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Banks fail to cut rates on credit cards

28/11/2011

 

Only four of the 200-plus credit cards on the market have reduced their annual interest rate by at least 0.25 percentage points in line with the Reserve's Melbourne Cup day decision and only one of them belongs to the big four banks.

 

ANZ is the only institution to reduce rates and only for customers with its Low Rate MasterCard, Police & Nurses Credit Union's Easypay Visa credit card, which dropped rates by 0.26 per cent, and Qantas Staff Credit Union's Lifestyle and Lifestyle Plus cards, which are available to anyone, not just Qantas staff.

Commonwealth Bank, Westpac and National Australia Bank have failed to filter through the 0.25 per cent reduction to any credit card. Consumer group Choice labelled the banks' behaviour "outrageous".

 

Source: Courier Mail



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