Summary of ANZ's First Visa Card advertising at www.australia.creditcards.com

Click on ANZ's First Visa Card under 'Product' in the 2nd column of Low Interest Credit Cards of as shown in the below Print Screen.

You will then see the following information that is provided by www.australia.creditcards.com as also evident in the further below First Visa Card Print Screen:

Company First
Intro Rate 0% (3 months)
Balance Transfer N/A
Interest Rate 19.24%
Annual Fee $30
Card Type
First Visa
Interest Free Days 44 days
Late Payment Fee $0
Minimum Repayment $10
Minimum Repayment 2%
Card Level Standard

The above summary provided by www.australia.creditcards.com is deceitful because at Interest Rate in the above summary schedule it -

*        lists only the interest rate applicable to 'Purchases'; and

*        does not inform that the Interest Rate on 'Cash Advances' is 175 basis points higher at 20.99%.

www.australia.creditcards.com should not list the Interest Rate to be 19.24% unless that is the interest rate to use the card, predicated upon compliance with other conditions including repaying at least 2% within 44 days.  The add is deliberately misleading and deceptive.

If you click on it opens an ANZ website page for its First Visa Card which provides the below limited information as evident on the below Print Screen with no mention of the interest rate 'Cash Advances':

  • Low annual account fee of $30.
  • ANZ Falcon™ security with 24/7 monitoring of suspicious transactions.
  • Up to 44 days interest free credit on purchases2.

  • Convenience of Visa acceptance at over 29 million locations worldwide.

       

Fortunately, if you click on 'Compare all credit cards', you can find out that the Interest Rate on 'Cash Advances' is 175 basis points higher at 20.99%.  However, we have to wait another 6½ months before such deception is hopefully a thing of the past.  But what about the 15 million credit-card accounts already in Australia who were misled into purchasing a credit card with material hidden costs?