The Warehouse Low Interest MasterCard Card Launched
Auckland, 15 April 2008 – MasterCard Worldwide and The Warehouse have consolidated their cobrand collaboration with the launch of The Warehouse Low Interest MasterCard card.
MasterCard and The Warehouse are offering cardholders a low 2.99% interest p.a. on purchases made at The Warehouse within the first six months of attaining the new The Warehouse Low Interest MasterCard card. There is also an introductory balance transfer rate of 5.99% interest p.a. available for the first six months on the amount transferred to The Warehouse Low Interest MasterCard card. The standard interest rate for purchases will be a low 12.9% interest p.a.
Ed Hayes, the Warehouse Financial Services, general manager, said “The Warehouse and MasterCard are two strong brands in New Zealand and the new low interest card will appeal to New Zealanders as a result of this and the attractive rate it offers.”
“Kiwis are regularly using their credit cards as an integral part of everyday life and increasingly so at The Warehouse. We are pleased to be able to offer a payment product that will meet the needs of New Zealanders and also provide genuine interest rate savings,” he said.
“In our experience, shoppers at The Warehouse choose credit cards due to factors such as ease of use and increased security,” Mr Hayes said.
The Warehouse and MasterCard cooperated to launch the first retail co-brand credit card in New Zealand in 2001 with The Warehouse Value MasterCard, a rewards-based card programme.
Stuart McKinlay, country manager, New Zealand, MasterCard Worldwide, said the launch of a second co-brand card with The Warehouse shows the extent to which payment cards have become an integral part of Kiwis’ day-to-day lives.
He said MasterCard has recognised the demand for low-rate credit cards with the introduction of the first low rate card in 2006.
“It all comes back to the fact that Kiwis are using their payment cards more wisely than ever before. The latest co-branded card to be launched in conjunction with The Warehouse reflects current demand and trends.
“The onset of low rate credit cards is providing New Zealanders with a means to manage their personal finances more wisely and move away from more expensive lending options such as hire purchase and lending institutions that impose extremely high interest rates on borrowing,” Mr McKinlay said.
Mr McKinlay said that when managed effectively credit can be an empowering tool enabling New Zealanders to build a positive credit history as well as track and manage everyday spending.
“Kiwis are particularly financially savvy and are increasingly realising the benefits that credit cards offer for use overseas and on day-to-day transactions, particularly when it comes to loyalty rewards, security and ease.”
Below are just some of the features of The Warehouse Low Interest MasterCard card:
Other low rate MasterCard payment cards currently available to New Zealanders include the Westpac Low Interest MasterCard card and the ANZ Low Rate MasterCard card.
Further information is available at: www.ketecard.co.nz.
The Warehouse Financial Services Limited’s current credit card lending criteria apply to all applications and transfers.
About The Warehouse Group Limited
The Warehouse Group Limited had sales of $NZ1.761 billion and an after tax profit of $NZ97.2 million for the year ended 29 July 2007 after adjusting for the sale of investments. The Warehouse Group comprises 85 Warehouse NZ stores and 43 Warehouse Stationery stores. The Warehouse Group directly employs more than 8,000 people in New Zealand. For more information go to http://www.thewarehouse.co.nz.
About The Warehouse Financial Services
The Warehouse Financial Services is a joint venture between The Warehouse Limited and Westpac New Zealand Limited. The Warehouse Financial Services Limited has been providing credit cards and insurance products to The Warehouse shoppers since 2001.
Statements in this press release which are not historical facts, including any statements about MasterCard's plans, strategies, beliefs and expectations, are forward-looking and subject to the safe harbour provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements speak only as of the date they are made. Accordingly, except for the company's ongoing obligations under the U.S. federal securities laws, the company does not intend to update or otherwise revise the forward-looking information to reflect actual results of operations, changes in financial condition, changes in estimates, expectations or assumptions, changes in general economic or industry conditions or other circumstances arising and/or existing since the preparation of this press release or to reflect the occurrence of any unanticipated events. Actual results may differ materially from such forward-looking statements for a number of reasons, including those set forth in the company's filings with the Securities and Exchange Commission (SEC), including the company's Annual Report on Form 10-K for the year ended December 31, 2006 and Current Reports on Form 8-K that it has filed with the SEC during 2007, as well as reasons including difficulties, delays or the inability of the company to achieve its strategic initiatives. Factors other than those listed above could also cause the company's results to differ materially from expected results.
About MasterCard Worldwide
MasterCard Worldwide advances global commerce by providing a critical economic link among financial institutions, businesses, cardholders and merchants worldwide. As a franchisor, processor and advisor, MasterCard develops and markets payment solutions, processes over 18 billion transactions each year, and provides industry-leading analysis and consulting services to financial institution customers and merchants. Through its family of brands, including MasterCard®, Maestro® and Cirrus®, MasterCard serves consumers and businesses in more than 210 countries and territories. For more information go to http://www.mastercard.com