Kogan goes Black
Online retailer Kogan is continuing its push into financial services distribution, with the launch of a credit card. The Kogan Money Black Card offers no annual fees, uncapped rewards and member benefits.The card is issued by Citibank. It has a purchase rate of 20.99 per cent and up to 55 days interest free. The cash advance rate is 21.74 per cent.There is a launch offer of a A$300 reward when cardholders spend $3000 within the first 90 days of approval.Rewards points accumulate at a rate of one point per dollar spent on general purchases and two points per dollar when purchasing specified products on Kogan.com.Kogan First Membership is valued at $99 a year, although the benefits are not specified.It offers a zero-rate balance transfer for 12 months.The card does not come with complimentary travel insurance and there is a foreign currency conversion fee of 3.4 per cent.Kogan has already partnered with Citi to offer an instalment payment plan. Consumers with Citi credit cards can create a Kogan.com account, enrol their card and then elect to pay with interest free instalments for selected purchases.In November last year, Kogan announced its entry into the superannuation market, with what it described as a "no-frills, ultra-low fee" fund.Kogan has an agreement with Mercer, a provider of superannuation administration and investment services, to develop Kogan Super, claiming it would be "one of Australia's cheapest superannuation options".Also last year, it entered into agreements with Adelaide Bank and Pepper Group to offer home loans under the Kogan Money brand.The company made its first foray into financial services in 2017, when it launched an insurance business in partnership with the Hollard Group, offering home and contents, landlord, car and travel cover. Hollard is the underwriter and Kogan earns commissions on sales.Since then it has added life insurance to its range, after forming a partnership with Greenstone Financial Services. The initial product offerings are death cover and funeral insurance, with plans to extend the range over time.It also has an agreement with Medibank Group to offer "budget" health insurance.