Do rate cuts apply to credit cards?

Interest rates on credit cards are high compared with mortgage rates and the Reserve Bank’s official cash rate. Credit cards are unsecured loans so come with a higher risk to the lender.

However there are some very low rate credit cards in the market now. There is a good selection of credit cards with rates under 10 per cent. If you are paying interest on a credit card debt, look for a low rate card or a zero interest balance transfer deal.