GE Money will refund a $25 establishment fee paid by
approximately 2,500 MasterCard customers following discussions with the
Australian Securities and Investments Commission (ASIC).

GE’s announcement follows concerns raised by ASIC
regarding the following statement on its website: ‘There is no annual
fee for your GO MasterCard. That means it costs you nothing to have it
– pay nothing and make it your card of choice year after year.’

An investigation by ASIC found that while existing
customers did not incur charges, new customers were charged a $25
establishment fee.

 GE will refund the establishment fee to all
consumers who applied for the MasterCard online. It has also removed
the statement from the GO MasterCard website.

 The GO MasterCard was widely advertised through
other means. The statement considered by ASIC to be misleading did not
appear as part of the broader advertising campaign, which included
television and radio advertising, brochures, and in-store materials.