GE MasterCard customers refunded after ASIC review

GE Money will refund a $25 establishment fee to approximately 2,500 MasterCard customers following discussions with ASIC. GE’s announcement follows concerns raised by ASIC regarding the following statement on its website: “There is no annual fee for your GO MasterCard. That means it costs you nothing to have it - pay nothing and make it your card of choice year after year.” An investigation by ASIC found that while existing customers did not incur charges, new customers were charged a $25 establishment fee. ASIC’s executive director of consumer protection, Greg Tanzer, said while the fee was disclosed in other material, ASIC found that the representation was definitive and likely to mislead customers. “This case highlights the need to ensure that definitive statements in advertising or promotional material are accurate. The fact that an investigation of all available material will provide consumers with a thorough understanding of the product does not excuse representations that are on their face likely to mislead,” he said. GE has now refunded the establishment fee to all consumers who applied for the MasterCard online. It has also removed the statement from the GO MasterCard website. The GO MasterCard was widely advertised through other means. The statement considered by ASIC to be misleading did not appear as part of the broader advertising campaign, which included television and radio advertising, brochures, and in-store materials.


(existing subscribers)

The password field is case sensitive.
Request new password

Add your comment

BNIQ sponsored byECU School of Business and Law


6th-Australian Institute of Management WA20,000
7th-Murdoch University16,584
8th-South Regional TAFE10,549
9th-Central Regional TAFE10,000
49 tertiary education & training providers ranked by total number of students in WA

Number of Employees

BNiQ Disclaimer