BankWest launches 'zero' credit card
SMH May 31, 2005
BankWest is launching a new credit card which it says is a first in the Australian marketplace, offering customers zero interest for the first four months.
The BankWest Zero MasterCard has zero interest on balance transfers and new purchases for the first four months, plus zero annual fee.
At the end of the four months the interest rate is 12.99 per cent, and the card offers 55 days interest free on purchases.
BankWest, which is a market leader in Western Australia, is a wholly owned subsidiary of HBOS plc, one of the world's largest financial services groups.
HBOS Australia's retail division chief executive Chris Whitehead said the key features of the card was a direct result of responding to customer feedback, and experience in the United Kingdom market.
"Australians deserve better than the current offering in the credit card market, and this new card is Australia's first and only true 'zero' card," Mr Whitehead said.
"BankWest has drawn on the extensive experience and financial strength of its parent HBOS plc, which had launched 'zero' cards that had proved extremely popular in the highly competitive UK market."
HBOS Australia head of products and marketing Dave Hunt said the new card gave customers the opportunity to get back on track with their credit card debt and establish good financial habits.
"Very few people understand how their credit card works," Mr Hunt said.
"Through the Get Australia Saving campaign, we're providing people with tips on how to use their credit card effectively and how this can help them save.
"By offering a true 'zero' card... people can consolidate their existing credit card debt and begin to pay it off without paying interest."