Financial Literacy Part 2

Following on from a prior post https://edwinbruce.wordpress.com/2012/10/08/financial-literacy/

“Interest free purchase” the potential purchaser was advised by the The Warehouse sales person.

Real right!

My intelligent but not financially literate friend  got the first statement the other day. I found a few things interesting;

1. It was a Visa based credit card. The purchaser did not even know they had applied for and got a credit card.

2.  It came with a $6k limit and a lovely brochure showing purchases and cash advances.

3.  It had a $48 establishment fee i.e. about 16% p.a. up to “promotional purchase” limit used i.e. purchase of $600.

This both amuses and annoys me.

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