InvestSMART
The Intelligent Investor Growth Fund is listing on the ASX. Initial Offer closes Friday.

ME Bank PINK Transaction Card

A NEW DEBIT CARD FROM ME BANK RAISES FUNDS FOR THE NATIONAL BREAST CANCER FOUNDATION EVERY TIME IT IS USED, WRITES LESLEY PARKER.

A NEW DEBIT CARD FROM ME BANK RAISES FUNDS FOR THE NATIONAL BREAST CANCER FOUNDATION EVERY TIME IT IS USED, WRITES LESLEY PARKER.

What it is

ME Bank, which is owned by Australia's leading industry superannuation funds, has joined with the National Breast Cancer Foundation to offer a debit card - the PINK Debit MasterCard - that will raise funds for research each time it's used.

Breast cancer is one of the major causes of cancer death in Australian women, taking 2600 lives each year. The foundation expects about 14,000 cases to be diagnosed this year, including at least 100 cases in men.

How it works

Every time someone makes a purchase using the PINK debit card, ME Bank will donate 1? to the breast cancer foundation's research program.

So, one person using the card for cash withdrawals and purchases a dozen times a week would raise about 50? a month, or $6 a year, for research. That may not seem much but the bank and the foundation hope many thousands of people will use the card. Consumers can obtain a PINK Debit MasterCard by signing up for an ME Bank EveryDay Transaction Account through a branch or on its website mebank.com.au/PINK).

Pros

When it comes to "giving", the pluses of this arrangement are that it's automatic, easy and painless. The benefits will depend, however, on how many people take it up.

ME Bank's group executive, brand, product and distribution, Ian Hendey, says the card is an opportunity for Australians to "support breast cancer research without draining their wallet".

He notes debit cards are increasingly popular. Reserve Bank data shows the average family uses one for about half their monthly purchases these days.

ME Bank expects PINK card transactions to generate more than $300,000 for the National Breast Cancer Foundation within three years.

Cons

Let's face it, you'll choose this card - as opposed to the Lime or Metallic versions also available with this account - because you want to help fund cancer research, albeit in a small way. (That or you prefer pink to lime or metallic.)

Nevertheless, you should read the fine print on the fees and charges. First, the card itself comes with a one-off "limited edition" card fee of $10.

There's a $5 monthly fee on the transaction account it's attached to but if you're a member of an industry super fund or union the fee is waived if you deposit at least $500 a calendar month

Also, be aware that it's ME Bank making the 1? donation, so you don't earn the tax deduction.


Join the Conversation...

There are comments posted so far.

If you'd like to join this conversation, please login or sign up here

Related Articles