Australian Credit Card NewsAustralian Credit Card NewsNews, info and debate regarding Australian and International credit card news Articles
Aussie Giant no more?
2007-07-06 02:28:00 Ever since home loan company Aussie was launched, founder John Symond has been the larger than life face of the company. As the company expanded he became the face of the Aussie Credit Card.Earlier this year Symond took the decision to rebrand Aussie which has long been associated with the 'Aussie battler'. The new branding is aimed to help Aussie appeal to a broader market of consumers looking for a good deal on products such as credit cards and home loans.The most obvious part of the branding change was Symond's taking a backstage role and no longer being the face of Aussie in all advertising. Since then most people wouldn't have seen him but he was spotted this month at a chairy fundraiser looking a shadow of him former self.It's been reported that the secret to his big slimdown is the controversial Sydney doctor Danny Hameiri's special diet which involves vitamin C injections, plus Symond's own exercise program.Who knows, if he keeps going he may so so proud of his new... More About: Giant
Credit cards fuel St George Bank growth
2007-07-06 02:11:00 St George bank is on track for earning per share growth of 12% in 2007. The St George Credit Card division has seen a large number of new cardholders this calendar year. At the front of this success has been the St George Vertigo Credit Card which won Money Magazines 2007 'Cheapest Credit Award'. The card has an interest rate of just 8.99% on purchases which is among the lowest available and less than half that of some other cards on the market. For the first eight months to May 31, the growth in credit card receivables was a strong 22.9 per cent on an annualised basis.Other factors being the strong growth this year at St George bank is the growth of it's wealth management unit and continued success of it's mortgage market share which grew by over 9%.St George has spent a large amount advertising itself as a friendly bank as it's key point of difference to other banks. With frustrations from other large organisations over the quality of customer service it would seem this i... More About: Credit Cards , Fuel , Growth
Taking on the banks - Challenging credit card fees
2007-07-06 01:55:00 Consumer groups Choice and the Consumer Action Law Centre in Victoria, have launched a website showing consumers the penalty fees charged by their banks. The website is part of campaign prompting consumers to challenge their banks and write to them requesting the fees back.Fees on credit cards can be inccured for a number of reasons such as going over your agreed credit limit and paying the bill late. While some fees may be justified, especially as an incentive to avoid late payment the rate of these fees is what's being questioned the most. For example, some banks may charge as much as $34 for a late payment or $30 just for going over your credit card limit.Consumer organisations have run a similar campaign in the UK with huge success. Australian consumers can download template forms from fairfees.com.au to complete and send to their bank requesting a refund. It's hoped that the reaction may prompt banks into lowering their fare to a fair rate.Consumers are increasingly spendi... More About: Card , Credit , Banks , Credit Card
The rise of the charity credit card
2007-07-06 01:44:00 In recent years the charity credit card has become increasingly popular especially in countries like the UK and US. In the past year celebrities have started backing them, an example of which is the Red - American Express Credit Card led by Bono from U2.This July UK bank Halifax claimed that not only do the card help charities but they also offer consumers 'a very competitive deal'. Typically a set amount is donated when you apply for a charity credit card and then a % of each purchase is donated to the nominated charity for that credit card.When charity credit cards don't offer a good deal to consumers in terms of interest rates and balance transfer offers the value of such a card can be debatable. Often only 0.25% of what you spend is donated to charity. Assuming a spend of $2,000 per month, that's only $5 going to the charity. Some cards do offer up to 1% cashback to consumers on credit cards so it would seem that a more generous rate should be possible. More About: Charity , Credit Card , Rise
Australians dependant on their credit cards
2007-07-04 03:08:00 A new study by Citibank Credit Cards of Asia-Pacific countires has found Australian consumers rely heavily on their credit cards with over 50% of respondents saying they would feel lost without their credit card. Only the Chinese came out as more dependant with 70% claiming they'd feel lost without their cards.The figure shows the importance of credit cards which according to the survey respondents are now the most common form of payment for purchases. With advances like touchless Visa set to roll out around the world for low value transactions over the next couple of years the age old dominance of cash could get a 'run for it's money'!Read the full story with highlights of the results at Click4Credit More About: Australians , Epen
Bank issues credit to a cat
2007-02-17 07:15:00 While most cats rely on their owners or their natural hunting instincts for food, one Australian cat gained the opportunity to buy his own after an Australian bank issued it with its own credit card. An Australian bank has apologized for issuing a credit card to a cat after its owner decided to test the bank's identity security system. The Bank of Queensland issued a credit card to Messiah the cat after his owner Katherine Campbell applied for an additional card on her account under the cats name. "I just couldn't believe it. People need to be aware of this and banks need to have better security," said Campbell to local Queensland media on Thursday. The bank said the cat's card had been canceled. "We apologize as this should not have happened," it said in a statement. More About: Credit , Issues , Issue
"Illegal immigrant credit card" sparks anger
2007-02-17 05:08:00 One thing illegal immigrants to the USA traditionally find hard to get is a Visa. Now, thanks to the Bank of America they may be able to get one. Not in the form of a work Visa but in the form of a credit card. The new scheme has turned into a PR nightmare for the bank which has been receiving angry callers and letters of complaint. On Friday, a San Diego radio talk show hosted by former San Diego Mayor Roger Hedgecock announced a "credit-card shredding" party in Serra Mesa to shred Bank of America cards in protest.The bank has spent most of the last week trying to limit any damage done. They state that the offer is an extension of a trial and will only be available in 51 banks around Los Angeles and is not specifically aimed at illegal immigrants. Customers must first hold an account with Bank of America for at least three months before they may apply for a credit card.Bank of America said the program will help undocumented workers build good credit while opponents fear it w... More About: Card , Credit , Anger , Credit Card , Illegal
"Illegal immigrant credit card" sparks anger
2007-02-17 05:08:00 One thing illegal immigrants to the USA traditionally find hard to get is a Visa. Now, thanks to the Bank of America they may be able to get one. Not in the form of a work Visa but in the form of a credit card. The new scheme has turned into a PR nightmare for the bank which has been receiving angry callers and letters of complaint. On Friday, a San Diego radio talk show hosted by former San Diego Mayor Roger Hedgecock announced a "credit-card shredding" party in Serra Mesa to shred Bank of America cards in protest.The bank has spent most of the last week trying to limit any damage done. They state that the offer is an extension of a trial and will only be available in 51 banks around Los Angeles and is not specifically aimed at illegal immigrants. Customers must first hold an account with Bank of America for at least three months before they may apply for a credit card.Bank of America said the program will help undocumented workers build good credit while opponents fear it w... More About: Card , Credit , Anger , Credit Card , Illegal
Aussie Finance Rebrands for wider appeal
2007-02-16 07:27:00 Australian finance company Aussie is launching a new brand image today. The company was founded in 1992 by John Symond, who has been the driving force behind the company and marketing campaigns.Symond has promoted the image of Aussie giving a better deal to the Aussie battler. The rebrand is designed to widen the appeal of Aussie with a fresh look and new approach. Symond will no longer feature in the ads and the motto will change from 'We'll save you' to 'That's confidence'.One of the first products to get the makeover is the Aussie Mastercard which changes today (Monday 19th February 2007).The Aussie Mastercard is a joint venture between Aussie and ANZ. The card will continue to offer the sam interest rate of 10.49% and annual fee of $45.Old Aussie Branding:New Aussie Branding: More About: Finance , Finan , Fina , Appeal
Australian credit card debt hits record high of $38.99 billion
2007-02-15 11:22:00 Australian credit card debt hit a record high of $38.99 billion in December 2006 fuelled by solid consumer spending in December on Christmas gifts and post-Christmas sales.Despite reaching the new high December credit card spending on rose by 9.9% compared with November. This is somewhat lower to the past two years which saw increases of 11.4% in 2005 and just under 22% in 2004. This may suggest that the multiple interest rate rises may have impacted home owners and the rise of fuel costs may also have left smaller budgets than in previous years.The average card balance for Australian credit card holders in December was $2,932. However, a trend that is emerging is that many customers are paying these balances off in full rather than paying the minimum and incurring interest charges.There will of course be those who are still feeling the pinch after over indulging in the spending department recently. Credit card debt can unfortunately be much easier to get into than out of. With... More About: Credit Card Debt , Card , Australian , Debt
British survey finds financial education lacking in schools
2007-02-15 11:01:00 A recent survey of British teenagers relating to credit cards has highlighted the need for financial eduction to be part of school education. The survey conducted by the national money charity, Personal Finance Education Group found that one in twenty thinks banks will voluntarily waive credit card debt. 25% of those surveyed felt that credit cards are "just something that allows people to buy goods and services", revealing a major lack of understanding of the nature of credit card debt. Concerned PFEG chief executive Wendy van den Hende, said: "We owe it to our young people to ensure that they have the financial acumen to deal with the responsibilities of being an adult". The survey highlights an increasingly debated issue. As well as learning core subjects such as maths, science and languages, should schools be teaching real life skills such as financial management and planning? Consumer debt in most western countries including the UK, USA and Australia continues to rise with many... More About: Schools , Financial , Survey
Money Magazine 'Best of the Best’ 2007 awards
2007-02-15 06:31:00 Money Magazine recently held it's respected 'Best of the Best' awards for 2007.A range of awards were given out for financial products including:Credit CardsInsurancePersonal loansPublishHome loansThe award for the cheapest credit card went to the St.George Vertigo CardIncreased competition within Australian credit card industryA few years ago the Australian credit card market was not very competitive as the big Australian banks dominated and were happily charging high annual fees and interest rates. Aussies were getting a bad deal compared to consumers in countries such as the UK and USA. Despite some resistance there has been a bit of shake up in the industry over the past few years. Several overseas companies such as AMEX and Citibank have increased their Australian offerings while new movers have entered the market such as Virgin Money & Aussie.With the increasing number of players in the market credit card deals have become increasingly competitive which is benefiting A... More About: Money , Awards , Money Magazine
Choosing the right credit card for you
2007-02-15 06:17:00 Choosing the right credit card for you has more to do with your credit card spending and repayment patterns than anything else. If you carry a balance over from month to month, you need to look for the lowest rate interest card available. Some cards charge high rates of 18% and upwards per annum, others charge less than 10% per annum. The interest rate makes a huge difference to the monthly minimum repayment amounts and also the ease at which you can pay down debt. A low interest rate is more important than a rewards program if you are carrying debt. When evaluating which credit card is right for you, it is important to consider the late payment penalties. If a late fee is charged, what is it? Is an increased interest rate also enforced as a penalty? Some companies more than double your interest charges if you pay late even by one day. It is also helpful to consider a company’s track record in looking after their clients. For example, Virgin absorbed recent interest rate rises ... More About: Card , Credit , Credit Card
Australians get creative designing their own credit cards
2007-02-15 06:17:00 For some time now credit cards companies have been looking for more creative ways to get new customers with offers such as 0% apr balance transfers for debt consolidation or rewards points to cash in for flights such as the Qantas frequent flyer scheme.While the banks marketing departments have been creative for some time, it's now the customers turn to get creative!New customers applying online for the ANZ First Card can upload any photo, drawing or image they like as the card design. It's always great to carry a special picture in your wallet but this is the first time Australians have got the chance to add it to a card. Pictures of babies, weddings and holidays are sure to be popular. If your feeling a bit more creative you could add a drawing, piece of art of create your own funky design using a graphics package such as Photoshop.Americans have had more customised cards for a while but it's good to see ANZ bring an innovative feature to the Australian with their First Card... More About: Creative , Credit Cards , Credit , Designing , Cards |
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