What Prepaid Card ban against 0% commission advertising
What Prepaid Card protests against 0% commission advertising with FairFX
WHAT PREPAID CARD AND PREPAID PROVIDER PROTEST AGAINST “0% COMMISSION” ADVERTISING
A twitter based petition has been launched aimed at the OFT in order to get “0% Commission” advertising banned in the travel money sector.
Often found as a leading slogan amongst high street travel money providers, this form of advertising has been branded misleading by online currency specialist FairFX. In a recent survey, they asked over 1,000 consumers for their thoughts on the matter and a staggering 93% voted that it was misleading and should be banned.
“It’s evident that these misleading advertising tactics have hit a nerve with regular travellers,” said FairFX CEO Stephen Heath. “People are fed up with the lack of transparency in this sector. They’re calling for a level playing field from which they can compare travel money providers easily. First and foremost. though, we think the OFT should enforce the ban on 0% Commission advertising.”
The petition can be found at http://act.ly/47e and in order to sign, consumers can simply retweet.
Ann McCarthy, who manages the UK arm of charity ‘Let them help themselves’, had suffered at the hands of other travel money provider’s hidden fees and misleading advertising. “I have been sending out money to Uganda for several years now for our charity, and tried various methods,” Ann explained.
Ann found she was being charged high fees by her bank for small transfers and getting bad exchange rates as well – “Some are advertising as 0% but in reality, there are additional fees taken from your card when using the ATM abroad and also they are giving a poor exchange rate.”
Stephen Heath explained - “I believe these high street chains are taking advantage of their respected position in the public eye. If for instance, you look at the rates the Post Office offer to its customers, despite being “0% Commission” the exchange rates are usually worse than many online providers. They effectively have commission built into the rate they offer and that’s why this form of advertising has to go.”