NRMA soon to launch a credit card facility
The NRMA will soon launch a credit card to spearhead its growth in retail financial services. The credit card is expected to offer the following features :
– credit and debit facilities;
– access to ATM and eftpos machines;
– links to the worldwide visa network;
– 14.9% interest on credit up to $1,000, falling to 12.9% for credit between $4,000 and a maximum of $10,000;
– 1% lower where the customer opts not to use the 45-day interest free period.
The move by the NRMA is significant given that it has a branch network to rival the banks and over four million accounts. Only the Commonwealth Bank currently has more customers.
The NRMA has been slow to launch a financial services strategy, however they are seen as a potentially significant player who can further add to competition in this sector.