Petrol price trims card spending
ANZ said that credit card spending in petrol stations was up overall, but on notably lower transaction numbers. The higher average purchase price is one useful reminder of the changing pattern of consumer spending. ANZ said that low rate cards – presumably meaning its Aussie Home Loans joint venture – earned an economic added value equal to 80 per cent of the profit of the bank’s proprietary cards. The bank didn’t say what the profit from the cards business was. The bank also said that 82 per cent of customers taking out low rate credit cards were new to the bank. This ratio was already 68 per cent before the bank paired with Aussie Home Loans.