Card rates slow to come down

Commonwealth Bank, mecu and Victorian Teachers Credit Union are among the very few credit card issuers to have lowered the interest rates payable on the cards recently. Commbank has cut 0.6 per cent from a range of premium and discount cards, mecu has cut card rates by 0.75 per cent and Vic Teachers has sliced 0.5 per cent from card rates. Analysts say rising defaults on cards is causing banks to hold back rate cuts.

Source: Financial Review