Virgin wants credit card ad clampdown
Virgin Money is calling on the Federal Government to tighten regulations on credit card advertising to force card issuers to display key fees and charges upfront, rather than hiding them in the fine print. Virgin Money managing director, Rohan Gamble, wants Australia to follow the US and the UK in requiring card issuers to publish standardised ‘honesty boxes' in their marketing literature and on monthly customer statements.
These boxes brings together in a simple, uniform table all the important fees, interest rates and conditions relating to a credit card. This allows consumers to easily compare different cards, make informed decisions about which product is best for them. Virgin launched a credit card into the Australian market earlier this year through Westpac which was pitched as a consumer-friendly card with no fees or hidden costs.