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
deceit and 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 card
with material hidden
costs.
Summary of Westpac's Low Rate Visa Card advertising at www.australia.creditcards.com
Click on Westpac's Low Rate 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:
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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 rates for 'Purchases' or '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.
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Convenience of Visa acceptance at over 29 million locations worldwide.
