Australia-based Members Equity Bank (ME Bank) has partnered with three of its shareholders namely the AustralianSuper, Hostplus and Cbus to offer a co-branded low-cost credit card to their members.
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The initiative aims to generate new customers for ME and strengthen brand recognition with members for the three industry super funds (ISFs).
The card, which will be available in black or white, has no annual fees and a low variable interest rate of 9.99% per annum for both purchases and cash advances.
The bank will feature logos of the respective super funds on the front of the cards as well as in member wallets.
ME head of deposits and transactional banking Nic Emery said the new card will allow ISF members to cut their credit card costs, thereby resulting in more savings for retirement.
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By GlobalData"By working with the funds, we’re giving members the opportunity to replace the average 2.8 credit cards in their wallets with one that offers a low interest rate, around half the average credit card interest rate in the market.
"Together with no annual fees, the card will assist participating ISF members to manage their debts and save money, which could be used for other things like paying more into superannuation," Emery added.
