I have been a big fan of ANZ bank for over ten years. One of the few downsides of banking with ANZ, and admittedly it is probably other banks, are around their credit card. I am frequently being advised that I have access to an increased credit limit, and advised I have X number of days to increase my limit. I don’t want an increased credit limit and if and when I do for extraordinary large expenses I will approach the bank directly at that time, and then afterwards get it reduced back to a comfortable limit. I don’t want to be encouraged to spend money I don’t have and get in debt because of it.
I also don’t like Visa payWave. You have seen the adverts, a queue of mindless people lining up to purchase food and swiping payment without a second thought, until a customer halts the whole rhythm of the queue by paying with cash. You can see the video, and many comments similar to my own point of view here; Visa payWave
Visa payWave means you don’t have to enter a pin number when purchasing something. It makes it easier to purchase goods. I don’t want it made easier to purchase something. I want those few moments to reflect on the purchase, to check the attendant has entered the correct amount, and authorise the payment myself. I do not want my payments authorised by default. Visa payWave also limits the opportunities to tip waiters in restaurants, a minor issue unless you are that waiter seeing a decline in tips! I also worry about fraud, is it easier to commit fraud with this technology?
I have asked ANZ never to issue me a credit card with Visa payWave. Unfortunately even though this has been listed on my account information, since the first Visa payWave was issued to me I was issued another one recently. The image shows you what I think of Visa payWave. Again I wasted my valuable time, asking ANZ to reissue me a card WITHOUT Visa payWave on it.
I am really happy to have a credit card for those incidental expenses. I have always paid it off every statement. Yes you don’t have to live with a high credit card debt and you don’t have to accept Visa payWave on your credit card.