Originally Posted by
Mach E Avelli
In my junk email this morning was this incredible offer! Not quite up there with a Nigerian scam, but surely sailing close to the wind to be encouraging any expenditure on travel at the moment? I suppose the odd mug will see this as a deal not to be missed...
Dear Velocity member,
We want to let you know about some important changes we’re making to Velocity Global Wallet® from 4 May 2020 under our new Product Disclosure Statement (PDS).
* We’re reducing fees you pay when using your Velocity Global Wallet® card, including removing the 2.25% currency conversion fee2 (foreign exchange rates apply), supplementary card issue fee, and the $1.95 ATM transaction fee.
* You’ll earn 1 Velocity Point for every AU$4 spent in Australia on qualifying purchases.1
* No more ATM transaction fees when withdrawing cash in Australia and overseas.3
* We’re introducing a new load method via VISA/ Mastercard which will have a 0% load fee when loading into a foreign currency wallet, or 0.5% when loading into your AUD.
The updated PDS also includes the following important changes:
* Your Overseas earn rate remains the same, 2 Velocity Points for every AU$1 spent, on Qualifying Purchases.
* You will now earn 1 Velocity Point for every AU$4 spent, on Qualifying Purchases in Australia.1
* The Inactivity Fee will change to 0.5% of the Available Balance, with a minimum of AU$1 for accounts that have been inactive for 12 months.
* BPAY will still be FREE when you load into a Foreign Currency Wallet, and will have a fee of 0.5% of Funds Credited when you load into your Australian Wallet, with a minimum of AU$1 per Load.
* We’ve updated section 17.5 to indicate the assumptions you might be liable for losses arising from Unauthorised Transaction if you contributed to those losses through fraud, theft, illicit use or by inappropriate use of the card and PIN. These assumptions only apply to a very small number of transactions, losses will still be covered for most customers.
* We’ve updated the definition of Qualifying Purchases that allow you to earn Velocity Points, and included a section to explain you might stop earning Velocity Points if you use the product in a fraudulent or illicit way.
* We’ve updated the section where we describe what happens with Card Inactivity and Account Closure
Bloody Hell!
They’re still employing someone to come up with that crap?