AMP today announced the launch of their credit card product.
It came as no surprise that they have formed an alliance with American Express.
Being the first institution in Australia to have AMEX as a partner AMP Banking has the advantage of being able to offer a somewhat exclusive product. While AMEX get the benefit of being able to use the strong AMP name which will help in its push for a Global Network Service.
Neither company has offered itself to the other on an exclusive basis, but often “first in is best dressed”.
For those who meet the criteria of “Founding Member” the interest rate is 9.95% for the first six months, then 13.85% thereafter.
For a member of the general public a rate of 13.85% applies, still very competitive. Don’t rush out to get one today though because only AMP shareholders and AMP customers will be offered the product in the short term.
AMP Banking expects to have all banking products available to the general public by the first quarter of 1999.