11 November, 2015
ME has teamed up with three of its key shareholders − AustralianSuper, Hostplus and Cbus − to offer a co-branded low-cost credit card to their members.
The win-win initiative will help generate new customers for ME and boost brand recognition with members for the participating industry super funds (ISFs).
Respective logos are prominently featured on the front of the cards and retained in member wallets − considered powerful marketing real estate.
ME has repurposed its low-cost credit card, frank that boasts no annual fees and a low variable interest rate for both purchases and cash advances* at 9.99% p.a.^ (transaction fees may apply) − compared to the industry median interest rate of 19% p.a. The cards are available in black or white.
ME Head of Deposits and Transactional Banking, Nic Emery, said the new card will help participating ISF members cut their credit card costs that could ultimately result in more savings for retirement.
“The reality is people use credit cards each and every day; they’re a great cash management tool,” he said.
“By working with the funds, we’re giving members the opportunity to replace the average 2.8 credit cards in their wallets with one that offers a low interest rate, around half the average credit card interest rate in the market.
“Together with no annual fees, the card will assist participating ISF members to manage their debts and save money, which could be used for other things like paying more into superannuation.
“If they did save and put those savings into super, they could be thousands of dollars ahead by the time they retire.
“Overall, this is a great example of how the customer-focused approach of ME and the ISFs can help everyday Australians get ahead.”
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Things you should know
^Interest rate is current at 11 November 2015 and subject to change. *Cash advance fee of $4 or 2% of the amount of the cash advance (whichever is greater) and other transaction fees may apply. ±Conditions, fees and charges apply and are subject to change. Applications are subject to credit approval. MasterCard and the MasterCard brand mark are registered trademarks of MasterCard International Incorporated.