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Weekly Business Overview 25th January 2013

Written by Oliver Laker on January 26, 2013.

Credit Card’s Business News Overview is a segment that takes a look back on the business-newsworthy week that was. Gathering reliable business and financial newsworthy stories from Australia’s top news distributors – The Sydney Morning Herald, The Daily Telegraph, The Australian and many more, the Business News Overview aims at keeping its readers in-touch with the world by redistributing information in a short and concise manner for your reading pleasure.

Super Fund Pulls Tobacco Investment

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HESTA Super Fund, the superannuation fund for health and community services workers is the latest fund to dump its investment in tobacco. HESTA chief

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Equifax: Highest Credit Card Limits Since 2009

Written by Tim Peak on January 25, 2013.

We knew it was just a matter of time before credit card companies began loosening their restrictions and now, it looks as though its coming full circle. A new report sheds light on this long awaited shift in consumer finance and if predictions pan out, it could be the long awaited sign that the recession is finally behind us.

Consumer credit cards are being offered with higher credit limits these days and in fact, its similar to what card companies were offering in 2009. This, according to a new Equifax report, released earlier this week, also shows that the amount of new credit card limits opened in the first three quarters of 2012 hit $675 billion, up from just $523 billion during the same period in 2010. Not only that, but both student loans and new automobile loans are on the rise too and some economists are breathing a sigh of relief while others are warning consumers to tread lightly.

The new limits represent about a third of outstanding balances, said Amy Crews Cutt, Equifaxs Chief Economist.

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Australians increasingly at risk to cyber crime.

Written by Oliver Laker on January 23, 2013.

Australian’s are amongst the heaviest internet users in the world, making them more susceptible to virtual dangers like credit card fraud, according the Centre for internet Safety of the University Canberra.

The report ‘Taming the Cookie Monster, How Companies Track us Online’ calls for greater privacy protection for Australians and recommends laws that gives users the choice of what personal data is collected online, what it can be used for and make personal data records available to users if requested.

Every Australian who uses the internet is at risk of having their personal details tracked by unwanted companies, says Alastair MacGibbon, a former cybercrime expert with the Australian Federal Police. Even G

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Induslnd Bank targets Rs 1000 crore credit card business

Written by Blake Teen on January 23, 2013.

Induslnd Bank laid an ambition to touch Rs 1000 crore in its credit card business by the end of March 2014, Said Mr. Romesh Sobti, Managing Director and Chief Executive Officer of Induslnd Bank.

At present the credit card portfolio of Induslnd Bank is Rs 380 crore.

Mr. Sobti said that the credit card business is very profitable as it generates lot of ‘other income’ in form of fees, foreign exchange business, transaction and issuance fees, etc. “Ours is a transaction-based model so spenders make the money for us…,” he said.

IndusInd Bank had taken over Deutsche Bank’s credit card business in 2011 for around Rs 224 crore. The bank’s active customer base during the take over was around 1.35 lakh.

“This base has grown, though not dramatically, but we have tried to deepen the existing relationship with customers. Currently, we issue about 4,000-5,000 cards every month.”Mr. Sobt

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A third of people with credit cards (35 per cent or 12 million people) will rely on their plastic to pay for daily essentials in January, according to the Post Office Consumer Credit Report.

The expense of the festive season and rising living costs has left many consumers feeling the pinch with over two-fifths (42 per cent) confessing they will use their credit card to pay for everyday grocery shopping.

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