Credit card rates rise, even as the RBA holds rates steady

Some credit card issuers have increased interest rates on their cards by more than the rise in the official cash rate last month. The issuers may have anticipated a rate rise from the RBA this week, which did not eventuate. ANZ Bank increased its credit card rates by double or even three times the 0.25 percentage point official rate rise last month. ANZ said the rise were catch up for rise in official rates in 2003, but not reflected in credit card rates. National Australia Bank also increased some credit card rates by 0.4 percentage points.

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