Commonwealth sets low rate on yellow card
Commonwealth Bank have introduced a low rate credit card, dubbed the “yellow card”. The credit card has an interest rate of 10.99 per cent, with the same interest rate applicable to purchases and cash advances. There’s a balance transfer rate of 5.99 per cent and an annual fee of $48. CBA said it reduced the annual fee on its “standard” credit card to $24 from $30. The interest rate on this card remains at 16.9 per cent.
CBA's head of banking, Hugh Harley, told the Herald Sun that zero-rate card offers were unsustainable. “I would not be expecting that we will be entering that market… It is much better to have a card that has a sustainable interest rate, rather than one that is going to rise after a short period.”