Bankcard scheme called ‘anti-competitive’
fNZPA Canberra The Australian Federation of Consumer Organisations Inc, hopes that “Bancard” > interest rates will fall after; a ruling on the “Bankcard”! ’scheme by the Australian] (Trade Practices Commission. ( '[ The executive director of; I the Consumer Federation: I (Mr A. McCann) -said that! '(the present annual rate of| '(interest of 18 per cent was excessive. ! The commission gave ap-( (proval, in its draft ruling, to ( !fhe -inter-bank agreement' • which covers the working of ; the “Bankcard” scheme, subject to three major conditions. They were: . . . that each (bank be at liberty 7 to particiIpate in any other chargecard scheme: . . . that each: I bank will make its own indi-i
vidual decision on charges it; wiil make to merchants (in-1 eluding groups of mer- ; chants) and to cardholders: land on the period of “free'; ■; credit” it will allow cardhol-i ’iders; and . . . that merchants] (are at liberty to charge a: (lower price for cash sales] ’(than for “Bankcard” sales if] iThev so wish. i J the chief executive! ’(officer. “Bankcard” (Mr R. J.: ;(Pitman) said that he was not (in a position to comment on jthe rulilngs as there had not (been time for the individual (banks to consider them, and: let him know of their views. > The Australian Federation; of Credit Union Leagues Ltd,: which asked the commission; i to open the “Bankcard”; scheme to non-bank finan-j cial institutions, was the; major opponent of the interibarik agreement. ]
Fourteen banks participate in the Australian scheme,! which forbids them from: participating in any other; chargecard scheme. and; stipulates common charges, i
Permanent link to this item
https://paperspast.natlib.govt.nz/newspapers/CHP19800222.2.96.5
Bibliographic details
Press, 22 February 1980, Page 17
Word Count
259Bankcard scheme called ‘anti-competitive’ Press, 22 February 1980, Page 17
Using This Item
Stuff Ltd is the copyright owner for the Press. You can reproduce in-copyright material from this newspaper for non-commercial use under a Creative Commons BY-NC-SA 3.0 New Zealand licence. This newspaper is not available for commercial use without the consent of Stuff Ltd. For advice on reproduction of out-of-copyright material from this newspaper, please refer to the Copyright guide.
Copyright in all Footrot Flats cartoons is owned by Diogenes Designs Ltd. The National Library has been granted permission to digitise these cartoons and make them available online as part of this digitised version of the Press. You can search, browse, and print Footrot Flats cartoons for research and personal study only. Permission must be obtained from Diogenes Designs Ltd for any other use.
Acknowledgements
This newspaper was digitised in partnership with Christchurch City Libraries.