Custom Credit took over NAB long time ago .... well it was reported NAB took over Custom Credit when it was contributing big dollars in the high priced finance company loans business AND now I bet they might be looking at buying into a GE Finance type of business. Coles and Woolies are looking to getting into the banking business and the Federal Govt is apparently giving them the green light on the misinformed view that they will provide cheaper fees to compete with bank credit cards. I got news for readers and politicians ..... it wont be cheaper ...cheaper fees maybe but dearer interest rates than MasterCard 19% is my bet and Coles Credit Cards might be closer to 29% imo to cover the higher rates of defaults. imo Coles & Woolies should keep out of screwing their current customers...but they wont read this or care.
NAB Price at posting:
$31.92 Sentiment: Sell Disclosure: Not Held
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