UPDATE: It's now FREE again!!! - Warehouse Money Visa Card Will No Longer Be "Free"

Update 28 Mar 2019:

On Friday 22 March, we notified you about the upcoming changes to your Warehouse Money Visa Card. The changes communicated included an increase to the purchase and cash advance interest rate, as well as being charged an annual fee on your account anniversary.

Whilst this is true for our other product on offer, this change wasn’t intended for the Warehouse Money Visa Card and was sent to you in error.

Please accept our sincere apologies for the confusion and any inconvenience we may have caused. To confirm, below are the interest rate applicable to your account as they have always been.

https://www.warehousemoney.co.nz/cards/card-terms-fees

https://www.warehousemoney.co.nz/Modules/LSDocumentManager/D...


Received an email today. They are going to start charging annual fee from 1 April 2019.

https://www.warehousemoney.co.nz/new-updates

https://www.warehousemoney.co.nz/Modules/LSDocumentManager/D...

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Comments

  •  

    talk about short notice. 1 week.

  • +2 votes

    Thanks for this, guess I'll be cancelling the Warehouse Money card. It'll only be worth keeping the card if you spend more than $1100 per year at the Warehouse to counteract the annual fee with the 5% discount you get from using it.

    •  

      I worked it out at $1375 a year as the actual benefit is only 4% as I get 1% back anyway using my main card

  •  

    Yep got the email too wrote back to confirm anniversary date. Will everyone that has the card on 1st April be charged or is it only on the anniversary date? And will you have to notify them you wat to cancel or just say bugger off and not pay the fee?

    Its a real shame they're doing this, was handy having the 5%, made me buy stuff from the Warehouse on occasions I would have gone elsewhere(using BNZ visa card for flybuys etc). Looks like the new owners of the finance division are being dicks.

    • +1 vote

      I notified to cancel. Have had credit cards where the bank charges the fee to the account and would assume you are liable then.

  •  

    Woah, what a bad decision. This card has gone steadily downhill since it was sold to an external provider.
    I'll probably be pulling the pin soon! I wonder if they'll try any perks to make us stay?

    Will keep an eye on this topic to see what comes of the whole thing.

    •  

      By the wording of the email it doesn't look like they'll be putting any more cherries on this dirty cake that's finally hit the floor. It really is a shame but there are cleaner cakes out there.

      I'm more interested in the backlash they'll get from the very short notice; I suspect most people won't know about the fee until they get a bill asking to pay up for existing. Nice!

  •  

    Tried to call to confirm when charges start, and to cancel my card. 50 minutes on hold and waiting…

  •  

    I can't get through.

  • +1 vote

    Was on hold for 30 mins, read the above, and hung up. Did the 'apply for new card' trick and got through in about a minute.

    I was not a good customer for them anyway, never paid interest, only had the card for the 5% discount. Don't blame them really.

  • +3 votes

    RIP Warehouse Money Card

  •  

    Annual fee:
    "Charged on your account anniversary, one year after your account is opened and annually thereafter."

    My understanding is that you can still use your card without annual fee until the expiration month of your card in 2019.

    For cancellation (from terms & conditions):
    "If you want to cancel a card, tell us (by calling us or sending us a Secure Mail through WM Connect) and cut the card in half. "

  •  

    Need to use up the purple dollars before cancelling the cards. It says you can redeem them at a Warehouse. Anyone know the exact process? (Do you go to a checkout and just ask them to use it on a purchase?)

    Can also someone confirm when the $55 fee will be charged?

  •  

    I have just looked at my card dosent expire until 07/20 does this mean I wont have fees until this card expires ? Its not very well explained , Any Help Thanks.

  •  

    Well I went over to the Warehouse Facebook page and wrote them at the disappointment of the annual fee charge. They replied saying they know nothing about it. Might be an idea if a few more people wrote to them and show their disappointment and willingness to take their business elsewhere.

    If the fee were waived on request I'm happy to keep and using the card.

    Of course they get jack shxx from me in interest but The Warehouse definitely gets my business with the 5% discount.

    •  

      The warehouse won't care as they sold their finiace arm to SBS in 2017. This is why we no longer have the 20% off days

    •  

      Is it me or has the Community option on their FB page disappeared?

  •  

    I contacted them last week when I got the email, via their messaging system to cancel the account, and to confirm cancellation to me. However even though the message shows it was read, they haven't got back to me to confirm cancellation and it still seems to be an active account. Hope it isn't going to get billed on the 1st of the month. I have taken screenshots of the message just in case. My parents have the same card, and they never got any email warning about the fee which is odd.

  •  

    We called up and they said we wont get charged until our "anniversary date" which isnt until next year.

    They did say we have to clear the account before you are allow to cancel the card

  • +1 vote

    On Friday 22 March, we notified you about the upcoming changes to your Warehouse Money Visa Card. The changes communicated included an increase to the purchase and cash advance interest rate, as well as being charged an annual fee on your account anniversary.

    Whilst this is true for our other product on offer, this change wasn’t intended for the Warehouse Money Visa Card and was sent to you in error

    😂😂😂😂

    I don't think it was an error, I think they got lots of people cancelling. The documents don't lie and it took a week to correct the "error".
    However I'm still waiting for them to respond to my cancellation request, perhaps I'll keep it.

    • +1 vote

      In addition, we would like to extend our apologies by offering you 10%* off from the 1st April to 10th April 2019 instore and online, when you use your Warehouse Money Visa Card.

    •  

      😂😂😂😂 This is actually hilarious! 😂😂😂😂

      Calling it an "error" after 6 days is bold as heck.
      Why don't they just admit it was an awful idea that received immense backlash? Rightly so, too…

  • +3 votes

    It is doubtful that the fee announcement was made in "error". They were probably shocked at the numbers cancelling when they tried to sneak through the $55 fee with a weeks notice! Little did they know most people who signed up are savvy savage savers. This is a win for the community!

    •  

      Damn right I totally agree. I have found commenting on their Facebook page to be extremely affective. Have done it many times and each time the problem is fixed much faster than other means. I basically said the fee will make me shop elsewhere to get a bargain.
      In this case greed got defeated pretty quickly, I'll keep the card, and see if they can extend the 10% to Easter :)

      •  

        I can guarantee this didn't happen because you made a post on their Facebook page…

        Even if I was to accept they're lying and it wasn't a mistake (which no one can ever prove), if anyone changed their mind it would be a sudden increase in cancellations.

        Though they'd be expecting that either way so I don't really buy that argument either.

  •  

    I rang up on 23/03 and was told that my account would be closed the following week, but logging in to their website the card is still showing as active. Has anyone's cards actually been cancelled yet?

    •  

      Yes. I rang up and it was cancelled within a few days - also emailed and never got a reply but logging in showed 'permanently blocked'. Was surprised as had about 80c credit that disappeared.

      Have emailed and now rung up to try and reactivate. Told should be possible and shouldn't pay establishment fee. Waiting on that.

      •  

        I finally heard back from them, they're overwhelmed by the volume of cancellation requests and have promised to action it by 30/04.

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