Latest news (24,878 items)

MasterCard strands Visa on US debit trial

Visa International will defend the class action mounted by Wal-Mart and other US retailers alone, after rival card brand MasterCard reached a secret settlement with the plaintiffs. read more

Resimac rely on Sydney market

Mortgage funder Resimac is attracting a more leveraged class of customer than, say, Members Equity, featured in yesterday's edition, but in line with the kind of borrower seeking a home loan from other non bank lenders. read more

ANZ rewards cap limited to super spenders

Whatever cap ANZ decides on for the reward programs on its credit cards is likely to be limited to credit card customers who spend a significant multiple of the average spend. read more

ANZ loyalty points accrual clarification

Yesterday's edition reported that the cost to ANZ Bank's card business of the under accrual was $48 million, not $38 million, given a $10 million loss from the under accrual in the first half of 2003, but it looks like this is a misreading of the ANZ presentation. read more

NAB lifts debt collection hurdle

National Australia Bank may have introduced rough hurdles for debt collectors RMB and DB Australia in their newly allocated contracts to chase down recalcitrant credit card and home loan customers. read more

Mortgage market share slips

ANZ Bank did lose ground in its mortgage business in Australia in the half year to March 2003, but not by as much as reported in Thursday's edition. As reported then, ANZ did state, in its profit report for the half year, that its market share of the home loan business in Australia to be 11.6 per cent as at March 2003, compared with around 13 per in July 2002. read more

Credit card acquiring share leaps

ANZ said that is share of the merchant acquiring market accelerated. A chart in the analysts pack shows the bank's market share of acquiring (in Australia) increased to about 24 per cent at March 2003, up from 22 per cent at September 2002 and 21 per cent at March 2002. read more

Credit card accrual losses wider

ANZ incurred a $10 million loss on the under accrual of loyalty points in the half year to March 2003, on top of the $38 million loss for the under accrual in prior periods since 1999. In other words, the loss from the under accrual of loyalty points was $48 million, not the $38 million reported elsewhere. read more

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