover part of a big bill ($3000 snake bite and only $1000 in the bank account) then clearly you'd need a credit source as well to cover you while you build up your reserves. I would tend to avoid a GE type facility for 'just in case' as storing a positive balance in it may not be possible (may be against t & c) and they won't give you any interest on your balance. And they'll charge you for the privilege. I can see that it may help flatten out the cash flow, esp if you have multiple pets and human health bills too. But if you have a little to put away regularly it would be more cost effective to use a bank account (imo, natch). Link to comment Share on other sites More sharing options...
sas Posted February 19, 2011 Share Posted February 19, 2011 (edited) Don't get GE, it's the worst possible one you can get and that's actually proven year in year out in Choice reviews. No Credit Card company likes you to be in the positive but you can if you put in extra money, just read the fine print to make sure you're not charged for that. If you want a 'nice' credit card look for low interest cards such as the Hong Kong Bank or facilities with low interest like Redi Credit. Really do your research because you can get stung pretty bad. How much are account keeping fees/monthly charges/annual charges etc. Edited February 19, 2011 by MEH Link to comment Share on other sites More sharing options...
MolassesLass Posted February 19, 2011 Share Posted February 19, 2011 Don't get GE, it's the worst possible one you can get and that's actually proven year in year out in Choice reviews. In what way? I have never heard of anything else that is similar at all - would love to know what the Choice review found was best. Link to comment Share on other sites More sharing options...
sas Posted February 19, 2011 Share Posted February 19, 2011 (edited) Don't get GE, it's the worst possible one you can get and that's actually proven year in year out in Choice reviews. In what way? I have never heard of anything else that is similar at all - would love to know what the Choice review found was best. GE interest rates are among the highest out there, people really need to do their research. Which are the best? Depends what you need from a credit provider i.e. low interest rates, cash withdrawl rates, reward programs etc. Ready Credit seems to measure up for many customers: http://www.citibank.com.au/AUGCB/APPS/port...&tabId=home Edited February 19, 2011 by MEH Link to comment Share on other sites More sharing options...
poodlefan Posted February 19, 2011 Share Posted February 19, 2011 Rebanne if you plan to make regular payments would you consider some kind of debit card like Visa debit? The GE card is fine IF you pay it off in the interest free period. A lot of folk don't and that's how GE gets its profit. Link to comment Share on other sites More sharing options...
MolassesLass Posted February 19, 2011 Share Posted February 19, 2011 Don't get GE, it's the worst possible one you can get and that's actually proven year in year out in Choice reviews. In what way? I have never heard of anything else that is similar at all - would love to know what the Choice review found was best. GE interest rates are among the highest out there, people really need to do their research. Which are the best? Depends what you need from a credit provider i.e. low interest rates, cash withdrawl rates, reward programs etc. Ready Credit seems to measure up for many customers: http://www.citibank.com.au/AUGCB/APPS/port...&tabId=home Oh right, gotcha. I only use the interest free purchase so a totally different product to what you're talking about. And as I've never paid a cent of interest I wouldn't even know what the rate is! But I know GE are known for a high rate, so definitely better off with someone else if you're intending to pay interest. Link to comment Share on other sites More sharing options...
~Anne~ Posted February 19, 2011 Share Posted February 19, 2011 I have a GE card and have bought furntiure and furnishings for my home to the value of thousands and thousands with it, interest free. If you manage your money well, they're fabulous. Link to comment Share on other sites More sharing options...
sas Posted February 19, 2011 Share Posted February 19, 2011 Don't get GE, it's the worst possible one you can get and that's actually proven year in year out in Choice reviews. In what way? I have never heard of anything else that is similar at all - would love to know what the Choice review found was best. GE interest rates are among the highest out there, people really need to do their research. Which are the best? Depends what you need from a credit provider i.e. low interest rates, cash withdrawl rates, reward programs etc. Ready Credit seems to measure up for many customers: http://www.citibank.com.au/AUGCB/APPS/port...&tabId=home Oh right, gotcha. I only use the interest free purchase so a totally different product to what you're talking about. And as I've never paid a cent of interest I wouldn't even know what the rate is! But I know GE are known for a high rate, so definitely better off with someone else if you're intending to pay interest. You obviously have dicipline, not a great deal of people do when it comes to lines of credit and interest free periods, it sad to see so many people get themselves into trouble. Link to comment Share on other sites More sharing options...
sas Posted February 19, 2011 Share Posted February 19, 2011 I have a GE card and have bought furntiure and furnishings for my home to the value of thousands and thousands with it, interest free. If you manage your money well, they're fabulous. Sadly not many people do and when the interest free period runs out they end up int he poo. Link to comment Share on other sites More sharing options...
MolassesLass Posted February 19, 2011 Share Posted February 19, 2011 (edited) I know that happens but I it wouldn't be fair to blame the credit provider for it. Edited February 19, 2011 by molasseslass Link to comment Share on other sites More sharing options...
moonbaby Posted February 19, 2011 Share Posted February 19, 2011 I know that happens but I it wouldn't be fair to blame the credit provider for it. True, but, the way they structure and promote their product does unfortunately attract those who really shouldn't receive the card/credit. Most of their promotional products/credit are offered at no repayments, no interest and no deposit, and whether you 'pass' their lending criteria is usually based purely on the annual income you disclose to them over the phone (no proof required). If you are listed in the white pages, and your address on your licence is current then you pass. There are no forms to fill out. You are not required to (in most cases) make any repayments during the interest free period and this is where people get caught, each month something else comes up that needs to be paid first and then people think 'I still have plenty of time'. Then b4 they know it, the 12 mths is up and they are going to be hit with 29% interest. Other companies who offer a similar 'product' are true 'interest free', in that you supply the company with your bank account details and then the amount of the purchase is divided by 12 and that amount comes out of your account automatically every month, so by the end of the 12 month period, it is paid off. People who are not finance/budget savvy see 'no interest, no repayments and no deposit' and think yee haaa!!!!! (and so too does GE at the end of the 12 mth period). Link to comment Share on other sites More sharing options...
Rebanne Posted February 19, 2011 Author Share Posted February 19, 2011 lots of food for thought here. I have bought many big ticket items using GE interest free, several computers, couple of TV's etc. All paid off in time. I am a terrible saver but a good payer back! Link to comment Share on other sites More sharing options...
dwynwen Posted February 19, 2011 Share Posted February 19, 2011 I am a terrible saver but a good payer back! If that's you then the GE product could be just the ticket. Looks like the fees are ok if there's no balance. * A once only establishment fee of $25 applies * If you do not have an active account balance on your card no fees or charges will be incurred. * When you do actively use your card and have an active balance, fees and charges will apply, including a monthly account service fee of $3.95 * When you apply for CareCredit you will be told about all the applicable fees and charges before you progress your application. http://www.gemoney.com.au/en/credit_cards/ Link to comment Share on other sites More sharing options...
lucknow Posted February 19, 2011 Share Posted February 19, 2011 Care Credit as oppsed to the GE credit card is a good product for owners but can be a PITA for the clinic. Processing time for new applications, staff training etc. As another nurse pointed out in another thread, there are drawbacks to the clinic, I cannot remember what it was when we first looked at it but I know it was a biggie. However it was eventually deemed OK by our practice, I think as our size grew it became more attractive. Another drawback is although they advertise that new applications get instant answers 24/7, personal experience is that their computers take a loong coffee break from 12-5am, bit of a nuisance..Doing an 'add on sale' for an already approved card holder still goes through the internet (so you know funds are available) but havent had to process one in early hours so not sure if it would be affected by same delays. I have a GE Mastercard that I just never got around to cancelling, no fees if on zero balance but I am pretty sure last time I used it it was deemed a cash advance and got all those hideous extra charges even though I used it at a retailer (it was medical expense but I cant remember if it was for 2 or 4 legged species). I have another credit card that is linked to my savings account. I cut up the card and forget I have it. If I ever do get caught really short for a major emergency expense I can transfer instantly over the net to my debit card, that is pretty much my back up for emergency vet expenses as I will only have to cop the advance fees once pet insurance pays me out. Link to comment Share on other sites More sharing options...
HugUrPup Posted February 19, 2011 Share Posted February 19, 2011 I have a GE card and have bought furntiure and furnishings for my home to the value of thousands and thousands with it, interest free. If you manage your money well, they're fabulous. I have a GE card too and have bought 4 beds, 2 computers, 3 TV's, 2 vacuum cleaners, 2 sofas, 2 coffee tables, 1 wardrobe, 2 desks and a TV unit over the past 10 years and I have never paid 1 cent of interest ;) I always make sure I pay things off in the interest free period and will do so with the care card too. The admin fee is $25 and then they charge something like $2 for the invoice once a month only when there is money owing. If you have all of the funds sitting in the card you pay no fees. Link to comment Share on other sites More sharing options...
greytdog Posted February 19, 2011 Share Posted February 19, 2011 (edited) You just need to be careful that the service you are buying with either GE (which I have, and know about) and GE Care (which I don't) has an interest free period that you are comfortable paying off within. With GE, the monthly fee during the IF period is $3.95. You can make extra payments with no penalty, and there's no penalty for paying out early. The only other thing is that GE are in the habit of cancelling your account if you don't use it for awhile. If you can't pay it off within the IF period, you might be better off with a low interest rate credit card. I used to work for Hardly Normal and bought a few things with my card. I've just finished paying off my last purchase - a bed mattress - early (as usual). I've bought other big ticket items (Canon EOS camera, a bed for son, my laptop etc) and haven't had any trouble. However I would NEVER get a cash advance on it, and NEVER buy anything that I can't handle paying off promptly. GE make their money out of the nuffs who spend up big on TVs etc, then can't pay back in time. I saw them all the time. My job was processing the applications and add ons, and often had to explain how to know how much was going to be owed per month, particularly when people had multiple purchases on multiple deals on their cards. I've even advised people not to use it. (shhh). ETA: With GE Care, do you know in advance what IF period you have? Is it IF for the whole transaction? If you don't know in advance, a credit card is better for emergencies. Edited February 19, 2011 by greytdog Link to comment Share on other sites More sharing options...
HugUrPup Posted February 19, 2011 Share Posted February 19, 2011 Apparently each vet has a different promotion and you have to ask what their IF period is at the time. Link to comment Share on other sites More sharing options...
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