Specialist bank, Investec Bank (Australia) Limited, has partnered with Visa to enter the competitive credit card industry launching a Visa Signature and Visa Platinum credit card, further boosting its niche as a financial services provider to Australian dentists.
The Investec Visa Signature credit card is only the second card to be launched on Visa's Signature platform in Australia, which carries a new tier of services and benefits that sit above those offered to Visa Platinum customers.
Both cards offer attractive benefits to medical professionals and follows the success of Investec-branded cards launched in South Africa and the UK.
Head of Investec's Card Services, Mr Brent Zurowski, said the distinctive features of the new Investec-badged credit cards are not available elsewhere.
"While recognising that the credit card market is already flooded, we intentionally worked on designing an impressive product for the medical and dental sectors," he said.
Every $1 spent on eligible purchases on the Investec Visa Signature card, and every $2 spent on eligible purchases on the Investec Visa Platinum card, will earn one Qantas Frequent Flyer point.
"As well as being provided with the high level of service they've come to expect from Investec, our research showed professionals place value in gaining extra frequent flyer points.
They'll also be able to buy assets which normally can't be bought with a credit card. "For example, if a doctor or dentist wants to buy a car, such big value purchases usually aren't accepted on a credit card by car dealers who may be concerned about whether there are sufficient available credit and also to avoid incurring high fees.
"However, Investec is now able to simplify this transaction, allowing our clients to pay using their Visa Platinum and Visa Signature credit cards," Mr Zurowski said.
"This can then simply be converted to a different type of finance with Investec, including lease, asset purchase and chattel mortgage, or whatever best suits their financial situation.
"In addition, monthly repayments can be made on their card, allowing cardholders to boost the number of Qantas Frequent Flyer points they earn."
Mr Zurowski said doctors who use their Investec Visa Platinum or Visa Signature credit cards can also enjoy special promotions from a range of medical suppliers and even have their ADA membership details printed on their card.
Both cards will be Visa payWave enabled allowing cardholders to make "contactless" payments by simply waving their card in front of a special card-reader at the point-of-sale. The card does not need to be swiped by the sales assistant and no signature or PIN is required for purchases under A$100, making it faster and easier to pay for low value,
Head of Professional Finance, Dr Barry Lanesman, said today Investec had established strong links since acquiring medical and dental finance company, Experien 4 years ago, and had sound understanding to assist professionals in successfully operating their practices.
"We see our entry into the card market as providing an extra dimension for our doctor and dentist clients, meeting their financial needs and also handling their transactional requirements," he said.
"Investec's goal has been to create a product which isn't available anywhere else after research identified a gap in the credit card market which we're well-suited to fill.
"As specialists in the medical and dental area, we're able to do things the general financial marketplace is unable to match, our long-term experience giving us deep understanding of the specific
needs of our professional clients," Dr Lanesman said.