Five stars for mutual Credit Cards
29 November 2007
Credit card products offered by credit unions and mutual building societies (mutual ADIs) are strong performers in the latest CANNEX Credit Card ratings, with many achieving five or four star ratings for “superior” or “exceptional” value.
Mutual ADI credit card products scored well in categories that offer members low fees and low interest rates, while also featuring across the other categories evaluated by CANNEX (a link to the full report is provided below).
“This demonstrates how credit unions and mutual building societies tailor their products to suit the needs of their members,” said Louise Petschler, Head of Public Affairs for Abacus – Australian Mutuals, the industry association for Australia’s credit unions and mutual building societies.
“Credit unions and mutual building societies are owned by customers and do not have to maximise profits for returns to external shareholders,” said Ms Petschler.
“This allows them to more readily focus on their members to deliver fairer fees, better service and a competitive difference to members.”
Ms Petschler said the CANNEX ratings confirm the important benefits of competition and choice that credit unions and building societies bring to the consumer financial services market.
“We have a proud record of offering a full range of high quality, high value financial services to more than 4.5 million members in every Australian community,” Ms Petschler said.
Full details of the CANNEX credit card ratings for November 2007 can be found at the CANNEX website.
For more information:
Paul Murton, Media Relations Manager
(02) 8299 9024; 0434 185 229;
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