GE '3%' Cashback Card

lisyloo

I don't see how they can afford to pay 3% cashback ? Since they are not making that much from the merchants ?

It's called a "loss leader".
A bit like supermarkets selling bread and milk and a loss in the hope that you'll buy other things while you are there.

They are hoping that some card holders will pay interest and also will take oher products with them.
They are also getting a lot of "free" publicity here and only giving out a small number of cards. I hadn't heard of them before this.

Don't forget they also get money from card holders as well as merchants.

Happy_Shrimper

Never been declined before, and GE have done just that this morning.
Have closed a few accounts recently and just taken a T-Mobile contract which may show as activity on my credit file.
Ho Hum!
Going to apply in wifes name now ...

payless

lisyloo wrote:

. I hadn't heard of them before this.

they are part of the massive General Electric group

They have been running a number of store cards in the UK.

Their 2 credit cards do seem very competitively priced , and they would seem to have decided to target a particular client type , whilst in other financial services products they seem less targeted

MSE_Martin

Hi folks as noted in the article - this is all about the merchant code. Cashback is earned in a food retailer and a petrol retailer - not dependent on what you buy.

So Widescreen TV in Tesco or Asda will earn you Cashback
A book in Texaco will earn you cashback
Food in a M&S main store won't earn you cashback
Flowers in an M&S Simply Food will earn you cashback (its differently categorised)
As for Dunnes - i can't see any reason that it wouldn't be counted as a supermarket.

Martin

lipidicman

Do we have a merchant code list?
I need Morrisons, Somerfield and Waitrose to be on the list or I am wasting my time.

Stompa

Well, I'm impressed. Did an online application this morning and got an email saying I'd been accepted about an hour later.

Mind you, I was not quite so impressed by the online application form, which if you say you're self-employed, requires you to enter the name of your employer (and the town part of their address) before it'll let you submit the form.

Redrum_2

lipidicman wrote:

Do we have a merchant code list?
I need Morrisons, Somerfield and Waitrose to be on the list or I am wasting my time.

Merchant codes would be sub-categorised into the type of retailer it is. For those people using Egg Money, it's how your statement manages to categorise the type of spend your doing each month

For me would seem a safe bet that the 3 above are classified as food retailers, given that above all they're known as supermarkets

pana37

hi all got refused dont know why never been refused ever before.
i ordered equifax to see if any was wrong. everything was fine.
this is the email i got


Thank you for your online application for a GE Money Credit Card.

We’re sorry, but after reviewing your application details, we are unable to open an account for you at this time.

We’ll write to you explaining how we made our decision. This letter will also tell you how to obtain a copy of the details that we received from either Experian or Equifax, the two credit reference agencies.

If you feel that we should re-consider your application please write to: GE Money Appeals Department, Postal Underwriting, PO box 700, Leeds, LS99 2BD

Please be assured that this simply means that on this occasion you have not met the criteria we need to offer you a card. You won’t necessarily be refused credit elsewhere, or with GE Money in the future.

Our decision and all application details will remain completely confidential.

Regards

A. Dalton
GE Money Customer Solutions

really p**d off
has anyone got a letter explaining why they got refused

mary

I've been turned down three times since I have been stoozing. First time I felt personally insulted and tried to find out why. Never been overdrawn in my life, accounts always positive, credit cards managed with never a late payment, no problems with Experian, Equifax etc. No logical explanation and they certainly didn't go into specifics. Take the broader approach to it. It wasn't meant to be this time. Maybe wait awhile before applying for another card, say 3 months. There are always new cards coming on board with tempting offers.

!bluetonic!

I've been reading this site for months. I decided to apply for this card with a sound credit rating and recived two e-mails:

THIS ONE AT 9:14 yesterday:---

Congratulations!

Your application for a GE Money Credit Card has been accepted.

Here's what happens from here:

1.
You will receive your PIN in the next 3 business days
2.
You will receive your new credit card under separate cover within the next 5-7 business days.

Then you'll need to make one short phone call to activate the card and you can start using it straight away.

If you have requested a balance transfer, please continue to make payments to your existing card issuers until you see your current card issuers have confirmed the transfer.

Thank you for choosing GE Money. We trust you'll find carrying the GE Money Credit Card rewarding.

All the best,

N. T. Eddin
Managing Director
GE Money Direct

AND THEN THIS ONE AT 9:15 YESTERDAY

Thank you for your online application for a GE Money Credit Card.

We’re sorry, but after reviewing your application details, we are unable to open an account for you at this time.

We’ll write to you explaining how we made our decision. This letter will also tell you how to obtain a copy of the details that we received from either Experian or Equifax, the two credit reference agencies.

If you feel that we should re-consider your application please write to: GE Money Appeals Department, Postal Underwriting, PO box 700, Leeds, LS99 2BD

Please be assured that this simply means that on this occasion you have not met the criteria we need to offer you a card. You won’t necessarily be refused credit elsewhere, or with GE Money in the future.

Our decision and all application details will remain completely confidential.

Regards

A. Dalton
GE Money Customer Solutions

Do they even know what they're doing?