I dunno, Ive spoken to a few people who work at all three of the regulators mentioned and they just see it as making a mockery of all the work done in reforming the card schemes... Obviously the target market is sub prime in comparison, but setup is no different to a 3/4 party credit card and merchant setup... merchant pays discount fee to get paid early and card holder gets free credit.
Wasn't the purpose of the reform to aid merchants from being overcharged ? Well that's at 2-3% not 4-6% like AFY... just takes things to a new level altogether.
I cant imagine Visa/MC love the idea of their cards being used as the debt mechanism to repay APT accounts outstanding?
APT Price at posting:
$3.53 Sentiment: None Disclosure: Not Held
