Gem Visa is giving me $20

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Forums › Finance and wealth management › Gem Visa is giving me $20

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nztim

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#2601983 11-Nov-2020 17:42

rugrat:
I think some retailers are using it to replace hire purchase, so they’re having Gem manage the risk for them.

Yup GEM know full well those with no self control will not just cut it up and use for the hire purchase only

They will use it for petrol/groceries/booze/cigarettes and pay thru the nose in interest

Total evil

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richms

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#2602147 11-Nov-2020 19:34

GEM is great. Spend only over $250 and zero the card out every 6 months and its totally free other than the annual charge, and you have it there to stick interest free deals on when places offer them.

Just dont F up and put a $248 power bill on it when having a low usage month because then it doesnt get the 6 month interest free on anything over $250.

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Handle9

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#2602148 11-Nov-2020 19:36

rugrat:

I think some retailers are using it to replace hire purchase, so they’re having Gem manage the risk for them.

Retailers have used 3rd party finance companies for many years. GEM is GE Finance, they have just repackaged.

Handle9

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#2602150 11-Nov-2020 19:37

richms:

GEM is great. Spend only over $250 and zero the card out every 6 months and its totally free other than the annual charge, and you have it there to stick interest free deals on when places offer them.

Just dont F up and put a $248 power bill on it when having a low usage month because then it doesnt get the 6 month interest free on anything over $250.

It's a useful product for the financially literate and a death trap for the unwary. Pretty much like any form of financial product really.

snnet

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#2602153 11-Nov-2020 19:41

MurrayM:

Is Gem Visa the one that retailers try to push onto people? I remember wanting to buy an expensive phone from Noel Lemming several years ago and they wanted to sign me up for it. I said I don't need another credit card and the salesperson said I could get the card and just not use it. I'm pretty sure they were receiving commission on each card they got customers to sign up for.

They definitely get kickbacks. I can't understand why people consider them with the rates so high on their products, even the account fees are up there. I guess for some people it might be their only way. As for picking and choosing what to put on it to make sure you get whatever deal, I personally can't be bothered with that!

Another preying company/product is flexirent -- if you buy something on it, get a letter saying that the rent on that product is over, tell us you want to keep it or send it back and upgrade. If you dont respond, they continue billing you even though whatever you've "flexirented" has been paid up. They're trying to claim it's a subscription service like a gym.

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