Bankwest has agreed to make changes to recent advertising for its Breeze MasterCard after ASIC raised concerns that the advertisements were misleading or likely to mislead.
Bankwest claimed in print advertisements that the Breeze MasterCard was ‘Australia’s Cheapest Credit Card’. This claim was based on a recent award from Money magazine.
ASIC reviewed the award and discovered that the Breeze MasterCard was only the cheapest credit card offered by banks.
It found there were some other issuers, such as credit unions, that offered cheaper credit cards.
ASIC said Bankwest has been proactive in responding to its concerns and is taking a number of steps, including: amending the advertisements, and contacting consumers who have taken out the Breeze MasterCard.
‘A careful approach should always be taken when promoting awards in advertising for financial products and services to ensure consumers fully understand the basis on which they have been made. Importantly, awards should be adequately explained to ensure they do not mislead consumers’, ASIC commissioner Peter Kell said.
‘ASIC will continue to actively monitor advertisements for financial products and financial services and will take appropriate action in response to misleading advertisements’, he said.