Video | Agriculture | Confidence | Economy | Energy | Employment | Finance | Media | Property | RBNZ | Science | SOEs | Tax | Technology | Telecoms | Tourism | Transport | Search

 


Credit Card Makeover Adds Value to Wallets

Media Release
8 November 2005

Credit Card Makeover Adds Value to Wallets

- Sleek new black design
- Lowest interest rate in market at 10.95% p.a.
- First in New Zealand to feature Visa’s new branding and enhanced security

BankDirect believes many New Zealanders aren’t using the most appropriate type of credit card to suit their financial needs. It is using the re-launch of the BankDirect Low Interest Visa card (LIV) to educate people about this.

BankDirect’s LIV has the lowest interest rate in the New Zealand credit card market. It is a card designed for people who do not pay off their entire balance each month.

Anna Curzon, Marketing Manager BankDirect, says many New Zealanders choose not to pay off their entire balance monthly, but remain with high interest credit cards that increase their monthly debt.

“Low interest credit cards are very popular overseas with ‘revolvers’ - people who don’t typically pay off their entire credit card balance each month. In contrast, many New Zealanders are using standard credit cards and paying up to eight or nine percent extra in interest, which could equate to a saving of up to $90 for every $1,000 credit per year. With the increasing levels of household debt*, the last thing people need is to be paying a higher than necessary level of interest on their monthly credit card account.

“Low interest credit cards are a smarter choice for many people. The lead up to Christmas is always a time when people’s finances are stretched, so we’ve redesigned our card to get their attention and have them consider a potentially better solution. We want people to know that there may be a credit card better suited to their spending and repayment habits.

Iain Jamieson, New Zealand Country Manager, Visa International, wants people to have a choice when it comes to the cards they use.

“A large volume of non-housing consumer lending is not done through credit cards. People are using secured and unsecured personal loans from non-bank finance companies, when a low interest credit card could be an option. We are working with BankDirect to help educate the market and offer a wider choice of products to meet the needs of New Zealanders.”

BankDirect’s LIV has been completely redesigned and is the first credit card in New Zealand to integrate Visa’s new corporate livery.

“As well as consistently being ranked as one of the most competitive in the market, our Low Interest Visa has always been recognised for its sleek design,” says Ms Curzon. “The bold and sexy black look of our new card, with only the BankDirect globe watermark and new Visa logo visible, appeals to our customers who love the simplicity and no nonsense approach we take.”

Mr Jamieson says the new type of Visa card will bring added benefits to New Zealand customers.

“On top of the changes to the Visa brand there are also changes to card features that will provide enhanced security. The Visa dove hologram has been moved to the back of the card and has been integrated with the magnetic stripe, making card counterfeiting more difficult. The updated card will also work better across new technologies and payment channels, such as the internet, mobile phones and handheld devices.”

BankDirect is using its popular text service for people interested in LIV. Interested parties simply text the word “card” and their e-mail address to 3003, and BankDirect will contact them.

BankDirect LIV – key information:

- Interest rate: 10.95% p.a.
- Six monthly fee: $30
- Debit and credit card all in one.
- Credit balance interest rate: 3.50%
- Already ranked top by several credit card research groups

ENDS

© Scoop Media

 
 
 
 
 
Business Headlines | Sci-Tech Headlines

 

Nurofen Promotion: Reckitt Benckiser To Plead Guilty To Misleading Ads

Reckitt Benckiser (New Zealand) intends to plead guilty to charges of misleading consumers over the way it promoted a range of Nurofen products, the Commerce Commission says. More>>

ALSO:

Half A Billion Accounts: Yahoo Confirms Huge Data Breach

The account information may have included names, email addresses, telephone numbers, dates of birth, hashed passwords (the vast majority with bcrypt) and, in some cases, encrypted or unencrypted security questions and answers. More>>

Rural Branches: Westpac To Close 19 Branches, ANZ Looks At 7

Westpac confirms it will close nineteen branches across the country; ANZ closes its Ngaruawahia branch and is consulting on plans to close six more branches; The bank workers union says many of its members are nervous about their futures and asking ... More>>

Interest Rates: RBNZ's Wheeler Keeps OCR At 2%

Reserve Bank governor Graeme Wheeler kept the official cash rate at 2 percent and said more easing will be needed to get inflation back within the target band. More>>

ALSO:

Half Full: Fonterra Raises Forecast Payout As Global Supply Shrinks

Fonterra Cooperative Group, the dairy processor which will announce annual earnings tomorrow, hiked its forecast payout to farmers by 50 cents per kilogram of milk solids as global supply continues to decline, helping prop up dairy prices. More>>

ALSO:

Results:

Meat Trade: Silver Fern Farms Gets Green Light For Shanghai Maling Deal

The government has given the green light for China's Shanghai Maling Aquarius to acquire half of Silver Fern Farms, New Zealand's biggest meat company, with ministers satisfied it will deliver "substantial and identifiable benefit". More>>

ALSO:

Get More From Scoop

 
 
 
 
 
 
 
 
 
Business
Search Scoop  
 
 
Powered by Vodafone
NZ independent news