Brief: RBA may designate Amex companion cards, Greater Building Society cuts rates, ME puts them up

The Reserve Bank may extend its regulation of payments to the American Express companion credit cards issued by banks, MasterCard debit and prepaid cards issued by eftpos, MasterCard and Visa. The RBA's Payment System Board has had card payment regulation under review this year and on Friday announced that it would ask RBA staff to liaise with industry participants over the possible designation of these card systems. Visa and MasterCard have campaigned hard to have Amex companion cards regulated in the same way as their credit cards.
Greater Building Society and ME have adjusted their mortgage rates. Greater Building Society has cut 55 basis points off its owner-occupier basic variable home loan rate for new loans worth more than A$150,000 and with loan to valuation ratios below 80 per cent. The rate is 4.09 per cent. ME has increased its basic variable rate for new investor borrowers by 40 bps, its package for new investor borrowers rate by 36 bps and its existing investor loan rate by 41 bps.