New ANZ CEO rolls out innovative credit card with perks such as free return flight to Australia

After launching in 2014 Australia’s first wealth app, ANZ again makes Australian banking history by rolling out a new credit card with perks such as a free return flight to the country. The new product is the bank’s way of staying on top of competition while NAB uses Veda to monitor clients who go to its competitor banks.

The Australian reports that the new credit card is the first solo initiative under the bank’s new CEO, Shayne Elliott. Besides the free return flight in Australia annually, the digital agenda includes two Virgin Lounge passes.

The initiative is timed with the Apple Pay deal that ANZ made in April wherein bank clients could use their iPhone or Apple Watch for purchases. “It’s all about ease of use and ease of benefits, because you don’t have to jump through any hoops and worry about the number of points you’ve accumulated to get a benefit,” says Matt Boss, ANZ managing director for products and marketing.

With Elliott’s initiative, it would be easier for ANZ bank customers to transfer funds and engage with the bank in a digital business era similar to how consumers hail rides using Uber and make travel accommodations using Airbnb. The digital transformation targets to redefine good customer experience.

Other perks of the ANZ Travel Adventure Card are free overseas travel and medical insurance, 55-day interest-free period, no caps on reward points and no fees on purchases done overseas or from international retail websites. It is available as an ANZ Visa or American Express card at a yearly fee of $225. To activate the benefits, customers must spend $500 in the first three months.

Meanwhile, some Australian banks, such as the NAB and the three other banks belonging to the big four, use the services of a credit reporting agency, Veda, to track if a customer goes to another bank for business. One NAB client, who was not satisfied with the bank, applied for a car loan with ANZ which offered better rates.

However, the client got an alert from NAB that informed her the bank’s smarter systems was alerted to her seeking or inquiring for financing from another lender. The customer felt her privacy was invaded because she did not give NAB permission to access her ANZ application, reports The Sydney Morning Herald.

Fairfex Media received confirmation from NAB that it gets alert from Veda and its other sources when clients go to its competitors for business loans. The bank, which has suffering lower profits and its market share shrinks, says it uses the tip-offs from Veda to better manage relationship with customers. NAB explains that the country’s privacy laws applies only to personal credit reports and not business loans.

VIDEO: ANZ Welcomes Apple Pay to Australia