People looking to compare credit cards may be interested to learn of a new development within the industry.

The ANZ Bank has announced the launch of a new MySpace Visa designed to be used by teenagers.

According to Nick Love, spokesperson for MySpace, claimed this will give younger people the opportunity to buy items securely online, despite being too young to qualify for a real credit card.

This will enable them to “spend their own money on items such as concert tickets and clothes”, he said.

Mr Love added: “This card aims to deliver this in a responsible manner because it is pre-loaded and uses people’s own money.”

Commenting on the development, Justine Davies, a family finance expert, welcomed the idea, as it may help to develop young people’s money skills.

According to recent figures from the Reserve Bank of Australia, people are choosing to use their debit cards more than their credit cards.

Those looking to compare credit cards may be interested in the latest news from the Reserve Bank of Australia.

It held a meeting on August 21st, during which it was decided the financial institution would continue to regulate fees on plastic transactions.

The bank revealed it had been considering ceasing its involvement in such transactions, but stated lenders had failed to take the necessary steps to allow it to do so.

A statement released last year said industry participants could bring about such a situation by enhancing the EFTPOS system to allow it to compete with international credit card schemes.

It would also have accepted a voluntary promise from providers that transaction fees would not increase.

The Payments System Board at the bank had set a deadline of August 2009 for this to occur, but will now continue to regulate the situation.

Meanwhile, Australians who wish to purchase special numismatic bank notes will be given the chance to do so from September 7th until October 16th.

Several experts have offered advice as to how Australians can manage their debt.

An article in news.com.au pointed out that having a step-by-step plan can be beneficial to consumers.

The first thing to tackle is credit card arrears. Kevin Benger, chief executive of credit union Community CPS Australia, explained high interest debts are usually most difficult to control and should be dealt with first.

In this light, people may want to look around to compare low interest credit cards.

When it comes to home loans, Mr Benger said: “You can make a big dent in interest costs if you shorten the length of your home loan.

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People looking for low interest home loans may be keen to learn about a new piece of legislation.

The Australian Securities & Investments Commission (ASIC) has announced banks will have to ensure that products are suitable for potential borrowers.

In this way, lenders will have to make reasonable assessments of customers before offering items such as loans and credit cards.

This forms part of the new National Consumer Credit Protection regulations which were, in part, designed to ensure people do not borrow above their means.

According to ASIC, the obligation on the part of lenders is “scalable”, which means people will be assessed on an individual basis considering their personal situation.

“The obligation varies depending on the circumstances, including the potential impact on the consumer of entering into an unsuitable credit contract, the complexity of the credit contract and the objectives and financial literacy of the client,” a statement from the authority said.

Meanwhile, the Reserve Bank of Australia recently stated it would continue to monitor credit card fees.

Australian environmentally-friendly consumers looking to compare credit cards may be interested in the results of a new survey.

The Dow Jones Sustainability Index, which may appeal to those looking to compare home loans or savings accounts, among other financial products, has revealed ANZ Bank as the leading institution.

This represents the third year running in which it has been praised for its corporate responsibility.

It was assessed in categories including environmental performance and climate change mitigation, as well as corporate community investment and customer relations, among other criteria.

Mike Smith, ANZ chief executive officer, said the index acknowledges the bank’s efforts.

“This assessment recognises that we have maintained and strengthened our focus on responsible business practices during a period of global economic instability,” he commented.

In other banking news, speculation over a potential home loans price war was prompted this week when Bankwest launched new capped mortgage products. <

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