Card rates starting to come down

ANZ will cut rates on its Rewards and Frequent Flyer Visa credit cards by a full one per cent to 18.99 per cent from next Friday. The ANZ First and Gold cards will fall to 18.24 per cent. Commonwealth Bank will cut rates on all credit cards by 0.4 per cent from December 19. The treasurer Wayne Swan demanded banks explain their failure to pass on rate cuts to their credit card customers yesterday. Rates on most credit cards have not come down since the Reserve Bank began cutting rates in September. Some credit card issuers have raised rates despite the RBA slashing three per cent off official interest rates in the last three months.

Source: Herald Sun