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

 

Paymark: Lockdown Equals Slowdown For Some

The three days of lockdown for Auckland earlier this month made a clear impression on our retail spending figures. While only Auckland moved into Level 3 lockdown, the impact was felt across the country, albeit at different levels. Looking at the ... More>>

Infrastructure Commission: Te Waihanga Releases Report On Water Infrastructure

The New Zealand Infrastructure Commission, Te Waihanga’s latest discussion document highlights the importance of current reforms in the water sector. Its State of Play discussion document about water infrastructure is one of a series looking at the ... More>>

Sci-Tech: Perseverance Rover Lands On Mars – Expert Reaction

NASA has landed a car-sized rover on the red planet to search for signs of past life. The vehicle has more instruments than the four rovers preceding it, and it’s also carrying gear that could help pave the way for human exploration of Mars. The ... More>>

ALSO:


ASB: Quarterly Economic Forecast Predicts OCR Hike As Early As August 2022

Predictions of interest rate rises have been brought forward 12 months in ASB’s latest Quarterly Economic Forecast. Chief Economist Nick Tuffley now expects the RBNZ to begin raising the OCR from its current level of 0.25% as early as August ... More>>

ACT: Matariki Almost A Half Billion Dollar Tax On Business

“Official advice to the Government says an extra public holiday at Matariki could cost almost $450 million,” ACT Leader David Seymour can reveal. “This is a perfect example of the Prime Minister doing what’s popular versus what’s responsible. ... More>>

Genesis: Assessing 6,000 GWh Of Renewable Generation Options For Development By 2025

Genesis is assessing 6,000 GWh of renewable generation options for development after starting a closed RFP process with 11 partners. Those invited to participate offer a range of technologies as Genesis continues to execute its Future-gen strategy to ... More>>

OECD: Unemployment Rate Stable At 6.9% In December 2020, 1.7 Percentage Points Higher Than In February 2020

The OECD area unemployment rate was stable at 6.9% in December 2020, remaining 1.7 percentage points above the level observed in February 2020, before the COVID-19 pandemic hit the labour market. [1] In December, the unemployment rate was also stable ... More>>

Stats NZ: Unemployment Drops To 4.9 Percent As Employment Picks Up

The seasonally adjusted unemployment rate dropped to 4.9 percent in the December 2020 quarter, from 5.3 percent in the September 2020 quarter, Stats NZ said today. Last quarter’s unemployment rate of 5.3 percent followed the largest increase observed ... More>>