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Banking / Credit Cards / Five credit cards under 11 per cent

Five credit cards under 11 per cent


Credit card interest rates are in a world of their own when it comes to setting interest rates. They are also higher now than when the official RBA cash rate was at its recent peak.

Research shows the margin between the official RBA cash rate and what the banks charge on a standard credit card has jumped more than 3.5 percentage points. In July 2008 the margin was 7.82 per cent, compared with 11.4 per cent currently.

The lowest rate credit cards in the market currently are from Community First CU at 9.99 per cent, SCU at 10.49 per cent and bankmecu and Greater Building Society at 10.74 per cent. Bankwest offers 10.99 per cent.

Source: Herald Sun

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