��s not so much about “spending”, however, but rather the cost of “spending”. “Let me explain. Essentially the cost of our spending is in the hands of others. Recently I made the decision to cancel my American Express card. The reason was the cost of the annual fee which had risen to $330,” says Keane. He adds that points were awarded according to monthly spend and bonus points achieved as a result. “But I figured out that there was such a small margin in the benefits that the card should be cancelled rather than renewed,” he points out. “After 17 years as a faithful supporter of the card, I was a little surprised that the response to the cancellation was a yawn. Further the final account stated ‘your account has been cancelled please pay immediately’.  “So what does this tell you? Well, frankly the ‘service provider’ couldn’t care less.” Keane describes how he was further bemused last week when he went to pay for some accommodation only to be advised that his traditional bank credit card payment would attract a 2.5 per cent surcharge. “Most of us would say that there is no big deal in that; just pay it and move on. Well I did, but it got me thinking. Here I am a consumer. I have a credit card, which I pay fees for the privilege of having,” he says. “The credit card company receives a fee not only from me but also from the ‘merchant’, in this case an accommodation provider. The latter then passes on a charge to me for using the card to pay for my accommodation. “All up therefore, the transaction has cost me a fee for the benefit of the card, and a fee to the accommodation provider, and to top it off, I will have to pay interest if I don’t pay my credit card off in full. Is there something wrong here? Absolutely!  “It seems to me we have few options. Few people would pay for accommodation on anything other than a credit or debit card. Cheques are a thing of the past and most ‘merchants’ would be reluctant to take a cheque. Eftpos is probably the only other option of paying other than cash. So why are we as consumers constantly ‘tagged’ to pay a bit more to satisfy the benefit of others. Further we never complain, we just take it and move on. Are we all fools or what?” The Warehouse innovate the credit card space Keane elaborates that it it came as no surprise to him to pick up on an advert from The Warehouse which has introduced The Warehouse Money Visa Card, a credit card that attracts no fees and even enables users to achieve a five per cent discount if the card is used at The Warehouse. “What a good idea. Will it have appeal? Of course, the savings for consumers will make a significant difference to the pocket,” he says It is apparent that The Warehouse Group have seen the benefits of opening up credit facilities to its customers and beyond. The company offers travel insurance, a Red Card, and now a credit card that can be used widely and without attracting any fees. “This may well see the start of a reconsideration of fees for the use of credit cards. Conversely, new customers may flock to The Warehouse for a new card, and who will benefit? Both the customer and the merchant, it’s what you call a win-win,” concludes Keane.