ASB has issued a vertical challenge to the credit card market with its new market-leading, low rate credit card ASB Visa Light.
With no account fee, ASB’s lowest ongoing purchase rate (currently 13.50%) and a new Smart Rate purchase feature, ASB Visa Light will be a competitive card in the low-rate credit card market.
ASB Visa Light sports a vertical orientation, reflecting the way customers use their cards today for insert and contactless transactions.
The traditional, embossed credit card number strip has been replaced with a bold font type, which is easier to read when you grab your card to enter payment details for online shopping.
ASB head of cards Glen Martin says ASB Visa Light introduces innovation in the fastest growing segment of the credit card market.
“The world’s changed, so we’ve adapted our newest card for our customers – it provides flexibility and savings for everyday use and big ticket purchases,” Mr Martin says.
ASB Visa Light offers three key features in one card:
- No account fee – ever
- ASB’s lowest ongoing purchase interest rate, currently 13.50% p.a.
- The new ‘Smart Rate’ purchase feature combines a special fixed interest rate for a set period of time, automatically applied when you spend a certain purchase amount. The Smart Rate offer is currently 0% p.a fixed for six months for purchases of $1,000 or more.
Mr Martin says with ASB’s lowest everyday purchase rate, ASB Visa Light will rival store cards for its convenience and savings.
“It’s the combination of the three features that sets ASB Visa Light apart from other low-rate cards,” Mr Martin says.
“Customers have told us they want a card with no account fee and a low interest rate on purchases. ASB Visa Light offers both – it’s the best of both worlds.”
In the competitive credit card market, Mr Martin says education is needed to ensure people have the right credit card for their needs and financial circumstances.
“Many rewards card customers don’t pay off their balances each month, so they may wish to review which card is best suited to their needs.
“ASB Visa Light is the card for every-day use if you don’t want rewards and are not paying off your credit card each month,” Mr Martin says.
ASB Visa Light customers will also enjoy the control and flexibility of ASB’s Card Control feature, enabling them to place a temporary lock on a lost or misplaced card, and limit certain transaction types such as contactless payments or in-store international transactions. ASB Card Control is controlled through the ASB Mobile app.
“We believe ASB Visa Light is giving our customers a market-leading low rate credit card option,” Mr Martin says.
“It’s innovative and a game changer.”
How ASB Visa Light works
- No account fee – ever
- ASB’s lowest, ongoing purchase interest rate- currently 13.50% p.a
- New ‘Smart Rate’ purchase feature: currently 0% p.a fixed for six months on any purchase of $1000 or more
- Offers flexibility and savings for everyday purchases and big ticket items
ASB Visa Light launched on November 1. Existing ASB Visa Low Rate customers will have the benefits applied to their card automatically. Although Smart Rate is a permanent feature of ASB Visa Light, the fixed interested rate, period of time and purchase amount can be updated at any time.
For more information about ASB Visa Light and the new Smart Rate, visit asb.co.nz/light.