Card rates not coming down

Most banks and card issuers have not decreased their credit card interest rates at all as the Reserve Bank has decreased rates by two per cent in two months. Of the twenty five per cent of cards that did lower their interest rates, none passed on the full rate cut with the biggest cuts being 1.5 per cent. Deposit rates have come down with the Reserve Bank's cuts and twenty deposit accounts have cut rates by more than the two per cent cut by the Reserve. Standard variable mortgage rates have come down by 1.56 per cent on average while the big four banks have lowered their standard variable rate by 1.83 per cent on average.

Source: Herald Sun

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