Financial Literacy Part 2

Following on from a prior post

“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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