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ASB Comments On Credit Card Charges
Credit Card Charges
Statement made by Clayton Wakefield, Group General Manager Technology, Operations and Cards
ASB Bank has been discussing the credit card conversion margins, incurred when a customer uses a credit card overseas and the amount is converted to New Zealand currency, with the Commerce Commission for more than 12 months, and has been fully co-operating with the Commission and supplying it with relevant information.
From 2002, and prior to the Commission’s involvement, ASB Bank has been disclosing to its customers the margin it earns at the time of the currency conversion.
As we have been formally advised by the Commerce Commission that this issue is to be brought before the Courts, it would be inappropriate to comment further.
Footnote for Editors:
On an International Visa Card transaction Visa charges a 1% margin and ASB Bank charges a 1.25% margin.
On an International MasterCard transaction MasterCard charges a 1.1% margin and ASB Bank charges a 1.25% margin.
ASB Bank
Helping you get one step ahead.
In 1847, ASB opened as the Auckland Savings Bank with the pledge: 'to serve the community; to grow and to help Kiwis grow'. And that is very much what ASB is about today.
ASB is a leading provider of integrated financial services in New Zealand including retail, business and rural banking, funds management and insurance.
ASB strives to consistently provide its customers with outstanding service and innovative financial solutions. They're dedicated to providing simple financial products that allow their customers to bank with them how and when they want.
We all have our own ways to measure progress, and our own stories about the things that matter to us. Whatever way you choose to measure progress, and whatever your goals, ASB is there to help you get one step ahead.
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