Big rate rise on some Citibank and NAB cards
Some financial institutions increased interest rates on credit cards by four times the RBA's official rate rise. National Australia Bank increased interest rates on gold rewards cards by 0.85 percentage points. Rates on other NAB cards, including standard Visa and MasterCards, increased by 0.34 percentage points. Citibank increased interest rates for credit union MasterCard customers by one percentage point. Most banks increased rates by the same as the RBA rate rise. Only one bank, Suncorp Metway, cut rates on credit cards this month. The rate on Suncorp's Clear Options Standard Visa card fell by 1.95 per cent on May 15.