GE Capital shakes up NZ credit cards

Monday 1 August, 2011

Consumers will have access to unparalleled interest free finance with the new Gem Visa credit card being launched by GE Capital. Not only does Gem Visa offer cardholders six months interest free on every Visa purchase over $250, it also has the ability to make in-store payments faster and more efficient with Visa’s payWave ‘contactless’ technology

For GE Capital, the Gem Visa card is an exciting new innovation in New Zealand credit cards, and is a natural progression from the popular GE CreditLine, providing even greater convenience and levels of service for its users.

Aaron Baxter, Managing Director of GE Capital New Zealand says six months interest free is a huge incentive for everyday Kiwis.
“This card has taken two years to develop and is the most unique credit card available in New Zealand. We believe the six months interest free offer adds significant value to consumers, allowing them greater flexibility to manage their money at a time when the country is in recovery and many people are still cost conscious.”

Gem Visa also offers consumers long-term interest free promotional finance at around 2,500 retail stores and healthcare practices nationwide, up to 55 days interest free on purchases under $250, and the ability to access statements online.

“We have taken particular care to listen to what consumers want and deliver a credit card with unparalleled value for customers. Gem Visa is the only credit card in New Zealand with interest free terms like this, and we are leading the way to drive a shift in the market. This card shows our customers we have heard them, and have made a significant change to give them what they want.”

Gem Visa cards are the first payment cards in New Zealand to incorporate the latest Visa payWave technology, a contactless payment innovation that facilitates fast transactions, providing approval immediately for purchases up to $80 with no signature or PIN. Purchases over $80 can be made with a signature or PIN authorisation. Visa payWave cards are as secure as traditional payment cards and meet the same security standards. Gem Visa cards are based on highly secure EMV chip technology and payment information includes an encrypted security code that is unique to each transaction. Gem Visa is also protected by Visa’s Zero Liability policy[1] for all fraudulent transactions.

GE Capital supports sensible budget planning and believes that Gem Visa, because of its unique attributes, will give consumers more budgeting power.

“With access to six months interest free, cardholders are able to plan their repayments over a longer period, rather than worrying about having to pay interest and struggle through the year on a month-by-month basis,” says Baxter.

Retailers around the country are installing Visa payWave contactless acceptance terminals to speed up customer service and shorten queues at checkouts.

“We are proud to be supporting GE Capital with the launch of this innovative new product. With one wave of the card we’re enabling merchants and consumers to speed up the transaction time when accepting or making a purchase,” says Visa Country Manager, Sean Preston.

“Studies have shown transaction times can be up to three times faster with contactless technology than cash[2]. Convenience and efficiencies offered by payWave are hugely attractive to merchants and customers, and we believe contactless payments will transform the retail environment in much the same way that contactless tolls have reduced traffic congestion around the world.”

Retailers wanting to install the technology should contact their acquiring bank about upgrading their acceptance terminals.
For more information on Gem Visa or payWave, or to sign up for your own Gem Visa card visit www.gemvisa.co.nz or www.visapaywave.co.nz. Gem Visa application forms can also be obtained at participating retailers.
[1] Visa's Zero Liability policy covers Australian and New Zealand-issued cards and does not apply to ATM transactions, transactions not processed by Visa or certain commercial card transactions. The cardholder must notify their issuer promptly of any unauthorised Visa use. Please consult your issuer for additional details.

2 Average Visa payWave transaction including printing of receipt takes 4-6 seconds, compared with 12-14 seconds for cash (Visa Smart Card Deployment Study in Taiwan and Malaysia, conducted by Deloitte in 2006).

ENDS

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