INDEPENDENT NEWS

Credit card star ratings report released today

Published: Fri 18 Nov 2005 12:29 AM
MEDIA RELEASE (text only)
Pick a card, not just any card …
CANNEX releases credit card star ratings report today.
Now, more than ever, it is important that consumers pick a credit card that is going to work for them.
The bi-annual CANNEX credit card star ratings report, released today, examines over 70 credit cards in New Zealand and showcases the pick of the bunch based on consumer spending and repayment habits - just in time for Christmas !
The most notable events since the last CANNEX credit card star ratings report have been the introduction of more premium cards with loads of features like the new Westpac Titanium card.
Head of Institutional Services at CANNEX, Steven Anderson said, “This is definitely a card to watch. At present it doesn’t qualify to be in the star ratings as it hasn’t been in the market long enough but this is a card that will shake up the credit card space due to the strong feature component of the card. I suspect it will set a new benchmark in premium cards in New Zealand”.
CANNEX encourages consumers to do their homework and to pick a credit card based on their spending and repayment profile; so that they get the best value from their credit card. CANNEX has developed four profiles namely everyday, impulse, habitual and big spender so consumers can use the report to help them pick a card this is right for their situation.
CANNEX Managing Director, Andrew Willink, said that it is a well-known trend across the industrialised world that consumers are taking on more and more debt.
“The purpose of the CANNEX credit card star ratings is to take the focus away from the fad credit card offers and focus on cards that are competitive on an ongoing basis”, said Mr Willink.
“Consumers already have to sift through hundreds of cards to find the card that suits them best”, said Willink, “The star ratings report is a great place for consumers to identify some of the best cards in the market that can offer them superior value”.
The CANNEX credit card star rating report is a bi-annual report produced by independent financial researchers, CANNEX. The CANNEX credit card star ratings is a sophisticated rating methodology that compares over 70 dominant credit card products and presents the results in a simple, consumer-friendly format.
ENDS

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